01—Abstract
Summary
Summary of the 10-Q filed May 5, 2025. Cited figures are marked; the original filing is the authoritative source.
ExxonMobil Corporation reported net income attributable to shareholders of $7.713 billiona ($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 billionb in shares and distributing $4.3 billion in dividends to shareholders.
02—Key points
Key Highlights
- Net 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.
- Upstream 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.
- Energy Products segment earnings decreased significantly by $0.550 billion year-over-year, primarily due to a substantial decline in industry refining margins.
- Chemical 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.
- Cash 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.
- Capital 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.
- The company returned $4.335 billion to shareholders via dividends and repurchased $4.804 billion of its own stock in Q1 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed May 5, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $83.13B$83.08B | +0.1% |
| SG&A Expenses | $2.54B$2.50B | +1.8% |
| Operating Expenses | $71.53B$70.71B | +1.2% |
| Interest Expense | $205.00M$221.00M | −7.2% |
| Net Income | $7.71B$8.22B | −6.2% |
| EPS (Basic) | $1.76$2.06 | −14.6% |
| EPS (Diluted) | $1.76$2.06 | −14.6% |
| Shares Outstanding (Basic) | 4.37B4.00B | +9.4% |
05—Questions
Frequently Asked Questions
What was ExxonMobil's overall financial performance in the first quarter of 2025 compared to the first quarter of 2024?
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.
How did the different business segments perform in Q1 2025?
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.
What is the company's capital allocation strategy, and how is it impacting cash flows?
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.
Are there any significant legal proceedings or contingent liabilities that investors should be aware of?
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.
06—Continue