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

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Exxon Mobil Holdings

exxon mobil holdings

Good morning, everyone. Welcome to ExxonMobil's third quarter 2025 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, and Kathryn Mikells, Senior Vice President and Chief Financial Officer. This quarter's presentation and pre-recorded remarks are available on the Investors section of our website. They are meant to accompany the third quarter earnings press 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 thanks for joining us. Last December, we reviewed our corporate plan under the theme of "A League of Our Own." The results we've delivered since then continue to support that theme. From the technologies we're deploying to the major projects we're delivering to the structural cost savings we're capturing and the value we're creating, our results are truly in "A League of Their Own." In fact, in the third quarter, we delivered our highest earnings per share compared to other quarters in a similar price environment. Let's start in Guyana, where we're breaking records with production of more than 700,000 barrels per day in the quarter. We brought Yellowtail online four months ahead of schedule. It's our fourth and largest development, with production capacity of 250,000 barrels per day.

Yellowtail was delivered at nearly the same time as previous FPSOs, despite a 70% increase in facility weight from its higher production capacity and improvements in GHG performance. We also sanctioned our seventh development, Hammerhead, which is expected to begin production in 2029. Importantly, we're making a positive and growing local impact. Guyanese now make up over two-thirds of the country's oil and gas workforce, more than 6,000 people, with more than 2,000 local businesses engaged. In the Permian Basin, another advantaged asset, we set yet another production record of nearly 1.7 million oil-equivalent barrels per day. We also acquired more than 80,000 net high-quality acres in the Midland Basin from Sinicon Petroleum. The transaction provides control of drilling locations and opportunities to further deploy our technology to drive greater returns.

It's another example of bringing our portfolio advantages to an acquisition, ensuring that 1+1=3 or more. In addition, during the quarter, multiple third parties published reports validating the benefits of our lightweight proppant. Last December, we shared how we're using low-cost refinery coke as a proppant that penetrates deeper into fracs. This improves access and flow, which increases well recoveries by up to 20%. Wood Mackenzie reported that our proprietary proppant is delivering significant improvements in resource recovery, supporting our own results. They acknowledged that our upstream integration with refining operations creates a strategic advantage that's difficult for others to replicate. That lightweight proppant is just one of many innovations we're developing to maximize upstream recoveries and grow the value of our unconventional business.

This year, we expect about a quarter of our wells will use our new patented proppant and roughly 50% of new wells by the end of 2026. This, along with our cube development pipeline of new technologies and deep inventory of quality acreage, is why our Permian production continues to grow well into the next decade. This is an important point as it clearly differentiates us from our competitors who are talking about reduced investments, peak production, or a shift to harvest mode. In our corporate plan update in December, we'll share more on our Permian success and how it's strengthening the value proposition of our broader portfolio. New-to-the-world technologies are also playing a critical role, albeit on a slightly longer time frame, in our product solutions business. We're making solid progress with new products based on our Proxima systems. This year, we're tripling production capacity.

At the same time, we're continuing to demonstrate significant value in use. With our Proxima-based rebar, we've demonstrated a 40% improvement in installation efficiency compared to steel. We've also introduced a new one-coat solution for marine cargo tanks that replaces the standard three-coat process. This cuts coating time in half, speeds up return to service, and delivers significant cost savings. These performance gains are helping us penetrate large established markets and key segments, where we're building the foundation of a strong pipeline of opportunities. We've had significant interest in our Proxima battery enclosures from tier one auto OEM suppliers, based on the fast production speed and light weighting provided by our product. In 2026, we have the opportunity to demonstrate the superior subsea insulation and installation characteristics of our Proxima products in the oil and gas sector on our own Hammerhead FPSO.

Our rebar infrastructure opportunities are expected to yield approximately 20,000 tons of sales by 2027. Through our signed MOUs with Masdar and Goel Steel, investments in Proxima-based rebar manufacturing facilities will grow over the next two years. This will allow us to scale quickly into these fast-growing markets. In Singapore, we successfully started up our resid upgrade project and are converting low-value fuel oil into high-value lubricant products and diesel using a proprietary catalyst at scale. Project utilization is currently around 80%, ramping to full capacity by year-end, with our new-to-the-world base stock on-grade and delivered to customers. We've also progressed the development of our revolutionary battery anode graphite that can deliver breakthrough improvements in battery performance. Early feedback from leading auto OEMs and battery producers has been promising.

Their testing shows the batteries can be charged 30% faster, provide a 30% increase in effective range, and last up to four times longer. This quarter, we also announced the acquisition of key assets from Superior Graphite, a leader in the graphite and specialty carbon market. Working with their team and incorporating their proprietary technology, we will develop and scale a differentiated graphitization process that is higher throughput, 50% more energy efficient, and significantly lower cost than available industry alternatives today. We also commissioned our newest supercomputer, Discovery six. Developed with Hewlett Packard Enterprise and NVIDIA, delivering a step change in exploration and seismic processing. This is the world's 17th most powerful computer. Seismic processing that used to take months now takes just weeks.

It is already having an impact in Guyana, enabling more than $1 billion in potential value capture from increased resource recovery at our first six FPSOs in the Stabroek block. Our longstanding focus on and investment in technical innovation is paying dividends. When coupled with the capabilities we've developed in execution excellence, we deliver results that others can't match. You've seen it this year with our global projects organization and the eight key startups we've highlighted to date, which includes some of the industry's largest and most complex projects. Our Proxima systems expansion and Golden Pass LNG project both remain on track for startup around year-end, completing the last two of our 10 key 2025 startups. Together, these 10 projects establish an important foundation to our 2030 earnings and cash flow growth plans.

They're expected to drive more than $3 billion in earnings contributions next year at constant prices and margin. Before closing, I want to briefly touch on a new tool we introduced in the quarter to make it easier for our retail shareholders to support their company and vote their shares. In September, we introduced a first-of-its-kind, free opt-in voting program for our millions of retail shareholders. Typically, only about a quarter of them, who own almost 40% of the company, vote at our annual meetings. We think shareholder participation should be the norm, not the exception. Our program, approved by the U.S. Securities and Exchange Commission, allows participants who choose to opt in to have their shares automatically voted to support management's recommendations. The program is completely optional, and participants can easily change their votes or opt out at any time.

Since implementing it, we've been very encouraged by the positive feedback we've received, especially from other companies looking to replicate the program and make it easier for the voices of their retail shareholders to be heard. This is just one more example of the work we are doing to grow shareholder benefits and value. Stepping back, looking at the quarter and reflecting on the year-to-date results, we feel good about the progress we're making. We're delivering on all the challenging commitments we made, consistent with our track record since the pandemic and setting the pace for industry. We're deploying innovative technologies that are delivering new-to-the-world approaches, processes, and products that drive industry unique value. We're transforming how and where we work to improve our effectiveness and deliver structural cost reductions that exceed all of our competition.

We're defining the industry benchmark in project execution for schedule and cost on an unmatched number of projects. Most importantly, we're strengthening our competitive advantages and, frankly, all aspects of our business to deliver earnings and cash flow growth now and far into the future. Looking forward, I'm confident we will remain in a league of our own. With that, we're happy to answer your questions.

Thank you, Darren. Before we move to Q&A, I have a quick announcement to share. Please mark your calendar for our annual corporate plan update, a virtual event this year, for Tuesday, December 9 at 9:00 A.M. Central Time. With that, we'll move to Q&A. Please note that we ask each analyst to limit themselves to one question as a courtesy to others. Operator, 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 Neil Mehta of Goldman Sachs.

Yeah, good morning, Darren, and good morning, team. I just want to pick up on the capital spend point. You are indicating that you're going to be below the range this year. Of course, we'll get a little more color on December 9th about how you're thinking about 2026. Could you talk about the moving pieces? Is it about capturing deflation? Is it about deferring investment, particularly around some of the low-carbon solutions? How should we be thinking about the drivers of that?

Sure. Good morning, Neil. Thanks for calling in. I may take you back to the corporate plan presentation we gave last December where we talked about our CapEx spend. We broke it down between the base and then some of the things that we were pursuing where we had to develop the markets, had to develop the sales, we're looking at policy coming in place. We indicated at the time that that capital would move depending on what we saw in the market and how those markets developed. That's exactly what we're seeing as we've gone forward in some of these new ventures, particularly low-carbon solution portfolio. Market's not developing as fast as we had planned for, and we are pacing the spend in that as consistent with what we talked about.

You know, from my perspective, it's much easier to plan on doing something and then pull back than it is to not plan on something and then try to rush into it. We feel really good about where we're at with that and continue to watch. We'll continue to pace the market as it develops and as we see the demand for some of those products grow. The other point I would just make is we provide that range going out in time, and that reflects really the uncertainty around exactly when all the projects in our portfolio get FID'd or get, you know, as they progress. When exactly those things happen are hard to call far into the future. We give ourselves, we recognize that variability and make sure that we encompass that in the range that we provide.

I would expect as we go forward, you'll see some of that movement just frankly because you can't predict exactly when that capital spend will happen as you're executing a project. We feel good about where we're at. We feel good about where that underrun is coming from. I would also say we're getting a really good productivity on the capital we're spending in the Permian as well, which is a benefit.

All I would add to that is obviously we had an acquisition, actually a couple of acquisitions this quarter in total, $2.4 billion. When we gave that guidance that we expect to be a bit below the low end of the $27 to $29 billion cash CapEx, that's excluding those M&A transactions. We obviously don't plan for those transactions, which is why we excluded them.

The next question is from Devin McDermott of Morgan Stanley.

Hey, good morning. Thanks for taking my question.

Good morning. I wanted to dive into the Permian a bit more. Its record production results in the quarter. You also raised the guide for the full year. I was hoping you could unpack the drivers for us a little bit more. Are we already seeing some outperformance as a result of your advanced proppant rollout? Have there been other changes you've made to development or spacing? How does this all impact how you're thinking about the capital and activity requirements to achieve your multi-year growth targets?

Yeah, thanks, Devin. I would say if you look at what we're doing in the Permian and the innovation that's occurring with that organization, it is hard to predict the improvements when you're planning ahead of time. What the team is constantly doing is looking for how they can improve and evaluating what they've been doing, then making changes on the fly. We've been testing a whole pipeline of potential technology options that will unlock resource, lower our capital cost, and we're seeing improvements across the range of those technologies as we implement them. We feel really good about the productivity of what we're seeing in the Permian. I feel really good about what the team is looking at to grow the production. When we talk to you in December with the plan, you'll see that every year, we're looking to kind of build that improvement into the plan outlook.

It's not any one single thing. It is a function of a lot of hard work by the team, a lot of innovation, and the technology organization continuing to bring good ideas into the field that is resulting in better production, more effective capital deployment.

Look forward to learning more in December. Thanks.

The next question is from Arun Jayaram of JPMorgan Chase & Co.

Yeah, good morning. I had a little bit of a bigger picture question. ExxonMobil recently published its global outlook through 2050, and it includes around 5% oil growth, 20% gas growth, and a doubling of LNG demand called over the next 25 years. I was wondering if you could talk about how this outlook informs your strategy and how should we think about, you know, where the puck will go in terms of future organic or inorganic opportunities for the company?

Yeah, thanks for the question, Arun. With respect to the first part of your question, the global outlook is the foundation on which we think about our strategy and then build our plans. Obviously, it's difficult to predict with precision how things are going to move, particularly in the short term. Longer term, we focus on the fundamentals: where the economic growth is happening, to what level it's happening, how technology is developing, what policies are being put in place, and then try to synthesize all that into an outlook. We have been doing that for as long as I can remember in this company. It doesn't change a whole lot year to year, but it does form the foundation of how we think about things.

You may recall back during the pandemic when people were extrapolating from a very unusual market condition, we remained focused on what our long-term outlook was telling us and continued to make investments when a lot of other people pulled back during that time. That has proven to be the right approach as time moved on. We think about it in those terms. The growth in LNG is what underpins our continued interest in finding low-cost, advantaged LNG production, the recognition of economies growing and people's livelihoods improving, and the energy demand required to facilitate that underpins continued growth in oil and gas. We continue to look for cost-advantaged oil production as well.

I think people often forget that there is a depletion rate here, and if you aren't continuing to invest and find new resources, your supply will rapidly decline, particularly given the role that unconventional production now plays in the global supply. That depletes a lot quicker. Therefore, the depletion curve is a lot steeper. The industry has to bring more barrels on to just stand still. All of that goes into our thinking in terms of what's needed from an investment standpoint and really keeps our focus on the medium to long term rather than the very short term.

The next question is from Doug Leggett of Wolfe Research.

Thank you. Good morning, Darren. I listened to you talk about in a class of your own, and I think about all the growth you've had in free cash flow and the reduction in the dividend break-even. Yet your dividend growth rate remains quite pedestrian. Frankly, I think that's probably holding back market recognition of value. I wonder if you can address that. At what point do you think the free cash flow expansion translates to a more competitive, let's say, versus a broader market dividend growth rate?

Yeah, I'm happy to take that question, Doug. You know, we look at our overall dividend growth rate, and we constantly think about sustainability, right? We think about competitiveness, we think about growth. When we measure it on those three pretty important qualitative factors, we feel pretty happy with where we've ended up. Interestingly, I would tell you, as we speak to investors, we tend to get positive commentary about our dividend growth rate, about our overall approach to dividend growth, and about our overall approach to not just dividend growth, but obviously to a more consistent program with regard to share buybacks as well. We look at the dividend growth rate over a long period of time. We look at it both relative to IOC competitors. We look at it relative to general S&P. We look at it relative to industrials.

When we measure it against those criteria, I would say we come up with an answer that says we feel like we're in a pretty good place. Generally speaking, we get positive commentary from investors on our approach with regard to our dividend growth rate.

Yeah, I would add to that, Doug, that we're very mindful of the commitment we have on our dividend and the context in which that commitment will play out over the years as you move through commodity cycles. We think it pays to be confident with what we're doing and thinking through where the cycles are going. We all know the prices are going to go up and we know they're going to go down. Making sure that we build a business that can reliably deliver across any price environment is a critical part of how we think about the things that we do in the company.

And the last thing I would say is we now have 43 consecutive years of annual dividend growth. That puts us in a category of less than 5% of S&P 500 companies. I'd say that's a track record we're quite proud of.

The next question is from Bob Brackett of Bernstein Research.

Good morning. I'd like to talk a bit about Superior Graphite. I'm curious what exactly you acquired from them. Was it their facilities in the U.S. and Europe or more technology? I'm also curious how tightly integrated would that be into your existing refining petrochemical strategy. I'll tack on what do you think that total addressable market might be?

Yeah, thank you, Bob. Appreciate the question. You know, we talked about now for some time the work we've been doing from a technology standpoint, leveraging our capabilities to manipulate and transform molecules to make products that the world needs and to address gaps and grow value. One of those, that piece of work was around what can we do with carbon molecules, particularly given the drive, the necessary drive to reduce emissions and the CO2 out of the atmosphere that leads to more and more carbon. We saw a trend of a cheap feedstock that's growing and what can we make out of it. Our technologists have come up with a unique carbon molecule that we see the opportunity to graphitize and then put into batteries as anodes.

As I said in my comments, the work that we've done with our pilot plants have led to or demonstrated significant, really step-change improvements in lithium-ion batteries, 30% faster charging, 30% more range, and then extends the battery lifecycle by four times the current technology. We see it as a huge opportunity. The TAM on that could be up to $40 billion. That's, in our mind, a market worth going after. One of the challenges beyond designing the molecule is the graphitization process. If you look at what the industry norm is in that space, it is a very, very old technology that dates back to the 1800s and takes close to a month, frankly, to develop the product. We said we've got to bring that into current times. We're looking for a technology that really leveraged our process technology capabilities.

Superior Graphite had a technology and some assets that working with them, we could adapt to this. We think fundamentally revolutionizes making this material for the battery market. That's the approach. We purchased the key assets, have the right technology rights to those assets, and we'll be working with the folks to convert that technology, grow it at scale so we can begin to produce anode material at a much higher rate at a much lower cost, and really, really importantly, outcompete the Chinese. This market is dominated by the Chinese. We're very cognizant of anything that we do here for the long run has to be on the very low end of the cost of supply curve. This technology is going to help us achieve that.

The next question is from Sam Margolin of Wells Fargo.

Sam, do we have you? Operator, maybe we should come back to Sam.

I'm here. Okay. Sorry about that. Thanks for taking the question. Sorry.

I wanted to ask about the organic or the inorganic strategy a little bit. It seems like it's accommodated kind of by two factors. The first is capital efficiency in the business, and the second is the balance sheet, which is, you know, leading among peers. The question is, you know, given all these tailwinds in the business and in the capital structure, do you feel like you can step up in organic activity even more now, and set the table for additional opportunities beyond what's in your pipeline today?

Yeah, thanks, Sam. If you go back in time when we first started talking about our strategy, it was very much focused on our core competitive advantages and strengthening those advantages and growing them. That, in my mind, not only allowed us to improve and drive profitability in our base business, but it opened up the opportunity for inorganic transactions that took advantage where we could take advantage of those core competencies, leverage them in an acquisition, and bring more value than either company could do on its own. That's kind of the foundation of the one plus one equals three, which we've been talking about for quite some time.

I think the Pioneer acquisition is a great example of that, where we brought in a very good organization, very good people, very good assets, combined them with our good people, our assets, and technology, and together we're doing more than either company could have before. That drive and our efforts to find those opportunities do not ebb and flow with the commodity price cycle. It is a constant force. I made that point in the second quarter. I make it here in the third quarter. We are, as we develop these and grow our technology capabilities, our project capabilities, really all the advantages that we bring to the business, looking at how we can leverage those to grow more value organically and inorganically. It's just a function of continuing to look for and find those opportunities. It's a constant, I'd say, focus of ours.

It's really a question of what are the opportunities that present themselves. That'll happen over time. We don't have a specific plan for when things show up, but it's this constant effort, which I think any good company with the advantages that we have would be very focused on.

Just the thing I would add to that, we look at a lot of things, a lot of things, as you would expect us to. We transact on very few things because they have to meet our criteria. As we said, one plus one has to equal more than three, right? We've got to bring advantages to the table, scale, integration, unrivaled technology, things that are going to create synergies that are going to allow transactions to really generate strong returns. I think Pioneer is a great example of that. You should expect that we would look at a lot of things, but we transact on very few, and it's the ones where we have a high degree of confidence that we can earn very good returns.

I think bottom line in that is we buy value, not volume. I think that differentiates us from many in the industry. If we can't see the path to very high returns on transactions, we won't pursue them.

The next question is from Paul Cheng of Scotiabank.

Good morning. Darren and Kathy, I'm just curious that, I mean, you just have a rung of cost, maybe headcount reduction. I'm trying to understand that. You've been doing a lot of different projects. I mean, you're probably doing far more than any of your peers at this point. Should we assume that at this moment you are pretty running up against your organizational capability in the moment, or that you think your ability to even increase the pace of investment is just a function of opportunity set, but not limited by your capability? Thank you.

Yeah, thank you, Paul. To your point about the reductions that you referenced, that was really the next step in a continuum of work we've been pursuing for some time now. We've worked really hard at transforming the how of what we do, and that has led to much improved effectiveness, and it's also led to the efficiencies that we've been racking up. If you look, since 2019, when we started this work on the strategy, implementing the strategy, we're over $14 billion of structural cost reductions. That's on average about $2.5 billion of structural cost reductions every year. My expectation is we'll see something similar to that this year. Frankly, going forward, we continue to see additional opportunities to become more effective and through that then get more efficient.

The ability in terms of the capability we've got now is limited by the opportunity set because of the high criteria that we put on it and the insistence that the projects that we bring in are advantaged versus industry on the low end of the cost of supply curve. It's resilient and delivers robust returns across every part of the commodity cycle. That criteria set tends to narrow the pipeline down pretty quickly as we're looking at things. To date, we haven't hit that limit. I would also tell you that as we continue to learn, sharpen our pencils, the opportunity set that we see across our technology organizations, our project organization, we think there's still untapped opportunity sets to get even better in that space. We're not at a limit yet. Frankly, I don't see a limit. Maybe one day we'll get there.

When you combine the high hurdle you have to clear in order to get into the portfolio with the existing capability set that we've got, I feel pretty good about the ability to execute. I would point to what we did this year as probably the best example of that. The 10 projects we've been talking about, the eight of them that we've delivered to date, if you look in total, the gross capital associated with those 10 projects is on the order of $50 billion. I don't think there's a company in our industry at any point in history that has successfully delivered that many projects in the timeframe that we're doing. I think that's just a great example of what we're capable of.

Like I said, we've got a lot of ideas in the hopper in terms of how we can improve the technical aspects of what we're doing along with the execution aspects.

That's great. I suppose that that's why you just bought the Discovery six. That's part of that, improving your maybe capability and efficiency going forward.

Absolutely. I mean, that's, I think I said the 17th most powerful computer in the world. If you look at the data that we have to process, if you look at the opportunities that we have, it's allowing us to do things in weeks that used to take us months and months. It just speeds that cycle up.

If you just look at what we're doing and driving efficiencies, it is unmatched across the industry. I mean, you look at just what we put up this quarter, $14.3 billion now in structural cost savings compared to 2019. Our track record in this regard, I think, is bar none. We see more opportunity there.

The next question is from Biraj Borkhataria with RBC.

Hi, thanks for taking my question. I wanted to ask about Mozambique and the onshore development. There were some reports suggesting you were targeting FID in the first quarter of 2026, but then I read there was a meeting with the government which was then deferred. Could you just talk about where you are with that project, maybe the security situation, and whether an FID in early 2026 is likely? Thank you.

Yeah, sure. I would say where we're at with Mozambique right now is in a very good place. We've got very strong relationships with the government there. We've got a really good project concept working our way through that. The security situation there has improved dramatically. I think Total just lifted their force majeure. We're looking at and are in the process of trying to do the same. I would say that project is now moving ahead, and we feel really good about that, as does the government of Guyana. We're working very closely with Total on that. I think it's in a really good place. The press reports that you're reading, I would just say you can't read everything that you believe or infer anything that you take from that.

Just this week, we had the president and his team here on the campus and took them through what we're doing here and showed them some of our capabilities. It was a really productive session. I think both of us got a lot out of it.

The next question is from Ryan Todd of Piper Sandler.

Thanks. Maybe one on exploration. You've been, I think, increasingly active on this front in recent years. Can you talk about opportunities on the horizon over the next 12-24 months and how, if at all, you believe your approach to exploration may have changed relative to maybe times in the past?

Yeah, sure. Maybe just put exploration in the context. I think, you know, when we talk about what we're trying to do in the upstream and grow production in the context of the depletion rate that we see, it is a huge challenge. We've been very focused on what we see as the three key levers of filling the hole created by depletion and at the same time growing that, which is, you know, for the things that you have, you got to squeeze more juice out of it. A lot of the work we've been doing around for the fields and the resources that we're currently developing, how do we get more effective at producing more resources from those fields? That's driven a lot by the project's organization, our technology organization, and the hard work of our operations teams.

You got to grow your advantages so that you can take it, you know, you can buy things and take advantage of the inorganic opportunities that we just talked about. One of the reasons why, as Kathy said, we're constantly looking at a lot of opportunities is we recognize if we can take our advantages and create unique value through an inorganic opportunity, that's really important. It helps us, again, fill this challenge of the depletion curve. The final point is you got to find new things that you can develop. That's always been a part of the equation for addressing the challenges of the upstream. What we've been very, very focused on is really narrowing what we're doing in the exploration to make sure that things that we're looking for and going after have the opportunity to be material, be commercially attractive, compete in our portfolios. We focus that.

I think we put a lot of effort in how we interpret the seismic and what we can do there. We feel pretty good about the opportunity set that we've got. We feel pretty good about the technology that we're going to bring into that space. I would also tell you that, you know, it starts with getting the opportunity to go look at things. We've still got to demonstrate and translate that into results and success in terms of finding things.

We'll take our next question from Betty Zhang with Barclays.

Good morning. Thank you for taking my question. Darren, Google just recently signed a power contract with a gas power plant and carbon capture. It's really great to see developments on that front. Wondering how your conversation is evolving. I know ExxonMobil has consistently talked about you're only interested in power from a molecule's perspective, but just given how quickly that power demand is growing and just how quickly that scale is growing as well, curious if there's any appetite to start offering maybe traditional power first and then adding on carbon capture capabilities later on.

Thank you, Betty. It is an area where there's a lot of interest and activity. We're very, very engaged with most of the hyperscalers on the opportunity set. As you pointed out, we're very focused on the carbon capture side, the carbon abated power side of the equation. The fact that power is growing and there's a lot of opportunities there doesn't translate into a value proposition unless you can bring a unique advantage to that space. Frankly, that's not the business that we're in. It is very much around providing decarbonized natural gas to power stations and then capturing the carbon and the emissions on the back end of that so that we can offer low carbon data centers where more than 90% of the emissions are captured and abated. That's the value proposition that we're pursuing. There's a lot of interest in that space.

We are also working with independent power producers to work with them to provide the electron side of the equation while we provide the molecule side of the equation. I think we got out ahead of this. Frankly, as this started to break, we secured locations. We've got the existing infrastructure. We certainly have the know-how in terms of the technology, in terms of capturing, transporting, and storing it. We're in a pretty good place right now. We're pretty advanced in the conversations. I'm hopeful that many of these hyperscalers are sincere when they talk about the desire to decarbonize, have low emission facilities because certainly in the near to medium term, we're probably the only realistic game in town to accomplish that. I think we can do it pretty effectively. We can partner with these folks to continue that, to grow that, frankly, over time. That's where we stand.

I'm optimistic at this point, but we're early in the game. We'll see what gets translated into actual contracts and then into construction.

I'm hopeful as well. Thank you very much for the color.

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

Good morning. I wanted to go back to the province. As you referenced in your prepared remarks, the first 12-18 month well results have started to come out, the Wood Mackenzie study. The results have been really positive. As you've been able to get more data this year, is there any other granularity you can share on where you think you're able to improve recovery the most, like for example, gasier zones, oilier zones, deeper zones, etc.? Is there anything you can comment on how you see the strength of your patent or other barriers to entry keeping others from copying it?

Sure. I think, you know, to come back to the proppant itself. Remember what we're doing here is, as you get the fracs, finding ways to get proppant deeper, you know, deeper penetration into those cracks. It's really a function of, I'd say, the rock and the properties of the rock and the ability to flow the material that has made this as successful as it is. I would also tell you that we're continuing to optimize and fine-tune that. I don't know that we're at the, we're certainly not at the end of the learning curve with that. I hope to see continued improvements in that space. I would also tell you that it is just one of a number of technologies that we are pursuing along that whole production process to try to improve recoveries, lower our capital, and the pipeline's pretty promising.

We're going to hopefully give you a perspective on that in December when we talk about the plan going forward. I would think about the lightweight proppant as just one of a number of levers that we're pursuing. We feel good about what we see there. We think there's additional potential. I would also say that we see other technologies that will work in conjunction with those and be additive with respect to the recovery. You remember I challenged our technology organization to double recovery. At the time we did that, we didn't have a path or a line of sight to how we would do it. We just recognized, given how early we were in the technology cycle, there should be opportunities there, and our job was to go find them.

Exxon Mobil Holdings (XOM) Q3 2025 Earnings Call Transcript

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