Permian Basin, Texas 4Q 2025 Earnings Call ExxonMobil January 30, 2026 1 Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, performance, earnings power, earnings growth at constant prices and margins, potential addressable markets, opportunities, ambitions, or results in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions of future carbon capture, transportation, and storage, as well as lower ...

Core Viewpoint - ExxonMobil reported fourth-quarter earnings that surpassed Wall Street expectations despite a significant annual decline in oil prices due to oversupply [1][4]. Financial Performance - Earnings per share for the fourth quarter were $1.71, adjusted, compared to the expected $1.68 [4]. - Revenue for the quarter was $82.31 billion, exceeding the anticipated $81.43 billion [4]. Industry Context - The results were released amid pressure from President Donald Trump for the oil industry to re-engage with Venezuela following the U.S. capture of Nicolas Maduro [2]. - CEO Darren Woods indicated that Venezuela is currently "uninvestable" and would require substantial changes for Exxon to consider returning [2].

Group 1 - Exxon Mobil exceeded Wall Street expectations in fourth-quarter earnings, driven by lower-cost oil production in the Permian Basin and Guyana [1] - The company is recognized as the number one oil producer in the U.S. [1]

Group 1 - Shares of both companies have risen over the past year [1] - U.S. oil prices are projected to end 2025 down 20% a barrel [1]

Core Viewpoint - Chevron reported fourth-quarter earnings that exceeded Wall Street estimates, driven by record oil production despite lower crude prices [1][3]. Group 1: Earnings Performance - Chevron's adjusted earnings per share were $1.52, surpassing the consensus estimate of $1.45 [3][5]. - The company's revenue for the quarter was $46.87 billion, slightly below the expected $47.1 billion [5]. Group 2: Production Growth - Chevron achieved a production record of 4.05 million barrels per day in the fourth quarter [3]. - The company is positioned to increase its production in Venezuela by 50% over the next 18 to 24 months following a U.S. military intervention that removed President Nicolas Maduro [2]. Group 3: Competitive Position - Wall Street views Chevron as the U.S. oil company best positioned to benefit from the U.S. intervention in Venezuela, while competitors like ExxonMobil are hesitant to return due to past asset seizures [4].

Core Viewpoint - Oil prices are expected to remain around $60 per barrel this year due to oversupply in the market, which counterbalances the effects of geopolitical tensions that may disrupt cargo shipments [1] Group 1: Market Dynamics - The market is facing a potential oversupply situation, which is a significant factor influencing oil prices [1] - Geopolitical tensions are present but are not expected to have a strong enough impact to drive prices significantly higher [1] Group 2: Price Forecast - The forecast indicates that oil prices will likely stabilize near the $60 per barrel mark throughout the year [1]

Core Viewpoint - OPEC+ is expected to maintain its current pause on oil output increases during the upcoming meeting in March, despite crude oil prices rising above $70 per barrel due to concerns regarding potential U.S. military actions [1] Group 1 - OPEC+ delegates indicate a consensus on keeping oil production steady, reflecting a cautious approach amid fluctuating market conditions [1] - The price of crude oil has surpassed $70 per barrel, driven by geopolitical tensions and market speculation [1] - The decision to pause output increases suggests OPEC+ is prioritizing market stability over immediate production boosts [1]

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Core Viewpoint - Frontera Energy Corporation has entered into a definitive agreement with Geopark Limited to divest its Colombian exploration and production assets for a firm value of $622 million, transitioning Frontera into a focused infrastructure company while retaining its infrastructure business and interests in Guyana [1][2]. Transaction Details - The total cash consideration for the transaction is up to $400 million, which includes $375 million payable at closing and a $25 million contingent payment based on the achievement of specific development milestones [1][2]. - Geopark will acquire 100% of Frontera's Colombian upstream business, including oil and gas exploration and production assets, a reverse osmosis water treatment facility, and a palm oil plantation [1][2]. - The transaction implies a firm value of $622 million for the acquired assets, factoring in cash consideration and the assumption of existing debt [1][2]. Financial Implications - Following the transaction, Frontera plans to distribute approximately $370 million to shareholders, equating to CAD$7.18 per share, with the distribution details to be communicated before the shareholder meeting [1][2]. - The equity purchase price of $400 million represents a 25% premium to the 90-day volume-weighted average price (VWAP) and an 18% premium to the current stock price of Frontera [1][2]. - Frontera's infrastructure business is expected to generate an estimated $77 million in distributable cash flow for 2025, supported by a stable dividend stream from its investment in ODL [1][2]. Infrastructure Business Overview - Frontera retains full ownership of its infrastructure business, which includes a 35% equity interest in the Oleoducto de los Llanos Orientales S.A. (ODL) crude oil pipeline and a 99.97% equity interest in Sociedad Portuaria Puerto Bahia [2]. - The infrastructure business has generated over $194 million in distributable cash flows since 2023, with $77 million expected in 2025 alone [2]. - Puerto Bahia is set to enhance asset value and cash flow potential through several near-term growth projects, including LPG import facilities and an LNG regasification project [2]. Shareholder Engagement - The transaction requires approval from at least 66 2/3% of the votes cast by Frontera's shareholders at a special meeting, expected to be held in April 2026 [2]. - The independent members of Frontera's Board of Directors have unanimously determined that the transaction is fair and in the best interests of the company, recommending shareholder approval [2].

Maximilian J Layton AC +44-20-7986-4556 max.layton@citi.com 29 Jan 2026 18:39:20 ET │ 13 pages Vi e w p o i n t | Global Commodities Iran—discussing the path ahead and implications for oil CITI'S TAKE Oil markets are on edge about an escalation of tension between the US and Iran, as the US masses forces in the Middle East, while seeking dealmaking talks. In this report, we consider the path ahead for Iran, the various scenarios, and their implications for oil. We expect that the US administration will balan ...