# Exxon Mobil (XOM) 10-Q SEC filing - Q1 FY2026

- Filed: May 4, 2026, 12:40 PM EDT
- Fiscal quarter: Q1 FY2026
- Calendar quarter: Q1 2026
- Accession: 0000034088-26-000067
- OpenCapital page: https://www.opencapital.sh/filings/0000034088-26-000067
- Markdown URL: https://www.opencapital.sh/filings/0000034088-26-000067.md
- Official SEC filing index: https://www.sec.gov/Archives/edgar/data/34088/000003408826000067/0000034088-26-000067-index.htm

## Filing documents

- [10-Q (xom-20260331.htm)](https://www.sec.gov/Archives/edgar/data/34088/000003408826000067/xom-20260331.htm)

---

## 10-Q

SEC source: [xom-20260331.htm](https://www.sec.gov/Archives/edgar/data/34088/000003408826000067/xom-20260331.htm)

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 / Common Stock, without par value | Trading Symbol / XOM | Name of Each Exchange on Which Registered / 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](#i3fa947d5ca3846dca30fa994179f4ef9_16) [3](#i3fa947d5ca3846dca30fa994179f4ef9_16)

[Condensed Consolidated Statement of Comprehensive Income](#i3fa947d5ca3846dca30fa994179f4ef9_19) [4](#i3fa947d5ca3846dca30fa994179f4ef9_19)

[Condensed Consolidated Balance Sheet](#i3fa947d5ca3846dca30fa994179f4ef9_22) [5](#i3fa947d5ca3846dca30fa994179f4ef9_22)

[Condensed Consolidated Statement of Cash Flows](#i3fa947d5ca3846dca30fa994179f4ef9_28) [6](#i3fa947d5ca3846dca30fa994179f4ef9_28)

[Condensed Consolidated Statement of Changes in Equity](#i3fa947d5ca3846dca30fa994179f4ef9_31) [7](#i3fa947d5ca3846dca30fa994179f4ef9_31)

Notes to Condensed Consolidated Financial Statements

[Note 1. Basis of Financial Statement Preparation](#i3fa947d5ca3846dca30fa994179f4ef9_40) [7](#i3fa947d5ca3846dca30fa994179f4ef9_40)

[Note 2. Earnings Per Share](#i3fa947d5ca3846dca30fa994179f4ef9_52) [7](#i3fa947d5ca3846dca30fa994179f4ef9_52)

[Note 3. Disclosures about Segments and Related Information](#i3fa947d5ca3846dca30fa994179f4ef9_61) [8](#i3fa947d5ca3846dca30fa994179f4ef9_61)

[Note 4. Pension and Other Postretirement Benefits](#i3fa947d5ca3846dca30fa994179f4ef9_55) [10](#i3fa947d5ca3846dca30fa994179f4ef9_55)

[Note 5. Other Comprehensive Income Information](#i3fa947d5ca3846dca30fa994179f4ef9_49) [11](#i3fa947d5ca3846dca30fa994179f4ef9_49)

[Note 6. Financial Instruments and Derivatives](#i3fa947d5ca3846dca30fa994179f4ef9_58) [12](#i3fa947d5ca3846dca30fa994179f4ef9_58)

[Note 7. Litigation and Other Contingencies](#i3fa947d5ca3846dca30fa994179f4ef9_46) [13](#i3fa947d5ca3846dca30fa994179f4ef9_46)

[Note 8. Divestment Activities](#i3fa947d5ca3846dca30fa994179f4ef9_76) [14](#i3fa947d5ca3846dca30fa994179f4ef9_76)

[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i3fa947d5ca3846dca30fa994179f4ef9_79) [15](#i3fa947d5ca3846dca30fa994179f4ef9_79)

[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i3fa947d5ca3846dca30fa994179f4ef9_193) [27](#i3fa947d5ca3846dca30fa994179f4ef9_193)

[Item 4. Controls and Procedures](#i3fa947d5ca3846dca30fa994179f4ef9_196) [27](#i3fa947d5ca3846dca30fa994179f4ef9_196)

PART II. OTHER INFORMATION

[Item 1. Legal Proceedings](#i3fa947d5ca3846dca30fa994179f4ef9_202) [28](#i3fa947d5ca3846dca30fa994179f4ef9_202)

[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i3fa947d5ca3846dca30fa994179f4ef9_205) [28](#i3fa947d5ca3846dca30fa994179f4ef9_205)

[Item 5. Other Information](#i3fa947d5ca3846dca30fa994179f4ef9_208) [28](#i3fa947d5ca3846dca30fa994179f4ef9_208)

[Item 6. Exhibits](#i3fa947d5ca3846dca30fa994179f4ef9_211) [28](#i3fa947d5ca3846dca30fa994179f4ef9_211)

[Signature](#i3fa947d5ca3846dca30fa994179f4ef9_217) [29](#i3fa947d5ca3846dca30fa994179f4ef9_217)

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 | Three Months Ended March 31, 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 |

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

| (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 | (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 |

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 and3,840 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 |

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

| (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) | 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. |  |  |

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

| (millions of dollars, unless noted) | Exxon Mobil Share of Equity / Common Stock | Exxon Mobil Share of Equity / Earnings Reinvested | Exxon Mobil Share of Equity / Accumulated Other Comprehensive Income | Exxon Mobil Share of Equity / Common 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) | (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 |

| Common Stock Share Activity (millions of shares) | Three Months Ended March 31, 2026 / Issued | Three Months Ended March 31, 2026 / Held in Treasury | Three Months Ended March 31, 2026 / Outstanding | Three Months Ended March 31, 2025 / Issued | Three Months Ended March 31, 2025 / Held in Treasury | Three Months Ended March 31, 2025 / 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 activities are accounted for under the "successful efforts" method.

### Note 2. Earnings Per Share

| 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) | 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. |  |  |

### Note 3. Disclosures about Segments and Related Information

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

| (millions of dollars) / Three Months Ended March 31, 2026 | Upstream / U.S. | Upstream / Non-U.S. | Energy Products / U.S. | Energy Products / Non-U.S. | Chemical Products / U.S. | Chemical Products / Non-U.S. | Specialty Products / U.S. | Specialty Products / Non-U.S. | Segment Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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. |  |  |  |  |  |  |  |  |  |

| (millions of dollars) / Three Months Ended March 31, 2025 | Upstream / U.S. | Upstream / Non-U.S. | Energy Products / U.S. | Energy Products / Non-U.S. | Chemical Products / U.S. | Chemical Products / Non-U.S. | Specialty Products / U.S. | Specialty Products / Non-U.S. | Segment Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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. |  |  |  |  |  |  |  |  |  |

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 | Three Months Ended March 31, 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 | Three Months Ended March 31, 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 | 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

| 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. |  |  |  |

| 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) | 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 | Three Months Ended March 31, 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 |

### 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 | Fair Value / Level 2 | Fair Value / Level 3 | Fair Value / 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 | Fair Value / Level 2 | Fair Value / Level 3 | Fair Value / 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. |  |  |  |  |  |  |  |  |

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.

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.

## 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.

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, ProxximaTM 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 CO2, produce hydrogen and

ammonia, produce lower-emission fuels, produce ProxximaTM 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

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.

Overview

Supply disruptions driven by geopolitical events in the Middle East impacted market conditions during 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 earnings 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 after-tax earnings effects of Structural Cost Savings as defined on [page 19](#i3fa947d5ca3846dca30fa994179f4ef9_88), 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.

Cash Capital Expenditures (Non-GAAP)

Cash capital 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 "Inflows 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 | Three Months Ended March 31, 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 |

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, 2019 | Twelve Months Ended December 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 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 |
| 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

| 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.

| 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. |  |  |

| 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 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

| 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.

| 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

| 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.

| 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

| 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.

| 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

| 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

| (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](#i3fa947d5ca3846dca30fa994179f4ef9_46) to the unaudited Condensed Consolidated Financial Statements.

TAXES

| (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.

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 1. LEGAL PROCEEDINGS

ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.

Refer to the relevant portions of [Note 7](#i3fa947d5ca3846dca30fa994179f4ef9_46) 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_

| Line item | Total Numberof Shares Purchased (1) | Average Price Paidper 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)