• Execution of the company's strategy drove both industry-leading earnings of $7.7 billion and cash flow from operations of $13.0 billion(1)
• Three-year total shareholder return CAGR of 17% lead industry and large industrials(1)
• Distributed industry-leading $9.1 billion in shareholder distributions including $4.3 billion in dividends(1)
• Commenced operations at the China Chemical Complex and 2nd Advanced Recycling Unit in Baytown

Exxon Mobil Corporation has announced first-quarter 2025 earnings of $7.7 billion, or $1.76 per share assuming dilution. Cash flow from operating activities was $13.0 billion and free cash flow was $8.8 billion. Shareholder distributions of $9.1 billion included $4.3 billion of dividends and $4.8 billion of share repurchases, consistent with the company's announced plans.

Darren Woods, chairman and chief executive officer:
“In this uncertain market, our shareholders can be confident in knowing that we're built for this. The work we've done to transform our company over the past eight years positions us to excel in any environment.” 

“In the first quarter, we earned $7.7 billion and generated $13.0 billion in cash flow from operations. Since 2019, the strategic choices we made to reduce costs, grow advantaged volumes, and optimize our operations have strengthened quarterly earnings power by about $4 billion at current prices and margins.3 This year, we're starting up 10 advantaged projects that are expected to generate more than $3 billion of earnings in 2026 at constant prices and margins.4 Continuously leveraging our competitive advantage is enabling the company to excel in the current market environment and deliver on our plans through 2030 and far into the future.”

(1) Earnings, cash flow from operations and shareholder distributions for the IOCs are actuals for companies that reported results on or before April 30, 2025, or estimated using Factset consensus as of April 30. IOCs includes each of BP, Chevron, Shell and TotalEnergies. Total shareholder return CAGR compares to each IOC and the average of large-cap S&P industrials as of March 31. Large-cap S&P industrials refer to companies in the S&P Industrials sector with market capitalization >$75 billion as of December 31, 2024.
(2) Assuming dilution.
(3)Current prices and margins refers to $65/bbl Brent, $3/mmbtu Henry Hub, $12/mmbtu TTF, and average Energy, Chemical, and Specialty Products margins for April 2025, which approximate prices and margins in April 2025.
(4)Earnings contributions are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019.

Financial Highlights

• First-quarter earnings were $7.7 billion versus $8.2 billion in the first quarter of 2024. Advantaged volume growth in the Permian and Guyana, additional structural cost savings and favorable timing effects mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments and higher expenses from growth initiatives.
• Achieved $12.7 billion of cumulative Structural Cost Savings versus 2019, more than all cost savings reported by other IOCs combined.1 This total includes $0.6 billion of additional cost savings achieved during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019.
• Generated strong cash flow from operations of $13.0 billion and free cash flow of $8.8 billion in the first quarter. Industry-leading shareholder distributions of $9.1 billion included $4.3 billion of dividends and $4.8 billion of share repurchases, consistent with the company's annual $20 billion share-repurchase program through 2026.
• The Corporation declared a second-quarter dividend of $0.99 per share, payable on June 10, 2025, to shareholders of record of Common Stock at the close of business on May 15, 2025.
• The company's industry-leading debt-to-capital and net-debt-to-capital ratio was 12% and 7% respectively, reflecting debt repayment of $4.6 billion in the quarter. The period-end cash balance was $18.5 billion.(2)
• Cash capital expenditures were $5.9 billion, consistent with the company's full-year guidance range of $27 billion to $29 billion, and includes $5.9 billion of additions to property, plant and equipment.

(1) IOC structural cost savings reflect reported cost savings as of April 30, 2025. Sourced from company disclosures.
(2) Net debt is total debt of $37.6 billion less $17.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $269.8 billion. Period-end cash balance includes cash and cash equivalents including restricted cash. ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to-capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for IOCs that reported results on or before April 30, 2025, or estimated using Bloomberg consensus as of May 1, 2025.

Upstream

• Upstream first-quarter earnings were $6.8 billion, $1.1 billion higher than the same quarter last year. Earnings increased due to advantaged assets volume growth from the Permian and Guyana, and structural cost savings. Weaker crude realizations and higher depreciation were offset by other net favorable impacts primarily related to divestments. Net production increased 20%, or 767,000 oil-equivalent barrels per day, to 4.6 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer, partly offset by non-core asset divestments.
• Compared to the fourth quarter, earnings increased $258 million driven by stronger natural gas and crude realizations, lower exploration costs and seasonally lower expenses, partly offset by the absence of favorable tax and divestment impacts. Net production in the first quarter decreased 51,000 oil-equivalent barrels per day versus the prior quarter reflecting the divestments.

Energy Products

• Energy Products first-quarter 2025 earnings were $827 million, compared to $1.4 billion in the same quarter last year as significantly weaker industry refining margins were partially offset by favorable timing effects, structural cost savings, favorable foreign exchange effects and the absence of unfavorable inventory impacts.
• Compared to the fourth quarter, earnings increased $425 million due to stronger North American industry refining margins driven by industry outages, favorable timing effects and lower seasonal expenses. These favorable impacts were partially offset by lower volumes from higher scheduled maintenance and the absence of favorable year-end inventory and asset management gains.

 KeyFacts Energy: ExxonMobil US country profile