HOUSTON, TEXAS (Ofelia Paredes, Energy Analytics Institute, 2.May.2025) — Exxon Mobil Corporation reported earnings of $7.7bn in the first-quarter 2025 (1Q:25), down compared to $8.2bn in the 1Q:24.
The Spring, Texas-based company reported advantaged volume growth in the US Permian basin and offshore Guyana as well as additional structural cost savings and favorable timing effects, which mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments and higher expenses from growth initiatives.
Exxon achieved $12.7bn of cumulative structural cost savings versus 2019, more than all cost savings reported by other international oil companies (IOCs) combined. This total includes $0.6bn of additional cost savings achieved during the 1Q:25, Exxon announced on 2 May 2025 in its 1Q:25 financial press release.
Looking forward, Exxon expects to deliver $18bn of cumulative savings through the end of 2030 compared to 2019.
“In this uncertain market, our shareholders can be confident in knowing that we’re built for this. The work we’ve done to transform our company over the past eight years positions us to excel in any environment,” Exxon chairman and chief executive officer (CEO) Darren Woods said in the statement.
Exxon reported strong cash flow from operations of $13bnn and free cash flow of $8.8bn in the 1Q:25 as well as industry-leading shareholder distributions of $9.1bn, which included $4.3bn of dividends and $4.8 n of share repurchases, consistent with its annual $20bn share-repurchase program through 2026, the company said.
Exxon also declared a 2Q:25 dividend of $0.99 per share, payable on 10 Jun. 2025 to shareholders of record of common stock at the close of business on 15 May 2025.
The company’s debt-to-capital and net-debt-to-capital ratio was 12% and 7% respectively, reflecting debt repayment of $4.6bn in the 1Q:25. The period-end cash balance was $18.5bn, the company said.
Cash capital expenditures (Capex) were $5.9bn, consistent with Exxon’s full-year guidance range of $27bn-$29bn, and includes $5.9bn of additions to property, plant and equipment.
“In the first quarter, we earned $7.7 billion and generated $13.0 billion in cash flow from operations. Since 2019, the strategic choices we made to reduce costs, grow advantaged volumes, and optimize our operations have strengthened quarterly earnings power by about $4 billion at current prices and margins,” Woods said.
“This year, we’re starting up 10 advantaged projects that are expected to generate more than $3 billion of earnings in 2026 at constant prices and margins. Continuously leveraging our competitive advantage is enabling the company to excel in the current market environment and deliver on our plans through 2030 and far into the future,” Woods said.
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By Ofelia Paredes reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
