ExxonMobil 2025 Earnings Soar as Resilient Growth Strategy Pays Off
ExxonMobil's 2025 results highlight a resilient, lower-cost, and tech-driven approach, setting the stage for sustainable growth through 2030 and beyond.
On February 10, ExxonMobil released its 2025 annual financial results, underscoring the company's strengthened foundation. Chairman and CEO Darren W. Woods emphasized that the year's performance validated a more resilient, lower-cost, technology-driven business model. Leveraging strategic assets, disciplined capital allocation, and operational excellence, the company demonstrated enhanced structural profitability. Woods noted that ExxonMobil is creating more value from every barrel of oil and every molecule produced, while building a scalable growth platform for long-term sustainable profit growth through 2030 and beyond.
Financial Highlights
ExxonMobil posted total revenue of $332.2 billion for 2025, with net income of $28.8 billion and operating cash flow of $52.0 billion. Earnings per share (EPS) were $6.70, while capital and exploration expenditures totaled $28.4 billion. In the fourth quarter, revenue reached $82.3 billion, net income was $6.5 billion, and operating cash flow totaled $12.7 billion. EPS for the quarter was $1.53, with capital and exploration spending at $7.5 billion.
Energy Supply Performance
The company's energy supply operations performed exceptionally in 2025. Total upstream net production reached 4.70 million barrels of oil equivalent per day (boe/d), the highest level in over 40 years. Production from advantaged assets — including the Permian Basin, Guyana, and LNG — accounted for 59% of total output, up roughly 7 percentage points from 2024. Specifically, net crude oil and condensate production was 3.329 million barrels per day, with net marketable gas at 4.736 million boe/d. Energy product sales — including gasoline, diesel, jet fuel, and other fuels — averaged 5.593 million barrels per day, while chemical product sales totaled 21.303 million metric tons and specialty chemical sales reached 7.791 million metric tons.
Fourth-quarter energy supply was also robust. Total upstream net production rose to 5.00 million boe/d, with advantaged assets achieving new quarterly records: 1.80 million boe/d from the Permian Basin and nearly 875,000 boe/d in Guyana. Net crude oil and condensate production reached 3.511 million barrels per day, while net marketable gas hit 4.988 million boe/d. Energy product sales for the quarter were 5.804 million barrels per day, chemical product sales 5.743 million metric tons, and specialty chemical sales 1.919 million metric tons.
Climate Solutions Initiatives
ExxonMobil frames energy transition as a dual commitment: providing reliable, affordable energy while leading efforts to reduce greenhouse gas emissions. The company announced that all business segments are ahead of schedule in meeting 2030 emission-reduction targets. Current greenhouse gas and flaring intensities have already achieved the original 2030 goals, with methane intensity reductions expected to meet 2030 targets by 2026. In its low-carbon solutions business, the company has signed carbon capture and storage (CCS) contracts totaling roughly 9 million metric tons of CO₂ per year, equivalent to replacing nearly 3.5 million gasoline-powered vehicles with electric cars.
Core Business Performance
In upstream operations, 2025 full-year earnings totaled $21.4 billion, down $4.0 billion from 2024 due to weaker realized crude prices, lower base production from asset divestments, and higher depreciation. Fourth-quarter upstream earnings were $3.5 billion, down $2.2 billion from Q3, driven by lower crude prices, reduced baseline production, and seasonal costs.
Energy products operations earned $7.4 billion in 2025, up $3.4 billion from 2024, benefiting from higher refining margins, structural cost savings, favorable project impacts, and record refining throughput. Fourth-quarter earnings were $3.4 billion, up $1.6 billion from Q3 due to stronger diesel and gasoline crack spreads, asset sale gains, positive year-end inventory effects, and record North American refining volumes.
Chemical products earnings decreased in 2025, with full-year earnings at $0.8 billion, down $1.8 billion from 2024, reflecting narrower industry margins, asset-impairment-related charges, and increased expenditures, including ramp-up costs at the China integrated chemical complex. Fourth-quarter earnings posted a loss of $281 million, down $796 million from Q3, due to margin compression, impairment projects, and seasonal costs.
Specialty chemicals earnings were $2.9 billion for 2025, down $195 million from 2024, driven by higher spending on carbon materials and Proxxima resin market development, along with unfavorable foreign exchange. Fourth-quarter earnings were $682 million, down $58 million from Q3 due to seasonal costs.
Looking ahead to the first quarter of 2026, ExxonMobil expects upstream production to decline roughly 100,000–200,000 boe/d, primarily due to seasonal effects, unplanned downtime, and the absence of favorable equity impacts present in Q4 2025. Product solutions operations anticipate increased seasonal maintenance. Overall corporate operating and financing expenses are projected at $0.8–1.0 billion, with total depreciation, depletion, and amortization expected at approximately $7.0 billion.