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.

Fortune Global 500

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.

Fortune 500

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.

America's Most Innovative Companies

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.

Q2 2025

Q1 2025

Q4 2024

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

legacy

Exxon Mobil

exxon mobil

Good morning, everyone. Welcome to ExxonMobil's second quarter twenty twenty five earnings call. Today's call is being recorded. We appreciate you joining us. I'm Jim Chapman, vice president, treasurer and investor relations, and I'm joined by Darren Woods, Chairman and Chief Executive Officer.

Kathy Michaels, our Senior Vice President and CFO, is not on the call today as she's recovering from a planned medical procedure. We wish her a speedy recovery. This quarter's presentation and prerecorded remarks are available on the Investors section of our website. They're meant to accompany the second quarter earnings press release, which is posted in the same location. During today's presentation, we'll make forward looking comments, including discussions of 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. Note that we also provided supplemental information at the end of our earnings slides which are also posted on the website. And now, I'll turn it over to Darren for opening remarks.

Good morning and thank you for joining us. This quarter once again proved the value of our strategy and our competitive advantages. They continue to deliver for our shareholders no matter the market conditions or geopolitical developments. We built our strategy to take maximum advantage of ExxonMobil's uniquely diversified business across multiple markets and products. Products that exist today and new products that our groundbreaking technology will enable for the future.

In our upstream business, we achieved the highest second quarter production since the merger of Exxon and Mobile more than twenty five years ago. But it's not just about the volume. We're growing production from assets that deliver the most value. More than half of our oil and natural gas production comes from high return advantaged assets. We expect that number to climb to more than 60% by the end of the decade.

One of our most important advantaged assets is Guyana, where we recently marked the ten year anniversary of our first oil discovery. With nearly 11,000,000,000 barrels of resource, it's industry's biggest oil discovery in the past fifteen years. We have three major developments online producing roughly 650,000 gross barrels per day in total, considerably above our investment basis. Our fourth development and the largest to date, Yellowtail, is next in line and anticipated to achieve first oil next week, delivered four months ahead of schedule and under budget. By 02/1930, we expect to have total production capacity of 1,700,000 oil equivalent barrels per day from eight developments.

The success of these projects has established Guyana as the world's fastest growing economy. It's also one of the reasons I believe the Guyana development will prove to be one of the most successful deepwater developments of all time. Regarding the recent arbitration decision, I admit the ruling was a surprise. We were highly confident in our position and so was CNOOC. This dispute was about protecting our contractual rights, The sanctity of contracts among governments, investors, and co ventures is critical for the upstream industry.

Without it, confidence in the large capital investments is undermined. Having co written the contract with Shell, we understood its intent and believe the contractual language conveyed it. Unfortunately, the tribunal interpreted it differently. While disappointed, we respect the process and the ruling. As we move forward, I hope our investors take comfort in the length we will go to in protecting the value our employees create for the company and our shareholders.

With respect to the continuing development of Guyana, the arbitrator's decision changes nothing for us, and we welcome Chevron to the Staproek Block. Moving to the Permian Basin. During the quarter, we produced roughly 1,600,000 oil equivalent barrels per day, which was another record for us. Nowhere is our emphasis on technology and innovation paying off more clearly and immediately than in the Permian, where we have the largest inventory of tier one acreage. Last year, we increased the total resource from 16,000,000,000 to 18,000,000,000 oil equivalent barrels with the successful development of new technologies.

Our team is making great progress on my challenge to double recovery from the industry average of roughly 7%. We continue to make progress on the deployment of lightweight proppant, a patented material made at very low cost with petroleum coke from our refineries. It is proving to be more effective at keeping fractures open, allowing us to extract more oil and gas from each well. On a 10,000 lateral foot equivalent basis, we've deployed this in over 100 Permian wells and are seeing improved recoveries up to 20%. That's up five percentage points from what we announced last December.

By year end, we expect deployments to reach roughly 150 more wells. We're also leveraging our advantage of contiguous acreage to drill four mile laterals without losing any productivity. Others are drilling wells half that length at far greater cost, resulting in much lower capital efficiency. So while some operators in the Permian are talking about peak production, our current plan is to grow Permian production from about 1,600,000 oil equivalent barrels to 2,300,000 by 02/1930. And with the deep portfolio of technologies we're developing, we have the industry unique opportunity to drive capital efficient, high return growth well beyond that.

Turning to our Product Solutions project startups, we're continuing to ramp up operations at the China Chemical Complex. This facility supplies China's growing domestic market, the largest in the world, with high value, consumer oriented chemical products used in household appliances, hygiene products and safe food packaging. We're also starting up our Singapore resid upgrade project, deploying new to the world technology that converts the lowest value molecules at the bottom of the barrel into some of the highest value products we offer. With this new technology, we've introduced a new lubricant base stock, which we've sold out and have essentially sold out the incremental 20,000 barrels per day of production. We've started up our Folly hydrofinder project in The UK, converting high sulfur gas oil exports to domestic ultra low sulfur diesel cells.

We're now producing renewable diesel at Strathcona in Canada for the first time. This is a key part of our lower emissions fuel strategy, growing production where policy and economics are supportive of cost effectively reducing the carbon intensity of essential products. Lastly, we expanded operations at our new Proxima Systems blending facility in Texas, a critical step to more than tripling production capacity this year. We also signed an MOU with a leading building materials and construction company based in The Middle East to manufacture and distribute rebar made with Proxima. These are important steps in establishing this new business.

In total, our 2025 project startups are expected to drive more than $3,000,000,000 of earnings in 2026 at constant prices and margin. This goes a long way towards derisking our plans to achieve 2030 by 02/1930. That's $20,000,000,000 of additional earnings and $30,000,000,000 of cash flow versus 2024 on a constant price and margin basis. In our low carbon solutions business, our first third party carbon capture and storage project is now in operation. The project uses our CO2 transport and storage network, the world's only large scale system, to store up to 2,000,000 metric tons of CO2 per year that otherwise would have been emitted to the atmosphere.

We also recently announced our seventh CCS customer contract. This brings total third party CO2 off take to nearly 10,000,000 metric tons per year. In addition, the US Environmental Protection Agency issued the draft class six permit for our Rose CO2 storage facility in Texas. We expect Rose to be the first of many storage sites linked to our CO2 transport pipeline. Turning to the status of our Baytown hydrogen plant, the world's largest low carbon hydrogen project, we've seen mixed progress.

As we've said, this is a complicated project that requires simultaneous development of supply, demand, and policy. We were disappointed that under the recently approved 45 v tax credit, timing for start up of construction was shortened from 2033 to the 2028. While our project can meet this timeline, we're concerned about the development of a broader market, which is critical to transition from government incentives. If we can't see an eventual path to a market driven business, we won't move forward with the project. We're now working to determine if the combination of 45Q and a shortened 45V will provide the support needed to catalyze a broader low carbon hydrogen market.

Beyond that, we're working to translate heads of agreements into firm sales contracts, including exports of ammonia to Asia and Europe and domestic hydrogen cells. We knew that helping to establish a brand new product and a brand new market, initially driven by government policy, would not be easy or advance in a straight line. It's why we focused on low carbon opportunities aligned with our existing capabilities and advantages. Our strategy provides optionality and flexibility, which is critically important in this dynamic and often uncertain world. I'm pleased to see that it's working.

We're strengthening and extending advantages our competitors can't match with a focused portfolio of advantaged assets operated to the highest standards, world class execution of large scale, high return projects, captured cost savings that exceed all other IOCs combined since 2019, and driving superior earnings and cash flow growth potential, irrespective of the market environment or geopolitical uncertainty. It's why we believe and, more importantly, are demonstrating that we are in a league of our own. Thank you, and we're happy to answer your questions.

Alright. Thank you, Darren. Before we move to Q and A, I want to highlight that we will be publishing our annual global outlook later this month that, as normally as usual, contains our latest views on global energy demand and supply through 02/1950, which forms the basis of our business planning. So with that, we can move to Q and A. As a reminder, we ask each participant to keep it to one question.

And operator, we'll ask you to please open the line for the first question.

Thank you. The question and answer session will be conducted electronically. The first question comes from Devin McDermott of Morgan Stanley.

So a lot of good stuff to dive into in the release, but I actually wanted to ask Darren about some comments you recently made in an interview around M and A. I'm paraphrasing a bit, but just talking about seeing opportunities and working to bring some of that to fruition. Let me just unpack that a bit. If you think about your portfolio, you have a really strong organic opportunity ahead and I imagine that creates a very high bar. And at the same time, you've also talked a lot about the technology you bring to bear, like the uplift highlighting in the release on the Permian.

And that may be able to create value and assets that others can't. So when you put these factors together, high bar, differentiated technology, differentiated scale, how does that influence your thoughts on further acquisitions and M and A for Exxon? Are there asset types or regions where you see the biggest opportunity?

Yes. Good morning, Devin, and thanks for the question. I think you're touching on frankly what is the core of our strategy here, which was to focus on building a unique set of capabilities and competitive advantages that we can then leverage to grow organic value importantly, which is what we've been very focused on, as you know, but also use those advantages and apply them to other opportunities inorganically to grow and create value and create more value than frankly the combination of two entities would normally give. So it's kind of the one plus one has to equal three or more, which we've talked about for some time. We saw that play out, I think, and are continuing to see it play out with the Pioneer acquisition where we're making really good progress at growing the synergies.

We started off with 2,000,000,000 We announced we're up to $3,000,000,000 per year on average over the next ten years. My expectation as we go into the corporate plan discussion at the end of this year is that we'll update that number even further. So very, very pleased with what we're seeing there. And that opens us up to looking at additional opportunities to do the same thing where we stay very focused on value deals. We're not really interested in buying volumes.

We're interested in building value and building volumes. And that's what we've been doing in Pioneer and what we look for in other opportunities. If you look at Pioneer, the advantages that we brought there was a leading technology and scale. We also in that transaction took advantage of accretive talent acquisition and leadership acquisition. So we're not looking at G and A is one part of the equation.

But as you know, with Pioneer, was a very small part. Our expectation is that would be true as we go forward. We're not looking to buy companies and then strip all the people out of them. Instead, we're looking to buy companies with talented folks where we learn from them and they learn from us. So that's a really important part of our acquisition strategy.

And I guess the other example to point to in terms of that integration and taking advantage of the talent and leadership, the former CEO of Pioneer is now running all of our Permian business. So contributing at a very high level. And then frankly, we got to have the right cultural fit as you bring folks into the organization, an intense focus on safety and environmental care, a focus on efficiency and performance. And then the quality and commitment of people. We've often talked about in our company, we have averaged 10 of thirty years.

We like companies where their employees are committed to the company and the work that they're doing. So those are the things that we're looking for. I would argue that we've got a fairly high standards in looking at opportunities. But I think it's what's required to really build the volumevalue proposition rather than just a consolidation of volume. But as I said in the interview, we think there are opportunities out there and across all of our sectors frankly, not just in the upstream, but across all the areas that we do business.

We have a very active activity set where we're looking at opportunities. And that's really what I meant in my comments is we're continuing to keep a really close eye on the waterfront, see where the opportunities are, do a good job of understanding what that unique value creation opportunity looks like and then see if we can find something that we can then eventually land. But that's an ongoing and long term process. So that's the process that we're in today and we feel pretty good about that.

Makes a lot of sense. Thanks for the thoughts, Darren.

The next question is from Neil Mehta of Goldman Sachs.

Yes. Thanks, Darren, the comments. I want to drill down on Slide seven, where you provide some new disclosure about the Permian production potential. There's been a lot that's been said about peak Permian production across the basin. Do you have a different view given your technology upside?

Certainly, it seems like you do for your portfolio. And in that context, on the back of Devin's question about M and A, is it logical to think that this is the right space for you to be the consolidator in?

Yes. Thank you, Neil. And your first part of the question is, are we different, have a different view? And I think the answer to that is absolutely yes. You may recall from very early days when we came into the unconventional space, the challenge at the time that I kind of put into a baseball analogy was we're a long ball hitter.

Everybody in the unconventional space is playing a short game. What's long ball look like in unconventional? And that led us into the cube development discussions that we've talked about in the past that initially were, I think, discounted but now have become the industry standard. And it led to the challenge of given how early we are in the technical development of unconventional resources to really push hard on the technology envelope. And I a stretch target of doubling that recovery frankly as a starting point because as we all know, the recovery levels are fairly low compared to other resource types.

And that's our technology organization and the changes that we've made have resulted in a very promising portfolio of technologies that we see some significant potential. And are early in the stages of deploying those and getting results. We talked about on that slide the fact that the lightweight proppant that we shared with all of you in December that we're actually seeing better results than we had even talked about then, 20% improvement in recoveries. That's just one of many in the portfolio that we're continuing to deploy. And we've gotten very aggressive at getting enough of the technology development done and then quickly deploying it to see empirically what are the results that we get as we continue in parallel to develop that.

So that work, the early evidence that we're seeing, which frankly from an external standpoint will be very difficult to see given the size of our business there and how early we are in these deployments. But that has led us to have growing confidence that the projections that we have past 2030 is an upward vector and will continue to grow. And frankly, we're still and I would tell you the technology organization is very committed to delivering on doubling recovery, if not more. And I think that's going to be within our grasp at some point in the future. Not there today, but I really like the work that the team is doing and the fact that they now own that challenge.

So your point then is given that unique capabilities, does that create opportunities for the one plus one equals three? And I say it absolutely does. I think it is a function of finding the right resource base, the base, the acreage that we can deploy that technology on. And then these other criteria that I just went through with Devon. And that's, I think a huge opportunity for us.

We've also got unique technology that we're deploying in the lubricants business. We've also got unique in the chemical business. And so as you go across the portfolio, our technology organization is frankly driving developments across our whole portfolio of businesses. That will lead to better performance in our base case assets and then potentially open up different types of opportunities for inorganic acquisitions. The

next question is from Doug Leggate of Wolfe Research.

Good morning, everyone. Thank you for taking my questions. Good morning, Darren.

I hate to beat on the Permian, but I'm going to ask the question again, but a little differently. Slide seven suggests you have a twenty year inventory. I'm not quite sure what the definition of that is. Is it today's production or is it the 2.3 I mean, in terms of sustaining the 2.3 by 02/1930, and of course, the hours up into the right. My question is this, obviously, you're on a treadmill in the Permian and it's going to be 40% of your production and you basically are a dividend company.

So you're way it seems to us at least that you're pushing the company towards or skewing the company towards higher decline, higher sustaining capital and presumably shrinking inventory life as you grow the production, which is a big part of the free cash presumably contributing to your dividend. So how do you think about that risk profile putting that much of a high decline asset into a long term dividend visibility anchor to your stock?

Well, I think, Doug, that the way we think about it is this is just one part of a big portfolio. We've always been faced in the upstream with the challenge of depletion and finding barrels to replace the depletion rate in the production that we bring online. And so that's not a new challenge for the company. We don't think the best way of addressing that challenge is by inventorying value. Our view is you got to strike the right balance between frankly the pace at which we develop this is balanced with the progress we're making in technical developments and making sure that we give ourselves the time to develop the technology to improve the capital efficiency and the cost to bring more on.

So my perspective is that we're going to see continued improvements and one, our ability to the capital that we have to spend to access the resource and then two, the recovery that we're getting with that capital. And so I think you're extrapolating from, I'd say a paradigm of today. Our view is the paradigm of the future will be different. But on top of that, it's you're going to open up new space with these technologies that as we just talked about provide inorganic opportunities. That's a critical aspect of this.

We're going to open up new space where other types of resource around the world will benefit from the technologies that we're tapping into. And so it all comes back fundamentally to focusing on core capabilities, growing that capability and then applying it to opportunities so that we continue to grow the business. And our expectation and the challenge that we've given all of our businesses continued cash flow and earnings growth. And I would couple those two things. It's not good enough to grow cash flow without the earnings.

That to me says you're just spending too much for the cash. So we our plans that we're putting together, the ones that we'll talk to you about in December and the ones that we're building beyond 2030 are going to drive towards this earnings and cash flow growth well into the future, explicitly comprehending the development plans that we have here in the Permian. The twenty years of inventory that is basically the number of wells we're bringing on every year, wells to sales. So how we think about that.

The next question is from Steve Richardson of Evercore ISI.

Hi, good morning. Darren, I was wondering if you could talk a little bit about some of the downstream projects. Obviously, you've had great success bringing on a number of these major projects this year. But I was wondering if you could talk maybe about lessons learned, Strathcona in Singapore. And then if you could also talk a little bit about maybe some of your future growth ambitions in refinery in refining. How do you think about the next wave of opportunities?

And are they as fruitful as what the last five years has proven in the downstream specifically?

Sure. I appreciate the question. It is we've had, I would tell you, extremely good success in bringing up these large product solution projects. In fact, if you go back in time, historically before we formed a centralized projects organization, we had very mixed results across the portfolio of bringing large projects online. It was a function of the fact that we had distributed capabilities and weren't always bringing the best skill set and capability set to some of our hardest challenges with the projects organization that we've put in place. And then with the way we've reshaped the business and the venture organizations that we put in there, there is tremendous we've had tremendous success in building these projects at very basically leading capital efficiency. And amazingly have brought these projects on in less time with less challenges than we've ever done in our history. And so I'm extremely proud of how the organization has brought some of these on.

The China chemical complex is by far one of the largest, most complicated grassroots startups we've done for decades. And we brought that up in record time and got onto production very, very quickly. I'm really proud to say, I just found out this morning that the Singapore resid upgrade project just produced on spec base stock, which if you remember that is taking resid bottom of barrel and converting it to lubricant base stocks, which has never been done before. Brand new to the world technology at a huge scale, very complicated process and organization has successfully brought all that online and got on great here. So really proud of what they're doing and what we're seeing in all these is the opportunity to take very low value molecules, convert them into high value molecules and do it in facilities where we take advantage of the existing utilities and equipment that we already have there.

So very low cost of capital, incremental cost of capital. That's I would just say is the formula going forward. And so my expectation is we look we've been concentrating our refinery in manufacturing footprint down to the facilities where we feel like we've got these integrated capability sets that are making a variety of high value products. I would count on seeing us continue to find opportunities to shift the production make in those refineries and move them up the value curve, dispose of the lower value products and bring in the higher value products. My expectation is that's where you'll see our investments in the refining.

And I would tell you that the organization today is got some very developed plans and thinking through what some of those might step, what some of those next steps might be. So our view is we need to get these up and running and lined out and running successfully for some time. But we are thinking about what comes next and then after that. We've also got opportunities in biofuels and using these facilities to as the demand for that or as regulation demands it begin to shift feeds and produce more biofuels with lower emissions. We've got more opportunities to recycle plastics.

So there's just a lot of things we can do with these facilities. And it's been we broke the paradigm of thinking about these as transportation fuels or purely chemical manufacturing facilities and just have started thinking about them as a manufacturing facility with deployed technology and what can we do and what can we make with these things. And my expectation is we'll continue to develop new products of higher value. I think the lessons learned is the project organization was a damn good idea and is delivering. And we've really allowed by taking responsibility off the organization.

We've allowed the businesses and the operations to focus on making sure we can bring these facilities up smoothly and quickly and get on grade quickly. And frankly, that seems to be working very, very well. So, we don't have a lot of scabs to pick at in that area right now.

The next question is from Betty Jiang of Barclays.

Good morning. Thank you for taking my question. May be pivoting a bit to the low carbon businesses. It's interesting to see the contrast from the big beautiful bill that between the rollback in the hydrogen incentive, but arguably enhancement in the carbon capture incentive. Just curious on your thoughts on how do you see the low carbon business opportunity set and CapEx evolving versus what was laid out in the December Analyst Day?

And specifically on CCS, that 10,000,000 ton per annum is no small feat. So as the credit now is putting carbon utilization and sequestration at parity, does that further open up the opportunity set for projects? Thanks.

Yes. Good morning, Betty. So I think the way we're you recall when we talked about the CapEx that we had this base level of CapEx. We had the early stage, some of these major projects that were very early stage thinking. We kind of broke that level out.

And then we had this policy new business broken out. And the intent there was to really reflect frankly, the challenge of predicting the technology developments that we're putting into some of those projects, but then also the pace at which demand would pick up, the pace at which policy would evolve. And so a lot of uncertainty in how we mapped out that CapEx. And so we put it in that separate bucket so that all of you would know that while we've got plans in place, they've got a lot more variables than maybe some of our traditional businesses and so a lot more uncertainty. That I would say on the carbon capture side of the equation, we've made great progress.

The team has got a lot of additional opportunities in sight. I wouldn't say it's changed dramatically with the additional incentive or the parity. Our plans in the base case were to sequester them. So, bringing up the EOR piece of the equation doesn't materially change the plans that we had in place there. But I think really good continued progress and a lot of interest in that space.

And of course, we're very advantaged with this large scale end to end transportation system and storage system. I think the good news is the administration is really helping with permitting. We're anxious to get the Rose permit in place and then we'll have continue to add more sites, particularly as states get primacy. So I think that business feels like it's in a good place and is on the front end of a growing demand profile for a technology and a carbon reduction opportunity that frankly in the portfolio what could be done is some of the lowest cost in the country. So we feel good about that.

So I expect that will the spending that we had in that profile will it was an aggressive pace in the plan and I expect we'll continue on that and aren't looking at a lot of big changes there. The blue hydrogen one, which is obviously a very large spend, that's a more challenge as I said in my prepared remarks, not only from the fact that they've shortened the time to develop the industry, but it's a product that's got an alternative in the market today. And so cost and the cost of production and the cost and the price of the product is a big variable with respect to buyers. And many buyers are working their way through that number. And I would tell you today that's we haven't landed that we haven't FID ed it and we're not going to until we've got secured off takers so that we have a lot of confidence in the returns that we're gonna generate.

And so that one, we may say slip versus the original timing. It's a little early to tell, but that's I think it's certainly a strong possibility. And then I'd say to finish up on carbon capture piece of the equation, low carbon data centers, as you all know, huge appetite in that space. We're uniquely positioned that if the hyperscalers want low carbon power and they want it in an expeditious timeframe, we're really the only available option today. And so, we'll see how that plays out.

I think there is some talk now of maybe gas first, unabated gas and then ultimately decarbonization later. So that may end up slipping as well. We'll have to see how that piece of it matures. But the good news is we've got a proposition that's available for the market and are working with all the serious players there looking at building data centers. And then finally, would just say on the lithium side of the equation, we're continuing to work the lithium technology piece of the equation, very focused on getting that cost down and making sure that when we bring that on to market that from a cost of supply standpoint, we are very competitive, including competing with the Chinese and that works going on that may take longer than we had anticipated just to get our costs down.

So that's how that portfolio is shaping up. But again, would just emphasize, we recognize that when we talked about it as part of the plan and the reason why we broke that capital out. So you could see the less certainty in that spend profile. Everything still, I think we still see good value propositions there. But as I said in my prepared remarks, these things don't all move in a straight line.

And so my suspicions we'll see some of that moving around a little bit. Too early to tell exactly what that looks like, but as we update that, and when we get into the plan update in December, I would expect to give you some more details on that.

The next question is from Paul Cheng of Scotiabank.

Darren, excellent has always been a great technology company. And in your prepared remarks, you're talking about how the $18,000,000,000 of the cost saving target by 2030 and new technology may able to bring in more opportunity and beyond that. So from that standpoint, I mean, two of the biggest rapidly advanced technologies, AI and robotics. And so can you help us understand that we have the biggest opportunity for Exxon in those two areas and how it will change your workflow processes or your ability? I mean, are you be able to do things that you previously would not be able to do?

And that how much is the potential incremental benefit cost synergy or efficiency gain beyond what you already built in into your current target that you could see potentially that is out there? And why that you think Exxon is better than other in the oil industry be able to when they take advantage of that? Thank you.

Yes. Thank you, Paul. Well, you've touched on obviously a very topical technology subject. And frankly, the way that we've reorganized has really put us in a great position to take advantage of that new technology with a centralized technology organization and an organization that has information technology married with the other traditional forms of technology. There's very close collaboration amongst that whole group.

We're taking a very consistent approach across technology vectors as we think about them across the whole company. One thing that we're doing, I think that differentiates us and will give us an advantage in this space is a corporate wide ERP solution, where historically our company had very fragmented systems across the different businesses that we'd have established over the years. We have been in the process of converting all that into a corporate wide ERP system, coming up with a consistent data architecture. So, we will have a platform that makes all of our data across the entire corporation and all of our historical data basically available for use and AI type applications. So, I think we're going to have a systems construct that is very much aligned with what AI needs to truly make a difference at a corporate level.

And I think we're going to have access to a data set of data that is far beyond what any other company industry has access to. So I think those will be two enduring advantages that will help us take advantage of the technology to find new and better ways of doing things. I will tell you that in this space, it's very early on the technology curve. We've spent a lot of time talking about how best to in this early stage where resources are limited, prioritize the work that we're doing in AI. We have taken we have put the cost efficiency side as a second priority.

We understand it's an important one and it will deliver value. But we think a bigger value lever is frankly on the effectiveness side of the equation. So we're looking better at how we can take advantage of AI to frankly make the products that we make at much lower cost and with much better performance parameters, find oil cheaper, you can just kind of go through the list of things that we do to produce the products that we make. We think they're coupled with this data that I talked about huge opportunities to approve upon that. That will be the first order of business.

Obviously, we implement these things, we're finding efficiencies, but I would tell you in the first stage of this, the efficiencies we find is to free our people up from doing a lot of lower value work and allow them to focus on higher value work. So we can bring more value to the bottom line. And that's kind of where we're at in that journey. But we recognize it will be an evolution. We're at the early stage of that evolution.

We're being very thoughtful about how we approach this and we're doing it on a corporate wide basis so that we're making sure that we take those limited resources and put them on the highest value opportunity set. Thanks for the question.

The next question is from Biraj Borkhataria with RBC.

Hi, thanks for taking my question. Just a quick one on the corporate cost guidance. Just noticed over the last few quarters, it's been creeping up with the 2025 run rate looks like it's about double twenty twenty four levels. So just if you could help me understand what is driving that increase and how we should think about it into 2026, that would be really helpful.

Yes, Biraj, it's Jim. Thanks for the question. That the expense line you're referring to is driven, I think, largely in 2025 by the very large slate of new projects we have coming online, which, as Darren has just walked through, is very much on track, on schedule and on budget. The additional item there would be in DD and A, where, of course, this year versus last, we would expect a higher level of non cash DD and A given the full year of Pioneer in our numbers and given the growth in our production volume and the very same new projects. So I think to the extent going into 2026, we will revisit that as part of our corporate plan in the fourth quarter.

But to the extent additional new projects, which would be more marginal next year compared to this and increased production, which will drive that DD and A, we'd expect continued increase in line with our activity set and production level. That said, an offset to our expenses is always our success in continuing on our path of realizing structural cost savings. This year to date, we've added $1,400,000,000 to that total. We expect to continue that to get to our $18,000,000,000 target by 2030 off of 2019 basis. And we see that as effective in offsetting some of the increased expense levels, which is largely activity driven.

Yes, I would add to that. If you look at the in 2019, our cash OpEx and look at where we're at today, ex energy cost and ex production taxes, we're actually still lower than we were in 2019 on our operating expenses. So we've offset all the inflation and all the growth that we put into the business with the savings that we've been driving here since that time. So I'm not sure anybody else could give you the same track record that we've delivered in that space.

Thank you, both. I'll follow-up offline. Thanks.

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

Hi, good morning. Since Liberation Day, there has been a massive influx of interest in U. S. LNG contracting and it looks like many more U. S.

Projects may move forward versus initially anticipated. Do you view this as a structural shift in the market? And does it affect, I guess, either your interest in getting into more U. S. LNG or the timeline for your pre FID international LNG projects?

Yes. Good morning, Jean Ann. The short answer is no. I think the way I kind of think about this is the tariffs and one, frankly, the countries that sign up are going to sign up for energy that meets the demand for their economies. And unless the tariff agreements result in a step change in economic activity, the demand is out there around the world is going to be driven by the fundamental base economy and economic activity.

And so this is the way I'm thinking about it is just how does that demand get met and from what sources of supply does it come. And so I'm not sure that and we've seen all the details of it. So haven't done all the math here, but my initial reaction is what we're going to do is see trade flows maybe change, but ultimately the world's round and there's still a level of demand that has to be met and there's still the sources of supply that can meet it. So I don't know that it changes the rate or pace of how much new supply comes on given the demand that's out there. For us in particular, we tend to contract up the sales for the capacity that we're bringing on.

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