Core Insights - ExxonMobil reported second-quarter 2025 GAAP earnings per share of $1.64, surpassing analyst expectations of $1.57, but both GAAP earnings and revenue declined year over year, with net income at $7.1 billion and revenue at $79.5 billion, reflecting an 11.7% decrease compared to Q2 2024 [1][2][3] Financial Performance - GAAP earnings per share decreased by 23.4% from $2.14 in Q2 2024 to $1.64 in Q2 2025 [3] - Revenue fell from $89.99 billion in Q2 2024 to $79.5 billion in Q2 2025, marking an 11.7% decline [3] - Cash flow from operating activities was reported at $11.5 billion, with free cash flow at $5.4 billion [11] Production and Operations - Upstream production reached a record average of 4.6 million oil-equivalent barrels per day, a 13% increase year over year, driven by the integration of Pioneer and production ramp-up in Guyana [6] - Despite production growth, upstream earnings fell from $6.8 billion in Q1 2025 to $5.4 billion due to lower crude oil and natural gas prices [7] - The refining segment reported earnings of $1.37 billion, up $539 million from the previous quarter, attributed to stronger industry margins and improved reliability [8] Strategic Initiatives - The company has focused on expanding its upstream portfolio, notably through the acquisition of Pioneer Natural Resources in May 2024 [5] - ExxonMobil aims to bring 10 new projects online by the end of 2025, expected to add $3 billion in annual earnings by 2026 [15] - The company continues to target $1 billion in annual earnings from its low-carbon businesses by 2030 [16] Shareholder Returns - Total shareholder returns amounted to $9.2 billion, including $5.0 billion in share repurchases and approximately $4.3 billion in dividends [10] - The quarterly dividend was maintained at $0.99 per share [10][16] Financial Position - The company's debt-to-capital ratio was 13%, with net debt to capital at 8%, indicating a strong balance sheet [12] - Capital spending reached $6.3 billion, with year-to-date investment close to $12.3 billion, and full-year capital-expenditure plans confirmed at $27 to $29 billion [11]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________ Commission File Number 1-2256 Exxon Mobil Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

Core Insights - Exxon Mobil Corporation (XOM) reported second-quarter 2025 earnings that exceeded expectations, driven by record production levels and strong performance in high-return assets like Permian and offshore Guyana [1][9] Financial Performance - Earnings per share (EPS) for Q2 2025 were $1.64, surpassing the Zacks Consensus Estimate of $1.49, although it declined from $2.14 in the previous year [2] - Total revenues for the quarter were $81.5 billion, falling short of the Zacks Consensus Estimate of $82.8 billion and down from $93.06 billion year-over-year [2] Production and Assets - ExxonMobil achieved its highest second-quarter production since the merger of Exxon and Mobil over 25 years ago, with significant contributions from offshore Guyana and the Permian Basin [1][9] - The company discovered nearly 11 billion barrels of oil off the coast of Guyana, marking the largest oil discovery globally in the last 15 years, with current production at approximately 650,000 barrels per day [6] - ExxonMobil expects to ramp up production in Guyana to 1.7 million barrels of oil equivalent per day by 2030, with eight projects planned [6] - In the Permian Basin, ExxonMobil aims to increase production from 1.6 million barrels of oil equivalent per day to 2.3 million by the end of the decade through advanced recovery technologies [7] Strategic Acquisitions - The acquisition of Pioneer Natural Resources Company has been pivotal, with ExxonMobil revising its annual synergy estimates from this deal upward to over $3 billion, enhancing its outlook for the Permian Basin [8][10] Industry Context - Other integrated energy companies like Chevron and BP have also reported their earnings, with Chevron posting adjusted EPS of $1.77, while BP is set to report soon [4][11] - The overall market sentiment remains cautious due to trade tensions, which may impact stock performance despite positive developments in ExxonMobil [13]

Group 1 - Exxon Mobil reported a net income of $7.1 billion for the quarter [1] - The company generated $11.5 billion in operating cash flow [1] - Exxon Mobil has an 8% net debt-to-capital ratio, indicating a strong financial position [1]

摩根士丹利：将埃克森美孚石油(XOM.US)目标价从134美元上调至135美元。 ...

Core Insights - ExxonMobil reported second-quarter earnings of $7.1 billion and cash flow from operations of $11.5 billion, leading the international oil companies (IOCs) significantly [3][6] - The company achieved its highest second-quarter production total since the merger of Exxon and Mobil, reaching 4.6 million barrels of oil equivalent (BOE) per day [4] - Exxon's output increased by 13%, primarily due to the acquisition of Pioneer Natural Resources [5] Financial Performance - Exxon's earnings were more than double that of Chevron ($3.1 billion) and significantly ahead of Shell ($4.3 billion) [3] - The company returned $9.2 billion to shareholders through dividends and share repurchases, leading the oil sector [6] - Exxon has a sector-leading balance sheet with the lowest leverage ratio at 8% net debt to capital [7] Strategic Initiatives - The company has initiated operations on six key projects this year and plans to start four more by year-end, expected to enhance earnings power by over $3 billion by 2026 [8] - Exxon plans to invest $140 billion in major capital projects and its Permian Basin development program over the next five years [9] - The company aims for $18 billion in structural cost savings by the end of 2030 [9] Growth Projections - The investment plan is projected to yield an additional $20 billion in earnings and $30 billion in cash flow by 2030, with compound annual growth rates of 10% for earnings and 8% for cash flow [10] - Exxon anticipates generating $165 billion in cumulative surplus cash over the next five years, allowing for continued dividend increases and stock repurchases [11] Market Position - ExxonMobil is recognized as the leader in the oil sector, evidenced by its strong financial results and ability to return more cash to investors than its peers [11] - The company's strategic plan up to 2030 is expected to sustain meaningful earnings and cash flow growth, reinforcing its leadership position [12]

Group 1 - The article discusses the analysis of oil and gas companies, specifically focusing on identifying undervalued companies in the sector [1] - The author emphasizes the importance of understanding the balance sheet, competitive position, and development prospects of these companies [1] - The oil and gas industry is characterized as a boom-bust, cyclical industry that requires patience and experience for successful investment [2] Group 2 - The author has a beneficial long position in Exxon Mobil (XOM) through various financial instruments [3] - The article expresses the author's personal opinions and is not influenced by compensation from any company mentioned [3] - There is a call to action for readers to sign up for a free two-week trial of the Oil & Gas Value Research service for more in-depth analysis [1]

Group 1 - Chevron Corporation (CVX) has successfully closed the acquisition of Hess Corporation, marking a significant milestone for the company [1] - The acquisition follows an arbitration victory against Exxon Mobil (XOM) concerning the Stabroek assets, which is expected to enhance production volumes and generate cost synergies [1] Group 2 - The article highlights the importance of considering the entire investment ecosystem rather than evaluating a company in isolation, emphasizing a comprehensive approach to investment recommendations [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - In July, influenced by macro - policies such as "anti - involution and elimination of backward production capacity", black - series coking coal and coke led the rise. Stable - economy policies from meetings boosted the polyolefin futures. After the digestion of positive factors, prices returned to fundamental trading. With multiple new plants coming into operation in July and more to come, the supply - side pressure is high. Currently in the maintenance season, the pressure from new capacity expansion is temporarily offset. OPEC+ production - increase plans dragged down oil prices, weakening cost - side support. Downstream demand is in the seasonal off - season, with limited highlights expected. Mid - and upstream inventories are slowly decreasing, but the total inventory is higher compared to the same period [1][2]. - Domestic new plants: Jilin Petrochemical's 400,000 - ton/year HDPE plant and Yulong Petrochemical's 500,000 - ton/year PP plant were successfully put into operation in July. Many other plants are waiting to start production, indicating continuous growth in domestic polyolefin new - plant capacity. For domestic existing plants, PE maintenance losses are at a high level year - on - year, some PDH plants have restarted, and PDH - made PP plant maintenance has decreased. Overseas, no new plants were put into operation in July, and overseas under - construction plants face many uncertainties and delays may be common. Overseas PE and PP operating rates have decreased slightly. The LLDPE import window is closed, and China's PE and PP imports are continuously decreasing [2]. - In terms of inventory and demand, downstream demand for polyolefins remains in the seasonal off - season, with factories mainly making rigid purchases. The operating rate of PE's downstream agricultural film has a slight rebound, while the demand for packaging film is weak. The operating rate of PP's downstream woven products fluctuates slightly. The demand side is expected to remain weak. Mid - and upstream polyolefin inventories are slowly decreasing, but the total inventory is higher year - on - year [2]. 3. Strategies - Unilateral: Neutral [3] - Inter - delivery: L09 - L01 reverse spread, PP09 - PP01 reverse spread [3] - Inter - variety: Narrow the spread between PP2601 and 3MA2601 [3] 4. Summary by Relevant Catalogs 4.1 Polyolefin Basis Structure - The report provides charts of the main contract trends, basis, and inter - delivery spreads of LL and PP, including LL North China - main contract basis, L1 - L5, L5 - L9, L9 - L1 for LL, and PP East China - main contract basis, PP1 - PP5, PP5 - PP9, PP9 - PP1 for PP [15]. 4.2 Polyolefin Production Plan - Domestic: Multiple plants have been put into operation in 2025, and many are waiting to start production, such as ExxonMobil Huizhou's 500,000 - ton/year LDPE plant. The total planned production capacity of new domestic plants is large, indicating continuous growth in domestic supply [18][20]. - Overseas: Some plants were put into operation in 2025, and many are in the un - started state. Overseas under - construction plants face many uncertainties, and delays may be common [22]. 4.3 Polyolefin Maintenance Plan - PE: The maintenance season of PE plants has ended, and maintenance losses have increased. The report shows historical maintenance data of PE, oil - based PE, coal - based PE, and alkane - based PE [23][36]. - PP: PP plant maintenance losses fluctuate slightly, and the maintenance volume of PDH - made PP plants is still at a high level [36]. 4.4 Polyolefin Monthly Output - In June, domestic PE output was 2.555 million tons, a decrease of 49,000 tons from May. LLDPE output decreased by 44,000 tons, HDPE increased by 27,000 tons, and LDPE decreased by 33,000 tons. Domestic PP output was 3.165 million tons, a decrease of 14,000 tons from May. PP fiber output increased by 12,000 tons, PP homopolymer decreased by 10,000 tons, and PP copolymer remained unchanged [47]. 4.5 Polyolefin Production Profit and Operating Rate - PE: The production profit of oil - based PE is - 130 yuan/ton, and the operating rate is 90.2%, an increase of 6.3% from last month. With the restart of maintenance plants, the operating rate is expected to increase [62]. - PP: The production profit of oil - based PP is - 522 yuan/ton, and that of PDH - made PP is 394 yuan/ton. The PDH - made PP operating rate is rising. The overall PP operating rate is 83.6%, a decrease of 0.6% from last month [62]. 4.6 Polyolefin Non - standard Price Spread and Operating Ratio - PE: The production ratio of LLDPE and HDPE has decreased, while that of LDPE has increased. The operating ratio of LLDPE, HDPE, and LDPE has changed accordingly. The non - standard price spreads between HD injection - LL and LDPE - LLDPE have different trends [69]. - PP: The production ratios of PP fiber and PP copolymer injection have decreased, while that of PP non - standard homopolymer injection has increased. The operating ratios of different PP products have also changed, and the non - standard price spread between PP low - melt copolymer and PP fiber has declined [69]. 4.7 Polyolefin Outer - market Price Spread and Import - Export Profit - LL: The import profit in East China is - 26 yuan/ton, and the export profit is - 69 US dollars/ton. The import window is closed, and China's PE imports are decreasing [85]. - PP: The import profit of PP fiber in East China is - 445 yuan/ton, and the export profit is - 26 US dollars/ton. China's PP imports and exports have decreased [85]. 4.8 Polyolefin Downstream Operating Rate and Downstream Profit - PE: The operating rate of PE's downstream agricultural film is 27%, an increase of 10% from last month. The operating rate of PE's downstream packaging film is 51%, remaining unchanged from last month [109]. - PP: The operating rate of PP's downstream woven products is 41%, a decrease of 1% from last month. The operating rate of PP's downstream BOPP is 58%, a decrease of 1% from last month. The operating rate of PP's downstream injection molding remains unchanged [109]. 4.9 Polyolefin Downstream Inventory and Order Situation - PE: The raw - material inventory days of PE's downstream agricultural film are 8.1 days, remaining unchanged from last month. The order days are 2.8 days, a decrease of 0.1 days from last month. The raw - material inventory days of PE's downstream packaging film are 7.2 days, an increase of 0.1 days from last month. The order days are 8.1 days, an increase of 0.2 days from last month [115]. - PP: The raw - material inventory days of PP's downstream BOPP are 9.1 days, a decrease of 0.4 days from last month. The finished - product inventory days are 10.6 days, a decrease of 0.2 days from last month. The order days are 8.7 days, a decrease of 0.3 days from last month. The raw - material inventory days of PP's downstream woven products are 6.7 days, a decrease of 0.6 days from last month. The finished - product inventory days are 6.1 days, a decrease of 0.3 days from last month. The order days are 6.9 days, a decrease of 0.6 days from last month [115]. 4.10 Polyolefin Actual Inventory - The upstream petrochemical inventory is 750,000 tons, an increase of 30,000 tons from last month. As the downstream is still in the off - season in August, the inventory is expected to increase slightly [130].

Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [1] Core Insights - The U.S. stock market experienced a sudden pullback influenced by non-farm employment data, with the S&P 500 declining by 2.4% and the Nasdaq by 2.2% [3] - Among sectors, large-cap value stocks outperformed large-cap growth and small-cap stocks, indicating a preference for stability in turbulent market conditions [3] - The report highlights that three sectors saw gains while 21 sectors faced declines, with utilities, food and staples retailing, and media and entertainment being the only sectors to rise [3] Summary by Sections Price Trends - The S&P 500 fell by 2.4% and the Nasdaq by 2.2% this week, with large-cap value stocks declining by 1.8% compared to a 3.1% drop in large-cap growth stocks [3] - Utilities (+1.6%), food and staples retailing (+0.9%), and media and entertainment (+0.2%) were the only sectors to increase, while transportation (-5.9%), materials (-5.1%), and retail (-4.8%) faced the largest declines [3] Fund Flows - The estimated fund flow for S&P 500 constituents was -$16.95 billion this week, a significant increase from the previous week's -$2.2 billion [4] - Media and entertainment (+$1.59 billion), utilities (+$0.27 billion), and food and staples retailing (+$0.042 billion) saw inflows, while healthcare equipment and services (-$3.47 billion) and financials (-$4.15 billion) experienced the largest outflows [4] Earnings Forecast - The report indicates a 0.6% upward adjustment in the 12-month EPS forecast for S&P 500 constituents, with 18 sectors seeing an increase and 5 sectors experiencing downgrades [5] - Retail (+3.3%), media and entertainment (+2.0%), and technology hardware (+1.5%) led the upward revisions, while healthcare equipment and services faced a significant downgrade of -3.6% [5]