Exxon Mobil XOM Form 10-Q filing

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Statement of Income 3

Condensed Consolidated Statement of Comprehensive Income 4

Condensed Consolidated Balance Sheet 5

Condensed Consolidated Statement of Cash Flows 6

Condensed Consolidated Statement of Changes in Equity 7

Notes to Condensed Consolidated Financial Statements

Note 1. Basis of Financial Statement Preparation 8

Note 2. Earnings Per Share 8

Note 3. Disclosures about Segments and Related Information 9

Note 4. Pension and Other Postretirement Benefits 14

Note 5. Other Comprehensive Income Information 15

Note 6. Financial Instruments and Derivatives 16

Note 7. Litigation and Other Contingencies 17

Note 8. Divestment Activities 18

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Item 4. Controls and Procedures 34

PART II. OTHER INFORMATION

Item 1. Legal Proceedings 35

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Item 5. Other Information 35

Item 6. Exhibits 36

Signature 37

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

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED BALANCE SHEET

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

On July 1, 2026, Exxon Mobil Corporation, a New Jersey corporation ("EMC"), completed its previously announced

redomiciliation reorganization (the "Redomiciliation Merger"), pursuant to which ExxonMobil Holdings Corporation, a Texas

corporation ("EMHC"), became the publicly traded parent company of the ExxonMobil consolidated group. The

Redomiciliation Merger became effective on July 1, 2026.

At the effective time of the Redomiciliation Merger, each outstanding share of EMC common stock, without par value, was

automatically exchanged for one share of EMHC common stock with a par value of $0.001 per share, and former EMC

shareholders became shareholders of EMHC holding the same number and percentage ownership interests immediately

following the transaction. EMHC replaced EMC as the publicly held corporation traded on the New York Stock Exchange

under the ticker symbol "XOM" and became the successor registrant of EMC's common stock pursuant to Rule 12g-3(a) under

the Securities Exchange Act of 1934.

As of the effective time of the Redomiciliation Merger, the rights of EMHC shareholders are governed by the Texas Business

Organizations Code and the governing organizational documents of EMHC. Prior to the Redomiciliation Merger, shareholder

rights were governed by the New Jersey Business Corporation Act and EMC's governing organizational documents.

Unless otherwise indicated, references herein to "ExxonMobil," the "Corporation," "we," "our," and "us" refer to the

ExxonMobil consolidated group, which was headed by EMC through June 30, 2026, and by EMHC thereafter. The

accompanying Condensed Consolidated Financial Statements reflect periods prior to the completion of the Redomiciliation

Merger. The Redomiciliation Merger did not change the Corporation's consolidated business, operations, assets, liabilities, or

financial reporting basis.

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

Note 3. Disclosures about Segments and Related Information

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

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.

Note 4. Pension and Other Postretirement Benefits

Note 5. Other Comprehensive Income Information

Note 6. Financial Instruments and Derivatives

The estimated fair value of financial instruments and derivatives at June 30, 2026 and December 31, 2025, and the related

hierarchy level for the fair value measurement was as follows:

At June 30, 2026 and December 31, 2025, respectively, the Corporation had $1.4 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 June 30, 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 $7.4 billion and undrawn long-term committed lines of

credit of $0.3 billion as of the end of second 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 $2.3 billion and gains of $534 million for

the periods ended June 30, 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 June 30, 2026 and December 31, 2025, or results of operations for the periods ended

June 30, 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

second 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 June 30, 2026 and December 31, 2025, was as follows:

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. Effective July 31,

2026, the Corporation entered into a settlement with the state of Louisiana and the relevant coastal parishes settling all claims

related to these matters. The settlement is not material to the Corporation, with estimated earnings impacts included in the

second quarter financial reserve updates and third quarter earnings impacts expected to be immaterial. The settlement reflects a

negotiated resolution of disputed claims, does not constitute an admission of liability or wrongdoing, and does not provide for

any government sanctions.

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 June 30, 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.

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 June 30, 2026, the Corporation realized proceeds of approximately $0.6 billion and recognized net after-tax earnings

of approximately $0.1 billion from its divestment activities. This included the sale of certain 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 20.2 22.9 Selling, general and administrative expenses 11.4 11.1 5.1 5.2 Depreciation and depletion (includes impairments) 19.0 26.0 11.8 15.5 Exploration expenses, including dry holes 1.3 1.0 0.3 0.3 Non-service pension and postretirement benefit expense 1.2 0.4 0.2 0.1 Subtotal 69.7 81.0 37.6 43.9 ExxonMobil’s share of equity company expenses (Non-GAAP) 9.1 10.6 5.2 4.3 Total Adjusted Operating Costs (Non-GAAP) 78.8 91.6 42.8 48.2 Total Adjusted Operating Costs (Non-GAAP) 78.8 91.6 42.8 48.2 | Less: | | | | | Depreciation and depletion (includes impairments) 19.0 26.0 11.8 15.5 Non-service pension and postretirement benefit expense 1.2 0.4 0.2 0.1 Other adjustments (includes equity company depreciation and depletion) 3.6 6.2 2.4 4.2 Total Cash Operating Expenses (Cash Opex) (Non-GAAP) 55.0 59.0 28.4 28.5 Energy and production taxes (Non-GAAP) 11.0 14.9 7.6 6.6 Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP) 44.0 44.1 20.8 21.9 Change vs 2019 Change vs 2025 Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP) +0.1 +1.1 Market +4.9 +0.9 Activity / Other +10.3 +1.4 Structural Cost Savings -15.1 -1.2

REVIEW OF SECOND QUARTER 2026 RESULTS

ExxonMobil’s second quarter 2026 earnings were $14.5 billion, compared to $7.1 billion a year earlier. Markets were

supportive, but our performance reflected the strength of the portfolio and operating model. The increase in earnings was driven

by higher prices and margins, advantaged investments across Upstream and Energy Products, and structural cost savings. This

increase was partly offset by higher expenses related to depreciation, lower volumes from scheduled maintenance and Middle

East disruptions, and identified items, primarily impairments and financial reserves. Cash capital expenditures were $6.8

billion, up $0.2 billion from second quarter 2025.

Earnings for the first six months of 2026 were $18.7 billion, compared to $14.8 billion a year earlier. Cash capital expenditures

were $13.0 billion, up $0.4 billion from the first six months of 2025. The Corporation distributed $8.6 billion in dividends to

shareholders and repurchased $10.0 billion of common stock.

UPSTREAM

Upstream Second Quarter Earnings Driver Analysis (millions of dollars)

Volume / Mix

Price – Increased earnings by $4,650 million, on higher crude realizations, partly offset by lower gas realizations.

Advantaged Volume Growth – Increased earnings by $1,140 million, mainly driven by Guyana and Permian growth.

Base Volume – Decreased earnings by $130 million.

Middle East Volume - Decreased earnings by $1,060 million due to Middle East disruption impacts.

Structural Cost Savings – Increased earnings by $170 million.

Expenses – Decreased earnings by $690 million due to higher depreciation.

Other – Decreased earnings by $170 million mainly due to one-time tax impacts and absence of divestments.

Estimated Timing Effects – Decreased earnings by $180 million, mainly from unfavorable derivatives mark-to-market impacts.

Identified Items – 2Q26 $(1,199) million loss from financial reserves.

Upstream Year-to-Date Earnings Driver Analysis (millions of dollars)

Volume / Mix

Price – Increased earnings by $4,200 million, on higher crude realizations, partly offset by lower gas realizations.

Advantaged Volume Growth – Increased earnings by $1,940 million, mainly driven by Guyana and Permian growth.

Base Volume – Decreased earnings by $590 million from divestments and Kazakhstan downtime.

Middle East Volume - Decreased earnings by $1,280 million due to Middle East disruption impacts.

Structural Cost Savings – Increased earnings by $340 million.

Expenses – Decreased earnings by $1,510 million mainly due to higher depreciation.

Other – Increased earnings by $470 million, mainly from net favorable tax items.

Estimated Timing Effects – Decreased earnings by $870 million, mainly from unfavorable derivatives mark-to-market impacts.

Identified Items – 2026 $(1,199) million loss from financial reserves.

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 Second Quarter Earnings Driver Analysis (millions of dollars)

Volume / Mix

Margin – Increased earnings by $3,180 million from stronger refining margins.

Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased

earnings by $270 million.

Base Volume – Decreased earnings by $280 million, mainly driven scheduled maintenance.

Middle East Volume - Decreased earnings by $310 million due to Middle East supply disruptions impacting global operations.

Structural Cost Savings – Increased earnings by $110 million.

Expenses – Decreased earnings by $170 million, driven by growth projects and scheduled maintenance.

Other – Decreased earnings by $80 million, driven by unfavorable foreign exchange rate effects.

Estimated Timing Effects – Increased earnings by $2,560 million, on favorable derivative mark-to-market impacts.

Identified Items – 2Q26 $(1,180) million loss mainly from impairments.

Energy Products Year-to-Date Earnings Driver Analysis (millions of dollars)

Volume / Mix

Margins – Increased earnings by $5,530 million from stronger refining margins and improved trading and optimization.

Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased

earnings by $410 million.

Base Volume – Decreased earnings by $330 million, mainly driven by scheduled maintenance.

Middle East Volume - Decreased earnings by $460 million due to Middle East supply disruptions impacting global operations.

Structural Cost Savings – Increased earnings by $380 million.

Expenses – Decreased earnings by $600 million, primarily driven by higher scheduled maintenance and growth projects.

Other – Decreased earnings by $260 million, mainly driven by unfavorable foreign exchange rate effects.

Estimated Timing Effects – Decreased earnings by $770 million, primarily from rising crude prices.

Identified Items – 2026 $(1,886) million loss due to impairments and supply disruptions in the Middle East preventing physical

shipments associated with hedges.

CHEMICAL PRODUCTS

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

Volume / Mix

Margin – Increased earnings by $980 million from increased North America ethane feed advantage and performance chemical

margins.

Advantaged Volume Growth – Decreased earnings by $130 million from weak Asia Pacific market dynamics.

Base Volume – Increased earnings by $70 million.

Structural Cost Savings – Increased earnings by $20 million.

Expenses – Increased earnings by $40 million.

Other – Decreased earnings by $60 million.

Identified Items – 2Q26 $(83) million loss.

Chemical Products Year-to-Date Earnings Driver Analysis (millions of dollars)

Volume / Mix

Margins – Increased earnings by $570 million, mainly from increased North America ethane feed advantage and performance

chemical margins.

Advantaged Volume Growth – Increased earnings by $10 million.

Base Volume – Increased earnings by $170 million from regional product mix.

Structural Cost Savings – Increased earnings by $150 million.

Expenses – Decreased earnings by $50 million.

Other – Decreased earnings by $90 million.

Identified Items – 2026 $(83) million loss.

SPECIALTY PRODUCTS

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

Volume / Mix

Margin – Increased earnings by $270 million on higher basestock margins.

Advantaged Volume – Increased earnings by $10 million.

Base Volume – Decreased earnings by $30 million.

Middle East Volume - Decreased earnings by $110 million due to supply disruptions.

Structural Cost Savings – Increased earnings by $30 million.

Expenses – Decreased earnings by $20 million.

Other – Increased earnings by $40 million.

Identified Items – 2Q26 $(13) million loss.

Specialty Products Year-to-Date Earnings Driver Analysis (millions of dollars)

Volume / Mix

Margins – Increased earnings by $120 million on higher basestock margins on supply disruptions.

Advantaged Volume Growth – Increased earnings by $10 million.

Base Volume – Decreased earnings by $30 million.

Middle East Volume - Decreased earnings by $50 million.

Structural Cost Savings – Increased earnings by $80 million.

Expenses – Decreased earnings by $10 million.

Other – Increased earnings by $60 million.

Identified Items – 2026 $(13) million loss.

CORPORATE AND FINANCING

Corporate and Financing expenses were $954 million for the second quarter of 2026, $195 million higher than the second

quarter of 2025, due to lower interest income and unfavorable tax impacts.

Corporate and Financing expenses were $2,007 million for the first six months of 2026, $450 million higher than 2025, due to

lower interest income and the absence of favorable tax items.

(1) Net debt is total debt of $42.4 billion less $10.6 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 $266.1 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

Cash flow from operations and asset sales in the second quarter of 2026 was $24.0 billion, an increase of $12.3 billion from the

comparable 2025 period.

Cash provided by operating activities totaled $32.3 billion for the first six months of 2026, $7.8 billion higher than 2025. Net

income including noncontrolling interests was $19.4 billion, an increase of $4.0 billion from the prior year period. The

adjustment for the noncash provision of $15.5 billion for depreciation and depletion was up $3.7 billion from 2025. Changes in

operational working capital were a reduction of $3.9 billion during the period. All other items net increased cash flows by $1.3

billion in 2026 versus an increase of $2.2 billion in 2025. See the Condensed Consolidated Statement of Cash Flows for

additional details.

Investing activities for the first six months of 2026 used net cash of $12.3 billion, an increase of $2.0 billion compared to the

prior year. Spending for additions to property, plant and equipment of $13.0 billion was $0.8 billion higher than 2025. Proceeds

from asset sales were $0.6 billion, a decrease of $1.4 billion compared to the prior year. Net investments and advances

decreased $0.2 billion from $0.1 billion in 2025.

Net cash used in financing activities was $19.9 billion in the first six months of 2026, including $10.0 billion for the purchase

of 66.7 million shares of ExxonMobil stock, as part of the previously announced buyback program. This compares to net cash

used in financing activities of $22.3 billion in the prior year. Total debt at the end of the second quarter of 2026 was $42.4

billion compared to $43.5 billion at year-end 2025. The Corporation's debt to total capital ratio was 13.7 percent at the end of

the second quarter of 2026 compared to 14.0 percent at year-end 2025. The net debt to capital ratio (1) was 10.7 percent at the

end of the second quarter, a decrease of 0.3 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 $8.6 billion to shareholders in the first six 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 $7.4 billion and undrawn long-term committed lines of

credit of $0.3 billion as of the end of second quarter 2026.

The Corporation’s financial strength enables it to make large, long-term capital expenditures. Cash capex in the second quarter

of 2026 was $6.8 billion, up $0.2 billion from the second 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. We also opportunistically may use

our cash and available liquidity to repurchase or retire our debt.

Litigation and other contingencies are discussed in Note 7 to the unaudited Condensed Consolidated Financial Statements.

TAXES

Total taxes were $10.7 billion for the second quarter of 2026, an increase of $0.1 billion from 2025. Income tax expense was

$4.5 billion compared to $3.4 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 24 percent, 10 percent lower than the

prior year period due primarily to a change in mix of results in jurisdictions with varying tax rates. Total other taxes and duties

decreased by $1.1 billion to $6.1 billion.

Total taxes were $19.9 billion for the first six months of 2026, a decrease of $1.3 billion from 2025. Income tax expense

increased by $0.1 billion to $7.0 billion. The effective income tax rate of 29 percent was 5 percent down compared to the prior

year period due primarily to portfolio mix effects. Total other taxes and duties decreased by $1.4 billion to $12.9 billion.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information about market risks for the six months ended June 30, 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 June 30, 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 June 30, 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 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

During the second quarter, the Corporation did not issue or sell any unregistered equity securities.

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 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

31.1 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer of ExxonMobil Holdings Corporation. 31.2 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer of ExxonMobil Holdings Corporation. 31.3 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer of ExxonMobil Holdings Corporation. 31.4 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Executive Officer of Exxon Mobil Corporation. 31.5 ** Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial and Principal Accounting Officer of Exxon Mobil Corporation. 32.1 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer of ExxonMobil Holdings Corporation. 32.2 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer of ExxonMobil Holdings Corporation. 32.3 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer of ExxonMobil Holdings Corporation. 32.4 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Executive Officer of Exxon Mobil Corporation. 32.5 *** Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial and Principal Accounting Officer of Exxon Mobil Corporation. 101 ** Interactive Data Files (formatted as Inline XBRL). 104 ** Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ** Filed herewith. | | | *** Furnished herewith. | |

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