AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 18/10/2026
Moat44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Integration and repeated asset-growth and savings contributions support a current cost advantage. Missing peer costs and asset-level returns prevent a stronger relative-position assessment.
durability · 2/4 · Repeated contributions across 2024–2026 support persistence, but reserve development requires reinvestment and contractual interests can change or expire. No exceptional duration is established.
customer dependency · 1/4 · Worldwide liquidity, capacity and transportation for intersegment products indicate ready alternatives and weak structural dependence for those offerings. This is indirect evidence about customer dependence; specialty-product switching friction is undisclosed.
erosion resilience · 2/4 · Savings and Permian and Guyana growth continued despite disruption, but total production declined and realized commodity and refining pressures materially affected earnings. Technology diffusion is a prospective risk rather than a realized loss.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · 1/4 · Lower 2025 upstream realizations reduced earnings by $6.1 billion. Stronger second-quarter 2026 refining margins show favorable market outcomes, but do not demonstrate company-controlled premiums or the ability to resist market declines.
retention · — · Production and earnings contributions establish operating activity, but cannot distinguish repeat customers from new buyers. No customer renewals, repeat-demand evidence or switching friction establishes retention.
margin resilience · 2/4 · Realized upstream and downstream savings provide a partial cushion, while the $6.3 billion adverse 2024 refining-margin contribution and 2025 upstream price impact show substantial cyclicality. The 2026 refining recovery does not establish durable pricing insulation.
contractual freedom · 1/4 · Market supply and demand constrain realized prices, while production-sharing and royalty terms constrain captured volumes and economics. These disclosed constraints support weak economic discretion; customer-level pricing clauses are missing.
Predictability74
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 23.26
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.56
Financial strength76
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 87.94
- netDebtEbitGrade
- 84.31
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 32.22
- Debt / FCF (x)
- 1.84
- Net debt / operating income (x)
- 0.78
- Current ratio (x)
- 1.15
Capital allocation—
Missing required inputs: sbcRevenue. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 19.43
- 3-year average dilution (%)
- 0.87
- cashConversionGrade
- 89.08
Management—
Insufficient evidence for every rubric criterion; no category score is inferred.
capital discipline · 2/4 · Operating cash generation funded substantial investment, but 2025 investment and distributions accompanied a $12.5 billion cash decline. Acquisition share issuance exceeded concurrent repurchases in 2024. First-half 2026 operating cash flow recovered and debt-to-capital declined, supporting a mixed assessment rather than treating payouts alone as discipline.
incentive alignment · 3/4 · Actual restricted-unit grants, forfeiture and transfer restrictions, three- and seven-year vesting for most awards, and five- and ten-year vesting for a small senior-executive group demonstrate substantial long-term exposure. The adopted director equity plan adds support. Missing executive ownership and comprehensive performance terms limit the conclusion.
execution · 3/4 · Repeated Permian and Guyana growth and realized savings across annual and quarterly periods demonstrate strong operating delivery. This assessment uses reported operating outcomes rather than project-by-project schedule or budget verification. Disruption-related production losses temper the conclusion.
governance · — · An adopted shareholder-approved director equity plan is disclosed, but board independence and related-party information are only incorporated by reference. The supplied passages do not establish overall board oversight or shareholder protections sufficiently to grade governance.
Evidence
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 · Filed 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 · Filed 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 · Filed 18/02/2026
Structural Cost Savings (1) – Increased earnings by $1.4 billion.
2025 Upstream Earnings Driver Analysis / structural cost savings · Filed 18/02/2026
Structural Cost Savings (1) – Increased earnings by $0.6 billion.
2025 Energy Products Earnings Driver Analysis / structural cost savings · Filed 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 · Filed 03/08/2026
Structural Cost Savings – Increased earnings by $110 million.
Energy Products Second Quarter Earnings Driver Analysis / structural cost savings · Filed 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 · Filed 18/02/2026
Margin – Significantly weaker industry refining margins decreased earnings by $6.3 billion.
2024 Energy Products Earnings Driver Analysis / weaker refining margins · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 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 · Filed 18/02/2026
ExxonMobil has a long-standing commitment to the development of proprietary technology.
Business / proprietary technology commitment · Filed 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 · Filed 18/02/2026
