Document: SEC Filing

Company: Exxon Mobil Corp.
Ticker: XOM
CIK: 34088
Form Type: 10-Q
Filing Date: 2026-05-04
Accession Number: 0000034088-26-000067
Source: 10-Q_2026-05-04_0000034088-26-000067.txt

---

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM

10-Q
☑

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2026
or
☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number
1-2256

Exxon Mobil Corporation

(Exact name of registrant as specified in its charter)
New Jersey 13-5409005
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number )

22777 Springwoods Village Parkway
,

Spring
,

Texas

77389-1425

(Address of principal executive offices) (Zip Code)
(
972
)

940-6000
(Registrant's telephone number, including area code)
_______________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, without par value XOM New York Stock Exchange
0.524% Notes due 2028 XOM28 New York Stock Exchange
0.835% Notes due 2032 XOM32 New York Stock Exchange
1.408% Notes due 2039 XOM39A New York Stock Exchange

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such

filing requirements for the past 90 days.

Yes
☑
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to

Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to

submit and post such files).

Yes
☑
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or

an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth

company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes

☐

No
☑
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class Outstanding as of March 31, 2026
Common stock, without par value 4,144,947,162

2
EXXON MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED
MARCH 31, 2026
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statement of Income 3
Condensed Consolidated Statement of Comprehensive Income 4
Condensed Consolidated Balance Sheet 5
Condensed Consolidated Statement of Cash Flows 6
Condensed Consolidated Statement of Changes in Equity 7
Notes to Condensed Consolidated Financial Statements
Note 1. Basis of Financial Statement Preparation 7
Note 2. Earnings Per Share 7
Note 3. Disclosures about Segments and Related Information 8
Note 4. Pension and Other Postretirement Benefits 10
Note 5. Other Comprehensive Income Information 11
Note 6. Financial Instruments and Derivatives 12
Note 7. Litigation and Other Contingencies 13
Note 8. Divestment Activities 14
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15
Item 3. Quantitative and Qualitative Disclosures About Market Risk 27
Item 4. Controls and Procedures 27
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28
Item 5. Other Information 28
Item 6. Exhibits 28
Signature 29

3
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.
Due to rounding, numbers presented may not add up precisely to the totals indicated.
CONDENSED CONSOLIDATED STATEMENT OF INCOME

(millions of dollars, unless noted) Note Reference Number Three Months Ended March 31,
2026 2025
Revenues and other income
Sales and other operating revenue 3 83,161 81,058
Income from equity affiliates 1,369 1,369
Other income 608 703
Total revenues and other income 85,138 83,130
Costs and other deductions
Crude oil and product purchases 51,802 46,788
Production and manufacturing expenses 10,695 10,083
Selling, general and administrative expenses 2,684 2,540
Depreciation and depletion (includes impairments) 6,771 5,702
Exploration expenses, including dry holes 126 64
Non-service pension and postretirement benefit expense 4 62 113
Interest expense 295 205
Other taxes and duties 5,736 6,035
Total costs and other deductions 78,171 71,530
Income (loss) before income taxes 6,967 11,600
Income tax expense (benefit) 2,495 3,567
Net income (loss) including noncontrolling interests 4,472 8,033
Net income (loss) attributable to noncontrolling interests 289 320
Net income (loss) attributable to ExxonMobil 4,183 7,713
Earnings (loss) per common share (dollars) 2 1.00 1.76
Earnings (loss) per common share - assuming dilution (dollars) 2 1.00 1.76

4
Table of Contents
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(millions of dollars) Three Months Ended March 31,
2026 2025
Net income (loss) including noncontrolling interests 4,472 8,033
Other comprehensive income (net of income taxes)
Foreign exchange translation adjustment ( 263 ) 302
Adjustment for foreign exchange translation (gain)/loss included in net income ( 5 ) —
Postretirement benefits reserves adjustment (excluding amortization) ( 35 ) ( 34 )
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs ( 27 ) 23
Total other comprehensive income (loss) ( 330 ) 291
Comprehensive income (loss) including noncontrolling interests 4,142 8,324
Comprehensive income (loss) attributable to noncontrolling interests 194 330
Comprehensive income (loss) attributable to ExxonMobil 3,948 7,994

5
Table of Contents
CONDENSED CONSOLIDATED BALANCE SHEET

(millions of dollars, unless noted) Note Reference Number March 31, 2026 December 31, 2025
ASSETS
Current assets
Cash and cash equivalents 8,435 10,681
Notes and accounts receivable – net 61,783 44,562
Inventories
Crude oil, products and merchandise 21,838 22,979
Materials and supplies 3,137 3,323
Other current assets 2,594 1,837
Total current assets 97,787 83,382
Investments, advances and long-term receivables 46,125 45,317
Property, plant and equipment – net 298,781 299,373
Other assets, including intangibles – net 21,717 20,908
Total Assets 464,410 448,980
LIABILITIES
Current liabilities
Notes and loans payable 14,531 9,296
Accounts payable and accrued liabilities 77,088 60,911
Income taxes payable 2,759 2,123
Total current liabilities 94,378 72,330
Long-term debt 33,130 34,241
Postretirement benefits reserves 8,940 8,847
Deferred income tax liabilities 40,018 40,216
Long-term obligations to equity companies 562 542
Other long-term obligations 26,386 26,178
Total Liabilities 203,414 182,354
Commitments and contingencies 7
EQUITY
Common stock without par value ( 9,000 million shares authorized, 8,019 million shares issued) 46,426 46,150
Earnings reinvested 482,344 482,494
Accumulated other comprehensive income 5 ( 11,098 ) ( 10,863 )
Common stock held in treasury ( 3,874 million shares at March 31, 2026 and 3,840 million shares at December 31, 2025 ) ( 263,291 ) ( 258,395 )
ExxonMobil share of equity 254,381 259,386
Noncontrolling interests 6,615 7,240
Total Equity 260,996 266,626
Total Liabilities and Equity 464,410 448,980

6
Table of Contents
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(millions of dollars) Three Months Ended March 31,
2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests 4,472 8,033
Depreciation and depletion (includes impairments) 6,771 5,702
Changes in operational working capital, excluding cash and debt ( 1,758 ) ( 878 )
All other items – net ( 780 ) 96
Net cash provided by operating activities 8,705 12,953
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment ( 6,470 ) ( 5,898 )
Proceeds from asset sales and returns of investments 219 1,823
Additional investments and advances ( 387 ) ( 153 )
Other investing activities including collection of advances 632 93
Net cash used in investing activities ( 6,006 ) ( 4,135 )
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt 894 280
Reductions in long-term debt ( 158 ) ( 7 )
Reductions in short-term debt (1) ( 5,402 ) ( 4,541 )
Additions/(reductions) in commercial paper, and debt with three months or less maturity 9,075 ( 41 )
Cash dividends to ExxonMobil shareholders ( 4,334 ) ( 4,335 )
Cash dividends to noncontrolling interests ( 168 ) ( 141 )
Changes in noncontrolling interests 61 ( 12 )
Inflows from noncontrolling interests for major projects — 22
Common stock acquired ( 4,868 ) ( 4,804 )
Net cash used in financing activities ( 4,900 ) ( 13,579 )
Effects of exchange rate changes on cash ( 45 ) 86
Increase/(decrease) in cash and cash equivalents (including restricted) ( 2,246 ) ( 4,675 )
Cash and cash equivalents at beginning of period (including restricted) 10,681 23,187
Cash and cash equivalents at end of period (including restricted) 8,435 18,512
SUPPLEMENTAL DISCLOSURES
Cash interest paid
Included in cash flows from operating activities 362 211
Capitalized, included in cash flows from investing activities 199 326
Total cash interest paid 561 537
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases 938 243
Finance leases 20 6
(1) Includes commercial paper with a maturity greater than three months.

7
Table of Contents
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ExxonMobil Share of Equity
(millions of dollars, unless noted) 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, 2024 46,238 470,903 ( 14,619 ) ( 238,817 ) 263,705 6,901 270,606
Amortization of stock-based awards 194 — — — 194 — 194
Other ( 6 ) 9 — — 3 ( 4 ) ( 1 )
Net income (loss) for the period — 7,713 — — 7,713 320 8,033
Dividends - common shares — ( 4,335 ) — — ( 4,335 ) ( 141 ) ( 4,476 )
Other comprehensive income (loss) — — 281 — 281 10 291
Share repurchases, at cost — — — ( 4,852 ) ( 4,852 ) — ( 4,852 )
Dispositions — — — 11 11 — 11
Balance as of March 31, 2025 46,426 474,290 ( 14,338 ) ( 243,658 ) 262,720 7,086 269,806
Balance as of December 31, 2025 46,150 482,494 ( 10,863 ) ( 258,395 ) 259,386 7,240 266,626
Amortization of stock-based awards 304 — — — 304 — 304
Other ( 28 ) 1 — — ( 27 ) ( 637 ) ( 664 )
Net income (loss) for the period — 4,183 — — 4,183 289 4,472
Dividends - common shares — ( 4,334 ) — — ( 4,334 ) ( 182 ) ( 4,516 )
Other comprehensive income (loss) — — ( 235 ) — ( 235 ) ( 95 ) ( 330 )
Share repurchases, at cost — — — ( 4,917 ) ( 4,917 ) — ( 4,917 )
Dispositions — — — 21 21 — 21
Balance as of March 31, 2026 46,426 482,344 ( 11,098 ) ( 263,291 ) 254,381 6,615 260,996

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
Common Stock Share Activity (millions of shares) Issued Held in Treasury Outstanding Issued Held in Treasury Outstanding
Balance as of December 31 8,019 ( 3,840 ) 4,179 8,019 ( 3,666 ) 4,353
Share repurchases, at cost — ( 34 ) ( 34 ) — ( 43 ) ( 43 )
Balance as of March 31 8,019 ( 3,874 ) 4,145 8,019 ( 3,709 ) 4,310

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Due to rounding, numbers presented may not add up precisely to the totals indicated.
Note 1. Basis of Financial Statement Preparation
These unaudited Condensed Consolidated Financial Statements should be read in the context of the Consolidated Financial

Statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's

2025
Annual Report on

Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments

necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring

nature.
The Corporation's exploration and production activi
ties are accounted for under the "successful efforts" method.
Note 2. Earnings Per Share
Earnings per common share Three Months Ended March 31,
2026 2025
Net income (loss) attributable to ExxonMobil (millions of dollars) 4,183 7,713
Weighted-average number of common shares outstanding (millions of shares) (1) 4,202 4,372
Earnings (loss) per common share (dollars) (2) 1.00 1.76
Dividends paid per common share (dollars) 1.03 0.99
(1) Includes restricted shares not vested.
(2) Earnings (loss) per common share and earnings (loss) per common share – assuming dilution are the same in each period shown.

8
Table of Contents
Note 3. Disclosures about Segments and Related Information
Our
four

reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products.
(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Three Months Ended March 31, 2026
Revenues and other income
Sales and other operating revenue 7,265 2,813 25,990 37,204 1,970 3,504 1,372 3,018 83,136
Income from equity affiliates ( 61 ) 906 34 438 32 102 1 ( 18 ) 1,434
Intersegment revenue 7,593 10,023 6,421 7,105 1,692 977 496 140 34,447
Other income 246 39 29 51 — 1 3 29 398
Segment revenues and other income 15,043 13,781 32,474 44,798 3,694 4,584 1,872 3,169 119,415
Costs and other items
Crude oil and product purchases 6,083 2,843 28,194 39,967 1,950 3,561 972 2,109 85,679
Operating expenses, excl. depreciation and depletion (1) 3,035 2,513 2,313 2,117 1,175 1,038 502 497 13,190
Depreciation and depletion (includes impairments) 3,838 1,870 207 216 149 157 23 38 6,498
Interest expense ( 5 ) 6 2 3 — — 1 — 7
Other taxes and duties 68 329 731 4,492 15 47 4 50 5,736
Total costs and other deductions 13,019 7,561 31,447 46,795 3,289 4,803 1,502 2,694 111,110
Segment income (loss) before income taxes 2,024 6,220 1,027 ( 1,997 ) 405 ( 219 ) 370 475 8,305
Income tax expense (benefit) 450 1,956 301 ( 201 ) 86 ( 17 ) 97 90 2,762
Segment net income (loss) incl. noncontrolling interests 1,574 4,264 726 ( 1,796 ) 319 ( 202 ) 273 385 5,543
Net income (loss) attributable to noncontrolling interests — 101 65 127 — 7 ( 1 ) 8 307
Segment income (loss) 1,574 4,163 661 ( 1,923 ) 319 ( 209 ) 274 377 5,236
Reconciliation of consolidated revenues
Segment revenues and other income 119,415
Other revenues (2) 170
Elimination of intersegment revenues ( 34,447 )
Total consolidated revenues and other income 85,138
Reconciliation of income (loss) attributable to ExxonMobil
Total segment income (loss) 5,236
Corporate and Financing income (loss) ( 1,053 )
Net income (loss) attributable to ExxonMobil 4,183
(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Three Months Ended March 31, 2026
Additions to property, plant and equipment (3) 3,275 1,885 851 166 152 25 34 19 6,407
As of March 31, 2026
Investments in equity companies 5,669 19,909 463 1,479 2,931 2,627 — 752 33,830
Total assets 153,871 137,240 39,224 54,765 17,682 18,097 2,887 7,843 431,609
Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total
Three Months Ended March 31, 2026
Additions to property, plant and equipment (3) 6,407 347 6,754
As of March 31, 2026
Investments in equity companies 33,830 ( 117 ) 33,713
Total assets 431,609 32,801 464,410
(1) Operating expenses, excl. depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement: Production and manufacturing expenses; Selling, general and administrative expenses; Exploration expenses, including dry holes; and Non-service pension and postretirement benefit expense.
(2) Primarily Corporate and Financing Interest revenue of $ 206 million .
(3) Includes non-cash additions.

9
Table of Contents
(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Three Months Ended March 31, 2025
Revenues and other income
Sales and other operating revenue 7,318 3,960 23,885 36,077 2,022 3,385 1,367 3,025 81,039
Income from equity affiliates 4 1,247 36 1 23 140 — ( 22 ) 1,429
Intersegment revenue 6,556 9,850 4,624 6,672 1,675 739 549 114 30,779
Other income ( 135 ) 374 56 24 1 ( 1 ) — 27 346
Segment revenues and other income 13,743 15,431 28,601 42,774 3,721 4,263 1,916 3,144 113,593
Costs and other items
Crude oil and product purchases 5,429 3,261 25,106 35,046 2,154 3,015 997 2,079 77,087
Operating expenses, excl. depreciation and depletion (1) 2,763 2,281 2,082 2,159 1,063 1,084 472 570 12,474
Depreciation and depletion (includes impairments) 3,038 1,689 195 173 145 122 27 38 5,427
Interest expense 37 6 — 1 — — — — 44
Other taxes and duties 64 539 787 4,562 16 22 2 44 6,036
Total costs and other deductions 11,331 7,776 28,170 41,941 3,378 4,243 1,498 2,731 101,068
Segment income (loss) before income taxes 2,412 7,655 431 833 343 20 418 413 12,525
Income tax expense (benefit) 542 2,598 94 187 88 ( 6 ) 96 77 3,676
Segment net income (loss) incl. noncontrolling interests 1,870 5,057 337 646 255 26 322 336 8,849
Net income (loss) attributable to noncontrolling interests — 171 40 116 — 8 — 3 338
Segment income (loss) 1,870 4,886 297 530 255 18 322 333 8,511
Reconciliation of consolidated revenues
Segment revenues and other income 113,593
Other revenues (2) 316
Elimination of intersegment revenues ( 30,779 )
Total consolidated revenues and other income 83,130
Reconciliation of income (loss) attributable to ExxonMobil
Total segment income (loss) 8,511
Corporate and Financing income (loss) ( 798 )
Net income (loss) attributable to ExxonMobil 7,713
(millions of dollars) Upstream Energy Products Chemical Products Specialty Products Segment Total
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Three Months Ended March 31, 2025
Additions to property, plant and equipment (3) 2,780 2,022 116 228 145 117 49 53 5,510
As of December 31, 2025
Investments in equity companies 5,491 19,429 460 1,048 2,946 2,616 — 775 32,765
Total assets 153,042 134,529 32,652 47,265 17,365 17,991 2,961 8,020 413,825
Reconciliation to Corporate Total Segment Total Corporate and Financing Corporate Total
Three Months Ended March 31, 2025
Additions to property, plant and equipment ( 3) 5,510 519 6,029
As of December 31, 2025
Investments in equity companies 32,765 ( 112 ) 32,653
Total assets 413,825 35,155 448,980
(1) Operating expenses, excl. depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement: Production and manufacturing expenses; Selling, general and administrative expenses; Exploration expenses, including dry holes; and Non-service pension and postretirement benefit expense.
(2) Primarily Corporate and Financing Interest revenue of $ 363 million .
(3) Includes non-cash additions.

10
Table of Contents
Revenue from Contracts with Customers
Sales and other operating
revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade

receivables in "Notes and accounts receivable – net" reported on the Balance Sheet also includes both receivables within the

scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily

relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of

customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Sales and other operating revenue (millions of dollars) Three Months Ended March 31,
2026 2025
Revenue from contracts with customers 56,866 56,931
Revenue outside the scope of ASC 606 26,295 24,127
Total 83,161 81,058

Geographic Sales and Other Operating Revenue (millions of dollars) Three Months Ended March 31,
2026 2025
United States 36,627 34,607
Non-U.S. 46,534 46,451
Total 83,161 81,058
Significant Non-U.S. revenue sources include: (1)
Canada 7,483 6,990
(1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in non-U.S. operations where attribution to a specific country is not practicable.

Note 4. Pension and Other Postretirement Benefits
(millions of dollars) Three Months Ended March 31,
2026 2025
Components of net benefit cost
Pension Benefits - U.S.
Service cost 127 136
Interest cost 165 170
Expected return on plan assets ( 164 ) ( 149 )
Amortization of actuarial loss/(gain) 5 18
Amortization of prior service cost ( 8 ) ( 7 )
Net pension enhancement and curtailment/settlement cost ( 1 ) 36
Net benefit cost 124 204
Pension Benefits - Non-U.S.
Service cost 72 78
Interest cost 239 222
Expected return on plan assets ( 231 ) ( 221 )
Amortization of actuarial loss/(gain) ( 10 ) 9
Amortization of prior service cost 15 13
Net pension enhancement and curtailment/settlement cost 28 —
Net benefit cost 113 101
Other Postretirement Benefits
Service cost 21 23
Interest cost 65 65
Expected return on plan assets ( 4 ) ( 4 )
Amortization of actuarial loss/(gain) ( 22 ) ( 24 )
Amortization of prior service cost ( 15 ) ( 15 )
Net benefit cost 45 45

11
Table of Contents
Note 5. Other Comprehensive Income Information
ExxonMobil Share of Accumulated Other Comprehensive Income (millions of dollars) Cumulative Foreign Exchange Translation Adjustment Postretirement Benefits Reserves Adjustment Total
Balance as of December 31, 2024 ( 16,166 ) 1,547 ( 14,619 )
Current period change excluding amounts reclassified from accumulated other comprehensive income (1) 295 ( 36 ) 259
Amounts reclassified from accumulated other comprehensive income — 22 22
Total change in accumulated other comprehensive income 295 ( 14 ) 281
Balance as of March 31, 2025 ( 15,871 ) 1,533 ( 14,338 )
Balance as of December 31, 2025 ( 13,398 ) 2,535 ( 10,863 )
Current period change excluding amounts reclassified from accumulated other comprehensive income ( 1) ( 174 ) ( 29 ) ( 203 )
Amounts reclassified from accumulated other comprehensive income ( 5 ) ( 27 ) ( 32 )
Total change in accumulated other comprehensive income ( 179 ) ( 56 ) ( 235 )
Balance as of March 31, 2026 ( 13,577 ) 2,479 ( 11,098 )
(1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $ 55 million and $( 99 ) million in 2026 and 2025 , respectively.

Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars) Three Months Ended March 31,
2026 2025
Foreign exchange translation gain/(loss) included in net income (Statement of Income line: Other income) 5 —
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (Statement of Income line: Non-service pension and postretirement benefit expense) 35 ( 30 )

Income Tax (Expense)/Credit For Components of Other Comprehensive Income (millions of dollars) Three Months Ended March 31,
2026 2025
Foreign exchange translation adjustment 57 59
Postretirement benefits reserves adjustment (excluding amortization) 1 22
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs 8 ( 7 )
Total 66 74

12
Table of Contents
Note 6. Financial Instruments and Derivatives
The estimated fair value of financial instruments and derivatives at
March 31, 2026
and
December 31, 2025
, and the related

hierarchy level for the fair value measurement was as follows:
March 31, 2026
(millions of dollars) Fair Value
Level 1 Level 2 Level 3 Total Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value
Assets
Derivative assets (1) 42,237 8,357 — 50,594 ( 47,389 ) ( 281 ) — 2,924
Advances to/receivables from equity companies (2)(3) — 1,369 4,134 5,503 — — 226 5,729
Other long-term financial assets (4) 1,552 — 1,788 3,340 — — 228 3,568
Liabilities
Derivative liabilities (5) 44,879 8,430 — 53,309 ( 47,389 ) ( 2,912 ) — 3,008
Long-term debt (6) 23,269 4,108 — 27,377 — — 3,382 30,759
Long-term obligations to equity companies (3) — — 562 562 — — — 562
Other long-term financial liabilities (7) — — 352 352 — — 13 365

 
December 31, 2025
(millions of dollars) Fair Value
Level 1 Level 2 Level 3 Total Gross Assets & Liabilities Effect of Counterparty Netting Effect of Collateral Netting Difference in Carrying Value and Fair Value Net Carrying Value
Assets
Derivative assets (1) 5,197 2,259 — 7,456 ( 6,261 ) ( 341 ) — 854
Advances to/receivables from equity companies (2)(3) — 1,935 3,938 5,873 — — 256 6,129
Other long-term financial assets (4) 1,536 — 1,800 3,336 — — 216 3,552
Liabilities
Derivative liabilities (5) 4,994 2,043 — 7,037 ( 6,261 ) ( 141 ) — 635
Long-term debt (6) 24,678 3,909 — 28,587 — — 3,248 31,835
Long-term obligations to equity companies (3) — — 542 542 — — — 542
Other long-term financial liabilities (7) — — 348 348 — — 16 364
(1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net.
(2) Included in the Balance Sheet line: Investments, advances and long-term receivables.
(3) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company.
(4) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net.
(5) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations.
(6) Excluding finance lease obligations.
(7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.

13
Table of Contents
At
March 31, 2026
and
December 31, 2025
, respectively, the Corporation had
$
1.9
billion
and
$
0.5
billion
of collateral under

master netting arrangements not offset against the derivatives on the Condensed Consolidated Balance Sheet, primarily related

to initial margin requirements.
The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its

net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments

due to foreign exchange fluctuations is reported in accumulated other comprehensive income.
As of
March 31, 2026
, the

Corporation has designated
$
3.4
billion
of its Euro-denominated debt and related accrued interest as a net investment hedge of

its European business. The net investment hedge is deemed to be perfectly effective.
The Corporation had undrawn short-term committed lines of credit of

$
7.3
 billion
and undrawn long-term committed lines of

credit of
$
0.3
 billion

as of the end of

first
quarter
2026
.
Derivative Instruments
The Corporation’s size, strong capital structure, geographic diversity, and the complementary nature of its business segments

reduce the Corporation’s enterprise-wide risk from changes in commodity prices, currency rates, and interest rates. In addition,

the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns

from trading. Commodity contracts held for trading purposes are presented in the Condensed Consolidated Statement of Income

on a net basis in the line “Sales and other operating revenue" and in the Consolidated Statement of Cash Flows in “Cash Flows

from Operating Activities” and included
before-tax realized and unrealized losses of
$
3.8
billion
and gains of
$
19
million
for

the periods ended
March 31, 2026
and
2025
, respectively. The Corporation’s commodity derivatives are not accounted for

under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are

material to the Corporation’s financial position as of
March 31, 2026
and
December 31, 2025
, or results of operations for the

periods ended
March 31, 2026
and
2025
.
The Corporation operates a program to hedge certain of its fixed-rate debt instruments against changes in fair value due to

changes in the designated benchmark interest rate. This program utilizes fair value hedge accounting. The derivative (hedging)

instruments are fixed-for-floating interest rate swaps, with settlement dates that correspond to the interest payments associated

with the fixed-rate debt (hedged item). Changes in the fair values of the hedging instruments are perfectly offset by changes in

the fair values of the hedged items; the effects of these changes in fair values are recorded in "Interest expense" in the

Consolidated Statement of Income. This program was not material to the Consolidated Financial Statements as of the end of

first
quarter
2026
.
Credit risk associated with the Corporation’s derivative position is mitigated by several factors, including the use of derivative

clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a

system of controls that includes the authorization, reporting, and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments at
March 31, 2026
and
December 31, 2025
, was as follows:

(millions) March 31, 2026 December 31, 2025
Crude oil (barrels) 25 6
Petroleum products (barrels) ( 47 ) ( 27 )
Natural gas (MMBTUs) ( 658 ) ( 449 )

Note 7. Litigation and Other Contingencies
Litigation
A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending

lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need

for accounting recognition or disclosure of these contingencies.
The Corporation accrues an undiscounted liability for those

contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can

be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the

range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable

but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For

contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the

nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures,

“significant” includes material matters, as well as other matters, which management believes should be disclosed.
14
Table of Contents
State and local governments and other entities in various jurisdictions across the United States and its territories have filed a

number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and

equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel,

untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual

theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the

proper role of policymakers in addressing the societal challenges of climate change.
Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies,

including ExxonMobil, requesting compensation for the restoration of coastal marsh erosion in the state. We believe the factual

and legal theories set forth in these proceedings are meritless.
While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of

these lawsuits will have a material adverse effect on the Corporation’s operations, financial condition, or financial statements

taken as a whole. We will continue to defend vigorously against these claims.
Other Contingencies
The Corporation and certain of its consolidated subsidiaries were contingently liable at
March 31, 2026
, for guarantees relating

to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do

not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. Where it is not

possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected

to be either immaterial or have only a remote chance of occurrence.

March 31, 2026
(millions of dollars) Equity Company Obligations (1) Other Third-Party Obligations Total
Guarantees
Non-debt-related 665 5,832 6,497
Total 665 5,832 6,497
(1) ExxonMobil share.

Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various

business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s

operations or financial condition.
Note 8. Divestment Activities
Through
March 31, 2026
, the Corporation realized proceeds of approximately
$
0.2
billion
from its divestment activities with

negligible impact on after-tax earnings. This included the sale of
certain
conventional assets
in the United States
, as well as

other smaller divestments.
In
2025
, the Corporation realized proceeds of approximately
$
3.2
billion
and recognized net after-tax earnings of approximately

$
1.1
billion
from its divestment activities. This included the sale of the Singapore retail fuels business, Mobil Argentina S.A.,

Product Solutions affiliates in France, certain conventional and unconventional assets in the United States, and other smaller

divestments.
15
Table of Contents
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Due to rounding, numbers presented may not add up precisely to the totals indicated.
FORWARD-LOOKING STATEMENTS
Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives;

statements of future ambitions and plans; future earnings power; potential addressable markets; and other statements of future

events or conditions are forward-looking statements. Similarly, discussion of future plans related to carbon capture,

transportation and storage, lower-emission fuels, hydrogen and ammonia, direct air capture,
Proxxima
TM
systems, carbon

materials, lithium, low-carbon data centers,
and other future plans to reduce emissions and emission intensity of ExxonMobil,

its affiliates, and third parties are dependent on future market factors, such as continued technological progress, stable policy

support and timely rule-making and permitting, and represent forward-looking statements.

Actual future results, including financial and operating performance; potential earnings, cash flow, dividends or shareholder

returns, including the timing and amounts of share repurchases; total capital expenditures and mix, including allocations of

capital to low carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains,

including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity, including

ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in integrated

Upstream Permian Basin

unconventional operated assets by 2035, to eliminate routine flaring in-line with World Bank Zero

Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives; and to meet

ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as

technology advances, including the timing and outcome of projects to capture, transport and store CO
2
, produce hydrogen and

ammonia, produce lower-emission fuels, produce Proxxima
TM
systems, produce carbon materials, produce lithium, and use

plastic waste as feedstock for advanced recycling; future debt levels and credit ratings; business and project plans, timing, costs,

capacities and profitability; resource recoveries and production rates; and planned Denbury and Pioneer integrated benefits,

could differ materially due to a number of factors.
These include global or regional changes or imbalances in the supply and demand for oil, natural gas, petrochemicals, and

feedstocks and other market factors; economic conditions and seasonal fluctuations that impact prices, differentials, margins,

and volume/mix for our products; developments or changes in local, national, or international laws, regulations, taxes, trade

sanctions, trade tariffs, or policies affecting our business, such as government policies supporting lower carbon and new market

investment opportunities, the punitive European taxes on the oil and gas sector and unequal support for different technological

methods of emissions reduction or evolving, ambiguous and unharmonized voluntary or mandatory standards or extraterritorial

laws and regulations imposed by various jurisdictions related to sustainability and greenhouse gas reporting; timely granting of

governmental permits, licenses, and certifications; uncertain impacts of deregulation on the legal and regulatory environment;

price impacts and the broader government responses to inflationary pressures; changes in interest and exchange rates; variable

impacts of trading activities and derivative positions, including timing effects, on our margins and results each quarter; actions

of co-venturers or partners, competitors and commercial counterparties, including suppliers and customers; government actions

in pursuit of national energy and security policies and priorities affecting our business; the outcome of commercial negotiations,

including final agreed terms and conditions; the outcome of competitive bidding and project awards; the ability to access debt

markets on favorable terms or at all; the occurrence, pace, rate of recovery and effects of public health crises; adoption of

regulatory incentives consistent with law; reservoir performance and optimization, including variability and timing factors

applicable to unconventional resources, the success of new unconventional technologies, and the ability of new technologies to

improve recovery relative to competitors; the level, outcome, and timing of exploration and development projects and decisions

to invest in future reserves and resources; timely completion of construction projects and commencement of start-up operations,

including reliance on third-party suppliers and service providers; final management approval of future projects and any changes

in the scope, terms, costs or assumptions of such projects as approved; the actions of governments, non-governmental

organizations, or other actors against our core business activities and acquisitions, divestitures or financing opportunities; war,

civil unrest, armed hostilities, attacks against the company or industry, and other geopolitical or security disturbances, including

disruption of land or sea transportation routes or distribution or shipping channels; decoupling of economies; disruption,

realignment, or breaking of current or historical trade or military alliances or global trade and supply chain networks; escalating

geopolitical volatility, including regime changes; expropriations, seizure, or capacity, insurance, shipping, import or export

limitations imposed directly or indirectly by governments or laws; opportunities for potential acquisitions, investments or

divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of

efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies

without impairing our competitive positioning; unforeseen technical or operating disruptions or difficulties and unplanned

maintenance; the development and competitiveness of alternative energy and emission reduction technologies; consumer

preferences including willingness and ability to pay for reduced emission products; the results of research programs and the

16
Table of Contents
ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under "Item 1A.

Risk Factors" of ExxonMobil’s
2025
Form 10-K.
Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an

indication that these statements are material to investors or require disclosure in our filing with the SEC or any other regulatory

authority. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be

based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and

assumptions that are subject to change in the future, including future rule-making.
Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium

term business plans, which are updated annually. The reference case for planning beyond 2030 is based on ExxonMobil’s

Global Outlook (Outlook) research and publication. The Outlook is reflective of the existing global policy environment and an

assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and

development of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Outlook does not

project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to

meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and

ExxonMobil’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment

decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors,

including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement,

insights from the Corporate planning process, and alignment with our partners and other stakeholders. Capital investment

guidance in lower-emission investments is based on our Corporate plan; however, actual investment levels will be subject to the

availability of the opportunity set
and

public policy support, and focused on returns.
The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same

meaning as in any government payment transparency reports.
17
Table of Contents
Overview
Supply disruptions driven by geopolitical event
s in the Middle East impacted market conditions d
uring the
first
quarter of
2026
.

March experienced the largest ever monthly gain in oil prices driven by reduced global oil supply. Despite a sharp increase in

March, first quarter 2026 average crude oil prices increased slightly relative to fourth quarter 2025, remaining in the middle of

the 10-year historical range (2010-2019). Significant LNG supply decline in March resulted in higher prices in Europe and

Asia, driving natural gas prices above the 10-year average. Feedstock shortages resulted in lower refinery runs in the Middle

East and Asia with global industry refining margins remaining above the 10-year historical range. Chemical margins remained

at bottom of cycle, well below the 10-year range, because of higher feedstock costs, particularly in Asia.
During 2025, the U.S. and other countries implemented and adjusted a variety of trade-related measures, including tariffs on

certain imports. Based on the Corporation’s assessment of these actions and their effects to date, we do not expect them to have

a material impact on the Corporation's consolidated financial position, results of operations, or cash flows.
Selected Earnings Driver Definitions
The earnings drivers provide additional visibility into our business results. The Corporation evaluates these drivers periodically

to determine if any enhancements may provide helpful insights to the market. Listed below are descriptions of the earnings

drivers:
Advantaged Volume Growth.

Represents
e
arnings
impacts from change in volume/mix from advantaged assets,
advantaged

projects, and high-value products.
•
Advantaged Assets (Advantaged growth projects).
Includes Permian, Guyana, and LNG.
•
Advantaged Projects.
Includes capital projects and programs of work that contribute to Energy, Chemical, and/or

Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or

deliver higher than average returns.
•
High-Value Products.
Includes performance products and lower-emission fuels. Performance products (performance

chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications

through enhanced properties versus commodity alternatives and bring significant additional value to customers and

end-users.
Lower-emission fuels refers to fuels with lower life cycle emissions than conventional transportation fuels

for gasoline, diesel and jet transport.
Base Volume.
Represents all volume/mix drivers not included in Advantaged Volume Growth defined above.
Structural Cost Savings.
Represents a
fter-tax
earnings
effects
of Structural Cost Savings as defined on
page 19
,
including cash

operating expenses related to divestments.
Expenses.

Represents
all expenses otherwise not included in other earnings drivers.
Estimated Timing Effects.
Represents timing effects that are primarily related to unsettled derivatives which are required to be

marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected in earnings

until the physical transaction is complete. It also includes estimated recognition differences between the settlement of

derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Impacts are expected to

unwind in subsequent periods.
Identified Items.
Represents individually significant non-operational events with, typically, an absolute corporate total earnings

impact of at least $250 million in a given quarter. The impact of an Identified Item for an individual segment may be less than

$250 million when the item impacts several segments or several periods.
18
Table of Contents
Cash Capital
Expenditures
(Non-GAAP)
Cash c
apital expenditures (Cash Capex) is the sum of "Additions to property, plant and equipment", "Additional investments

and advances", and "Other investing activities including collection of advances", reduced by "I
nflows
from noncontrolling

interests for major projects", each from the Consolidated Statement of Cash Flows,

and excludes advances and collections not

related to capital expenditures or equity investments, for example, supply and marketing related advances and associated

collections. This measure is useful for investors to understand the current period cash impact of investments in the business.
(millions of dollars) Three Months Ended March 31,
2026 2025
Additions to property, plant and equipment 6,470 5,898
Additional investments and advances 387 153
Other investing activities including collection of advances (632) (93)
Inflows from noncontrolling interests for major projects — (22)
Less: Advances and collections not related to capital expenditures or equity investments (38) —
Total Cash Capex (Non-GAAP) 6,187 5,936
Upstream 4,812 4,993
Energy Products 998 378
Chemical Products 182 291
Specialty Products 55 110
Other 140 164
Total Cash Capex (Non-GAAP) 6,187 5,936

19
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. Relative to 2019, estimated cumulative Structural Cost Savings totaled
$15.6 billion
,

which included an additional

$0.6 billion
in the first
three
months of
2026
. The total change between periods in expenses below

will reflect both Structural Cost Savings and other changes in spend, including market factors, such as inflation and foreign

exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new

business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions,

and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual

structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be

sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of

spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through

disciplined expense management.
Dollars in billions (unless otherwise noted) Twelve Months Ended December 31, Three Months Ended March 31,
2019 2025 2025 2026
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP)
Production and manufacturing expenses 36.8 42.4 10.1 10.7
Selling, general and administrative expenses 11.4 11.1 2.5 2.7
Depreciation and depletion (includes impairments) 19.0 26.0 5.7 6.8
Exploration expenses, including dry holes 1.3 1.0 0.1 0.1
Non-service pension and postretirement benefit expense 1.2 0.4 0.1 0.1
Subtotal 69.7 81.0 18.5 20.3
ExxonMobil’s share of equity company expenses (Non-GAAP) 9.1 10.6 2.6 2.3
Total Adjusted Operating Costs (Non-GAAP) 78.8 91.6 21.1 22.6
Total Adjusted Operating Costs (Non-GAAP) 78.8 91.6 21.1 22.6
Less:
Depreciation and depletion (includes impairments) 19.0 26.0 5.7 6.8
Non-service pension and postretirement benefit expense 1.2 0.4 0.1 0.1
Other adjustments (includes equity company depreciation and depletion) 3.6 6.2 1.3 1.3
Total Cash Operating Expenses (Cash Opex) (Non-GAAP) 55.0 59.0 14.1 14.5
Energy and production taxes (Non-GAAP) 11.0 14.9 3.9 3.7
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP) 44.0 44.1 10.2 10.8
Change vs 2019 Change vs 2025 Estimated Cumulative vs 2019
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP) 0.1 0.6
Market +4.9 +0.5
Activity / Other +10.3 +0.6
Structural Cost Savings -15.1 -0.6 -15.6

20
Table of Contents
REVIEW OF

FIRST
QUARTER

2026
RESULTS
ExxonMobil’s
first
quarter
2026
earnings were
$4.2 billion
, compared to
$7.7 billion
a year earlier.
The
decrease
in earnings

was mainly driven by unfavorable mark-to-market effects,
higher expenses related to depreciation
and Middle East volume

impacts;
partly offset by higher prices and margins, increased volumes from advantaged Upstream investments in Guyana and

the Permian and structural cost savings
.
Cash
c
apital expenditure
s were
$6.2 billion
,
up

$0.3 billion
from
first
quarter
2025
.
UPSTREAM
Upstream Financial Results Three Months Ended March 31,
(millions of dollars) 2026 2025
Earnings (loss) (U.S. GAAP)
United States 1,574 1,870
Non-U.S. 4,163 4,886
Total 5,737 6,756

Upstream First Quarter Earnings Driver Analysis (millions of dollars)

Price –
Decreased
earnings by
$280 million
, on lower gas realizations, partially offset by higher crude realizations.
Advantaged Volume Growth –
Increased
earnings by
$610 million
, mainly driven by record Guyana production, partially offset

by Middle East disruption impacts.
Base Volume –
Decreased
earnings by
$380 million
, from divestments and Kazakhstan downtime.

Structural Cost Savings –
Increased
earnings by
$170 million
.
Expenses –
Decreased
earnings by

$650 million
due to higher depreciation.
Other –
Increased
earnings by
$200 million
, primarily driven
by one-time
tax items.
Estimated Timing Effects –
Decreased
earnings by
$690 million
, mainly from unfavorable derivatives mark-to-market impacts

to be reversed over time.
21
Table of Contents
Upstream Operational Results Three Months Ended March 31,
2026 2025
Net production of crude oil, natural gas liquids, bitumen and synthetic oil (thousands of barrels daily)
United States 1,586 1,418
Canada/Other Americas 936 760
Europe 3 4
Africa 138 137
Asia 611 796
Australia/Oceania 23 24
Worldwide 3,297 3,139
Net natural gas production available for sale (millions of cubic feet daily)
United States 3,589 3,266
Canada/Other Americas 28 42
Europe 313 331
Africa 114 118
Asia 2,500 3,457
Australia/Oceania 1,236 1,256
Worldwide 7,779 8,470
Oil-equivalent production (1) 4,594 4,551
(thousands of oil-equivalent barrels daily)
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

Upstream Additional Information (thousands of barrels daily) Three Months Ended March 31,
Volumes reconciliation (Oil-equivalent production) (1)
2025 4,551
Entitlements - Net Interest (27)
Entitlements - Price / Spend / Other (7)
Government Mandates (4)
Divestments (71)
Growth / Other 152
2026 4,594
(1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

1Q 2026 versus 1Q 2025 1Q 2026 production of 4.6 million oil-equivalent barrels per day increased 43 thousand oil- equivalent barrels per day from 1Q 2025 , driven by Permian and Guyana growth, partially offset by Middle East disruptions and Kazakhstan downtime.

Listed below are descriptions of ExxonMobil’s volumes reconciliation drivers which are provided to facilitate understanding of

the terms.
Entitlements - Net Interest
are changes to ExxonMobil’s share of production volumes caused by non-operational changes to

volume-determining drivers. 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. Once a net interest change has occurred, it typically will not be reversed by

subsequent events, such as lower crude oil prices.
Entitlements - Price / Spend / Other
are changes to ExxonMobil’s share of production volumes resulting from temporary

changes to non-operational volume-determining drivers. These drivers include changes in oil and gas prices or spending levels

from one period to another. 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. For example, at

22
Table of Contents
higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period

with field spending patterns or market prices for oil and natural gas. Such drivers can also include other temporary changes in

net interest as dictated by specific provisions in production agreements.
Government Mandates
are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions

imposed by governments.
Divestments
are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce

equity in a field or asset in exchange for financial or other economic consideration.
Growth and Other
comprise all other operational and non-operational drivers not covered by the above definitions that may

affect volumes attributable to ExxonMobil. Such drivers include, but are not limited to, production enhancements from project

and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field

decline, and any fiscal or commercial terms that do not affect entitlements.
ENERGY PRODUCTS
Energy Products Financial Results Three Months Ended March 31,
(millions of dollars) 2026 2025
Earnings (loss) (U.S. GAAP)
United States 661 297
Non-U.S. (1,923) 530
Total (1,262) 827

Energy Products First Quarter Earnings Driver Analysis (millions of dollars)

Margin –
Increased earnings
by
$2,420 million
, including
strong results from trading and optimization.
Advantaged Volume Growth –
Increased
earnings by

$150 million
.
Base Volume –
Decreased
earnings by
$260 million
,
mainly driven by Middle East supply disruptions
.
Structural Cost Savings

–
Increased
earnings by
$160 million
.
Expenses

–
Decreased
earnings by
$250 million
, driven by scheduled maintenance and growth projects.
Other –
Decreased
earnings by
$270 million
, driven by unfavorable foreign exchange rate effects.
Estimated Timing Effects –
Decreased
earnings by
$3,330 million
, on unfa
vorable derivative mark-to-market impacts.
Identified Items –
1Q26

$(706) million

loss
due to
supply disruptions in the Middle East preventing physical shipments

associated with hedges.
23
Table of Contents
Energy Products Operational Results Three Months Ended March 31,
(thousands of barrels daily) 2026 2025
Refinery throughput
United States 1,795 1,789
Canada 384 397
Europe 733 986
Asia Pacific 386 447
Other 195 191
Worldwide 3,494 3,810
Energy Products sales (1)
United States 3,214 2,728
Non-U.S. 2,416 2,555
Worldwide 5,630 5,283
Gasoline, naphthas 2,214 2,162
Heating oils, kerosene, diesel 1,672 1,724
Aviation fuels 399 366
Heavy fuels 187 158
Other energy products 1,158 873
Worldwide 5,630 5,283
(1) Data reported net of purchases/sales contracts with the same counterparty.

24
Table of Contents
CHEMICAL PRODUCTS
Chemical Products Financial Results Three Months Ended March 31,
(millions of dollars) 2026 2025
Earnings (loss) (U.S. GAAP)
United States 319 255
Non-U.S. (209) 18
Total 110 273

Chemical Products First Quarter Earnings Driver Analysis (millions of dollars)

Margin

– Compressed margins
decreased
earnings by
$340 million
on lower realizations and increased feed costs.
Advantaged Volume Growth –
Increased
earnings by
$50 million
.
Base Volume –
Increased
earnings by
$90 million
.
Structural Cost Savings

–
Increased
earnings by
$70 million
.
Expenses

–
Decreased
earnings by
$40 million
.
Other –
Increased
earnings by
$10 million
.
Chemical Products Operational Results Three Months Ended March 31,
(thousands of metric tons) 2026 2025
Chemical Products sales (1)
United States 1,904 1,706
Non-U.S. 3,455 3,070
Worldwide 5,358 4,776
(1) Data reported net of purchases/sales contracts with the same counterparty.

25
Table of Contents
SPECIALTY PRODUCTS
Specialty Products Financial Results Three Months Ended March 31,
(millions of dollars) 2026 2025
Earnings (loss) (U.S. GAAP)
United States 274 322
Non-U.S. 377 333
Total 651 655

Specialty Products First Quarter Earnings Driver Analysis (millions of dollars)

Margin

– Compressed margins
decreased
earnings by
$110 million
on increased feed costs.
Advantaged Volume –
Increased
earnings by
$40 million
.
Base Volume –
Decreased
earnings by
$10 million
.
Structural Cost Savings

–
Increased
earnings by
$40 million
.
Expenses

–
Increased
earnings by
$10 million
.
Other –
Increased
earnings by
$30 million
.
Specialty Products Operational Results Three Months Ended March 31,
(thousands of metric tons) 2026 2025
Specialty Products sales (1)
United States 536 473
Non-U.S. 1,439 1,463
Worldwide 1,976 1,936
(1) Data reported net of purchases/sales contracts with the same counterparty.

CORPORATE AND FINANCING
Corporate and Financing Financial Results Three Months Ended March 31,
(millions of dollars) 2026 2025
Earnings (loss) (U.S. GAAP) (1,053) (798)

Corporate and Financing expenses were
$1,053 million
for the
first
quarter of
2026
,
$255 million

higher
than the
first
quarter of

2025
, due to lower interest income and the absence of favorable tax items.
(1)

Net debt is total debt of
$47.7 billion
less
$8.4 billion
of cash and cash equivalents excluding restricted cash . Net debt to capital ratio is net debt divided by

net debt plus total equity of
$261.0 billion
. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.
26
Table of Contents
LIQUIDITY
AND CAPITAL RESOURCES
(millions of dollars) Three Months Ended March 31,
2026 2025
Net cash provided by/(used in)
Operating activities 8,705 12,953
Investing activities (6,006) (4,135)
Financing activities (4,900) (13,579)
Effect of exchange rate changes (45) 86
Increase/(decrease) in cash and cash equivalents (2,246) (4,675)
Cash and cash equivalents (at end of period) 8,435 18,512
Cash flow from operations and asset sales
Net cash provided by operating activities (U.S. GAAP) 8,705 12,953
Proceeds associated with sales of subsidiaries, property, plant & equipment, and sales and returns of investments 219 1,823
Cash flow from operations and asset sales (Non-GAAP) 8,924 14,776
Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

Cash flow from operations
and asset sales in the
first
quarter of
2026
was
$8.9 billion
,
a decrease
of
$5.9 billion
from the

comparable
2025
period.
Cash provided by
operating activities totaled
$8.7 billion
for the first
three
months of
2026
,
$4.2 billion

lower
than
2025
. Net

income including noncontrolling interests was
$4.5 billion
,
a decrease
of
$3.6 billion
from the prior year period. The adjustment

for the noncash provision of
$6.8 billion
for depreciation and depletion was
up

$1.1 billion
from
2025
. Changes in operational

working capital were a
reduction
of
$1.8 billion
during the period. All other items net
decreased
cash flows by
$0.8 billion
in

2026
versus an
increase
of
$0.1 billion
in
2025
. See the Condensed Consolidated Statement of Cash Flows for additional

details.
Investing activities for the first
three
months of
2026

used
net cash of
$6.0 billion
,
an increase
of
$1.9 billion
compared to the

prior year. Spending for additions to property, plant and equipment of
$6.5 billion
was
$0.6 billion

higher
than
2025
. Proceeds

from asset sales were
$0.2 billion
,

a decrease
of
$1.6 billion
compared to the prior year. Net investments and advances

decreased

$0.3 billion
from
$0.1 billion
in
2025
.
Net cash
used in
financing activities was
$4.9 billion
in the first
three
months of
2026
, including
$4.9 billion
for the purchase of

33.6 million
shares of ExxonMobil stock, as part of the previously announced buyback program. This compares to net cash

used in
financing activities of
$13.6 billion
in the prior year. Total debt at the end of the
first
quarter of
2026
was
$47.7 billion

compared to
$43.5 billion
at year-end
2025
. The Corporation's debt to total capital ratio was
15.4 percent
at the end of the
first

quarter of
2026
compared to
14.0 percent
at year-end
2025
. The net debt to capital
ratio
(1)
was
13.1 percent
at the end of the

first
quarter,
an increase
of
2.1
percentage points from year-end
2025
. The Corporation's capital allocation priorities are

investing in competitively advantaged, high-return projects, maintaining a strong balance sheet, and sharing our success with

our shareholders through more consistent share repurchases and a growing dividend. The Corporation distributed a total of
$4.3

billion
to shareholders in the first
three
months of
2026
through dividends.
The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are

expected to cover the majority of financial requirements, supplemented by long-term and short-term debt. Commercial paper is

used to balance short-term liquidity requirements and is reflected in "Notes and loans payable" on the Consolidated Balance

Sheet, with changes in outstanding commercial paper between periods included in the Consolidated Statement of Cash Flows.

The Corporation had undrawn short-term committed lines of credit of
$7.3 billion
and undrawn long-term committed lines of

credit of
$0.3 billion
as of the end of
first
quarter
2026
.
The Corporation’s financial strength enables it to make large, long-term capital expenditures. Cash capex in the
first
quarter of

2026
was
$6.2 billion
,
up

$0.3 billion
from the
first
quarter of
2025
. The Corporation plans to invest in the range of
$27 billion

to
$29 billion
in
2026
. Actual spending could vary depending on the progress of individual projects.
27
Table of Contents
The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade.

Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in

either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio

through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating

acquisitions include strategic fit, cost synergies, potential for future growth, low cost of supply, and attractive valuations.

Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.
Litigation and other contingencies are discussed in
Note 7
to the unaudited Condensed Consolidated Financial Statements.
TAXES
(millions of dollars) Three Months Ended March 31,
2026 2025
Income taxes 2,495 3,567
Effective income tax rate 40% 34%
Total other taxes and duties (1) 6,775 7,066
Total 9,270 10,633
(1) Includes “Other taxes and duties” plus taxes that are included in “Production and manufacturing expenses” and “Selli ng, general and administrative expenses”, each from the Consolidated Statement of Income.

Total taxes were
$9.3 billion
for the
first
quarter of
2026
,
a decrease
of
$1.4 billion
from
2025
. Income tax expense was
$2.5

billion
compared to
$3.6 billion
in the prior year. The effective income tax rate, which is calculated based on consolidated

company income taxes and ExxonMobil's share of equity company income taxes, was
40 percent
, 6 percent
higher
than the

prior year period driven by portfolio mix effects impacted by derivative mark-to-market losses. Total other taxes and duties

decreased
by
$0.3 billion
to
$6.8 billion
.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information about market risks for the
three
months ended
March 31, 2026
, does not differ materially from that discussed under

Item 7A of the registrant's Annual Report on Form 10-K for
2025
.
ITEM 4. CONTROLS AND PROCEDURES
As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Chief Financial Officer,

and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of
March 31, 2026
.

Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective

in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the

Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely

decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized,

and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no

changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the

Corporation’s internal control over financial reporting.
28
Table of Contents
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.
Refer to the relevant portions of
Note 7
of this Quarterly Report on Form 10-Q for further information on legal proceedings.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities for Quarter Ended March 31, 2026
Total Number of Shares Purchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Billions of dollars) (4)
January 2026 12,345,353 $129.43 12,312,718 $18.4
February 2026 10,206,464 $148.60 10,189,486 $16.9
March 2026 11,101,977 $157.95 11,099,689 $15.1
Total 33,653,794 $144.65 33,601,893
(1) Includes shares withheld from participants in the Corporation's incentive program for personal income taxes.
(2) Excludes 1% U.S. excise tax on stock repurchases.
(3) Purchases were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1.
(4) The Corporation continued its share repurchase program, originally initiated in 2022. In its 2025 Corporate Plan Update released December 9, 2025, the Corporation stated that it expects share repurchases of $20 billion in 2026, assuming reasonable market conditions.

During the
first
quarter, the Corporation did not issue or sell any unregistered equity securities.
ITEM 5. OTHER INFORMATION
During the
three months ended March 31, 2026
,
none of the
Corporation’s
directors or officers
adopted or terminated
a “Rule

10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation

S-K.
ITEM 6. EXHIBITS
Exhibit Description
10(iii)(c.2) ExxonMobil Supplemental Pension Plan. *
10(iii)(c.3) ExxonMobil Additional Payments Plan. *
31.1 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
31.2 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer.
31.3 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
32.1 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.
32.2 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer.
32.3 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.
101 ** Interactive Data Files (formatted as Inline XBRL).
104 ** Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Management contract or compensatory plan or arrangement.
** Filed herewith.
*** Furnished herewith.

29
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on

its behalf by the undersigned, thereunto duly authorized.
EXXON MOBIL CORPORATION
Date: May 4, 2026 By: /s/ LEN M. FOX
Len M. Fox
Vice President, Controller and Tax (Principal Accounting Officer)