Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
Instead, where such sales take place, they are the result of efficiencies and competitive advantages of integrated refinery and chemical complexes.
Liquidity and Capital Resources / integrated refinery and chemical complexes · Dépôt 18/02/2026
Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $3.8 billion, as a result of record production in Permian, driven by the Pioneer acquisition and growth in the heritage Permian (2), and record production in Guyana driven by the Prosperity FPSO start-up.
2024 Upstream Earnings Driver Analysis / production growth · Dépôt 18/02/2026
Advantaged Volume Growth – Increased earnings by $1.9 billion, mainly driven by record production in Permian and Guyana.
2025 Upstream Earnings Driver Analysis / production growth · Dépôt 18/02/2026
Structural Cost Savings (1) – Increased earnings by $1.4 billion.
2025 Upstream Earnings Driver Analysis / structural cost savings · Dépôt 18/02/2026
Structural Cost Savings (1) – Increased earnings by $0.6 billion.
2025 Energy Products Earnings Driver Analysis / structural cost savings · Dépôt 18/02/2026
Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased earnings by $270 million.
Energy Products Second Quarter Earnings Driver Analysis / capacity and optimization · Dépôt 03/08/2026
Structural Cost Savings – Increased earnings by $110 million.
Energy Products Second Quarter Earnings Driver Analysis / structural cost savings · Dépôt 03/08/2026
16,713 18,389 17,918 Total 22,247 25,175 23,609 2025 Upstream Earnings Driver Analysis (1) (millions of dollars) Price – Lower realizations decreased earnings by $6.1 billion, primarily driven by lower crude prices as record demand was more than offset by increased industry supply.
2025 Upstream Earnings Driver Analysis / lower realized prices · Dépôt 18/02/2026
Margin – Significantly weaker industry refining margins decreased earnings by $6.3 billion.
2024 Energy Products Earnings Driver Analysis / weaker refining margins · Dépôt 18/02/2026
2Q 2026 versus 2Q 2025 2Q 2026 production of 4.5 million oil-equivalent barrels per day decreased 116 thousand oil- equivalent barrels per day from 2Q 2025, driven by Middle East disruption impacts, mostly offset by Permian and Guyana growth.
Upstream Additional Information / second-quarter 2026 production and disruptions · Dépôt 03/08/2026
Technology and expertise provided by industry service companies or AI may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources.
Risk Factors / technology diffusion and resource-owner capabilities · Dépôt 18/02/2026
We face competition not only from other private firms, but also from state-owned companies that are increasingly competing for opportunities outside of their home countries and as partners with other private firms.
Risk Factors / private and state-owned competition · Dépôt 18/02/2026
In some cases, substantial new investments in additional wells and related facilities will be required to recover these proved reserves.
Oil and Gas Reserves / additional development investment · Dépôt 18/02/2026
These drivers consist of net interest changes specified in Production Sharing Contracts (PSCs), which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession.
Production driver definitions / contractual net-interest changes and concession expiry · Dépôt 18/02/2026
As described in more detail above, our hydrocarbon-based energy products are also subject to growing and, in many cases, government-supported competition from alternative energy sources.
Risk Factors / alternative-energy competition · Dépôt 18/02/2026
The products bought and sold between segments can also be acquired in worldwide markets that have substantial liquidity, capacity, and transportation capabilities.
Liquidity and Capital Resources / availability of products in worldwide markets · Dépôt 18/02/2026
Although price levels of crude oil and natural gas may rise or fall significantly over the short to medium term due to global economic conditions, political events, decisions by OPEC or OPEC+ and other major government resource owners and other factors, industry economics over the long term will continue to be driven by market supply and demand.
Market Risks / supply-and-demand price formation · Dépôt 18/02/2026
According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil.
Production driver definitions / contractual and royalty constraints · Dépôt 18/02/2026
2,478 541 555 1,071 Total 5,465 1,366 4,203 2,193 Energy Products Second Quarter Earnings Driver Analysis (millions of dollars) Volume / Mix Margin – Increased earnings by $3,180 million from stronger refining margins.
Energy Products Second Quarter Earnings Driver Analysis / stronger refining margins · Dépôt 03/08/2026
57 Table of Contents Financial Table of Contents MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES Sources and Uses of Cash (millions of dollars) 2025 2024 2023 Net cash provided by/(used in) Operating activities 51,970 55,022 55,369 Investing activities (25,927) (19,938) (19,274) Financing activities (39,081) (42,789) (34,297) Effect of exchange rate changes 532 (676) 105 Increase/(decrease) in cash and cash equivalents (12,506) (8,381) 1,903 Total cash and cash equivalents (December 31) 10,681 23,187 31,568 Total cash and cash equivalents were $10.7 billion at the end of 2025, down $12.5 billion from the prior year.
Liquidity and Capital Resources / 2023–2025 cash flows and cash balances · Dépôt 18/02/2026
The major uses of funds included spending for additions to property, plant, and equipment of $28.4 billion; dividends to shareholders of $17.2 billion; the purchase of ExxonMobil stock of $20.3 billion; additional investments and advances of $4.1 billion; and a change in working capital of $7.7 billion.
Liquidity and Capital Resources / 2025 investment and shareholder distributions · Dépôt 18/02/2026
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ExxonMobil Share of Equity (millions of dollars) Common Stock Earnings Reinvested Accumulated Other Comprehensive Income Common Stock Held in Treasury ExxonMobil Share of Equity Non-controlling Interests Total Equity Balance as of December 31, 2022 15,752 432,860 (13,270) (240,293) 195,049 7,424 202,473 Amortization of stock-based awards 565 — — — 565 — 565 Other (514) (2) — — (516) 89 (427) Net income (loss) for the year — 36,010 — — 36,010 1,344 37,354 Dividends - common shares — (14,941) — — (14,941) (531) (15,472) Other comprehensive income — — 1,281 — 1,281 261 1,542 Share repurchases, at cost — — — (17,993) (17,993) (851) (18,844) Issued for acquisitions 1,978 — — 2,866 4,844 — 4,844 Dispositions — — — 503 503 — 503 Balance as of December 31, 2023 17,781 453,927 (11,989) (254,917) 204,802 7,736 212,538 Amortization of stock-based awards 735 — — — 735 — 735 Other (1,027) — — — (1,027) (624) (1,651) Net income (loss) for the year — 33,680 — — 33,680 1,383 35,063 Dividends - common shares — (16,704) — — (16,704) (658) (17,362) Other comprehensive income — — (2,630) — (2,630) (320) (2,950) Share repurchases, at cost — — — (19,451) (19,451) (616) (20,067) Issued for acquisitions 28,749 — — 34,603 63,352 — 63,352 Dispositions — — — 948 948 — 948 Balance as of December 31, 2024 46,238 470,903 (14,619) (238,817) 263,705 6,901 270,606 Amortization of stock-based awards 812 — — — 812 — 812 Other (900) (22) — — (922) 762 (160) Net income (loss) for the year — 28,844 — — 28,844 920 29,764 Dividends - common shares — (17,231) — — (17,231) (947) (18,178) Other comprehensive income — — 3,756 — 3,756 313 4,069 Share repurchases, at cost — — — (20,467) (20,467) (709) (21,176) Dispositions — — — 889 889 — 889 Balance as of December 31, 2025 46,150 482,494 (10,863) (258,395) 259,386 7,240 266,626 Common Stock Share Activity (millions of shares) Issued Held in Treasury Outstanding Balance as of December 31, 2022 8,019 (3,937) 4,082 Share repurchases, at cost — (165) (165) Issued for acquisitions — 46 46 Dispositions — 8 8 Balance as of December 31, 2023 8,019 (4,048) 3,971 Share repurchases, at cost — (170) (170) Issued for acquisitions — 545 545 Dispositions — 7 7 Balance as of December 31, 2024 8,019 (3,666) 4,353 Share repurchases, at cost — (182) (182) Issued for acquisitions — — — Dispositions — 8 8 Balance as of December 31, 2025 8,019 (3,840) 4,179 75 Table of Contents Financial Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated financial statements and the supporting and supplemental material are the responsibility of the management of Exxon Mobil Corporation.
Consolidated Statement of Changes in Equity / acquisition issuance and share repurchases · Dépôt 18/02/2026
Cash provided by operating activities totaled $32.3 billion for the first six months of 2026, $7.8 billion higher than 2025.
Liquidity and Capital Resources / first-half 2026 operating cash flow · Dépôt 03/08/2026
(millions of dollars) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Additions to property, plant and equipment 6,527 6,283 12,997 12,181 Additional investments and advances 324 319 711 472 Other investing activities including collection of advances (102) (246) (734) (339) Inflows from noncontrolling interests for major projects — (23) — (45) Less: Advances and collections not related to capital expenditures or equity investments 38 270 — 270 Total Cash Capex (Non-GAAP) 6,787 6,603 12,974 12,539 Upstream 5,852 5,669 10,664 10,662 Energy Products 527 432 1,525 810 Chemical Products 307 279 489 570 Specialty Products 11 97 66 207 Other 90 126 230 290 Total Cash Capex (Non-GAAP) 6,787 6,603 12,974 12,539 23 Table of Contents Structural Cost Savings (Non-GAAP) Structural Cost Savings describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures that are expected to be sustainable compared to 2019 levels.
Cash Capital Expenditures and Structural Cost Savings / actual spending and savings definition · Dépôt 03/08/2026
The Corporation's debt to total capital ratio was 13.7 percent at the end of the second quarter of 2026 compared to 14.0 percent at year-end 2025.
Liquidity and Capital Resources / debt-to-capital ratio · Dépôt 03/08/2026
Awards of restricted (nonvested) common stock units granted under the 2003 Incentive Program totaled 9,852 thousand, 10,393 thousand, and 9,701 thousand in 2025, 2024, and 2023, respectively.
Stock-based compensation / actual restricted-unit grants · Dépôt 18/02/2026
During the applicable restricted periods, the shares and units may not be sold or transferred and are subject to forfeiture.
Stock-based compensation / transfer restrictions and forfeiture · Dépôt 18/02/2026
The majority of the awards have graded vesting periods, with 50 percent of the shares and units in each award vesting after three years, and the remaining 50 percent vesting after seven years.
Stock-based compensation / three- and seven-year vesting · Dépôt 18/02/2026
Awards granted to a small number of senior executives have vesting periods of five years for 50 percent of the award and of 10 years for the remaining 50 percent of the award, except that for awards granted prior to 2020 the vesting of the 10-year portion of the award is delayed until retirement if later than 10 years.
Stock-based compensation / senior-executive five- and ten-year vesting · Dépôt 18/02/2026
(3) Under the 2004 Non-Employee Director Restricted Stock Plan approved by shareholders in May 2004, and the related standing resolution adopted by the Board, each non-employee director automatically receives 8,000 shares of restricted stock when first elected to the Board and, if the director remains in office, an additional 2,500 restricted shares each following year.
Equity Compensation Plan Information / adopted shareholder-approved director plan · Dépôt 18/02/2026
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Incorporated by reference to the portion entitled “Director Independence” of the section entitled “Corporate Governance” and the portion entitled “Related Person Transactions and Procedures” of the section entitled “Director and Executive Officer Stock Ownership” of the registrant’s 2026 Proxy Statement.
Item 13 / director independence and related-party disclosures incorporated by reference · Dépôt 18/02/2026
ExxonMobil has a long-standing commitment to the development of proprietary technology.
Business / proprietary technology commitment · Dépôt 18/02/2026
In addition, as we enter new markets in pursuit of lower-emission and other new business opportunities, we will need to compete effectively with established competitors in these markets, as well as with new market entrants seeking to capitalize on these opportunities, while successfully navigating changing market conditions or technologies.
Risk Factors / competition in new businesses · Dépôt 18/02/2026
6. Delivery Commitments
ExxonMobil sells crude oil and natural gas from its producing operations under a variety of contractual obligations, some of which may specify the delivery of a fixed and determinable quantity for periods longer than one year.
Delivery Commitments · Dépôt 18/02/2026
Worldwide, we are contractually committed to deliver approximately 73 million barrels of oil and 2.9 trillion cubic feet of natural gas for the period from 2026 through 2028.
Delivery Commitments; 2026–2028 · Dépôt 18/02/2026
Cash flows used in recoverability assessments are based on the assumptions developed in the Corporate Plan, which is reviewed and approved by the Board of Directors, and are consistent with the criteria management uses to evaluate investment opportunities.
Critical Accounting Estimates; Board review and approval of Corporate Plan · Dépôt 18/02/2026
(3) Under the 2004 Non-Employee Director Restricted Stock Plan approved by shareholders in May 2004, and the related standing resolution adopted by the Board, each non-employee director automatically receives 8,000 shares of restricted stock when first elected to the Board and, if the director remains in office, an additional 2,500 restricted shares each following year.
Equity Compensation Plan Information; shareholder-approved director restricted stock plan · Dépôt 18/02/2026
While on the Board, each non-employee director receives the same cash dividends on restricted shares as a holder of regular common stock, but the director is not allowed to sell the shares.
Equity Compensation Plan Information; director share-sale restriction · Dépôt 18/02/2026
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Incorporated by reference to the portion entitled “Director Independence” of the section entitled “Corporate Governance” and the portion entitled “Related Person Transactions and Procedures” of the section entitled “Director and Executive Officer Stock Ownership” of the registrant’s 2026 Proxy Statement.
Item 13; director independence and related-person transactions incorporated by reference · Dépôt 18/02/2026
