Upstream production increased by 767 thousand oil-equivalent barrels per day compared to Q1 2024, driven by the Pioneer acquisition. This acquisition significantly boosted ExxonMobil's production capacity.

The Corporation plans to invest in the range of $27 billion to $29 billion in 2025. This indicates a continued commitment to strategic investments in projects and property acquisitions.

ExxonMobil realized proceeds of approximately $1.8 billion from divestment activities during the first quarter of 2025. This included the sale of select conventional assets in Texas and New Mexico, as well as other smaller divestments.

ExxonMobil repurchased $4.8 billion of its stock during the first quarter, as part of its previously announced buyback program. The Corporation expects to continue this program at a $20 billion per year pace through 2026, assuming reasonable market conditions.

The Corporation's debt to total capital ratio was 12.2 percent at the end of the first quarter of 2025. This indicates a strong balance sheet and prudent financial management.

As part of its ongoing asset management program, the Corporation continues to evaluate its mix of assets for potential upgrade. This indicates a proactive approach to optimizing the business portfolio.

The global trade environment continues to be volatile, with the potential for the U.S. or its trading partners to resume tariffs, impose new tariffs, or implement other trade-related sanctions. This poses a risk to the Corporation, its suppliers, and its customers.

State and local governments have filed legal proceedings against oil and gas companies, including ExxonMobil, requesting relief for alleged injuries connected to climate change. While the Corporation believes these claims are meritless, the outcome of litigation is unpredictable.

The likelihood of the U.S. or its trading partners resuming tariffs, imposing new or reciprocal tariffs, export restrictions, or other forms of trade-related sanctions is highly uncertain.

Global industry refining margins declined and moved below the low end of the 10-year range, driven by weakness in Asia Pacific from capacity additions and higher regional feed costs. This indicates increased competitive pressure in the refining sector.

Chemical margins remained at bottom of cycle conditions, and well below the 10-year range, as growing demand was met by continued capacity additions. This suggests a challenging competitive environment for chemical products.

The Corporation benefited from its relatively large refining footprint in North America where industry margins improved as a result of turnarounds and industry outages.

Structural Cost Savings describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures that are expected to be sustainable compared to 2019 levels.

Relative to 2019, estimated cumulative Structural Cost Savings totaled $12.7 billion, which included an additional $0.6 billion in the first three months of 2025.

This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management.

The Corporation's plans as well as technology advances, including the timing and outcome of projects to capture, transport and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce Proxxima™™ systems, produce carbon materials, produce lithium, and use plastic waste as feedstock for advanced recycling

The results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis

Reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies

The Corporation's capital allocation priorities are investing in competitively advantaged, high-return projects; maintaining a strong balance sheet; and sharing our success with our shareholders through more consistent share repurchases and a growing dividend.

The Corporation continued its share repurchase program, originally initiated in 2022. In its 2024 Corporate Plan Update released December 11, 2024, the Corporation stated that it expects to continue its share repurchase program with a $20 billion repurchase pace per year through 2026, assuming reasonable market conditions.

Capital investment guidance in lower-emission investments is based on our Corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns.

Ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives

Current trends for policy stringency and development of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050.

Actions needed to advance ExxonMobil's 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually.

During the first quarter of 2025, the price of crude oil remained roughly flat relative to fourth quarter 2024 and near the middle of the 10-year historical range (2010-2019).

Natural gas prices improved during the quarter and moved above the 10-year range on stronger global demand, driven by colder weather in the U.S. and Europe.

Global industry refining margins declined and moved below the low end of the 10-year range, driven by weakness in Asia Pacific from capacity additions and higher regional feed costs.