On this page of StockholderLetter.com we present the latest annual shareholder letter from EXXON MOBIL CORP — ticker symbol XOM. Reading current and past XOM letters to shareholders can bring important insights into the investment thesis.

 •  4/7/2025 Letter Continued (Full PDF)
 •  4/13/2023 XOM Stockholder Letter
 •  4/11/2024 XOM Stockholder Letter
 •  More "Oil & Gas Exploration & Production" Category Stockholder Letters
 •  XOM Benford's Law Stock Score = 97

XOM Shareholder/Stockholder Letter Transcript:

24
Annual
Report

Financial and
operating
performance
$34 B
EARNINGS
$55B
CASH FLOW FROM
OPERATIONS
>$12B
STRUCTURAL COST
SAVINGS VS. 20191
13%
2024 year in review A league of our own
Competitive advantages deliver leading value
today and profitable growth far into the future
Delivering advantaged
growth and strong
operational
performance
Investing in unmatched
opportunities in
traditional and new
businesses
Delivering leading
shareholder returns
Leading safety
Continuing industry
leadership in safety
performance2
Higher synergies
>$3B per year over next
decade from Pioneer4
Increased dividends
42 consecutive years
of annual dividend per
share growth
Highest production in
more than a decade
4.3 Moebd with >50%
from advantaged
assets
Grew high-value
product1 sales
Developing new
products with highvalue, high-growth
applications
Lower emissions
intensity
>60% reduction in
operated methane
emissions intensity
since 20163
Building world   s only
end-to-end carbon
capture and storage
system5
6.7 Mta of CO    under
contract
Highest share
repurchases in more
than a decade
>$19B in 2024
20/30 by 2030
firm plans to grow
earnings potential
$20B & cash flow
potential $30B6
RETURN ON
CAPITAL EMPLOYED1
$125B
5-YEAR SHAREHOLDER
DISTRIBUTIONS
14%
5-YEAR TOTAL
SHAREHOLDER
RETURN CAGR
I
About the cover: Upstream operations in Carlsbad, New Mexico (front left). Permian Basin
operations (front right). Carbon capture and storage in LaBarge, Wyoming (back left). Fuels
and lubes lab in Rotterdam, Netherlands (back right).
See supplemental information for footnotes, definitions, and cautionary statement beginning on
page 138 in this report.

To our shareholders
IMAGE TO COME
For ExxonMobil, success begins and ends with our
unique set of advantages: technology, scale, integration,
execution excellence, and people. These advantages
put us in a league of our own and position us to do
what few can do     create world-scale solutions to some
of society's biggest challenges, now and decades into
the future.
Financially, we delivered the third-highest annual
earnings in a decade at $34 billion, with cash flow
from operations of $55 billion. The strength of our
businesses and the cash they generate allows us to
fund profitable growth and reward shareholders with
growing dividends and share repurchases across a
variety of market conditions.
In 2024, we leveraged these advantages to achieve
outstanding safety, emissions, operational, and
financial performance. Results that collectively, no
other company can match.
Over the past five years, we've outperformed our
peers, increasing cash flow at a higher rate, delivering
$125 billion in shareholder distributions, and growing
our total shareholder return at a compound annual
growth rate of 14%     600 basis points higher than
our closest competitor.
We completed the transformational Pioneer merger,
strengthening the best Upstream portfolio in the
industry.1 We produced 4.3 million oil-equivalent
barrels per day, our highest rate in more than 10 years,
to help meet record global demand. More than half of
our volumes now come from our advantaged assets
including the Permian Basin, LNG, and Guyana, the
world   s premier deepwater development.
We achieved record sales of high-value products  
in our Product Solutions business. We also laid the
groundwork for innovative new products, including
our revolutionary Proxxima    resin system that
produces products that are stronger and lighter than
steel, and advanced carbon materials that can be used
in lithium batteries to boost EV range by 30%. These
two product applications alone represent a potential
market of $100 billion by 2030.3
We demonstrated strong market interest in our
Low Carbon Solutions business through new equity
partnerships and customer contracts. We   re the only
company with a world-scale, end-to-end CCS system4
uniquely positioning us to support large-scale industrial
businesses seeking to reduce emissions.
For more than 140 years, we've met society's evolving
needs every step of the way. Today, our transformed
company is creating unmatched value. Our competitive
advantages, especially our talented people, will ensure
ExxonMobil continues to play an indispensable role
in the future, providing solutions the world needs and
creating substantial shareholder value.
Thank you for investing in ExxonMobil.
Darren W. Woods
Chairman and CEO
II

Upstream
In the Permian Basin, we delivered record production from
both our heritage ExxonMobil assets and our Pioneer assets    
on our way to 2.3 million barrels per day by 2030.
We   ve built the best Upstream portfolio in the industry.1
In 2024, we achieved the highest-ever production from
our advantaged assets in the Permian Basin and Guyana,
which offer high returns and low cost of supply. More
broadly, we delivered the highest liquids production from
our overall portfolio in more than 40 years.
We completed the Pioneer merger in about half the time
it has taken other companies to close similar acquisitions.
By adding Pioneer and applying our technology, namely
cube development and our new lightweight proppant,
we   re transforming our Permian operations. We   ve added
2 billion oil-equivalent barrels to our estimated resource
in the basin, bringing the total to more than 18 billion    
a direct result of better capital efficiency and higher
resource recoveries. In addition, we expect, on average,
annual synergies from the Pioneer merger to surpass
$3 billion, 50% better than our original estimates.2
Technology is also driving our success in Guyana, the
world   s premier deepwater development. We announced
plans for two new floating production storage and
offloading vessels to help recover the estimated 11-billionbarrel resource on our block. We expect to have eight
boats operating there by the end of this decade with
capacity reaching 1.7 million barrels per day. Just a few
years ago, Guyana had no oil production. Today, our
III
4.3 million
oil-equivalent barrels per day highest in >10 years
up to 15%
higher recovery potential so far, using patented
lightweight proppant in the Permian Basin5
development is producing more than 650,000 barrels
per day. It   s still growing, with significant benefits for the
Guyanese economy and its people.
Our LNG business has been a critical element of our
Upstream portfolio for many years and, with four new
projects under development, we expect to have sales
of more than 40 million metric tons of LNG per year by
2030. Major projects on the U.S. Gulf Coast and in Qatar
are expected to achieve first sales in 2025.
Our Upstream business contributes substantially toward
meeting the world   s need for reliable and affordable
energy. As we invest to meet growing demand, we   re also
delivering lower greenhouse gas emissions from every
barrel produced. In our heritage Permian Basin operated
assets, we   ve reduced methane emissions intensity by
more than 60% since 2016,3 and the Upstream business
is on pace to reduce its total greenhouse gas emissions
intensity by 40-50% by 2030.4

Product Solutions
Our Product Solutions business makes the products
that support modern living. They are used to make food
safer, health care more accessible, and long-range travel
possible. From fuels, lubes, and sanitizers to cosmetics,
diapers, and mobile devices, petroleum products are
critical to modern life.
Our advantaged projects drove record sales of high-value
products1 in 2024, and Mobil 1TM remained among the
best-selling fully synthetic motor oil brands on the market.
We also established new businesses in our Specialty
Products division with carbon materials and ProxximaTM
products. Both are superior to existing alternatives and
create opportunities for us to grow beyond our traditional
fuels and chemicals business into new higher-growth,
higher-margin markets.
ProxximaTM resin systems, a product of cutting-edge
technology, is stronger, lighter, and more durable than
steel with fewer life-cycle carbon emissions than
traditional options.2 Our new carbon materials technology
produces feedstock for higher performance graphite,
resulting in a battery with up to 30% higher capacity, up
to 30% faster charging time, and extended battery life.
Technology plays a key role in building new product lines
and is at the core of our expanding advanced recycling
business. Our Baytown facility is among the largest in
North America and is converting discarded plastic into
raw materials that can be used to make fuels and other
valuable products. Since 2022, we   ve recycled more than
70 million pounds of plastic that might otherwise have
gone to landfills or the environment. And in 2024,
we announced a $200 million investment to expand
our advanced recycling capacity to 500 million pounds    
that   s the weight of about 25 Eiffel Towers.
Our Product Solutions business produces a diverse range
of products, with 70% of our manufacturing facilities
serving all three Product Solutions businesses. We're the
world's largest polyethylene producer. Our refining circuit
is double the scale of other integrated oil companies. And
our lubricants value chain leads the market.
Over the years, we've transformed these businesses. We   re
continuing to do so with six major projects expected to
start in 2025 in Canada, China, Singapore, the U.K., and
the United States. Constant innovation to meet the everchanging needs of society gives our businesses a long
runway of profitable growth that no one today can match.
>$100 billion
total addressable market for carbon materials
and ProxximaTM businesses by 20303
~$2 billion
in new earnings from advantaged projects
started up since 20194
Our ProxximaTM technology transforms low-value gasoline components into a revolutionary resin with applications in the
construction, automotive, and energy industries     just to name a few.
IV



 4/7/2025 Letter Continued (Full PDF)