This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 75

The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

Fortune AIQ 50

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 200 companies on this list are transforming industries from the inside out.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

G500-2023-Exxon Mobil

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Riding a global windfall for the gas industry—in part the result of trade disruptions between Russia and Europe because of the war in Ukraine—America's largest publicly traded oil and gas company saw a 45% increase in revenue in 2022 and earned $56 billion in profits.\n\n–The company’s share price hit an intraday peak of $119 in February 2023, a record high since the two oil powerhouses, Exxon and Mobil, merged in 1999.\n–After activist investors successfully won three seats on the oil company's board in 2021, the energy giant eventually committed $17 billion to low-carbon initiatives from 2022 to 2027.  The company has continued to invest in fossil fuel production, increasing its output of crude oil, natural gas liquids, bitumen, and synthetic oil by 3% in 2022 compared with 2021.&quot;}" data-sheets-userformat="{&quot;2&quot;:771,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16770457},&quot;11&quot;:4,&quot;12&quot;:0}">Riding a global windfall for the gas industry—in part the result of trade disruptions between Russia and Europe because of the war in Ukraine—America's largest publicly traded oil and gas company saw a 45% increase in revenue in 2022 and earned $56 billion in profits. 
<ul> 
 	<li><span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Riding a global windfall for the gas industry—in part the result of trade disruptions between Russia and Europe because of the war in Ukraine—America's largest publicly traded oil and gas company saw a 45% increase in revenue in 2022 and earned $56 billion in profits.\n\n–The company’s share price hit an intraday peak of $119 in February 2023, a record high since the two oil powerhouses, Exxon and Mobil, merged in 1999.\n–After activist investors successfully won three seats on the oil company's board in 2021, the energy giant eventually committed $17 billion to low-carbon initiatives from 2022 to 2027.  The company has continued to invest in fossil fuel production, increasing its output of crude oil, natural gas liquids, bitumen, and synthetic oil by 3% in 2022 compared with 2021.&quot;}" data-sheets-userformat="{&quot;2&quot;:771,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16770457},&quot;11&quot;:4,&quot;12&quot;:0}">The company’s share price hit an intraday peak of $119 in February 2023, a record high since the two oil powerhouses, Exxon and Mobil, merged in 1999.</li> 
 	<li><span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Riding a global windfall for the gas industry—in part the result of trade disruptions between Russia and Europe because of the war in Ukraine—America's largest publicly traded oil and gas company saw a 45% increase in revenue in 2022 and earned $56 billion in profits.\n\n–The company’s share price hit an intraday peak of $119 in February 2023, a record high since the two oil powerhouses, Exxon and Mobil, merged in 1999.\n–After activist investors successfully won three seats on the oil company's board in 2021, the energy giant eventually committed $17 billion to low-carbon initiatives from 2022 to 2027.  The company has continued to invest in fossil fuel production, increasing its output of crude oil, natural gas liquids, bitumen, and synthetic oil by 3% in 2022 compared with 2021.&quot;}" data-sheets-userformat="{&quot;2&quot;:771,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16770457},&quot;11&quot;:4,&quot;12&quot;:0}">After activist investors successfully won three seats on the oil company's board in 2021, the energy giant eventually committed $17 billion to low-carbon initiatives from 2022 to 2027.  The company has continued to invest in fossil fuel production, increasing its output of crude oil, natural gas liquids, bitumen, and synthetic oil by 3% in 2022 compared with 2021.</li> 
</ul>

The 300 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500 2023-Exxon Mobil

America’s largest publicly traded oil and gas company rose three spots on the Fortune 500. Riding a global windfall for the gas industry—in part the result of trade disruptions between Russia and Europe because of the war in Ukraine—Exxon Mobil saw a 45% increase in revenue in 2022 and earned $56 billion in profits. 
<ul> 
 	<li>The company’s share price hit an intraday peak of $119 in February 2023, a record high since the two oil powerhouses, Exxon and Mobil, merged in 1999.</li> 
 	<li>After activist investors successfully won three seats on the oil company's board in 2021, the energy giant eventually committed $17 billion to low-carbon initiatives from 2022 to 2027.  The company has continued to invest in fossil fuel production, increasing its output of crude oil, natural gas liquids, bitumen, and synthetic oil by 3% in 2022 compared with 2021.</li> 
</ul>

Industrials came out on top this year, with 22 companies featured on the list.

100 Fastest-Growing Companies

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

G500 2022-12-ExxonMobil

Exxon Mobil bounced back from a rocky, pandemic-disrupted 2020, leaping from No. 23 to No. 12 on the Global 500. After COVID-related restrictions caused energy demand and oil and gas prices to plummet, Exxon Mobil took to cost-cutting to perk up its balance sheet, reducing its employee headcount by 9,000. Those efforts, along with a rebound in oil prices, helped position the company to achieve its biggest annual profit in seven years in 2021, as it earned more than $23 billion. Following Russia’s invasion of Ukraine in February 2022, Exxon Mobil exited its Sakhalin-1 oil development in Russia, joining fellow energy giants like BP and Shell in divesting from the country, and announced that it would take a write-down of up to $4 billion. Having long taken heat for its contribution to climate change, Exxon Mobil has created a new business, Exxon Mobil Low Carbon Solutions, to commercialize technologies that could be used to achieve net-zero emissions.

This year’s Fortune 500 marks the 68th running of the list.

F500 2022 ExxonMobil

Exxon Mobil bounced back from a rocky, pandemic-disrupted 2020, leaping from 10th to sixth place on the Fortune 500. After COVID-related restrictions caused energy demand and oil and gas prices to plummet, Exxon Mobil took to cost-cutting to perk up its balance sheet, reducing its employee headcount by 9,000. Those efforts, along with a rebound in oil prices, helped position the company to achieve its biggest annual profit in seven years in 2021, as it earned more than $23 billion. Following Russia’s invasion of Ukraine in February 2022, Exxon Mobil exited its Sakhalin-1 oil development in Russia, joining fellow energy giants like BP and Shell in divesting from that country, and announced that it would take a write-down of up to $4 billion. Having long taken heat for its contribution to climate change, Exxon Mobil has created a new company, Exxon Mobil Low Carbon Solutions, to commercialize technologies that could be used to achieve net-zero emissions.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-023-ExxonMobil

The oil and gas giant had a tumultuous year, in which global lockdowns shredded energy demand, and prices for oil futures briefly dipped into negative territory. The Irving, Texas-based company swung to a $22 billion annual loss in 2020, its largest ever, from a profit of over $14 billion the previous year; debt jumped too. “The past year presented the most challenging market conditions Exxon Mobil has ever experienced,” CEO Darren Woods said in a statement announcing its 2020 results. Meanwhile, the company said it would launch a new business unit to commercialize low-carbon technology. First up: carbon capture and storage.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-10-Exxon Mobil

The oil and gas giant fell seven places to No. 10 on the Fortune 500 after a tumultuous year in which global lockdowns shredded energy demand, and prices for oil futures briefly dipped into negative territory. The Irving, Texas–based company swung to a $22 billion annual loss in 2020, its largest ever, from a profit of over $14 billion the previous year; debt jumped too. “The past year presented the most challenging market conditions Exxon Mobil has ever experienced,” CEO Darren Woods said in a statement announcing its 2020 results. Meanwhile, the company said it would launch a new business unit to commercialize low-carbon technology. First up: carbon capture and storage.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

World's Most Admired Companies

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-011-Exxon-Mobil

ExxonMobil, America’s largest publicly traded oil company, faced a challenging 2019. CEO Darren Woods pinned the problem squarely on low oil prices. The company earned $14.3 billion—a 31% drop in profits year-on-year—as debt levels rose by 24%; its investments, meanwhile, ran into oversupplied markets across its supply chain. Exxon did benefit from a divestment of production assets in Norway, and it dramatically ramped up its U.S. shale output. But the oil crash in early 2020 caused further headaches: for Q1, Exxon announced its first quarterly loss in more than three decades.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-003-Exxon-Mobil

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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As the largest publicly traded oil and gas company in the U.S., Exxon Mobil engages in the exploration and production of crude oil and natural gas internationally. The company is also involved in the manufacturing, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, and other specialty products. Additionally, Exon Mobil is focused on the pursuit of lower-emission business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, and lithium. Exxon Mobil was founded in 1870.

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Exxon Mobil Holdings (XOM): Company Profile, Stock Price, News, Rankings

legacy

Exxon Mobil Holdings

exxon mobil holdings

Good morning, everyone. Welcome to ExxonMobil's earnings call. Today's call is being recorded. We appreciate you joining us. I'm Jim Chapman and I'm joined by Darren Woods, Chairman and Chief Executive Officer, and Neil Hansen, Senior Vice President and Chief Financial Officer. This quarter's presentation and prerecorded remarks are available on the investors section of our website. They're meant to accompany this quarter's earnings release, which is posted in the same location. During today's presentation, we'll make forward-looking remarks, including comments on our long-term plans, which are subject to risks and uncertainties. Please read our cautionary statement on slide two. You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website. We also provide supplemental information at the end of our earnings slides, which are also posted on our website.

Now I'll turn it over to Darren for opening remarks.

Good morning, and thank you for joining us. Let me begin by recognizing the impact of the conflict in the Middle East on our colleagues and partners in the region. We've been in close contact with our regional partners, as well as with companies and countries we have worked with for many years. We are proud to stand beside them during these very difficult times. While the financial impact in the region is real, what is even more real is the daily threat our colleagues and partners have been living under. We remain committed to supporting them as we work to restore operations and repair assets with a clear focus on safety and disciplined risk management. The Middle East is and will continue to be an advantaged and meaningful component of our global portfolio.

The disruption to the broader economy we are seeing underscores the critical role our company plays in providing the affordable, reliable energy and products the world depends on. What we produce remains essential to development and progress, sustaining and improving living standards around the world. In this environment, scale, integration, and execution excellence matters. Those advantages, combined with the deep experience and capability of our employees, give us the ability to respond quickly and manage effectively through disruptions. Our competitive advantages are on display in this quarter's results. We delivered strong operational performance in a challenging environment, maintained rigorous safety and reliability standards, and continued advancing key priorities across the portfolio, supporting long-term value creation for our shareholders. We saw those advantages in our response to supply disruptions, leveraging our global portfolio to support customers.

We delivered on our plans to increase Permian production year-over-year, achieved record levels of production in Guyana, achieved first LNG at Golden Pass, optimized logistics and crude product flows, and safely maximized refinery throughput where possible. In fact, in March, refinery throughput increased by approximately 200,000bbl a day versus February, or the equivalent of a mid-sized refinery. As we brought back refineries from turnaround and deferred maintenance activities where we could without impacting safety or long-term reliability. Our global supply chain organization rapidly executed alternate routings from the U.S. Gulf Coast to Asia to sustain critical supplies for our customers. Despite the unprecedented impacts in the global energy system, we maintained deliveries to our customers globally through coordinated planning and real-time vessel visibility.

Financially, excluding identified items and estimated timing effects, our first quarter earnings per share were up versus the fourth quarter of 2025, reflecting the strength and resiliency of the underlying business. Stronger portfolio mix, structural cost reductions, and execution excellence continue to drive improving performance. Those same factors leave us better positioned to manage uncertainty versus several years ago. The strength of that advantage portfolio is clear in the work we're doing today. We are expanding our LNG footprint. Our newest facility, Golden Pass LNG, a joint venture with QatarEnergy, is increasing U.S. export capacity at an important moment for global supply. Train 1 of the facility achieved first LNG in March and will deliver an increase of about 5% relative to 2025 U.S. exports. By the time the third train is online, we will increase the country's current LNG exports by roughly 15%.

At the same time, we continue to progress toward final investment decisions on LNG projects in Papua New Guinea and Mozambique, both expected later this year. Elsewhere in the upstream, Guyana continues to set the standard for execution, development pace, and value creation. We delivered record production, continued strong reliability, and have Uaru, Whiptail, and Hammerhead projects under construction, with Uaru expecting first oil late this year. Consistent with our broader approach to support long-term economic development in countries where we operate, we've committed a $100 million investment over 10 years to support national STEM education in Guyana, strengthening our bond with the people of Guyana and establishing a foundation for long-term prosperity. In the Permian, we continue to show how scale and proprietary technologies improve efficiency, recovery, and long-term value creation.

We remain on track to grow full-year Permian production to 1.8 million oil equivalent barrels in 2026, with that growth grounded in value, not volume. We're also progressing our Permian net zero ambition with continuous methane monitoring implemented across all key assets in New Mexico. In product solutions, performance remains strong, driven by higher value products and technology-led differentiation. The Beaumont Refinery expansion, completed in 2023, fully recovered its initial investment ahead of expectation and is contributing to stronger margins and cash flow. This underscores how disciplined investments grounded in long-term market fundamentals rigorously executed generate durable returns independent of price cycles. In parallel, we continue to progress our journey to build a reliable domestic supply of advanced synthetic graphite. We recently held a ribbon-cutting ceremony at the pilot production plant in Kentucky, which represents a critical milestone between lab-scale development and full commercial deployment.

In low-carbon solutions, we began transporting and storing captured CO2 from the New Generation Gas Gathering project, our second startup in less than a year. Through this year and next, we plan to start facilities with the capacity to capture an additional 4 million tons per year of CO2. Importantly, with our advantages, these projects deliver attractive returns that compete with the investments in our base business. Technology as a core competitive advantage remains central to our strategy, is one of the ways we improve structural competitiveness, strengthen returns, and create new earnings opportunity. In Guyana, we achieved the first deep water fully autonomous well section using rig automation and automated downhole steering tools, improving both safety and efficiency. Additionally, we're on track to leverage our Proxxima technology in subsea applications with Hammerhead and future FPSOs, further demonstrating the material's performance in demanding offshore environments.

Across the company, we're making further progress to simplify how we run the business through effective application of technology. Our enterprise-wide process and data platform transformation, the largest ever undertaken in the industry, reached an important milestone with the successful launch of a new modern workforce enablement system. This significantly simplifies the work processes that underpin our talent management approach and streamlines our payroll processes in more than 50 countries. It provides a single, consistent data foundation on which future system deployments will be built. We deliver this with no business disruption, demonstrating the strength of our centralized core capabilities, fully leveraging our scale advantage. This is the first step of many to make our processes more efficient and effective, ultimately enhancing the experience of our global workforce. This will allow our people to focus their efforts on high-value work, further reinforcing our competitive advantages.

Without the changes we made over the last decade and the focus we've put on leveraging our core advantages, this game-changing enterprise system would not be possible. It is establishing a truly differentiating foundation for long-term competitive advantage. With recent events, the world has been reminded of the critical role and long-term need for reliable, affordable Energy Products. Today, more people recognize that demand for oil and natural gas remains substantial and will continue to play an important role in global economic growth far into the future. This fundamental and the competitive advantages we bring underpin our strategy, our capital allocation decisions, and the long-term success of our company. We are confident in our advantages, the importance of scale and integration, the critical role of technology and execution excellence, and the power of talented people.

We are confident in our continuing transformation and the critical role our company will play in any future scenario. We're confident in our plan to build long-term sustainable earnings and cash flow growth, the basis for long-term growth and shareholder value. Thank you.

Thank you, Darren. Before we move to Q&A, I want to highlight that we plan to publish our 2026 Advancing Climate Solutions report this month, detailing all of our progress on solving the and equation, meeting demand and reducing emissions, as well as our latest sustainability report. All these documents can be found on the investors section of our website. We really encourage you to take a look. With that, let's move to Q&A. Please note that we ask each analyst to limit themselves to one question as a courtesy to others. Operator, we'll ask you to please open the line for our first question.

Thank you. The question-and-answer session will be conducted electronically. If you'd like to ask a question, please do so by pressing the star key followed by the digit one on your telephone. The first question comes from Devin McDermott of Morgan Stanley.

Hey, good morning. Thanks for taking my question.

Darren, good morning. I wanted to try to unpack some of your views on the near and longer-term impacts from the situation in the Middle East. On the near-term side, I was hoping you could talk through your view on the timeline for operations in the region, including your own, to return to normal once the strait reopens. Shifting to the medium and longer term, would just love to hear your perspective on how lasting you expect the market impacts to be across upstream refining and chemicals, and whether you're seeing anything that structurally changes your view of normalized or mid-cycle price at the margins.

Sure. Thank you, Devin. Thanks for the question. Maybe to start, let me just provide, excuse me, some context around how we're looking at what's been playing out here in the market, which will form the foundation for then how we see it continuing to play out.

I think it's obvious to most that if you look at the unprecedented disruption in the world's supply of oil and natural gas, the market hasn't seen the full impact of that yet. You only have to look at the ranges that oil prices have moved at, which are very consistent with, you know, the last 10 years in the history there, versus this historically unprecedented disruption. There's more to come if the strait remains closed. Why haven't we seen those impacts manifest themselves fully in the market yet? I think we all know there was a lot of oil in transit on the water, a lot of inventory on the water that has been deployed in the first month of the conflict.

Strategic petroleum reserves have been released. Commercial inventories have been drawn down. We've seen that play itself off and mitigate the impact as we move through March and then here through April. You get to the kind of the min working levels of inventory on the commercial side, you're gonna lose one of these sources of supply. We anticipate, as that happens and the strait remains closed, that we will continue to see increased prices in the marketplace. The strait opens back up again, it'll take some time for frankly to get back to a stable flow rate that was consistent with what we've historically seen. The ships gotta reposition themselves. We gotta work through the backlog.

Then there's obviously the transit time to get the product to market. We're thinking there's gonna be a 1-2-month time lag between the strait opening up and the market seeing normal flow. Depending on how long this goes, and how far strategic petroleum reserves are drawn, how low commercial inventories go, there will be a period of time where players, markets, governments, countries try to refill and replenish those inventories. That's gonna bring an additional level of demand into the marketplace, which we think is gonna put upward pressure on prices. I would also anticipate that many countries around the world will look at, if they don't have strategic petroleum reserves, start thinking about whether they need those. That may bring some additional demand into the marketplace.

Obviously, people are gonna reassess their energy security and how they ensure that going forward that they don't have the same exposure that many of them have been realized here in the short term. I think all those things, difficult to predict exactly how it plays itself out, but I do think that will have an impact on prices with basically manifesting itself as maybe higher de-demand than we anticipated at the beginning of this year. The final point I would make with respect to longer term implications is kinda depends on where Iran ends up and if the world, how comfortable the world is, what assurances they have that the flows will remain uninterrupted.

Whether or not a risk premium gets put into the market, I think is a question that has yet to be answered. With respect to our own facilities there, I mean, we were obviously first and foremost, as this conflict erupted, very focused on protecting our people and making sure that we kept them safe, which I'm very pleased with how our organization responded to that. As the conflict has gone on and we've done our risk assessments, we've allowed more folks to return to help with our partners and assess the damage. I think once the strait opens back up again, a large part of the capacity that isn't in the market today will come back on in a relatively short period of time.

We'll have to cool down the LNG trains to get that moving again. That'll take a few weeks. I think we'll see that demand or that supply ramp up fairly quickly. Ultimately we'll have to work with QatarEnergy on the two trains that were damaged. That'll be obviously a much longer time horizon with respect to repair. That'll be about 3% of our global production. QatarEnergy came out very early on and said, you know, the repair time will be anywhere between 3 and 5 years. Obviously, we're working to be on the low end of that range. We've got more work to do to fully assess the damage and understand what options we have for repair. Neil, anything to add to that?

Hey, Devin. Maybe another just perspective on the near term. Obviously we've been focused on the external impacts to our upstream production, certainly, you know, what we've seen in the Middle East, but we also had some other external impacts in the quarter. Some impacts in Kazakhstan from drone attacks. It seems like it's been a while, but there was also a fairly significant impact from the winter storm in the Permian back in January. If you exclude all those external impacts, it really highlights the benefit and the value of having a global diverse portfolio. If we take those impacts out, year-over-year, our upstream production was up 8%. That 8% again comes from advantaged assets in the Permian and in Guyana, organic advantaged assets.

Again, it just highlights, yeah, there is a lot of disruption, but having those advantaged assets, that global diverse portfolio allows us to continue to deliver long-term shareholder value.

Appreciate all the thoughts. Thanks, guys.

The next question is from Bob Brackett of Bernstein Research.

Good morning. I'm drawn to your exhibit 5 where you show March 2026 refining margins. Obviously, it's not a full quarter, it's a single month. Can you talk to that opportunity? Maybe inform us how April turned out, and then talk about how you can sort of help balance that market, and what are the opportunities for you in the downstream this year?

Yeah. Thank you, Bob. Good morning. I would just start by saying, you know, one of the advantages we find here in this market and with the pressure on supply and the resulting then increase in refining margins is we're very satisfied that we've never lost focus on making sure that we were building a very robust and advantaged refining network. You'll recall, we started up a very large expansion at our Beaumont refinery in 2023. I think when we first announced that investment in refining, there was a lot of, I guess, questions about whether or not that was gonna play itself out and be a profitable investment. We've now paid that investment off completely.

I think that is just an example of how we never doubted that having an advantaged footprint in a refinery, one that has a diversified product slate, is gonna be critical as we move forward to meet the world demand. We feel really good about where we're at. We've had several investments in high grading the production of the refining. Today we've got a very strong circuit to meet this challenge that's in the marketplace today. If you look at our Gulf Coast refineries, which is the largest footprint we have, it ran at, in the first quarter, at record utilization rates. We've been very focused on reliably, reliability and making sure that the facilities that we have are running at peak production.

We emphasized that, really as we moved into March and saw this disruption coming. We worked it through the refining circuit for units that were in turnarounds and down. The organization expedited that maintenance work to get it back online sooner. For units that we were planning to take down for additional maintenance, we did the assessments to see if we could safely defer those. Really worked hard to try to respond to the demand that was out there. From February to March, we increased refining production by 200,000bbl a day. Just an example of how we were leaning on the organization to try to meet the moment.

On top of that, our supply organization has done a tremendous job at moving barrels all around the world to rebalance the supply that we have with the demand shortages that we see developing across the world. All that continues, and I think that's gonna play out very well for us as we move through April and into the second quarter. I'm extremely pleased that the work that we've historically done over the last 10 years to reshape the organization, you know, this was a real test of that, the changes that we've made. Frankly, it has proven itself to be extremely impactful with respect to our ability to bring the most critical resources, our best talent on some of the hardest problems. Thankfully, we had built our trading organization up to help facilitate these movements.

All that in combination, I think has led to what was a very successful month of March, not just from an earnings standpoint, but obviously from the ability to meet the moment and meet the demand, and that's gonna play itself out going forward.

Yeah. Bob, just to give some context, I know we had some temporary transient impacts in our financial results this quarter with the timing impacts that we disclosed and the identified event. If you take those things aside and you look at that Energy Products segment, you know, we made $2.8 billion in the quarter, up $2 billion compared to last year and a few hundred million compared to the fourth quarter. Again, for all the reasons that Darren talked about, you know, leveraging those world-class assets that we brought online last year, leveraging our trading capability, we've been able to deliver to the bottom line the market environment that we saw in March.

The next question is from Arun Jayaram of JPMorgan.

Yeah, good morning. Thanks for taking my question. I wanted to see if you could elaborate on how you view some of the resource expansion opportunities in Guyana, as well as your initial assessment of the situation in Venezuela.

Yeah, sure. Thanks for the question. I'll start maybe with the latter. If you look at Venezuela, obviously, Venezuela is a huge resource that's now opened up more freely to the world. There are continuing work going on with the industry, with the Trump administration, with the government of Venezuela to get the context of that opportunity shaped so that it represents attractive investment opportunities for the industry and would generate the necessary returns to make the investments in Venezuela. The oil in Venezuela is very heavy and therefore requires a lot of effort to get the production up and get it onto the market.

Doing that in a way that is low cost is gonna be absolutely critical for Venezuela oil to be a, you know, fully contribute to the world balances and to meet the demand that's out there. I would tell you, the work that we've been doing really anchored in our resource up in Canada, in that resource base there, in the work on heavy oil, the technology developments we've been making, I think positions us uniquely in terms of low-cost production of the Venezuela resources when that opportunity, when the context is right and the investment and the returns look promising. I feel positive about what's happening, the opportunity there. More work to do, but I think we'll be uniquely positioned and play an important role in bringing those barrels to market.

More broadly, as you look at the resource opportunity, Guyana continues. We continue to demonstrate outstanding progress with Guyana. We're again at record production and well in excess of the investment basis that we had as we brought those projects online. I would just say that it's a testament to, I'd say, the innovation and ingenuity of the team working that resource and their motivation to continue to find ways to improve and get better. I think that mentality applies itself broadly across the opportunity set. The team is very engaged in working with developing the resources across the block, very focused on developing projects that generate the returns to across the entire resource base.

I think we're gonna continue to see projects come online and opportunities present themselves as we continue to develop that resource. There's still a lot of acreage left to be assessed. I think the opportunity there is significant. I think as we look in the area as a whole beyond Venezuela, you've got the work that we're doing with Trinidad and Tobago, and I think we're gonna see some opportunities there as well with time.

The next question is from Neil Mehta of Goldman Sachs.

Yeah. Thank you, Darren and team. I'd just love your perspective on the Permian. You guys have been very clear about this being a growth engine guiding to 1.8 million barrels a day and eventually getting to 2.5 million barrels a day. Just your perspective in light of the higher commodity price and the need for U.S. barrels, do you expect the Permian to have an activity response from an industry perspective? Does this change the way that you're prosecuting the basin in any way? I know you've had a lot of conversations with the administration. We're getting a lot of questions about the crude export ban and any risks around that. Do you guys feel comfortable around that policy? Thank you.

Thank you, Neil. I think, first, just with respect to what we've been doing in the Permian, I think you all know, you know, we've had the pedal to the metal here from the very beginning. We recognize the importance of that resource in meeting world demand and in particular in establishing the U.S. as the preeminent player and supplier in this market. We've been very focused on that from the very beginning. You can see that in the growth rate that we've achieved in that resource. Obviously, very focused on doing it in a very capital efficient way and ensuring that we have a very low cost of supply. The work that we've been doing on the technology portfolio is showing a lot of promise.

It's hard to see in the data today because we're early stages of deployment, but I would say we remain very, very optimistic that we're gonna continue to see capital efficiency opportunities manifest themselves and recovery opportunities manifest themselves through the deployment of technology. We're gonna continue on the pace that we've been at. I would say we are running pretty full speed, unlike many of our competitors who I think have predicted the plateauing of the resource and the opportunities out there. We have never seen that, don't see it today. Whether the views of that change in the industry, I can't really comment on. Whether they make a decision to maybe run through their inventory more quickly, I can't comment on that.

I don't know how they'd be thinking about it. Ultimately, the record here or the opportunity here is to do things in a more effective way to maximize the recovery of the barrels. Obviously, that's what we're very focused on. With respect to crude export bans, I think you bring up a really good point. I've been very encouraged by the comments made by Secretary Wright and the recognition that something like that would be hugely detrimental to the industry and the supply. I think it's important for politicians to understand that, you know, countries and companies export product when they don't have the demand domestically. I mean, your most profitable barrels are the barrels that you supply to your local market because the transportation cost is the lowest.

I would tell you, I think everyone that's out there looks to that tier first. It's only when you've satisfied the demand of your local markets that you start sending your product and barrels farther afield and incurring the transportation cost. That's what's driving the exports. The world is in price parity, the markets and the prices around the world all reflect a consistent price basis. It really comes down to what are your local opportunities, and when you run through those, you export. If you shut in exports, you shut in production. It's particularly impactful in the U.S. that if you shut that production in, you shut in the associated gas that comes with it.

A huge benefit to the U.S. economy to date has been low cost, low priced natural gas, which feeds our industrial complex, our manufacturing complex. It leads to the economic growth that we've been enjoying in the company, leads to job creation, expansions. A lot of negative implications if we see that happen. I'm extremely pleased that the administration recognizes that and isn't looking to that as a lever to pull, unlike other countries as you move around the world that have started talking and looking at things like that. They are gonna cause a bigger problem for themselves to, in pursuing what feels like a populist action in the short term that has very negative long-term consequences.

The next question is from Betty Jiang of Barclays.

Good morning. Thank you for taking my question. I want to ask about LNG and maybe starting with whether the today's disruptions have changed your long-term view on LNG macro. Given, the tightening supply today, is there any flexibility to lean in on Golden Pass with the first train that's currently on, whether there's ability to increase that utilization and maybe accelerate the timing of future trains? Maybe just an update on the timing of the next two LNG projects as well.

Sure. Good. Thank you for the question, Betty, and good morning. I think, if I, if I reflect on the discussions I've had with all of you over the last year or so, there's been this prediction out there that the LNG market is going long. Of course, a lot of our LNG is tied to crude contracts. The supply demand balances and the impact on pricing in the LNG market is a little different than what we have in the crude markets. We were always constructive on LNG going forward.

What we've seen now is with the offline, the impacts with what's come offline and some of the damaged facilities, that link that people were, I think, talking about over the last year has gone away, and I think we're going to see a tighter market here, certainly in the short to medium term. That, that's helpful in the short term, but as you know, we don't make investment decisions based on, you know, calling a specific supply demand balance and price environment. We tend instead to focus on making sure that the capacity we bring on is advantaged, it's low cost, and will be successful irrespective of the price environment. Golden Pass is obviously one of those assets.

Mozambique, Papua New Guinea, all those are projects that we're developing with a long-term view, and frankly, have been progressing those as on an expeditious manner, you know, as quickly as we can, consistent with capital discipline and efficient project development. We will look for opportunities in the short term, and we'll look for opportunities with our production to see if there's more that we can bring on. I don't see needle moving opportunities simply because in the base case, we were pushing hard to do it in an efficient and as an expeditious manner as possible. With respect to Golden Pass, as you know, we've got Train 1 on and getting product to market. Train 2, we expect to be mechanically complete by the end of this year. Train 3 should be mechanically complete as we head into the second quarter of next year.

The next question is from Doug Leggate of Wolfe Research.

Good morning, everyone. Thank you for taking my question, Darren. Darren, I wonder if I could come back, or maybe it's for Neil, come back to Qatar. You've quantified the volumetric impact, the LNG impact. My question is, your participation in the repairs comes up against, I believe, limited remaining contract length in the two trains you're involved in. How does force majeure impact that decision? Does the contract get extended? Maybe you could walk us through the implications of that. Thanks.

Yeah. thanks, Doug. I would just say, start by saying that the long history that we have in Qatar and the partnership that we have with QatarEnergy is extremely strong and is as strong as it's ever been. We are extremely committed to working with QatarEnergy and helping restore the supply to the marketplace. Having said that, what I would tell you is, we'll do that in a construct that ensures that we generate return on the capital and the money that we put back into that business. I'm not gonna get into the specifics of how that will play out. I would just say, I think QatarEnergy has always recognized that successful partnerships require win-win solutions and opportunities.

I think that's actually been a real strength of QatarEnergy and the work that they've done in the industry. Certainly, it underpins the work that we do with them and the partnership we have is they understand and respect the value and the contribution that we can bring in our partnership, and they recognize the importance of being rewarded for those contributions. I know in the discussions I'll have with Saad and the rest of the leadership of QatarEnergy is that that will continue to be respected, and we'll find a way to do that in a way that's good for QatarEnergy, good for ExxonMobil, and frankly, good for the world in terms of bringing that low-cost supply back into the marketplace.

That's very clear. Thanks, Darren. Appreciate it.

The next question is from Biraj Borkhataria of RBC Capital.

Hi there. Thanks for taking my question. It's a follow-up on your LNG portfolio. You talked at the start of the call about countries thinking about their level of exposure to the region. When I look at the rest of your business, it's fairly diversified. I look at your LNG portfolio relative to peers, and it's obviously much more concentrated, with Qatar being, you know, such a big part of that. Do recent events make you think about wanting to diversify, you know, much more rapidly? I know you're doing a few things outside of that now, but how are you thinking about over the longer term? Thank you.

Thank you, Biraj. I would just tell you that we've always believed, and I think you all will recognize that we have consistently viewed LNG as a business that is gonna be critical for meeting the long-term energy demands of the world far into the future. We've always been bullish on the natural gas and LNG markets. What really has dictated what we pursue in the investments that we're going after is the quality of the opportunities and the returns that we can generate. It hasn't been constrained by anything other than that. This disruption doesn't change the opportunity set that we've been working on or the emphasis that we've had in that particular area.

If you look at the things that are in the pipeline and that we're pursuing, Mozambique and Papua New Guinea and continuing to bring on the rest of Golden Pass, those are all, you know, growing our LNG portfolio, which has been a strategic objective that we had, and it's also diversified with respect to sources of supply, which we think was important with respect to establishing a global network of supply points. That is playing itself out as we speak today. If additional opportunities develop here in the short term that we feel like we can bring advantage to and generate an advantage project with advantage returns, with low cost of supply, competitively positioned in the world supply portfolio, we'll pursue those.

My going in assumption is that those opportunities were already out there, and we've been actively pursuing those. I don't think it's gonna change with respect to what we've seen, certainly in the short term. We'll see what happens in the longer term, but our emphasis remains constant here.

The next question is from Jason Gabelman of TD Cowen.

Yeah. I just wanted. Thanks for taking my questions. I just wanted to first clarify one point going back to Doug's question. If you're self-insured in Qatar like you are on most of your assets or if you have insurance on that. I was hoping you could talk about the opportunity that is potentially available in the UAE if they were to ramp up production towards that 5 million barrels per day once the Strait of Hormuz reopens. You obviously have a very large footprint in that country and wondering if there's spare capacity on your assets. Thanks.

Sure. Thanks for the question. I won't get into the specifics of, you know, our insurance. What I would say is you're right that we have a position where we use a large portion of self-insurance. We also look at third-party insurance where we think it makes economic sense. We take a portfolio approach there. We feel pretty good about the coverage across that portfolio, and frankly, don't see any material impacts with respect to Qatar and what we're, you know, the insurance portfolio and the damage that we've seen there. With respect to UAE, I mean, UAE is a strategic partner for us as well. We have a very long relationship there.

I think, you know, we have worked very productively with ADNOC in establishing an opportunity set to take some of our capability sets and advantages and bring them to bear in terms of unlocking additional capacity in the UAE, we are working towards that ambition. I think we've got a very good relationship with them. We've got very good commercial arrangements with them, and we're actively working to help the UAE meet its ambition of growing production. We'll be a part of that, I'm sure of it. We already are, and I'm obviously looking for opportunities to do more.

The next question is from Manav Gupta of UBS.

Thank you for taking my question. You guys are an expert in developing heavy oil, obviously you talked about Venezuela. One area where you kind of stopped a little growing is Canada. Given everything that's going on in the world and the short supplies, is there a way you and your partner can move that proprietary technology at a faster pace and bring back Aspen or future phases of Canada? When you delayed those projects, there was an egress issue and other issues. Those issues are resolved, I'm wondering if you can restart growth in Canada also. Thank you.

Thank you, Manav. I think you touch on a really important part of the portfolio and the advantages that we have in heavy oil. I would say the, you know, the emphasis that we've had over the last several years working with IOL is to really drive performance improvement in our Kearl assets and making sure that as you look at the global supply curve and the cost of supply and the portfolio around the world that meets that supply, that our Kearl resource is attractively positioned in that supply curve. The team, through IOL and the work in that venture, I think have driven improvement to the point where we see that as being a very competitive source of supply in the world market. That's a function of, I'd say, a lot of things we've been working on.

Technology is certainly a huge piece of that, but also the practices that we bring through our operations organization and the work that we've done to bring things that we've learned through our manufacturing assets into that upstream-dominated environment. I think we've seen huge benefits, a lot lower cost. Today it is a very productive resource, and we continue to make investments, and we see that being, you know, a long-term profitable part of our portfolio. Likewise, in the in-situ Cold Lake, we've got technical opportunities there, and we're frankly progressing those. That was also recognized with the technology work that we've done, that we've lowered that cost of supply to the point that we do think it represents a very attractive opportunity and a low cost of supply.

We're continuing to progress that. That's really what anchored my comments with respect to Venezuela. I think we are uniquely positioned in terms of the global footprint that we have and the ability to go into Venezuela with the right set of circumstances to apply that technology and produce those barrels at a much lower cost of supply than many of our competitors would be capable of doing.

We look forward to, you know, exploring that opportunity and seeing if we can't flesh that out to a point where it develops a, becomes a win-win-win opportunity, a win for ExxonMobil with respect to the returns for the capital, the assurances that we'd have with those returns, a win for the government of Venezuela, and then a win for the Venezuelan people with the economic activity that would obviously come with that.

The next question is from Alastair Syme of Citi.

Yeah, good morning. I wonder if we can come back to that slide five, and you obviously, you know, chemical margins squeezed in March, but wonder if there's been any recovery in April back to those 10-year averages and, you know, how you see sort of your own feedstock availability. I think you referenced, you know, potential for the Energy Products business to have the 3% lower utilization this quarter, but just wondering how specifically that shakes out for the chemical products piece. Thank you.

Yeah, sure. Thank you. The first point I would make on that slide five is, you know, we're representing industry margins there to kind of help you understand what the macro environment is with respect to the quarter and the circumstances that we were operating in. It doesn't reflect our footprint specifically. I would say that we are advantaged versus where the general market is primarily because of all the work that we've been doing to grow performance products and to improve the efficiency, lower the cost of our manufacturing facilities. On top of that, we have a very large base here in the U.S., and as crude prices have risen, our U.S. footprint is primarily gas crackers.

What you see is, the world price being set on liquid crackers, and we have a big feed advantage there. My expectation if world crude prices remain elevated is that chemical margins for a large part of our footprint will be advantaged simply because we have a feed advantage, coming out of the U.S.

I would just, you know, highlight, Darren, that North American advantage extends to our refining footprint as well. Again, this is a view of a global footprint, but more heavily weighted to North America. Again, we benefit from those, from that low-cost energy supply that we have here in North America as well.

The next question is from Jean Ann Salisbury of Bank of America.

Hi, good morning. For the damaged trains in Qatar, can you give any more color about what drives the three versus five-year timing to get those back online? I've read that there's a two to three-year lead time for new cold boxes. Is that right that that's the primary factor? Are there options to speed that up?

Yeah, thank you, Jean Ann. I think, you know, the range obviously is a function of, you know, where we're at in the process of assessing, working with QatarEnergy and assessing the damage, and then working out a plan to address the damage, recognizing, you know, the conflict is ongoing, and we've been very aligned, and I'd say QatarEnergy has been a real leader in this space of making sure that we are very judicious in the steps that we're taking and the deployment of people to make sure that we maintain a level of protection and maintain the safety of our people working there.

Part of the challenges in the early numbers has just been, you know, a lot of the unknown variables we're working through with QatarEnergy around what exactly are our options and what can we do there. I would tell you it's a function of where we're at and the maturity of the work that we've done to date in terms of assessing what we can do. I think in the point that you made around cold box, the cold box being, you know, a critical path in the work there, that is, I think accurate to think of it in those terms.

Exxon Mobil Holdings (XOM) Q1 2026 Earnings Call Transcript

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