- Generated strong third-quarter earnings of $7.5 billion and cash flow from operations of $14.8 billion
- Returned $9.4 billion to shareholders in the quarter and increased fourth-quarter dividend to $1.03 per share
- Advanced growth ambitions with Permian acreage acquisitions, carbon materials market expansion, and computing power investments
- Started up eight of 10 key projects to date in 2025; remaining projects on track
SPRING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM):
|
Results Summary |
||||||
|
3Q25 |
2Q25 |
Change vs 2Q25 |
Dollars in millions (except per share data) |
YTD 2025 |
YTD 2024 |
Change vs YTD 2024 |
|
7,548 |
7,082 |
+466 |
Earnings (U.S. GAAP) |
22,343 |
26,070 |
-3,727 |
|
8,058 |
7,082 |
+976 |
Earnings Excluding Identified Items (non-GAAP) |
22,853 |
26,070 |
-3,217 |
|
1.76 |
1.64 |
+0.12 |
Earnings Per Common Share ¹ |
5.16 |
6.12 |
-0.96 |
|
1.88 |
1.64 |
+0.24 |
Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹ |
5.28 |
6.12 |
-0.84 |
Exxon Mobil Corporation today announced third-quarter 2025 earnings of $7.5 billion, or $1.76 per share assuming dilution. Cash flow from operating activities was $14.8 billion and free cash flow was 6.3 billion. Shareholder distributions totaled $9.4 billion, including $4.2 billion of dividends and $5.1 billion of share repurchases, consistent with the company’s announced plans.
“ExxonMobil had a strong third quarter, continuing to demonstrate that we are truly in a league of our own,” said Darren Woods, ExxonMobil chairman and chief executive officer.
“We delivered the highest earnings per share we’ve had compared to other quarters in a similar oil-price environment.2 In Guyana, we broke records with quarterly production surpassing 700,000 barrels per day, and started up the Yellowtail development four months early and under budget. In the Permian, we also set another production record of nearly 1.7 million oil-equivalent barrels per day, while continuing to expand the use of proprietary technologies like our lightweight proppant that improves well recoveries by up to 20%. We’ve now started up eight of our 10 key 2025 projects, with the remaining two on track. No one else in our industry is executing at this scale, with this level of innovation, or delivering this kind of value.”
|
1 Assuming dilution. |
|
2 Based on comparison to periods within the last 10 years, when actual historical Brent ranged from $65/bbl to $75/bbl. |
Financial Highlights
- Year-to-date earnings totaled $22.3 billion compared to $26.1 billion in the same period last year. Earnings excluding identified items related to restructuring costs were $22.9 billion, versus $26.1 billion in the prior year. Weaker crude prices, bottom-of-cycle chemical margins, higher depreciation, growth costs, and lower base volumes from strategic divestments decreased earnings. These impacts were partially offset by advantaged volume growth in the Permian and Guyana, additional structural cost savings, and favorable timing effects.
- The company surpassed $14 billion in cumulative Structural Cost Savings since 2019, with an additional $2.2 billion achieved in 2025. The company is on track to achieve more than $18 billion in cumulative Structural Cost Savings by the end of 2030.
- The company generated strong year-to-date cash flow from operations of $39.3 billion and free cash flow of $20.6 billion. Shareholder distributions of $27.8 billion included $12.9 billion of dividends and $14.9 billion of share repurchases, consistent with the company’s plan to repurchase $20 billion of shares this year.
- The Corporation declared a fourth-quarter dividend of $1.03 per share, an increase of 4%, payable on December 10, 2025, to shareholders of record of Common Stock at the close of business on November 14, 2025. The company has grown its annual dividend-per-share payments for 43 consecutive years.
- The company’s industry-leading debt-to-capital and net-debt-to-capital ratio were 13.5% and 9.5%, respectively, with a period-end cash balance of $13.9 billion.1
- Cash capital expenditures were $8.6 billion in the third quarter, including $2.4 billion in growth acquisitions. Year-to-date spending is $20.9 billion, of which $20.9 billion was for additions to property, plant and equipment. Excluding acquisitions, the company expects full-year cash capital expenditures slightly below the lower end of the $27 billion to $29 billion guidance range.
|
1 Net debt is total debt of $42.0 billion less $13.8 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 $268.2 billion. Period-end cash balance includes cash and cash equivalents including restricted cash. ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to-capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for IOCs that reported results on or before October 30, 2025, or estimated using Bloomberg consensus as of October 30, 2025. |
|
EARNINGS AND VOLUME SUMMARY BY SEGMENT |
|
Upstream |
||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
Earnings/(Loss) (U.S. GAAP) |
||||
|
1,228 |
1,212 |
United States |
4,310 |
5,170 |
|
4,451 |
4,190 |
Non-U.S. |
13,527 |
13,722 |
|
5,679 |
5,402 |
Worldwide |
17,837 |
18,892 |
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
||||
|
1,228 |
1,212 |
United States |
4,310 |
5,170 |
|
4,451 |
4,190 |
Non-U.S. |
13,527 |
13,722 |
|
5,679 |
5,402 |
Worldwide |
17,837 |
18,892 |
|
4,769 |
4,630 |
Production (koebd) |
4,651 |
4,243 |
- Upstream year-to-date earnings were $17.8 billion, a decrease of $1.1 billion compared to the same period last year. Lower earnings from weaker crude realizations and higher depreciation from Tengiz were largely offset by advantaged volume growth in the Permian and Guyana, structural cost savings, and favorable foreign exchange, tax impacts, and timing effects. Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day.
- Third-quarter earnings were $5.7 billion, an increase of $277 million from the second quarter. Earnings improved from advantaged volumes, driven by record production in Guyana and the Permian, structural cost savings, and stronger crude realizations. These gains were partially offset by lower base volumes. Third-quarter net production increased by 139,000 oil-equivalent barrels per day to 4.8 million oil-equivalent barrels per day.
- The Yellowtail project was brought online in the third quarter, four months ahead of schedule. As the largest of four Guyana developments to date, Yellowtail is expected to add an initial annual average production of 250,000 oil-equivalent barrels per day, increasing total installed capacity in Guyana to over 900,000 oil-equivalent barrels per day. Additionally, the company made the final investment decision on its seventh project in the Stabroek block, Hammerhead, which is expected to add an additional 150,000 oil-equivalent barrels per day of production by 2029.
- The company acquired more than 80,000 additional net acres in the Permian Basin from Sinochem Petroleum in the third quarter. The transaction provides opportunities to further deploy the company’s innovative technology, leading to greater returns.
- The company commissioned its next-generation supercomputer, Discovery 6, developed in collaboration with Hewlett Packard Enterprise and NVIDIA. This advanced supercomputer accelerates the company’s ability to process, analyze, and act on reservoir and exploration data.
|
Energy Products |
||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
Earnings/(Loss) (U.S. GAAP) |
||||
|
858 |
825 |
United States |
1,980 |
1,803 |
|
982 |
541 |
Non-U.S. |
2,053 |
1,828 |
|
1,840 |
1,366 |
Worldwide |
4,033 |
3,631 |
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
||||
|
858 |
825 |
United States |
1,980 |
1,803 |
|
982 |
541 |
Non-U.S. |
2,053 |
1,828 |
|
1,840 |
1,366 |
Worldwide |
4,033 |
3,631 |
|
5,692 |
5,588 |
Energy Products Sales (kbd) |
5,522 |
5,378 |
- Energy Products year-to-date 2025 earnings were $4.0 billion, an increase of $402 million versus the same period last year despite weaker industry refining margins. Increases in earnings were driven by structural cost savings and record refinery throughput1, supported by lower scheduled maintenance and advantaged projects growth, partially offset by higher expenses related to growth projects.
- Third-quarter earnings were $1.8 billion, an increase of $474 million from the second quarter. The earnings improvement was driven by stronger industry refining margins due to supply disruptions, as well as higher volumes from record refinery throughput1 and advantaged projects growth. These gains were partially offset by unfavorable foreign exchange and tax impacts.
|
Chemical Products |
||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
Earnings/(Loss) (U.S. GAAP) |
||||
|
329 |
255 |
United States |
839 |
1,397 |
|
186 |
38 |
Non-U.S. |
242 |
1,060 |
|
515 |
293 |
Worldwide |
1,081 |
2,457 |
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
||||
|
329 |
255 |
United States |
839 |
1,397 |
|
186 |
38 |
Non-U.S. |
242 |
1,060 |
|
515 |
293 |
Worldwide |
1,081 |
2,457 |
|
5,520 |
5,264 |
Chemical Products Sales (kt) |
15,560 |
14,757 |
- Chemical Products year-to-date earnings were $1.1 billion, a decrease of $1.4 billion versus the first three quarters of 2024. Results were impacted by weaker margins and higher China Chemical Complex related expenses, partially offset by structural cost savings and record high-value product sales2.
- Third-quarter earnings of $515 million increased $222 million compared to the second quarter. Higher margins, record high-value product sales2, and lower expenses were partially offset by unfavorable regional volume mix.
|
1 Highest global refining throughput year-to-date and quarterly on a same-site basis since the merger of Exxon and Mobil. |
|
2 Based on comparing year-to-date and quarterly high-value product sales since 2019. |
|
Specialty Products |
||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
Earnings/(Loss) (U.S. GAAP) |
||||
|
354 |
291 |
United States |
967 |
1,226 |
|
386 |
489 |
Non-U.S. |
1,208 |
1,080 |
|
740 |
780 |
Worldwide |
2,175 |
2,306 |
|
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
||||
|
354 |
291 |
United States |
967 |
1,226 |
|
386 |
489 |
Non-U.S. |
1,208 |
1,080 |
|
740 |
780 |
Worldwide |
2,175 |
2,306 |
|
1,932 |
2,004 |
Specialty Products Sales (kt) |
5,872 |
5,852 |
- Specialty Products continued to deliver strong earnings from its portfolio of high-value products. Year-to-date earnings were $2.2 billion, a decrease of $131 million compared to the same period last year. Higher expenses, including spending on carbon materials market development and ProxximaTM systems, and unfavorable foreign exchange were partially offset by structural cost savings.
- Third-quarter earnings of $740 million were down $40 million from the prior quarter. Weaker margins and lower seasonal volumes were partially offset by lower expenses and favorable foreign exchange.
- The company announced the acquisition of key assets from Superior Graphite, a leader in the graphite and specialty carbon market. This acquisition advances entry into the battery anode materials market by leveraging Superior Graphite’s furnace technology to accelerate progress toward advanced graphite production.
|
Corporate and Financing |
||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
(1,226) |
(759) |
Earnings/(Loss) (U.S. GAAP) |
(2,783) |
(1,216) |
|
(716) |
(759) |
Earnings/(Loss) Excluding Identified Items (non-GAAP) |
(2,273) |
(1,216) |
- Corporate and Financing year-to-date net charges were $2.8 billion compared to $1.2 billion in the prior year. Excluding identified items related to restructuring costs, year-to-date net charges of $2.3 billion increased $1.1 billion compared to the same period last year due to lower interest income, unfavorable foreign exchange, and increased pension-related expenses. Higher net charges were partially offset by favorable tax impacts.
- Third-quarter net charges of $1.2 billion increased $467 million versus the second quarter. Excluding identified items related to restructuring costs, net charges were $716 million, which were comparable to the second quarter.
| CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL | ||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
7,768 |
7,354 |
Net income/(loss) including noncontrolling interests |
23,155 |
27,108 |
|
6,475 |
6,101 |
Depreciation and depletion (includes impairments) |
18,278 |
16,857 |
|
(152) |
(3,970) |
Changes in operational working capital, excluding cash and debt |
(5,000) |
(274) |
|
697 |
2,065 |
Other |
2,858 |
(898) |
|
14,788 |
11,550 |
Cash Flow from Operating Activities (U.S. GAAP) |
39,291 |
42,793 |
|
139 |
176 |
Proceeds from asset sales and returns of investments |
2,138 |
1,756 |
|
14,927 |
11,726 |
Cash Flow from Operations and Asset Sales (non-GAAP) |
41,429 |
44,549 |
|
152 |
3,970 |
Less: Changes in operational working capital, excluding cash and debt |
5,000 |
274 |
|
15,079 |
15,696 |
Cash Flow from Operations and Asset Sales excluding Working Capital (non-GAAP) |
46,429 |
44,823 |
|
(139) |
(176) |
Less: Proceeds from asset sales and returns of investments |
(2,138) |
(1,756) |
|
14,940 |
15,520 |
Cash Flow from Operations excluding Working Capital (non-GAAP) |
44,291 |
43,067 |
|
FREE CASH FLOW |
||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
14,788 |
11,550 |
Cash Flow from Operating Activities (U.S. GAAP) |
39,291 |
42,793 |
|
(8,727) |
(6,283) |
Additions to property, plant and equipment |
(20,908) |
(17,469) |
|
(501) |
(319) |
Additional investments and advances |
(973) |
(1,038) |
|
610 |
246 |
Other investing activities including collection of advances |
949 |
311 |
|
139 |
176 |
Proceeds from asset sales and returns of investments |
2,138 |
1,756 |
|
23 |
23 |
Inflows from noncontrolling interest for major projects |
68 |
12 |
|
6,332 |
5,393 |
Free Cash Flow (non-GAAP) |
20,565 |
26,365 |
| CASH CAPITAL EXPENDITURES | ||||
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
8,727 |
6,283 |
Additions to property, plant and equipment |
20,908 |
17,469 |
|
501 |
319 |
Additional investments and advances |
973 |
1,038 |
|
(610) |
(246) |
Other investing activities including collection of advances |
(949) |
(311) |
|
(23) |
(23) |
Inflows from noncontrolling interests for major projects |
(68) |
(12) |
|
8,595 |
6,333 |
Total Cash Capital Expenditures (non-GAAP) |
20,864 |
18,184 |
|
3Q25 |
2Q25 |
Dollars in millions (unless otherwise noted) |
YTD 2025 |
YTD 2024 |
|
Upstream |
||||
|
5,843 |
3,407 |
United States |
12,233 |
8,123 |
|
1,771 |
2,262 |
Non-U.S. |
6,043 |
6,283 |
|
7,614 |
5,669 |
Total |
18,276 |
14,406 |
|
Energy Products |
||||
|
182 |
154 |
United States |
463 |
536 |
|
260 |
8 |
Non-U.S. |
519 |
1,064 |
|
442 |
162 |
Total |
982 |
1,600 |
|
Chemical Products |
||||
|
180 |
171 |
United States |
505 |
426 |
|
95 |
108 |
Non-U.S. |
340 |
875 |
|
275 |
279 |
Total |
845 |
1,301 |
|
Specialty Products |
||||
|
65 |
43 |
United States |
160 |
67 |
|
44 |
54 |
Non-U.S. |
156 |
190 |
|
109 |
97 |
Total |
316 |
257 |
|
Other |
||||
|
155 |
126 |
Other |
445 |
620 |
|
8,595 |
6,333 |
Worldwide |
20,864 |
18,184 |
|
CALCULATION OF STRUCTURAL COST SAVINGS |
||||||
|
Dollars in billions (unless otherwise noted) |
Twelve Months Ended December 31, |
Nine Months Ended September 30, |
||||
|
2019 |
2024 |
2024 |
2025 |
|||
|
Components of Operating Costs |
||||||
|
From ExxonMobil’s Consolidated Statement of Income (U.S. GAAP) |
||||||
|
Production and manufacturing expenses |
36.8 |
39.6 |
28.8 |
30.3 |
||
|
Selling, general and administrative expenses |
11.4 |
10.0 |
7.4 |
8.1 |
||
|
Depreciation and depletion (includes impairments) |
19.0 |
23.4 |
16.9 |
18.3 |
||
|
Exploration expenses, including dry holes |
1.3 |
0.8 |
0.6 |
0.5 |
||
|
Non-service pension and postretirement benefit expense |
1.2 |
0.1 |
0.1 |
0.3 |
||
|
Subtotal |
69.7 |
74.0 |
53.7 |
57.4 |
||
|
ExxonMobil’s share of equity company expenses (non-GAAP) |
9.1 |
9.6 |
7.1 |
7.8 |
||
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
83.6 |
60.8 |
65.3 |
||
|
Total Adjusted Operating Costs (non-GAAP) |
78.8 |
83.6 |
60.8 |
65.3 |
||
|
Less: |
||||||
|
Depreciation and depletion (includes impairments) |
19.0 |
23.4 |
16.9 |
18.3 |
||
|
Non-service pension and postretirement benefit expense |
1.2 |
0.1 |
0.1 |
0.3 |
||
|
Other adjustments (includes equity company depreciation and depletion) |
3.6 |
3.7 |
2.5 |
3.7 |
||
|
Total Cash Operating Expenses (Cash Opex) (non-GAAP) |
55.0 |
56.4 |
41.3 |
43.0 |
||
|
Energy and production taxes (non-GAAP) |
11.0 |
13.9 |
10.3 |
11.2 |
||
|
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
44.0 |
42.5 |
31.0 |
31.8 |
||
|
Change vs 2019 |
Change vs 2024 |
Estimated Cumulative vs 2019 |
||||
|
Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) |
-1.5 |
+0.8 |
||||
|
Market |
+4.0 |
+0.5 |
||||
|
Activity / Other |
+6.6 |
+2.5 |
||||
|
Structural Cost Savings |
-12.1 |
-2.2 |
-14.3 |
|||
This press release 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 $14.3 billion, which included an additional $2.2 billion in the first nine months of 2025. 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. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. 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 October 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.
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 lower-emission fuels, hydrogen, ammonia, lithium, direct air capture, ProxximaTM systems, carbon materials, low-carbon data centers, and other low carbon and new 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 and other new 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 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, and 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 lower-emission fuels, produce lithium, produce ProxximaTM systems, 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 or imbalances in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices, differentials, and volume/mix for our products; changes in any part of the world in laws, taxes, or regulations including extraterritorial environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; developments 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; changes in interest and exchange rates; 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, the success of new unconventional technologies, and the ability of new technologies to improve the recovery relative to competitors; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects and commencement of start-up operations, including reliance on third-party suppliers and service providers; 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, export, import or shipping limitations by foreign governments or laws; changes in market, national or regional tariffs or realignment of global trade and supply chain networks; 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 without impairing our competitive positioning; 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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