Exxon Mobil (XOM) investor relations material

Executive summary

• Delivered strong operational performance amid global disruptions, achieving record production in Guyana, increased Permian output, and first LNG at Golden Pass, while maintaining safety and reliability standards.

• First-quarter 2026 earnings were $4.2 billion ($1.00 per share), or $8.8 billion ($2.09 per share) excluding $3.9 billion in unfavorable timing effects and $0.7 billion in identified items.

• Cash flow from operations was $8.7 billion, or $13.8 billion excluding margin postings; free cash flow was $2.7 billion.

• Shareholder distributions totaled $9.2 billion, including $4.3 billion in dividends and $4.9 billion in share repurchases.

• Maintained global deliveries through coordinated planning and real-time logistics, despite unprecedented impacts in the energy system.

Financial highlights

• Earnings excluding identified items and timing effects rose to $8.8 billion from $7.6 billion year-over-year; GAAP earnings declined from $7.7 billion in 1Q25 to $4.2 billion in 1Q26.

• Total revenues and other income were $85.1 billion, up from $83.1 billion year-over-year.

• Cash capital expenditures were $6.2 billion, in line with full-year guidance and up $0.3 billion year-over-year.

• Net cash provided by operating activities was $8.7 billion, down from $13.0 billion in Q1 2025.

• Energy Products segment earned $2.8 billion excluding identified items and timing effects, up $1.9 billion year-over-year, reflecting strong refining margins and trading optimization.

Outlook and guidance

• Planned capital investments for 2026 are in the range of $27–29 billion, with share repurchases on pace for $20 billion in 2026, assuming reasonable market conditions.

• Permian production on track to reach 1.8 million oil equivalent barrels in 2026, with growth focused on value and efficiency.

• Golden Pass LNG Train 2 expected mechanically complete by year-end, Train 3 by Q2 next year; further LNG projects in Papua New Guinea and Mozambique progressing toward FID later this year.

• Structural cost savings are expected to reach $20 billion by 2030, with $15.6 billion achieved since 2019.

• Corporate and financing expenses projected at $700M–$900M; seasonal cash tax payments to result in $1.5B–$2.5B working capital outflow.