Exxon Mobil (XOM) Form 10-Q SEC Filing

(millions of dollars, unless noted)	Note Reference Number	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Revenues and other income
Sales and other operating revenue	3
Income from equity affiliates		1,369	1,369
Other income
Total revenues and other income
Costs and other deductions
Crude oil and product purchases
Production and manufacturing expenses
Selling, general and administrative expenses
Depreciation and depletion (includes impairments)
Exploration expenses, including dry holes		126	64
Non-service pension and postretirement benefit expense	4
Interest expense
Other taxes and duties
Total costs and other deductions
Income (loss) before income taxes
Income tax expense (benefit)
Net income (loss) including noncontrolling interests		4,472	8,033
Net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to ExxonMobil
Earnings (loss) per common share (dollars)	2
Earnings (loss) per common share - assuming dilution (dollars)	2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Net income (loss) including noncontrolling interests	4,472	8,033
Other comprehensive income (net of income taxes)
Foreign exchange translation adjustment	()
Adjustment for foreign exchange translation (gain)/loss included in net income	()
Postretirement benefits reserves adjustment (excluding amortization)	()	()
Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs	(27)	23
Total other comprehensive income (loss)	()
Comprehensive income (loss) including noncontrolling interests
Comprehensive income (loss) attributable to noncontrolling interests
Comprehensive income (loss) attributable to ExxonMobil

CONDENSED CONSOLIDATED BALANCE SHEET

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(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
Materials and supplies
Other current assets
Total current assets
Investments, advances and long-term receivables
Property, plant and equipment – net
Other assets, including intangibles – net
Total Assets
LIABILITIES
Current liabilities
Notes and loans payable
Accounts payable and accrued liabilities
Income taxes payable
Total current liabilities
Long-term debt
Postretirement benefits reserves
Deferred income tax liabilities
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 ( million shares authorized, million shares issued)
Earnings reinvested		482,344	482,494
Accumulated other comprehensive income	5	(11,098)	(10,863)
Common stock held in treasury ( million shares at March 31, 2026 and million shares at December 31, 2025)		()	()
ExxonMobil share of equity		254,381	259,386
Noncontrolling interests
Total Equity		260,996	266,626
Total Liabilities and Equity

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) including noncontrolling interests	4,472	8,033
Depreciation and depletion (includes impairments)
Changes in operational working capital, excluding cash and debt	()	()
All other items – net	()
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	()	()
Proceeds from asset sales and returns of investments
Additional investments and advances	()	()
Other investing activities including collection of advances	632	93
Net cash used in investing activities	()	()
CASH FLOWS FROM FINANCING ACTIVITIES
Additions to long-term debt
Reductions in long-term debt	()	()
Reductions in short-term debt (1)	()	()
Additions/(reductions) in commercial paper, and debt with three months or less maturity		()
Cash dividends to ExxonMobil shareholders	()	()
Cash dividends to noncontrolling interests	()	()
Changes in noncontrolling interests		()
Inflows from noncontrolling interests for major projects
Common stock acquired	()	()
Net cash used in financing activities	()	()
Effects of exchange rate changes on cash	(45)	86
Increase/(decrease) in cash and cash equivalents (including restricted)	()	()
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
Capitalized, included in cash flows from investing activities
Total cash interest paid
Noncash right of use assets recorded in exchange for lease liabilities
Operating leases
Finance leases
(1) Includes commercial paper with a maturity greater than three months.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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(millions of dollars, unless noted)	Exxon Mobil Share of EquityCommon Stock	Exxon Mobil Share of EquityEarnings Reinvested	Exxon Mobil Share of EquityAccumulated Other Comprehensive Income	Exxon Mobil Share of EquityCommon Stock Held in Treasury	Exxon Mobil 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)	()
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
Share repurchases, at cost	—	—	—	(4,852)	(4,852)	—	(4,852)
Dispositions	—	—	—	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)	()
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)	()
Share repurchases, at cost	—	—	—	(4,917)	(4,917)	—	(4,917)
Dispositions	—	—	—	21	21	—
Balance as of March 31, 2026	46,426	482,344	(11,098)	(263,291)	254,381	6,615	260,996

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Common Stock Share Activity (millions of shares)	Three Months Ended March 31, 2026Issued	Three Months Ended March 31, 2026Held in Treasury	Three Months Ended March 31, 2026Outstanding	Three Months Ended March 31, 2025Issued	Three Months Ended March 31, 2025Held in Treasury	Three Months Ended March 31, 2025Outstanding
Balance as of December 31		()			()
Share repurchases, at cost	—	()	()	—	()	()
Balance as of March 31		()			()

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 activities are accounted for under the "successful efforts" method.

Note 2. Earnings Per Share

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Earnings per common share	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Net income (loss) attributable to ExxonMobil (millions of dollars)
Weighted-average number of common shares outstanding (millions of shares) (1)
Earnings (loss) per common share (dollars) (2)
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.

Note 3. Disclosures about Segments and Related Information

Our reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products.

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(millions of dollars)Three Months Ended March 31, 2026	UpstreamU.S.	UpstreamNon-U.S.	Energy ProductsU.S.	Energy ProductsNon-U.S.	Chemical ProductsU.S.	Chemical ProductsNon-U.S.	Specialty ProductsU.S.	Specialty ProductsNon-U.S.	Segment Total
Revenues and other income
Sales and other operating revenue									83,136
Income from equity affiliates	()							()
Intersegment revenue	7,593	10,023	6,421	7,105	1,692	977	496	140	34,447
Other income									398
Segment revenues and other income	15,043		32,474		3,694		1,872		119,415
Costs and other items
Crude oil and product purchases	6,083		28,194		1,950		972		85,679
Operating expenses, excl. depreciation and depletion (1)	3,035		2,313		1,175		502		13,190
Depreciation and depletion (includes impairments)	3,838		207		149		23		6,498
Interest expense	(5)		2		—		1		7
Other taxes and duties	68		731		15		4		5,736
Total costs and other deductions	13,019		31,447		3,289		1,502		111,110
Segment income (loss) before income taxes	2,024		1,027	()	405	()	370		8,305
Income tax expense (benefit)	450		301	()	86	()	97		2,762
Segment net income (loss) incl. noncontrolling interests	1,574		726	(1,796)	319	(202)	273		5,543
Net income (loss) attributable to noncontrolling interests	—		65		—		(1)		307
Segment income (loss)	1,574	4,163	661	()	319	()	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
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
(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		851		152		34		6,407
As of March 31, 2026
Investments in equity companies	5,669		463		2,931		—		33,830
Total assets	153,871		39,224		17,682		2,887		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)
Total assets	431,609		32,801
(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 million.
(3) Includes non-cash additions.

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(millions of dollars)Three Months Ended March 31, 2025	UpstreamU.S.	UpstreamNon-U.S.	Energy ProductsU.S.	Energy ProductsNon-U.S.	Chemical ProductsU.S.	Chemical ProductsNon-U.S.	Specialty ProductsU.S.	Specialty ProductsNon-U.S.	Segment Total
Revenues and other income
Sales and other operating revenue									81,039
Income from equity affiliates								()
Intersegment revenue	6,556	9,850	4,624	6,672	1,675	739	549	114	30,779
Other income	()					()			346
Segment revenues and other income	13,743		28,601		3,721		1,916		113,593
Costs and other items
Crude oil and product purchases	5,429		25,106		2,154		997		77,087
Operating expenses, excl. depreciation and depletion (1)	2,763		2,082		1,063		472		12,474
Depreciation and depletion (includes impairments)	3,038		195		145		27		5,427
Interest expense	37		—		—		—		44
Other taxes and duties	64		787		16		2		6,036
Total costs and other deductions	11,331		28,170		3,378		1,498		101,068
Segment income (loss) before income taxes	2,412		431		343		418		12,525
Income tax expense (benefit)	542		94		88	()	96		3,676
Segment net income (loss) incl. noncontrolling interests	1,870		337		255		322		8,849
Net income (loss) attributable to noncontrolling interests	—		40		—		—		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
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
(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		116		145		49		5,510
As of December 31, 2025
Investments in equity companies	5,491		460		2,946		—		32,765
Total assets	153,042		32,652		17,365		2,961		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)
Total assets	413,825		35,155
(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 million.
(3) Includes non-cash additions.

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.

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Sales and other operating revenue(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Revenue from contracts with customers	56,866	56,931
Revenue outside the scope of ASC 606
Total

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Geographic Sales and Other Operating Revenue(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
United States
Non-U.S.
Total
Significant Non-U.S. revenue sources include: (1)
Canada
(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

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(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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

Note 5. Other Comprehensive Income Information

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Exxon Mobil 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.

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Amounts Reclassified Out of Accumulated Other Comprehensive Income - Before-tax Income/(Expense) (millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Foreign exchange translation gain/(loss) included in net income(Statement of Income line: Other income)
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)

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

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

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(millions of dollars)	Fair ValueLevel 1	Fair ValueLevel 2	Fair ValueLevel 3	Fair ValueTotal 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

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(millions of dollars)	Fair ValueLevel 1	Fair ValueLevel 2	Fair ValueLevel 3	Fair ValueTotal 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.

At March 31, 2026 and December 31, 2025, respectively, the Corporation had billion and 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 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:

View SEC source

(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.

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

View SEC source

(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
(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.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

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.

| 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 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

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 capital expenditures were $6.2 billion, up $0.3 billion from first quarter 2025.

UPSTREAM

View SEC source

Upstream Financial Results(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

View SEC source

Upstream Operational Results	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

View SEC source

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.

View SEC source

1Q 2026versus1Q 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

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

View SEC source

Energy Products Financial Results(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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 unfavorable 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.

View SEC source

Energy Products Operational Results(thousands of barrels daily)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

CHEMICAL PRODUCTS

View SEC source

Chemical Products Financial Results(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

View SEC source

Chemical Products Operational Results(thousands of metric tons)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

SPECIALTY PRODUCTS

View SEC source

Specialty Products Financial Results(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

View SEC source

Specialty Products Operational Results(thousands of metric tons)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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

View SEC source

Corporate and Financing Financial Results(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

LIQUIDITY AND CAPITAL RESOURCES

View SEC source

(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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.

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

View SEC source

(millions of dollars)	Three Months Ended March 31, 2026	Three Months Ended March 31, 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 “Selling, 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 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.

PART II. OTHER INFORMATION

Item 7A of the registrant's Annual Report on Form 10-K for 2025.