ExxonMobil Announces 2024 Results

January 31, 2025

Business transformation drove industry-leading 2024 financial performance¹
Delivered $33.7 billion in earnings and $55.0 billion in cash flow from operations – third best year in a decade
Achieved record production in Permian and Guyana, and record sales volumes of high-value products
Distributed $36.0 billion to shareholders – more than all but five companies in the S&P 500¹
Achieved $12.1 billion cumulative structural cost savings since 2019; more than offsetting inflation and growth

SPRING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM):

Results Summary

4Q24	3Q24	Change vs 3Q24	Dollars in millions (except per share data)	2024	2023	Change vs 2023
7,610	8,610	-1,000	Earnings (U.S. GAAP)	33,680	36,010	-2,330
7,394	8,610	-1,216	Earnings Excluding Identified Items (non-GAAP)	33,464	38,572	-5,108

1.72	1.92	-0.20	Earnings Per Common Share ^²	7.84	8.89	-1.05
1.67	1.92	-0.25	Earnings Excl. Identified Items Per Common Share (non-GAAP) ^²	7.79	9.52	-1.73

7,514	7,159	+355	Capital and Exploration Expenditures	27,551	26,325	+1,226

Exxon Mobil Corporation today announced fourth-quarter 2024 earnings of $7.6 billion, or $1.72 per share assuming dilution. Cash flow from operating activities was $12.2 billion and free cash flow was 8.0 billion. Capital and exploration expenditures, and cash capital expenditures were both $7.5 billion in the fourth quarter, bringing the full-year expenditures to $27.6 billion and $25.6 billion, respectively – both in line with full-year guidance. For full-year 2024, the company reported earnings of $33.7 billion, or $7.84 per share assuming dilution.

“Our transformed company delivered unmatched value in 2024,” said Darren Woods, chairman and chief executive officer. “The proof is in our performance. Operationally, we delivered strong results on safety, reliability, and emissions. Financially, we delivered some of our highest earnings and operating cash flow in a decade. We earned returns higher than our peers³ and well above our cost of capital, and we distributed more cash to shareholders than all but five companies in the entire S&P 500¹.”

“As we look ahead, we’ve built a long runway of value creation. We’re confident we’ll deliver on the plans we laid out to generate significantly more earnings and cash – not only to 2030, but well beyond. Our unique investment opportunities give us profitable growth well into the future, which underpins our financial strength and ability to return significant cash to shareholders.”

¹		Leading financial performance compared to IOCs include metrics such as earnings, cash flow from operations and total shareholder returns. Where applicable, individual metrics referencing the IOCs or S&P 500 are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.
²		Assuming dilution.
³		ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.

Financial Highlights

Full-year 2024 earnings were $33.7 billion versus 36.0 billion in 2023. Unfavorable 2023 identified items included a $2.0 billion impairment in California due to regulatory challenges restarting production and distribution from the now-divested Santa Ynez Unit assets. Earnings excluding identified items decreased as industry refining margins and natural gas prices declined from last year’s historically high levels. Strong advantaged volume growth including record production from Guyana and Permian, and record high-value product sales volumes, more than offset lower base volumes from non-strategic asset divestments and scheduled maintenance. Structural cost savings partly offset higher expenses from depreciation, scheduled maintenance, new product development and 2025 project start-ups.
Since 2019, the company achieved 12.1 billion of cumulative Structural Cost Savings, well beyond what any competitors have achieved, and more than offsetting inflation and growth. This includes $2.4 billion of savings during the year and $0.8 billion during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019.
Return on capital employed led industry for the year at 12.7% and for the five-year average at 10.8%².
Generated strong cash flow from operations of $55.0 billion and free cash flow of $34.4 billion in 2024. Cash proceeds from asset sales totaled $5.0 billion. Free cash flow excluding a working capital increase of $1.8 billion was $36.2 billion, which covered industry-leading shareholder distributions of $36.0 billion³ – $16.7 billion of dividends and $19.3 billion of share repurchases, consistent with announced plans. In addition, the company delivered industry-leading total shareholder returns of 11%, 25% and 14% for the last one, three and five years³. As previously communicated, ExxonMobil plans to extend its annual $20 billion share-repurchase program through 2026.
The Corporation declared a first-quarter dividend of $0.99 per share, payable on March 10, 2025, to shareholders of record of Common Stock at the close of business on February 12, 2025. The company raised its fourth-quarter dividend by 4% and has increased its annual dividend for 42 consecutive years.
The debt-to-capital ratio was 13% and the net-debt-to-capital ratio was 6%⁴, reflecting a period-end cash balance of $23.2 billion.

¹		The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into drivers of our business results. The company evaluates these drivers periodically to determine if any enhancements may provide helpful insights to the market. See page 9 for definitions of these drivers.
²		ROCE for ExxonMobil is 2024 full-year. ROCE for IOCs is based on public filings and estimated using available year-to-date third-quarter annualized figures.
³		Leading measures for the IOCs are actuals for companies that reported results on or before January 30, 2025, or estimated using Bloomberg consensus as of January 30. IOCs include each of BP, Chevron, Shell and TotalEnergies.
⁴		Net debt is total debt of $41.7 billion less $23.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $270.6 billion.


EARNINGS AND VOLUME SUMMARY BY SEGMENT

Upstream
4Q24	3Q24	Dollars in millions (unless otherwise noted)	2024	2023
		Earnings/(Loss) (U.S. GAAP)
1,256	1,686	United States	6,426	4,202
5,242	4,472	Non-U.S.	18,964	17,106
6,498	6,158	Worldwide	25,390	21,308

		Earnings/(Loss) Excluding Identified Items (non-GAAP)
1,616	1,686	United States	6,786	5,691
4,667	4,472	Non-U.S.	18,389	17,918
6,283	6,158	Worldwide	25,175	23,609

4,602	4,582	Production (koebd)	4,333	3,738

Upstream full-year earnings were $25.4 billion, $4.1 billion higher than 2023. Identified items for the year improved earnings by $0.2 billion versus the unfavorable $2.3 billion impact in 2023 mainly driven by the impairment of the now-divested Santa Ynez Unit assets in California due to regulatory challenges restarting production and distribution. Excluding identified items, earnings increased $1.6 billion due to advantaged assets volume growth from record Guyana and Permian production, and structural cost savings. These increases were partly offset by lower natural gas prices, higher depreciation expense, and lower base volumes from divestments of non-strategic assets and entitlements. Net production in 2024 was at the highest level in over ten years at 4.3 million oil-equivalent barrels per day, an increase of 16%, or 595,000 oil-equivalent barrels per day.
Fourth-quarter earnings were $6.5 billion, an increase of $340 million from the third quarter driven by record production in Guyana and Permian, stronger natural gas prices, and favorable tax impacts, partly offset by lower crude realizations. Net production in the fourth quarter was 4.6 million oil-equivalent barrels per day, an increase of 20,000 oil-equivalent barrels per day versus the prior quarter.

Energy Products
4Q24	3Q24	Dollars in millions (unless otherwise noted)	2024	2023
		Earnings/(Loss) (U.S. GAAP)
296	517	United States	2,099	6,123
106	792	Non-U.S.	1,934	6,019
402	1,309	Worldwide	4,033	12,142

		Earnings/(Loss) Excluding Identified Items (non-GAAP)
330	517	United States	2,133	5,931
(7)	792	Non-U.S.	1,821	6,067
323	1,309	Worldwide	3,954	11,998

5,537	5,580	Energy Products Sales (kbd)	5,418	5,461

Energy Products full-year 2024 earnings were $4.0 billion compared to $12.1 billion in 2023 due to significantly weaker industry refining margins, which declined from historically high levels as increased supply from industry capacity additions outpaced record global demand. Earnings improvement from structural cost savings and advantaged projects provided a partial offset to the impacts from higher scheduled maintenance and divestments.
Fourth-quarter earnings totaled $402 million, a decrease of $907 million from the third quarter. Results were driven by unfavorable timing effects mainly from the absence of prior quarter favorable unsettled derivative mark-to-market impacts and weaker North America margins, partly offset by higher base volumes on strong reliability and recovery from the tornado at the Joliet refinery.

Chemical Products
4Q24	3Q24	Dollars in millions (unless otherwise noted)	2024	2023
		Earnings/(Loss) (U.S. GAAP)
230	367	United States	1,627	1,626
(110)	526	Non-U.S.	950	11
120	893	Worldwide	2,577	1,637

		Earnings/(Loss) Excluding Identified Items (non-GAAP)
273	367	United States	1,670	1,594
(58)	526	Non-U.S.	1,002	431
215	893	Worldwide	2,672	2,025

4,635	4,830	Chemical Products Sales (kt)	19,392	19,382

Chemical Products 2024 earnings were $2.6 billion, an increase of $940 million versus 2023. Unfavorable 2023 identified items of $388 million were mainly associated with asset impairments and other financial reserves. 2024 earnings excluding identified items increased by $647 million compared to 2023. Despite continued bottom-of-cycle market conditions, overall margins improved as the company benefited from lower ethane feed costs at its advantaged North America assets and improved high-value product sales and realizations. Record high-value product sales more than offset lower base volumes from high-grading the portfolio product mix. Higher expenses primarily from planned maintenance and cost associated with advantaged projects starting up in 2025 were partly offset by structural cost savings.
Fourth-quarter earnings were $120 million, compared to $893 million in the third quarter driven by weaker margins from increased North America ethane feed costs, seasonally higher expenses, and China Chemical Complex start-up preparation costs.

Specialty Products
4Q24	3Q24	Dollars in millions (unless otherwise noted)	2024	2023
		Earnings/(Loss) (U.S. GAAP)
350	375	United States	1,576	1,536
396	419	Non-U.S.	1,476	1,178
746	794	Worldwide	3,052	2,714

		Earnings/(Loss) Excluding Identified Items (non-GAAP)
354	375	United States	1,580	1,524
405	419	Non-U.S.	1,485	1,283
759	794	Worldwide	3,065	2,807

1,814	1,959	Specialty Products Sales (kt)	7,666	7,597

Specialty Products delivered consistently strong earnings from its portfolio of high-value products. 2024 earnings were $3.1 billion, an increase of $338 million compared with 2023 driven by improved basestock and finished lubes margins, structural cost savings, and record high-value product sales volumes. These increases were partly offset by higher expenses including new product development costs, unfavorable foreign exchange impacts, and the absence of prior year favorable year-end inventory effects.
Fourth-quarter earnings were $746 million, compared to $794 million in the third quarter. Higher expenses including new product development costs were mostly offset by favorable tax and year-end inventory impacts.

Corporate and Financing
4Q24	3Q24	Dollars in millions (unless otherwise noted)	2024	2023
(156)	(544)	Earnings/(Loss) (U.S. GAAP)	(1,372)	(1,791)
(186)	(544)	Earnings/(Loss) Excluding Identified Items (non-GAAP)	(1,402)	(1,867)

2024 full-year net charges of $1,372 million decreased $419 million from 2023 due to lower financing costs.
Corporate and Financing fourth-quarter net charges of $156 million decreased $388 million versus the third quarter due to lower financing costs which benefited from favorable foreign exchange movements.


CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL

4Q24	3Q24	Dollars in millions (unless otherwise noted)	2024	2023
7,955	8,971	Net income/(loss) including noncontrolling interests	35,063	37,354
6,585	6,258	Depreciation and depletion (includes impairments)	23,442	20,641
(1,552)	2,334	Changes in operational working capital, excluding cash and debt	(1,826)	(4,255)
(759)	6	Other	(1,657)	1,629
12,229	17,569	Cash Flow from Operating Activities (U.S. GAAP)	55,022	55,369

3,231	127	Proceeds from asset sales and returns of investments	4,987	4,078
15,460	17,696	Cash Flow from Operations and Asset Sales (non-GAAP)	60,009	59,447

1,552	(2,334)	Less: Changes in operational working capital, excluding cash and debt	1,826	4,255
17,012	15,362	Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP)	61,835	63,702

(3,231)	(127)	Less: Proceeds associated with asset sales and returns of investments	(4,987)	(4,078)
13,781	15,235	Cash Flow from Operations excluding Working Capital (non-GAAP)	56,848	59,624

FREE CASH FLOW¹

4Q24	3Q24	Dollars in millions (unless otherwise noted)	2024	2023
12,229	17,569	Cash Flow from Operating Activities (U.S. GAAP)	55,022	55,369
(6,837)	(6,160)	Additions to property, plant and equipment	(24,306)	(21,919)
(2,261)	(294)	Additional investments and advances	(3,299)	(2,995)
1,615	87	Other investing activities including collection of advances	1,926	1,562
3,231	127	Proceeds from asset sales and returns of investments	4,987	4,078
20	—	Inflows from noncontrolling interest for major projects	32	124
7,997	11,329	Free Cash Flow (non-GAAP)	34,362	36,219

1,552	(2,334)	Less: Changes in operational working capital, excluding cash and debt	1,826	4,255
9,549	8,995	Free Cash Flow excluding Working Capital (non-GAAP)	36,188	40,474

¹ Free Cash Flow definition was updated in the second quarter of 2024 to exclude cash acquired from mergers and acquisitions and in the fourth quarter of 2024 to include inflows from noncontrolling interests for major projects, which are now shown as a separate investing line item and financing line item respectively in the Consolidated Statement of Cash Flows. See page 10 for definition.

RETURN ON AVERAGE CAPITAL EMPLOYED

Dollars in millions (unless otherwise noted)	2024	2023	2022	2021	2020
Net income/(loss) attributable to ExxonMobil (U.S. GAAP)	33,680	36,010	55,740	23,040	(22,440)
Financing costs (after-tax)
Gross third-party debt	(1,106)	(1,175)	(1,213)	(1,196)	(1,272)
ExxonMobil share of equity companies	(196)	(307)	(198)	(170)	(182)
All other financing costs – net	(252)	931	276	11	666
Total financing costs	(1,554)	(551)	(1,135)	(1,355)	(788)
Earnings/(loss) excluding financing costs (non-GAAP)	35,234	36,561	56,875	24,395	(21,652)

Total assets (U.S. GAAP)	453,475	376,317	369,067	338,923	332,750
Less: liabilities and noncontrolling interests share of assets and liabilities
Total current liabilities excluding notes and loans payable	(65,352)	(61,226)	(68,411)	(52,367)	(35,905)
Total long-term liabilities excluding long-term debt	(75,807)	(60,980)	(56,990)	(63,169)	(65,075)
Noncontrolling interests share of assets and liabilities	(8,069)	(8,878)	(9,205)	(8,746)	(8,773)
Add: ExxonMobil share of debt-financed equity company net assets	3,242	3,481	3,705	4,001	4,140
Total capital employed (non-GAAP)	307,489	248,714	238,166	218,642	227,137

Average capital employed (non-GAAP)	278,102	243,440	228,404	222,890	234,031

Return on average capital employed – corporate total (non-GAAP)	12.7 %	15.0 %	24.9 %	10.9 %	(9.3) %

Five-year average: Return on average capital employed (non-GAAP)	10.8 %

CALCULATION OF STRUCTURAL COST SAVINGS

Dollars in billions (unless otherwise noted)	2019				2024
Components of Operating Costs
From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP)
Production and manufacturing expenses	36.8				39.6
Selling, general and administrative expenses	11.4				10.0
Depreciation and depletion (includes impairments)	19.0				23.4
Exploration expenses, including dry holes	1.3				0.8
Non-service pension and postretirement benefit expense	1.2				0.1
Subtotal	69.7				74.0
ExxonMobil’s share of equity company expenses (non-GAAP)	9.1				9.6
Total Adjusted Operating Costs (non-GAAP)	78.8				83.6

Total Adjusted Operating Costs (non-GAAP)	78.8				83.6
Less:
Depreciation and depletion (includes impairments)	19.0				23.4
Non-service pension and postretirement benefit expense	1.2				0.1
Other adjustments (includes equity company depreciation and depletion)	3.6				3.7
Total Cash Operating Expenses (Cash Opex) (non-GAAP)	55.0				56.4

Energy and production taxes (non-GAAP)	11.0				13.9

		Market	Activity / Other	Structural Savings
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP)	44.0	+4.0	+6.6	-12.1	42.5

This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $12.1 billion, which included an additional $2.4 billion in 2024. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, 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. Estimates of cumulative annual structural cost 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.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on January 31, 2025. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Selected Earnings Driver Definitions

Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products.

Base volume. Represents and includes all volume/mix drivers not included in Advantaged volume growth driver defined above.

Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments that were previously included in “volume/mix” driver.

Expenses. Represents and includes all expenses otherwise not included in other earnings drivers.

Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).

Cautionary Statement

Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as biofuels, hydrogen, ammonia, lithium, direct air capture, and other low carbon business plans to reduce emissions 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, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon 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; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce biofuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; changes in any part of the world in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; the development or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; changes in market tariffs or decoupling of trade networks; changes in market strategy by national oil companies; 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; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; 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.

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