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.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

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 fourth 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. This quarter's presentation and prerecorded remarks are available on the investors section of our website. They are meant to accompany the fourth 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 thank you for joining us. In 2018, we set out to transform ExxonMobil to fully leverage our unique competitive advantages. The results we share today demonstrate the significant progress we've made. We've built a higher return, lower cost, technology-led company, one that delivers superior results across market cycles. Our strategy, our advantages, and the structural value we're creating puts us in a league of our own. 2025 was a year of exceptional execution and technology-driven differentiation. We continued to deliver strong safety and reliability performance, reflecting the commitment and operating discipline of our workforce. We've already achieved our 2030 emission reduction plans for GHG emissions and flaring intensity. As of 2025, we've reduced our corporate GHG intensity by more than 20%, reduced upstream GHG intensity by more than 40%, and reduced corporate flaring intensity by more than 60%.

We expect to reach our 2030 methane intensity reductions by the end of this year. Upstream production averaged 4.7 million oil equivalent barrels per day, with unit earnings more than double those in 2019 on a constant price basis. We successfully delivered all 10 key 2025 projects, further strengthening our portfolio and positioning us for long-term profitable growth. We continue to high-grade the portfolio by maintaining our disciplined approach. That approach, the same as it's been since we rolled out our strategy, increases investments in an advantage portfolio, divests non-strategic assets, and significantly lowers cost. Bottom line, we're improving our mix and structurally reshaping the business. The results are clear: industry-leading earnings power, stronger cash flow potential, and more profitable barrels and products. In the upstream, production from advantage assets, including the Permian, Guyana, and LNG, continues to grow.

These assets have lower cost of supply, lower emissions intensity, and higher returns. We expect them to make up roughly 65% of total production by 2030. In  Product Solutions , we're strengthening the portfolio with advantage project startups and high-value product growth, transforming lower-value molecules into higher-value products. These projects are expected to drive meaningful earnings growth through 2030, with 60% coming from assets already online. We're delivering consistent, ratable, organic growth, anchored by our advantaged assets and projects that are expanding earnings power over time. Our fourth quarter and full year 2025 financial results reaffirm that our transformation is driving improved earnings power across a broad range of metrics. Over the past five years, our annualized shareholder return of 29% has led the industry, supported by $150 billion of distributions to shareholders during that period.

Earnings, cash flow, and return on capital employed remain among the strongest in the sector, with higher upstream earnings per barrel and structurally higher returns. We continued to increase our structural cost savings in 2025, significantly outpacing competitors. In fact, our captured savings is greater than all other IOC savings combined over the same period. These improvements continue to deliver industry-leading earnings and cash flow, even in periods of lower commodity prices. Our industry-leading balance sheet, structurally lower breakevens, and level of short-cycle investments give us unmatched flexibility through the cycle. During the year, we completed $20 billion in share repurchases, retiring shares equivalent to one-third of those issued during the Pioneer transaction, significantly reducing the dilutive impacts of the acquisition. Let me turn to two of our most advantaged growth engines, Guyana and the Permian, which both continue to set records.

In Guyana, we continue to deliver results never before seen in our industry and have set new standards for operational excellence. Our most recent project, Yellowtail, came online ahead of schedule, raising gross production in the fourth quarter to roughly 875,000 barrels per day. Altogether, our first four FPSOs are now producing 100,000 barrels a day above the investment basis, reflecting operational performance to date and the value of this advantaged asset. Turning to the Permian, we delivered a new production record in the fourth quarter, 1.8 million oil equivalent barrels per day, driving the highest annual company production in over 40 years at 4.7 million oil equivalent barrels per day. Technology deployment continues to be our primary focus, with lightweight proppant deployed during 2025 in roughly 25% of wells.

We expect that number to reach 50% of new wells by the end of this year. With more than 40 stackable technologies in various stages of testing and deployment, we expect to continue growing production at lower capital cost far into the future. Simply put, there is no near-term peak Permian for us. Our growth trajectory remains robust, and we expect to exceed 2.5 million oil equivalent barrels a day beyond 2030. The role of technology and growing value can be seen across all of our businesses. For instance, Proxxima Systems continues to scale. We've more than tripled capacity this year, with growing opportunities across rebar, coatings, automotive, and oil and gas applications. Our Proxxima-based rebar delivers a 40% improvement in installation efficiency versus steel and delivers superior strength, lightness, and corrosion resistance.

We recently leveraged Proxxima-based rebar to build the foundation for a new overpass at our Kearl site after our technology team in India worked with our upstream team to qualify it in a heavy industrial application. In carbon materials, our advanced battery anode graphite program is showing exceptional performance, delivering 30% faster charging, up to 3% higher available capacity, and up to 4 times the battery life. In Singapore, our Resid upgrade project demonstrated full capacity performance, validating proprietary catalyst technology to convert low-value fuel oil into higher-value lubricants and diesel. Our carbon capture network continues to advance. We made progress on the Rouge permit, brought our first third-party CCS project online, capable of storing up to 2 million tons per year, and secured our seventh CCS contract. Taken together, these projects represent approximately 9 million tons per year of sequestered CO2.

As you've heard me say before, execution excellence remains a hallmark of ExxonMobil. We commenced startup activities for all 10 key projects, meeting our 2025 goal. These included Golden Pass, LNG, and the Proxima Systems expansion. This was a record year for us in project startups, and each will play an important role in further strengthening our global portfolio and supporting long-term shareholder value. On average, our global projects organization executes about three times as many mega projects as the nearest competitor. They do this at up to 20% lower cost and 20% faster delivery schedules than the industry average. This is a testament to our disciplined approach and organizational expertise. Our transformed company will continue to build on this success in 2026, with higher structural earnings power, stronger mix, lower break evens, and a portfolio designed to perform across commodity cycles.

Our strategy is working, and the benefits are evident in operating performance, cash generation, and shareholder returns. We're capturing more value from every barrel and molecule we produce and building growth platforms with scale. We're focused on high-margin, technology-differentiated markets, where our integration, process expertise, and global footprint give us a durable material competitive advantage. Our capital priorities remain consistent and disciplined: invest in competitively advantaged opportunities, maintain financial strength, and return surplus cash to shareholders. We're maintaining a measured pace of share repurchases, subject to reasonable market conditions, while preserving flexibility to invest through the cycle. Underpinning all of this is a new enterprise-wide process and data platform that is changing how the company operates, with redesigned end-to-end processes and connected data, transactions, and decision-making across every business, geography, and function.

It will enable us to learn and act faster and better leverage our scale, accelerate the adoption of artificial intelligence, and integrate new solutions. It's already delivering results with much more to come. 2025 again demonstrated that the advantages we've built, the capabilities we've developed, and the performance we're delivering is creating industry-leading value for our shareholders today and far into the future.

Thank you, Darren. Before we move to Q&A, I have a few quick announcements to share. First, on February 2, we're launching a new individual investor-oriented page, which can be found within the main investor section of the ExxonMobil website. Our individual investors make up nearly 40% of our shareholder base, and this new site caters directly to their needs. And then on February 20, we'll be releasing a refreshed version of our company overview presentation. Both of these can be found on the investor section of our website, and we encourage you to take a look. With that, we'll move to our Q&A session. Please note that we ask each analyst to limit themselves to one question as a courtesy to others. And 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 Devin McDermott of Morgan Stanley.

Hey, good morning. First, Kathy, I just wanted to wish you all, all the best and thank you for your help and positive contributions to Exxon in your time as CFO. And, you know, Neil, look forward to working with you again in your new role. My question, I wanted to ask actually about Guyana, Darren, one of the two key growth engines on upstream that you mentioned. You know, the exploration license on the Stabroek Block is set to expire in the back half of 2027, but you've also had a large portion of the position under force majeure that sits in waters that have been disputed by Venezuela.

I'd love to hear your latest thinking on the exploration strategy leading up to that scheduled expiry on the legacy position, and then your view on the opportunity set for this force majeure area. Could it qualify for an extension, and what are some of the milestones to getting to work on evaluating the resource potential?

Yeah, sure. Good morning, Devin, and thanks for the question. I think what you see us doing in Guyana is continuing in the areas that we do have seismic and have been developing, continue to take what we're learning through the wells that we're drilling in our development program to identify additional targets and drill. And we still think there's opportunity in that space to explore in the block that we can currently access. And then, of course, as we roll forward and have to relinquish pieces of the block, we do that based on, I think, a very well-informed understanding of the geology and the opportunity sets. The portion of the block that's under force majeure as a result of the border dispute remains there.

And I think, you know, from my perspective, one of the unlocks with respect to that region will be the ruling that comes out of the International Court of Justice. That's, you know, the process that Guyana has been going through with Venezuela to align on, you know, the border to resolve the border dispute. So I think that'll be a critical milestone. Obviously, with the developments in Venezuela, perhaps we'll see an opportunity with less naval patrols. That'll make it a little more friendly environment. So we'll see how that goes. But we've got plenty of work ahead of us here in the short term, and in longer term, we'll get into that additional acreage and see what the opportunity looks like. We're pretty optimistic.

I think one of the advantages of force majeure is it, you know, pauses the clock, and so we will have an opportunity to do what we need to do in that portion of the block when it's available to us.

The next question comes from Neil Mehta of Goldman Sachs.

Yeah, I'd just like to echo Devin's comments. Kathy, thank you for everything, and enjoyed the partnership. And, Neil, welcome as well. And, I'd like to focus my comments on the Permian. Looked like a very good fourth quarter, Darren. You exited around 1.8 million barrels a day. Your guide for this year is 1.8 million barrels a day. If you look at the volume cadence over the course of the year, do you see upside potential to it? And just talk about the lightweight proppant opportunity that you continue to see and deploy out in the field, and is that manifesting itself in potential upside to numbers? Thank you.

Sure. Thank you, Neil. Appreciate the question. I—the one, I guess, point I'd start with is, I guess I'd caution extrapolating, you know, a quarter result to an annual result. If you look at the annual production that we had in the Permian, that was a significant improvement year-on-year, and we expect to see that significant improvement going into 2026 versus 2025 on an annual basis. And I think what you saw in the fourth quarter demonstrates that capability. But we've always said, you know, the quarters are a little lumpy as we bring on cubes and the timing of as those cubes come on.

So we're still feel pretty good about the developments that we've got there and pretty good about the plan that we've laid out and the volumes that we've communicated to all of you through the plan updates. With respect to the technology, I would tell you we just had a review of this, the other day with the technology group. A lot of enthusiasm for what we're seeing. I would tell you nothing, everything basically points to, if anything, greater promise. Obviously, we've got to demonstrate that in the field. We've been deploying that, pretty consistently, as I mentioned in my prepared remarks. We're gonna continue to do that.

There are other technologies that, as we've talked to you about, as part of the corporate plan update, that frankly, hold a lot of potential as well, and we're beginning to kind of feather those in. And so, you know, the challenge will be, the time it takes to develop the cubes. And that's one point I would make, is we're not changing our approach of, maximizing, ultimate recovery, and so we're still very focused on bringing these technologies, to bear in our cube design, focused on maximum recovery and doing it at a lower cost. And so doing the cubes, doing that, those designs, and then, drilling those and bringing them on, takes longer for us to see the results, but ultimately gives us much better results. And so that continues to happen.

I think as we get through this year, we're gonna begin to see a lot of these, some of the additional technologies that we're bringing to bear kind of manifest themselves in our results. I feel, again, pretty optimistic that they're gonna deliver some very promising results as we move forward. Frankly, from what we've seen today, on a conservative basis, that takes us well beyond 2030 with our production.

And I'd just add, Neil, if you look at the annual numbers in the Permian, we expect to be up about 200,000 kboe/d, kind of year-over-year. Again, that's not gonna be necessarily what you see each and every quarter. And then on lightweight proppant, you know, this year, about 25% of our wells had lightweight proppant. By the time we get to the end of next year, at that point, when we're drilling, we should see about 50% of our wells having lightweight proppant. So, you know, a very good performance in terms of just increasing the lightweight proppant in new wells going forward, and we'll see that benefit, as Darren said, over time.

The next question comes from Doug Leggate of Wolfe Research.

Thanks. Good morning, everybody, and I'll add my best wishes to both the outgoing and incoming CFO. Good luck, Kathy. I hope you feel better.

My question is not about the dividend, Kathy. You'll be delighted to know-

I'm shocked, Doug. You're not taking one last crack at it.

No, not at all. Neil will have to pick that baton up from here. But Darren, I do have a question about what's not in the portfolio through 2030. And I'm thinking specifically about last August, I think it was, you signed an MOU in Libya. We're seeing improved PSC terms in Iraq, and there's speculation you guys are potentially reentering there. And then, of course, there's the question over what it would take for you to reenter Venezuela. So I wonder if you could address what's not in the plan through 2030 that could surprise on the upside?

Yeah. Thank you, Doug. And you're right, there are some of these markets that have a significant potential with respect to resources, and the challenge going back in time has historically been accessing those resources with the right kind of fiscal regime and the right kind of, call it legal infrastructure or investment guarantees, a number of those things that have made it difficult to enter with the confidence that we need to compensate for the risk associated with what we do in the business of developing these resources. That, I think, over time, has begun to evolve.

The recognition that many of these resources have their challenges, are difficult to develop, and they need capabilities that don't exist within the country, and frankly, lends itself directly to the work that we've been doing to really differentiate ExxonMobil from our competitors based on this intense focus of driving competitive advantage, driving our developments in technology, driving project execution and development, and more recently, the work that we've done to consolidate all of our operations so that we operate with executional excellence. And so I think those things begin to provide an advantage that not only accrue to the company, but accrue to these resource owners.

You know, the faster that we bring on the production, the lower cost that we bring that production on, and using the technology to higher the recovery rates, all directly go to the, you know, the resource owner and the benefit of the resource owners. That advantage, I think, is being recognized today, and as a result, we're getting an opportunity to look at a number of these locations and start working with them to see if we can't come to a contractual arrangement with the right kind of fiscals that reward us for the benefits we bring and reward the resource owners with a higher value proposition. I'm pretty confident that we're gonna make some progress that today is not in the plan for some of the areas that you've referenced.

So I do think there'll be some upside out there, but as you know, Doug, these things tend to take some time, and as we develop them and we get more surety around some of those things, we'll obviously bring those into the plan and talk to all of you about that when it gets to a point that we've got the confidence to start baking them into the plans. But I do think the work we've been doing to strengthen our capabilities is gonna have a huge payout with respect to that.

Darren, if I may, at the White House, you said Venezuela was uninvestable, but you might be prepared to put a technical team in country. Has any of that happened?

Yeah. So what I would say is, you know, what I said at the White House was, given the current fiscal structures in place, legal, that you couldn't invest, but that there was opportunities to address that, and I did feel like the Trump administration is committed to doing that. In fact, if you look at what they're currently focused on, it's stabilizing the country, kickstarting the economy, and then ultimately transitioning into a more representative democratically elected government. I think those are the right objectives that the government's working on for the benefit of Venezuela and the Venezuelan people. You know, Venezuela's got those challenges that I mentioned, which I believe with time will get addressed.

The other challenge with Venezuela is, you know, those barrels are high-cost barrels, and so you need a capability to bring that to market with the right kind of technology to get low-cost supply out there. Frankly, we have that. With the work that we've done up in Canada and the technology organizations focus on developing heavy oil resources, we think we bring an advantaged approach that will lead to lower cost production, higher recovery, and therefore, more economic barrels onto the marketplace. So that's, I think, the opportunity set for us that will play out maybe over time.

With respect to the team, I offered up, given the challenges, to send a team there to, you know, do the assessment and to offer up our perspective and what we found to the administration to help them in their decision-making as they lay out the policy. We're still committed to doing that.

The next question comes from Bob Brackett of Bernstein Research.

Good morning, and a bit of a follow-on to Doug's question. The underpinning of your upstream production growth are these advantaged assets, namely Guyana, the Permian, and LNG. As you think... And you basically have a fairly clear line of sight into the 2030s. You all tend to think even longer than that. So as you think about refreshing the upstream portfolio even further out, is there a requirement that assets you add to the portfolio have to be, quote, unquote, "advantaged assets," or will you soften that requirement? And I have a brief follow-up.

Yeah. So maybe the way I would characterize it slightly differently, Bob, is the advantaged assets are the advantage derives from what we bring to the development of those assets, not necessarily in the resource itself. And so, you know, my challenge and the way we make these investments advantaged is by bringing a unique set of capabilities that delivers more than what the market or our competitors or what the average can deliver. That advantages those investments. And I would tell you that that's not gonna change for us.

I continue to see with the transformation we've been making in the company, the consolidation of like activities across this very broad and diverse portfolio, and to centralize groups that focus on, driving excellence in each of these areas, that we continue to see huge, opportunities to improve performance and keep getting better at what we're already pretty damn good at. And so I think all of that will lend itself to then when we go into a market or into a new resource, bringing an approach which is advantaged versus a market rate, and therefore, a return that's advantaged.

That's how I would think about it, and I'm absolutely convinced that where we sit today, there is upside to the advantages that we can bring, and therefore, I would expect going forward that we'll continue to see that even as we go into new places and continue to grow the business.

And I would just add to that, Bob. I mean, as you know, this is a long cycle business, and return on capital employed is a really key performance indicator of how well we're deploying that capital. And if you look over the last five years, our ROCE has averaged 11%, two percentage points above our next closest peer. So I think that just speaks to the discipline and us focusing on those competitive advantages we bring to the table to just drive higher returns consistently.

Yeah, very clear. A quick follow-up. The Permian, as an advantaged asset, is a combination of acreage, which is finite, and technology, which is scalable. Can you talk about how you can scale the Permian technology toolkit? Is it scalable just within US shale, just within shale, or is it perhaps scalable to a range of future extractions?

Yeah, I think it's a really good question. And I do think it's scalable. I mean, one of the great things about having the technology organization that we have, and then having consolidated the buy capabilities across our businesses into a single technology organization, is we have a very diverse set of experiences in very core technology areas that are contributing to solving problems across the entire portfolio. So we're getting a lot of input from our technical experts that have grown up in different parts of the business, but now bring that experience to bear on new areas and new opportunities. So I do think we will find that as we discover and innovate, particularly for the Permian, that that will have applications across a lot of the things that we do in the upstream.

In fact, we're already seeing that. Likewise, you know, what we're doing in some of the deep water has applications. So we're not one of the advantages of this centralized approach that we've put in place is, we're not trapping any of the innovation in any one part of the organization. It is free to flow and move to the highest value opportunity set within the company. And I think that's a huge unlock that, frankly, most of our competitors have trouble matching. The other final point I would make there is, you're right about the limits in the acreage, but I continue to challenge our folks. You know, we're not the industry as a whole. The recovery rate of the oil that we know is there is still, in my mind, way too low.

While we're working to improve the recovery of what we're doing on a go-forward basis, I'm also quite focused on cracking the nut of how we can go back and improve the recovery for things that have already been played out. I think there's an opportunity there that I'm hopeful that our technology will unlock here in the future.

The next question comes from Arun Jayaram of J.P. Morgan.

Yeah, good morning. My question is on LNG. You're on the cusp of first cargoes at Golden Pass. I was wondering if you could update the market on Exxon's plans to pursue FID decisions at Papua New Guinea and Mozambique, and perhaps talk about how these projects stood on the global cost curve versus perhaps Gulf Coast LNG.

Yeah, sure. Thanks for the question. I would tell you, so maybe starting with the back end of your question, and then I'll circle back around to the progress on Golden Pass. But, with respect to the competitiveness of what we're trying to do in Mozambique and Papua New Guinea, you know, as I talked about, and have been talking about for many years now, that as part of any of the projects that we FID and the developments that we put in place, they have to be cost competitive. They have to be advantaged versus the rest of industry. They have to be on the low end of the cost to supply curve, or we will not progress those.

And so, the simple answer to, you know, how we're looking at Papua New Guinea and Mozambique is the work that the projects organization has done to drive the—to develop the project design has led to those being very cost competitive, very advantaged with respect to the market. And so we feel good about the competitiveness of those. Obviously, there's challenges to continue to work our way through, but we feel like we've got a very good basis for progressing those projects. My expectation is with Mozambique, we'll see something here as we move through this year, probably on the back half of the year, with respect to an FID, if things go kind of to plan. So feel good about that.

I would tell you that the time, the delay that we've had with the force majeure in Mozambique, I mean, we weren't sitting in our hands, during that timeframe. We were challenging our projects organization to keep driving, innovation and find ways to reduce that cost, and they were very successful at doing that. So we actually used the delay, productively to, to come up with what we think is a much more, cost-advantaged, design than, than we had originally. So as we learn and get better across this portfolio of things that we're doing, the opportunities then, are there for us to fold them into the next development, and that's certainly the case in Mozambique. So feel good about those and, the same with Papua New Guinea as we work our way through that development.

With respect to Golden Pass, I, you know, I would just say that venture's done a really good job of recovering from the bankruptcy. Obviously, that's a--that was a huge break, but really got back on track and feel good about the progress they've made and mechanically completed that project in the fourth quarter of last year. We're basically into commissioning and startup now. My expectation is we will see kind of first LNG produced in very early March, is what it's looking like right now.

The next question comes from Betty Jiang of Barclays.

Good morning. Thank you for taking my question. It's on the corporate-wide data system transformation-

Darren, that you alluded to earlier. Just want to get more color on what that process entails, and how should we expect this to manifest, maybe financially across the portfolio? Is it just more structural cost savings, better productivity, and just how material could it be over time?

Yeah. Thanks, Betty. Yeah, it is a very material part to the transformation that we've been on. And just to kind of maybe you know set the context of what we're doing here, if you go back in time with the way we had organized the company, we had actually delegated the development of the systems and the systems that support the businesses to the business themselves. So we had a number of different ERP systems, more than 10, across the scope of our operations. And over time, each of our businesses and organizations developed their own data construct, their own data nomenclature.

And so it made it very, very difficult for us to really take advantage of the scale across all of our businesses in areas where we had a whole lot of duplication or similarities. As we started the restructuring in 2018 and aligning all of our businesses into value chains and then pulling out some of the centralized organization, as we've talked about, we've made huge progress with that work in terms of delivering structural cost savings, $15 billion, to date through 2025. You know, and as I said, this morning on the call, that's more than any of our competitors, combined. And that, that is a function of and driven primarily by the discipline that we have.

It's the same discipline we had when we chose to invest during the downturn when everybody else was stepping back from the marketplace and hunkering down. It's that same discipline that we had in not investing in the green business, businesses where we had no real advantages, no real expertise, even though many in our industry chose to go in that direction. It's the exact same discipline we've had in rolling out the new operating model, which is different than what anybody else in the industry is doing to their day. And that model is allowing us to deliver the business that we have, and that model and that discipline is gonna underpin this new ERP system. One data construct for the entire corporation, one data set, and one set of nomenclatures.

It will be the first time in the history of this company that we can actually tap into everything that we're doing across the company. And when you couple that with the opportunity with AI and the data set that that represents, I don't think there's a company out there that can match what we're trying to accomplish here. And the progress that we're making, despite the scale of this, has been really, really impressive. We remain on schedule and on track, and we're beginning to see the benefits accrue even now. And maybe I'll let Kathy touch on that because that is one of the areas in her portfolio that she's been driving.

Thanks very much, Darren. So just to give you a couple stats to understand where we've come from and where we're headed to, you know, all companies need to, who operate on an SAP platform, need to upgrade as SAP has moved to S/4HANA. And so we were facing a need to upgrade, but we historically, as Darren said, operated more than 10 ERP systems. We did it on-prem, and we had more than 65 million lines of custom code in that, the highest of any of SAP's customers. As a result of that, we couldn't easily take upgrades to software, right? So we couldn't benefit from that because of the cost of having to plug the new upgrade into what was a very bespoke software system that we had created was just too high.

You know, we, as a result of now having centralized organizations, are able to really standardize and simplify our processes. We're gonna have 97% fewer profit centers, 70% fewer cost centers, and the core of our platform is gonna be clean, which allows us to take upgrades easily. In fact, during this design period, we've already taken at least one upgrade into the development platform that we're utilizing. And we've had some early wins as we started to implement some of the software that surrounds the system. So we had a successful implementation of group reporting, of BlackLine, of some supply chain technology that pushes us much more towards not just automation, but being able to use artificial intelligence to do things like you know, plot out the logistics across our system for things like marine.

It's a really big change, but we will both get a great simplification, automation, and the ability to apply AI at scale much more easily. Thanks very much for the question, Betty.

Yeah, the other thing I'd just add as a final point is through that automation, we're really freeing up time for our folks to focus on the things where they can add unique value. So not only are we getting a lot of efficiencies, I think we're gonna see the effectiveness improve. So we'll basically benefit on both sides, both the revenue and the cost side.

Yeah, a much better experience for our people who still today spend way too much time, I'd say, sorting through our data and information and reporting the numbers, you know, as opposed to higher-level activity that's really driving insights and actions across the business. Thank you.

All right. Well, thank you very much for that. The next question comes from Stephen Richardson of Evercore ISI.

Hi, good morning. I was wondering, Darren, if you could talk... We're seeing a pretty robust asset market out there in terms of where, you know, private and other assets, not only in the Lower 48, but elsewhere, transacting. I was wondering if you could talk about maybe the role of, divestitures and, you know, potentially, you know, contract expiries and legacy assets. I think you've been very clear on the uplift that's coming from your upstream in terms of margins with the advantaged assets, but the other piece of it is what could be leaving the portfolio potentially to accelerate that margin uplift. So just wondering if you could talk about the environment as you see it there.

Yeah. No, thanks. I think, and you touch on one of the areas that has been a pretty concentrated focus for us, really over the last five years, just around as we bring in new opportunities, bring technology to play, grow these advantage assets, is of focusing our efforts on that, and for the assets that we have out there that then no longer compete in the portfolio because they don't have the same opportunity that we have with the rest of the portfolio, is an opportunity to sell that off to others who don't have the kind of the depth and advantage projects that we have. And so we've been going through that fairly rigorously, very thoughtfully. We're not, you know, rushing.

We're gonna find buyers who place a higher value on it than we've got, and we've been very successful with that, as we've talked about over the quarters, with respect to the amount of divestments that we've had. In fact, I think the number is up to $25 billion since 2019 with the divestments that we had, both from the upstream and in our park solutions business. In fact, just last year, we closed our sale of our French affiliate.

It's been a continuous making sure that what's left in the portfolio can compete for capital, is advantage versus the rest of industry, and then making sure that they're at the left-hand side of the cost of supply curve, so low cost, so they can compete across whatever part of the cycle it's in. That is paying huge dividends now as we continue to kinda go through cycles. That's gonna be a constant focus, and we get ready. We don't try to time the market per se, but we do lean into the market when the opportunities are there and with a portfolio that's ready to go.

On the flip side of that, we continue to look for inorganic opportunities where we can bring an advantage, and, as we've talked about many times in the past, where, you know, one plus one equals three or more. That continues to be a focus. It's got to be accretive, it's got to leverage some of the things that we can uniquely bring, and it's got to be competitive with our other investment opportunities, and that remains a continued focus across all of our businesses.

The next question comes from Sam Margolin of Wells Fargo.

Hey, thanks so much for the question. Maybe take it away from upstream a little bit because everything seems to be directionally, you know, consistent and in line there. I wanted to ask about the comment you made in the prepared remarks on the carbon business and the battery contribution. And then, you know, it ties into lithium, too. The lithium price environment isn't favorable, but, you know, there's maybe some synergies or some relationship there with the carbon business. I don't know, it even ties into lightweight materials and Proxima chemicals, too. So, you know, I guess the question is: what's exactly going on with this battery initiative? It seems like there's a lot of inputs here that could drive an interesting outcome.

Yeah. Thank you, Sam. And I think, you know, you actually touched on one of the advantages of the work that we're doing and sticking to, you know, what I'd call is our hydrogen and carbon molecule business, is a lot of the applications that we're developing, the new applications that we're developing, leveraging the same capabilities, go into the products that we're currently serving with our traditional businesses. And so there is a synergy that exists between the different elements of the technology that we're developing. But each of them are driven by a focus on the molecule side of the equation. So on the battery equation, it's really around the recognition that the world is going long carbon. As we clean up products and focus on lowering emissions, carbon becomes a cheaper and cheaper feedstock. What can we make with carbon?

Our technology organization developed a molecule that has properties that really lend themselves to battery applications that result in these types of performance, step changes in performance with batteries. Those are real. We've tested them here internally, we've tested them externally. We're working with OEMs, and there's a lot of optimism around that application. And of course, the challenge then is building the at scale, the production facilities, and do that in a way that's very cost competitive and can compete with, you know, sources of supply all around the world. And we feel really good about the progress we're making there, and we're continuing to advance that. That goes into battery applications, obviously. Lithium, obviously goes into battery applications, so there's a synergy there. But we came at that, again, differently.

It wasn't that we wanted to go into the battery business, it was, you know, what products are gonna be in demand that we think we can bring an advantage to and produce at a low cost of supply and realize a margin? Lithium, I think, continues to hold promise, but there's work to be done around ensuring that we can put a process in place that brings lithium to market at a cost very competitive with the cash cost of existing producers. And so that's a piece of work that we're doing or demoing that technology to convince ourselves that we can get the costs where we want them, so that we will have a robust, robust, resilient business, irrespective of where the pricing goes.

And then with Proxima, it too has a—you know, it's got a lot of applications in terms of, you know, rebar that we're making, the coatings that we're using in the shipping business, in the piping business, pipeline business, oil and gas business. And we can also use it in injection molding and to make battery holders. And so there's a lot of, there's a lot of overlap here, but it's really a function of understanding where those applications can bring the most value, bring a value in use, versus the incumbents, and then build those businesses up and sell into them.

So I think we're gonna find that portfolio over time continues to grow, and we're working with, you know, a set of customers that frankly are leveraging each of those products in addition to our existing traditional products.

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

Hi, good morning. ExxonMobil is a leader in carbon capture and storage. There have been conflicting things that I've read and heard about data center interest in using CCS as an offset to emissions. From your standpoint, is this interest real, and do you see this as being a potential material uplift for that segment?

Exxon Mobil Holdings (XOM) Q4 2025 Earnings Call Transcript

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