ExxonMobil post 2025 earnings of $28.8 billion
Exxon Mobil Corp. reported full-year 2025 earnings of $28.8 billion, underscoring strong operating performance and shareholder returns despite a challenging commodity price environment. Cash flow from operations reached $52 billion, supporting distributions to shareholders and continued investment across the portfolio.
For the full year, ExxonMobil returned $37.2 billion to shareholders, including $17.2 billion in dividends and $20 billion in share repurchases, in line with prior guidance.
Fourth-quarter 2025 earnings were $6.5 billion, with earnings excluding identified items of $7.3 billion.
The annual results mark a decline from 2024 levels—when earnings totaled roughly $33.7 billion—as global crude prices weakened through the year.
Production, refining records
ExxonMobil achieved its highest annual upstream production in more than 4 decades at 4.7 MMboe/d, benefiting from ramp-ups in key growth basins. Production from the Permian basin, at 1.6 MMboe/d, and Guyana, which exceeded 700,000 b/d, achieved annual records. Advantaged assets in the Permian basin, Guyana, and LNG represented 59% of production in 2025, an increase of about 7 percentage points from 2024.
Refining throughput reached record levels in 2025, with stronger margins driving a marked improvement in downstream results. Earnings in the Energy Products segment climbed to $7.4 billion, up $3.4 billion year-over-year, reflecting higher refinery utilization and improved refining economics.
Conversely, the Chemical Products business faced margin pressure as industry-wide chemical spreads softened, leading to reduced full-year chemical earnings versus the prior period. The Chemical Products segment reported an $800 million profit for the full year—a sharp decline from the $2.6 billion earned in 2024. This downturn was punctuated by a difficult fourth quarter, where the segment swung to a $281 million loss.
Strong operational cash flow—$52.0 billion for the year—funded both disciplined capital investment and the robust shareholder distribution program. Capital expenditures for 2025 were around $29 billion, with 2026 spending expected to remain in a similar range as the company balances growth and returns.
Chief executive officer Darren Woods characterized the results as a testament to ExxonMobil’s structural transformation and advantaged asset base, highlighting the company’s continued focus on operational excellence, technology deployment, and cost efficiency. Management intends to sustain high shareholder distributions while progressing priority growth projects and evaluating potential opportunities in emerging basins.