ExxonMobil beat earnings and revenue estimates last quarter, despite oil prices falling sharply across 2025.
Earnings per share were US$1.71, down slightly from $1.72 one year ago and above LSEG estimates of $1.68. Revenue was $82.31 billion, falling from $83.43 billion and passing estimates of $81.43 billion.
"ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that," said ExxonMobil CEO Darren Woods.
"Our transformation is delivering a more resilient, lower-cost, technology-led business with structurally stronger earnings power, grounded in advantaged assets, disciplined capital allocation, and execution excellence.”
Brent crude prices were down 19% across 2025 amid a glut in supply. While the company said weaker crude prices impacted its earnings, this was partly offset by advantaged volume growth, higher refining margins, and cost-cutting.
Net production last quarter was 4.99 million oil-equivalent barrels per day, rising from 4.77 million in the prior quarter. Across 2025, it reported 4.74 million barrels per day, its highest level in over 40 years.
Its assets in the United States’ Permian Basin produced 1.8 million barrels per day during the quarter, while Guyana assets produced nearly 875,000 barrels per day. Both are new quarterly records.
Cash flow from operations was $12.68 billion, dropping from $14.79 billion in the third quarter.
While the U.S. government has pushed oil majors to invest at least $100 billion in Venezuela, Woods said on an earnings call that ExxonMobil could not fully return to the country until its economy stabilised and it transitioned to democracy. The company has offered to send a technical team to assess Venezuela’s oil infrastructure, however.
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