Exxon Mobil XOM · USD

Note 3. Disclosures about Segments and Related InformationOur four reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products. The factors used to identify these reportable segments are based on the nature of the operations that are undertaken by each segment and reflect the nature of internal reviews by our Management Committee (MC). The MC is considered collectively, and not in their individual capacity, to be our Chief Operating Decision Maker (CODM), and includes our CEO, CFO, and two Senior Vice Presidents serving as contact executives overseeing the Upstream and Product Solutions businesses. The Upstream segment is organized to explore for and produce crude oil and natural gas. Product Solutions consists of the Energy Products, Chemical Products, and Specialty Products segments, which are organized to manufacture and sell petroleum products and petrochemicals.•Energy Products: Fuels, aromatics, and catalysts and licensing•Chemical Products: Olefins, polyolefins, and intermediates•Specialty Products: Finished lubricants, basestocks and waxes, synthetics, and elastomers and resinsThe CODM generally allocates resources through an annual planning process. They also allocate capital based on detailed project economics and long-term strategic objectives across reportable segments. The CODM primarily uses changes in Net income (loss) attributable to ExxonMobil to assess segment financial performance.Net income (loss) attributable to ExxonMobil includes transfers at estimated market prices. In Corporate and Financing, interest revenue relates to interest earned on cash deposits and marketable securities. Interest expense includes non-debt-related interest expense of $0.3 billion in 2025, $0.4 billion in 2024, and $0.2 billion in 2023.(millions of dollars)UpstreamEnergy ProductsChemical ProductsSpecialty ProductsSegment TotalU.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.

Note 12. Long-Term DebtAt December 31, 2025, long-term debt consisted of $26.4 billion due in U.S. dollars and $7.8 billion representing the U.S. dollar equivalent at year-end exchange rates of amounts payable in foreign currencies. These amounts exclude that portion of long-term debt, totaling $6.2 billion, which matures within one year and is included in current liabilities.The amounts of long-term debt, excluding finance lease obligations, maturing in each of the four years after December 31, 2026, are: 2027 – $2.5 billion; 2028 – $1.7 billion; 2029 – $1.7 billion; and 2030 – $5.3 billion. At December 31, 2025, the Corporation's unused long-term lines of credit were $1.0 billion. The Corporation may use non-derivative financial instruments, such as its foreign currency-denominated debt, as hedges of its net investments in certain foreign subsidiaries. Under this method, the change in the carrying value of the financial instruments due to foreign exchange fluctuations is reported in accumulated other comprehensive income. As of December 31, 2025, the Corporation has designated its $3.5 billion of Euro-denominated debt and related accrued interest as a net investment hedge of its European business. The net investment hedge is deemed to be perfectly effective.Summarized long-term debt at year-end 2025 and 2024 are shown in the table below:(millions of dollars, except where stated otherwise)AverageRate (1)Dec 31, 2025Dec 31, 2024 Exxon Mobil Corporation (2)(3) 3.043% notes due 2026— 2,500 2.275% notes due 2026— 1,000 3.294% notes due 20271,000 1,000 2.440% notes due 20291,250 1,250 3.482% notes due 20302,032 1,992 2.610% notes due 20302,016 2,000 2.995% notes due 2039750 750 4.227% notes due 20402,043 2,076 3.567% notes due 2045986 1,000 4.114% notes due 20462,497 2,500 3.095% notes due 20491,500 1,500 4.327% notes due 20502,750 2,750 3.452% notes due 20512,750 2,750 Exxon Mobil Corporation - Euro-denominated0.524% notes due 20281,175 1,039 0.835% notes due 20321,175 1,039 1.408% notes due 20391,175 1,039 XTO Energy Inc. (4)6.100% senior notes due 2036186 187 6.750% senior notes due 2037282 284 6.375% senior notes due 2038219 221 Pioneer Natural Resources Company (5)1.125% senior notes due 2026— 718 5.100% senior notes due 2026— 1,097 7.200% senior notes due 2028247 250 1.900% senior notes due 2030958 931 2.150% senior notes due 2031869 846 Parsley Energy LLC (6)4.125% senior notes due 2028133 131 Industrial revenue bonds due 2026-20512.

Note 13. LeasesThe Corporation and its consolidated affiliates generally purchase the property, plant, and equipment used in operations, but there are situations where assets are leased, primarily for drilling equipment, tankers, office buildings, railcars, and other moveable equipment. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for drilling equipment, tankers, and finance leases is excluded from the calculation of right of use assets and lease liabilities. Generally, assets are leased only for a portion of their useful lives and are accounted for as operating leases. In limited situations, assets are leased for nearly all of their useful lives and are accounted for as finance leases.Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, covenants related to leases, and transactions with related parties are also not significant. In general, leases are capitalized using the incremental borrowing rate of the leasing affiliate. The Corporation’s activities as a lessor are not significant.Lease Cost(millions of dollars)Operating LeasesFinance Leases202520242023202520242023 Operating lease cost2,450 2,296 1,976 Short-term and other (net of sublease rental income)1,490 2,047 1,563 Amortization of right of use assets161 140 107 Interest on lease liabilities167 149 140 Total (1)3,940 4,343 3,539 328 289 247 (1) Includes $984 million, $1,195 million, and $999 million for drilling rigs and related equipment operating leases in 2025, 2024, and 2023, respectively.

Note 20. Mergers and AcquisitionsPioneer Natural Resources CompanyOn May 3, 2024, the Corporation acquired Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company. In connection with the acquisition, we issued 545 million shares of ExxonMobil common stock having a fair value of $63 billion on the acquisition date and assumed debt with a fair value of $5 billion.The transaction was accounted for as a business combination in accordance with ASC 805, which requires that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The following table summarizes the fair values of the assets acquired and liabilities assumed.(billions of dollars)PioneerCurrent assets (1)3 Other non-current assets1 Property, plant, & equipment (2)84 Total identifiable assets acquired88 Current liabilities (1)3 Long-term debt (3)5 Deferred income tax liabilities (4)16 Other non-current liabilities2 Total liabilities assumed26 Net identifiable assets acquired62 Goodwill (5)1 Net assets63 (1) Current assets and current liabilities consist primarily of accounts receivable and payable, with their respective fair values approximating historical values given their short-term duration, expectation of insignificant bad debt expense, and our credit rating.(2) Property, plant, and equipment, of which a significant portion relates to crude oil and natural gas properties, was preliminarily valued using the income approach. Significant inputs and assumptions used in the income approach included estimates for commodity prices, future oil and gas production volumes, drilling and development costs, and risk-adjusted discount rates. Collectively, these inputs are level 3 inputs.(3) Long-term debt was valued using market prices as of the acquisition date, which reflects the use of level 1 inputs.(4) Deferred income taxes represent the tax effects of differences in the tax basis and acquisition date fair values of assets acquired and liabilities assumed.(5) Goodwill was allocated to the Upstream segment.Debt Assumed in the MergerThe following table presents long-term debt assumed at closing:(millions of dollars)Par ValueFair Valueas of May 2, 20240.250% Convertible Senior Notes due May 2025 (1)450 1,327 1.125% Senior Notes due January 2026750 699 5.100% Senior Notes due March 20261,100 1,096 7.200% Senior Notes due January 2028241 252 4.125% Senior Notes due February 2028138 130 1.

The Corporation recognizes the importance of cybersecurity in achieving its business objectives, safeguarding its assets, and managing its daily operations. Accordingly, the Corporation integrates cybersecurity risks into its overall enterprise risk management system. The Audit Committee oversees the Corporation’s risk management approach and structure, which includes an annual review of the Corporation’s cybersecurity program. The Corporation’s cybersecurity program is managed by the Corporation’s Vice President of Information Technology (IT), with support from cross-functional teams led by ExxonMobil IT and operational technology (OT) cybersecurity operations managers (collectively, Cybersecurity Operations Managers). The Cybersecurity Operations Managers are responsible for the day-to-day management and effective functioning of the cybersecurity program, including the prevention, detection, investigation, and response to cybersecurity threats and incidents. The Cybersecurity Operations Managers collectively have many years of experience in cybersecurity operations. IT management provides regular reports to the Corporation’s senior management throughout the year, and to the Audit Committee or the Board of Directors, as appropriate, in its annual cybersecurity review. Such reports typically address, among other things, the Corporation’s cybersecurity strategy, initiatives, key security metrics, penetration testing and benchmarking learnings, and business response plans as well as the evolving cybersecurity threat landscape. The Corporation’s cybersecurity program includes multi-layered technological capabilities designed to prevent and detect cybersecurity disruptions and leverages industry standard frameworks, including the National Institute of Standards and Technology Cybersecurity Framework. The cybersecurity program incorporates an incident response plan to engage cross-functionally across the Corporation and report cybersecurity incidents to appropriate levels of management, including senior management, and the Audit Committee or Board of Directors, based on potential impact. The Corporation conducts annual cybersecurity awareness training and routinely tests cybersecurity awareness and business preparedness for response and recovery, which are developed based on real-world threats.

Note 18. Incentive ProgramThe 2003 Incentive Program provides for grants of stock options, stock appreciation rights (SARs), restricted stock, and other forms of awards. Awards may be granted to eligible employees of the Company and those affiliates at least 50 percent owned by the Corporation. Outstanding awards are subject to certain forfeiture provisions contained in the program or award instrument. Options and SARs may be granted at prices not less than 100 percent of market value on the date of grant and have a maximum life of 10 years. The maximum number of shares of stock that may be issued under the 2003 Incentive Program is 220 million. Awards that are forfeited, expire, or are settled in cash, do not count against this maximum limit. The 2003 Incentive Program does not have a specified term. New awards may be made until the available shares are depleted, unless the ExxonMobil Board of Directors terminates the plan early. At the end of 2025, remaining shares available for award under the 2003 Incentive Program were 41 million.Restricted Stock and Restricted Stock Units. Awards of restricted (nonvested) common stock units granted under the 2003 Incentive Program totaled 9,852 thousand, 10,393 thousand, and 9,701 thousand in 2025, 2024, and 2023, respectively. Compensation expense for these awards is based on the price of the stock at the date of grant and is recognized in income over the requisite service period. Shares for these awards are issued to employees from treasury stock. The units that are settled in cash are recorded as liabilities, and their changes in fair value are recognized over the vesting period. During the applicable restricted periods, the shares and units may not be sold or transferred and are subject to forfeiture. The majority of the awards have graded vesting periods, with 50 percent of the shares and units in each award vesting after three years, and the remaining 50 percent vesting after seven years. Some management, professional, and technical participants will receive awards that vest in full after three years. Awards granted to a small number of senior executives have vesting periods of five years for 50 percent of the award and of 10 years for the remaining 50 percent of the award, except that for awards granted prior to 2020 the vesting of the 10-year portion of the award is delayed until retirement if later than 10 years.

Note 2. Earnings Per ShareEarnings per common share202520242023Net income (loss) attributable to ExxonMobil (millions of dollars)28,844 33,680 36,010 Weighted-average number of common shares outstanding (millions of shares) (1)4,305 4,298 4,052 Earnings (loss) per common share (dollars) (2)6.70 7.84 8.89 Dividends paid per common share (dollars)4.00 3.84 3.68 (1) Includes restricted shares not vested as well as 545 million shares issued for the Pioneer acquisition on May 3, 2024.(2) The earnings (loss) per common share and earnings (loss) per common share - assuming dilution are the same in each period shown.

Note 17. Cash Flow InformationThe Consolidated Statement of Cash Flows provides information about changes in cash and cash equivalents. Highly liquid investments with maturities of three months or less when acquired are classified as cash equivalents.In 2025, the Corporation completed the sale of the Product Solutions affiliates in France. The sale included cash proceeds as well as cash from a financing arrangement which was assumed by the buyer upon closing.In 2024, the Corporation completed the acquisition of Pioneer Natural Resources Company (Pioneer) through the issuance of 545 million shares of ExxonMobil common stock having a fair value of $63 billion on the acquisition date and assumed debt with a fair value of $5 billion. Additional information is provided in Note 20.In 2023, the Corporation completed the acquisition of Denbury Inc. (Denbury) through the issuance of 46 million shares of ExxonMobil Corporation common stock having a fair value of $4.8 billion on the acquisition date. Additional information is provided in Note 20.In 2023, the Corporation completed the sale of Esso Thailand. The sale included cash proceeds as well as cash from debt that was issued to facilitate the sale, which was assumed by the buyer upon closing.For 2025, the “Net (gain)/loss on asset sales” on the Consolidated Statement of Cash Flows includes before-tax amounts mainly from the sale of upstream assets in the United States and Argentina and retail fuels assets in Singapore. For 2024, the number includes before-tax amounts mainly from the sale of upstream assets in the United States, Argentina, and Nigeria. For 2023, the number includes before-tax amounts from the sale of upstream assets in the United States. These net (gain)/loss amounts are reported in "Other income" on the Consolidated Statement of Income.