10-QPeriod: Q1 FY2025

EXXON MOBIL CORP Quarterly Report for Q1 Ended Mar 31, 2025

Filed May 5, 2025For Securities:XOM

Summary

ExxonMobil Corporation reported net income attributable to shareholders of $7.713 billion ($1.76 per diluted share) for the first quarter of 2025, a slight decrease from $8.220 billion ($2.06 per diluted share) in the same period of 2024. This decline was primarily driven by a significant drop in industry refining margins and lower crude oil prices, partially offset by increased volumes from advantaged Upstream investments in the Permian and Guyana, and the positive impact of favorable timing effects from derivatives and structural cost savings. The company's Upstream segment saw increased earnings due to higher production from key growth areas, while the Energy Products segment experienced a notable earnings decrease due to normalizing refining margins. The company also continued its robust capital return program, repurchasing $4.8 billion in shares and distributing $4.3 billion in dividends to shareholders.

Financial Highlights

41 data points
Beta

Revenue

$83.13B

Net Income

$7.71B

9.3% Net Margin

EPS (Diluted)

$1.76

Total Assets

$451.91B

Cash & Equivalents

$18.51B

Free Cash Flow

$7.05B

Financial Statements
Beta
Revenue$83.13B
SG&A Expenses$2.54B
Operating Expenses$71.53B
Interest Expense$205.00M
Net Income$7.71B
EPS (Basic)$1.76
EPS (Diluted)$1.76
Shares Outstanding (Basic)4.37B

Key Highlights

  • 1Net income attributable to ExxonMobil decreased to $7.71 billion in Q1 2025 from $8.22 billion in Q1 2024, with diluted EPS falling to $1.76 from $2.06.
  • 2Upstream segment earnings increased by $1.096 billion year-over-year, driven by Advantaged Volume Growth from Permian and Guyana, partly offset by lower prices and higher expenses.
  • 3Energy Products segment earnings decreased significantly by $0.550 billion year-over-year, primarily due to a substantial decline in industry refining margins.
  • 4Chemical Products segment earnings decreased by $0.512 billion year-over-year, impacted by weaker margins due to higher feed costs and increased expenses for advantaged projects.
  • 5Cash flow from operating activities was $12.95 billion, a decrease of $1.71 billion compared to Q1 2024, largely due to unfavorable working capital changes.
  • 6Capital expenditures increased to $5.94 billion in Q1 2025 from $5.27 billion in Q1 2024, with a significant portion allocated to the Upstream segment.
  • 7The company returned $4.335 billion to shareholders via dividends and repurchased $4.804 billion of its own stock in Q1 2025.

Frequently Asked Questions

ExxonMobil reported a decrease in net income attributable to shareholders from $8.22 billion ($2.06 per diluted share) in Q1 2024 to $7.71 billion ($1.76 per diluted share) in Q1 2025. This was primarily due to lower industry refining margins and crude oil prices, partially offset by growth in Upstream volumes and cost savings initiatives.

The Upstream segment saw improved earnings due to higher production from key advantaged assets like the Permian and Guyana. However, the Energy Products segment experienced a significant decline in earnings due to normalizing refining margins, and the Chemical Products segment also saw lower earnings impacted by weaker margins and increased expenses.

ExxonMobil's capital allocation priorities remain investing in high-return projects, maintaining a strong balance sheet, and returning capital to shareholders. In Q1 2025, the company distributed $4.3 billion in dividends and repurchased $4.8 billion in stock. Cash flow from operations was $12.95 billion, a decrease from the prior year, while capital expenditures increased to $5.94 billion, reflecting continued investment in growth projects.

ExxonMobil is involved in various legal proceedings, including those related to climate change claims and environmental regulations. While the company believes the outcomes of these matters will not have a material adverse effect on its financial condition, it disclosed specific penalties related to environmental violations and is appealing a judgment in one case. Detailed information is available in Note 3 of the financial statements.