ExxonMobil Corp. announced third-quarter 2025 earnings of $7.5 billion, up from $7.1 billion for second-quarter 2025 but down from $8.6 billion for third-quarter 2024. Year-to-date earnings totaled $22.3 billion, down from $26.1 billion for the same period last year. Exxon noted that this drop in earnings from a year ago was primarily due to the lower oil price environment, with Brent crude averaging $68.20/bbl in the third quarter, a 13% decline compared to the same quarter last year.
Exxon’s free cash flow for third-quarter 2025 was $6.3 billion, down from $11.3 billion in the same quarter last year. Shareholder distributions totaled $9.4 billion, including $4.2 billion of dividends and $5.1 billion of share repurchases, consistent with the company's announced plans. Cash capital expenditures were $8.6 billion in the third quarter, including $2.4 billion in growth acquisitions.
However, higher oil and gas production partly offset the impact of lower oil prices. Third-quarter net production reached 4.8 MMboe/d, up from 4.6 MMboe/d a year ago, underpinned by record production from both the Permian basin and Guyana.
In Guyana, Exxon broke records with quarterly production surpassing 700,000 b/d and started up the Yellowtail development 4 months early and under budget.
In the Permian, the company also set production record of nearly 1.7 MMboe/d, while continuing to expand the use of proprietary technologies like its lightweight proppant that improves well recoveries by up to 20%.
The company acquired more than 80,000 additional net acres in the Permian basin from Sinochem Petroleum in the third quarter. “The transaction provides opportunities to further deploy the company's innovative technology, leading to greater returns,” said Darren Woods, ExxonMobil chairman and chief executive officer.
Meantime, Exxon has now started up eight of its 10 key 2025 projects, with the remaining 2 on track. “No one else in our industry is executing at this scale, with this level of innovation, or delivering this kind of value,” said Woods.
Energy Products year-to-date 2025 earnings were $4.0 billion, an increase of $402 million versus the same period last year despite weaker industry refining margins. Increases in earnings were driven by structural cost savings and record refinery throughput, supported by lower scheduled maintenance and advantaged projects growth, partially offset by higher expenses related to growth projects.
Chemical Products year-to-date earnings were $1.1 billion, a decrease of $1.4 billion versus the first three quarters of 2024. Results were impacted by weaker margins and higher China Chemical Complex related expenses, partially offset by structural cost savings and record high-value product sales.
