ExxonMobil(US:XOM)2025-05-05 16:41Financial Performance - ExxonMobil's Q1 2025 earnings were $7.7 billion, a decrease from $8.2 billion in Q1 2024, primarily due to declining refining margins and higher expenses[60] - Upstream earnings totaled $6.756 billion in Q1 2025, compared to $5.660 billion in Q1 2024, with U.S. earnings at $1.870 billion and non-U.S. earnings at $4.886 billion[61] - Total earnings for Energy Products in Q1 2025 were $827 million, a decrease of 40% from $1,376 million in Q1 2024[73] - Chemical Products reported total earnings of $273 million in Q1 2025, down 65% from $785 million in Q1 2024[79] - Specialty Products earnings decreased to $655 million in Q1 2025, compared to $761 million in Q1 2024, reflecting a decline of 14%[86] - Cash flow from operations and asset sales was $14.8 billion in Q1 2025, a decrease of $0.6 billion from the prior year[93] Production and Operations - Net production of oil-equivalent barrels per day increased to 4.6 million in Q1 2025, up 767,000 barrels per day from Q1 2024, largely due to the Pioneer acquisition[68] - Advantaged volume growth contributed an increase of $920 million to earnings, driven by production growth in the Permian and Guyana[64] - Refinery throughput in the United States was 1,789 thousand barrels daily in Q1 2025, down from 1,900 thousand barrels daily in Q1 2024[78] Expenses and Capital Expenditures - Cash capital expenditures rose to $5.9 billion in Q1 2025, an increase of $0.7 billion from the previous year[60] - Total cash operating expenses (excluding energy and production taxes) were $10.2 billion in Q1 2025, reflecting a decrease of $1.5 billion compared to 2019 levels[59] - Total cash capital expenditures (Non-GAAP) for Q1 2025 were $5,936 million, compared to $5,268 million in Q1 2024, reflecting a 12.6% increase[102] Debt and Financing - Net cash used in financing activities was $13.6 billion in Q1 2025, including $4.8 billion for stock buybacks[96] - Total debt at the end of Q1 2025 was $37.6 billion, down from $41.7 billion at year-end 2024[96] Tax and Shareholder Returns - The effective income tax rate decreased to 34% in Q1 2025 from 36% in the prior year, primarily due to a change in the mix of results[99] - The Corporation distributed a total of $4.3 billion to shareholders in Q1 2025 through dividends[96] Future Plans and Sustainability - The corporation plans to invest between $27 billion and $29 billion in 2025, with actual spending subject to project progress and property acquisitions[102] - The company aims to achieve Scope 1 and Scope 2 net zero emissions from operated assets by 2050, with interim targets for the Permian Basin by 2030 and 2035[103] - Future plans include investments in carbon capture, lower-emission fuels, hydrogen, and ammonia, contingent on technological progress and market factors[103] - The company acknowledges that current trends are not on track to achieve net-zero by 2050 without significant policy and technology advancements[105] - The medium-term business plans incorporate actions needed to advance greenhouse gas emission-reduction goals, updated annually[105] - Capital investment guidance in lower-emission technologies is based on corporate plans, with actual levels dependent on opportunity availability and public policy support[105] Market Conditions - The global trade environment remains volatile, with ongoing uncertainties regarding tariffs and trade-related actions impacting the corporation[49] - The corporation's refining margins improved in North America due to turnarounds and industry outages, despite global industry refining margins declining[60] - Market risks for Q1 2025 remain consistent with those discussed in the 2024 Annual Report, indicating stable market conditions[107] - The company emphasizes that forward-looking statements regarding sustainability efforts are not necessarily material to investors[104]