ExxonMobil Holdings 10-Q 2026-06-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

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(972) 940-6000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such

filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to

Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to

submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or

an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth

company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

On July 1, 2026, Exxon Mobil Corporation, a New Jersey corporation ("EMC"), completed its previously announced

redomiciliation reorganization, pursuant to which ExxonMobil Holdings Corporation, a Texas corporation ("EMHC"), became

the publicly traded parent company of the ExxonMobil consolidated group and the successor registrant of EMC's common

stock under the Securities Exchange Act of 1934 ("Exchange Act"). Additional information regarding the redomiciliation

reorganization and its effect on the presentation of these financial statements is included in Note 1 to the Condensed

Consolidated Financial Statements. This Form 10-Q of EMC is being separately filed by EMC and EMHC, with EMHC filing

as the successor registrant of EMC's common stock under the Exchange Act.

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

*The

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RESULTS OF OPERATIONS

Due to rounding, numbers presented may not add up precisely to the totals indicated.

FORWARD-LOOKING STATEMENTS

Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives;

statements of future ambitions and plans; future earnings power; potential addressable markets; and other statements of future

events or conditions are forward-looking statements. Similarly, discussion of future plans related to carbon capture,

transportation and storage, lower-emission fuels, hydrogen and ammonia, direct air capture, ProxximaTM systems, carbon

materials, lithium, low-carbon data centers, and other future plans to reduce emissions and emission intensity of ExxonMobil,

its affiliates, and third parties are dependent on future market factors, such as continued technological progress, stable policy

support and timely rule-making and permitting, and represent forward-looking statements.

Actual future results, including financial and operating performance; potential earnings, cash flow, dividends or shareholder

returns, including the timing and amounts of share repurchases; total capital expenditures and mix, including allocations of

capital to low carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains,

including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity, including

ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in integrated

Upstream Permian Basin unconventional operated assets by 2035, to eliminate routine flaring in-line with World Bank Zero

Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, and to meet

ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as

technology advances, including the timing and outcome of projects to capture, transport and store CO2, produce hydrogen and

ammonia, produce lower-emission fuels, produce ProxximaTM systems, produce carbon materials, produce lithium, and use

plastic waste as feedstock for advanced recycling; future debt levels and credit ratings; maintenance and turnaround activity;

drilling and improvement programs; product sales levels and mix; business and project plans, timing, costs, capacities and

profitability; resource recoveries and production rates; and planned Denbury and Pioneer integrated benefits, could differ

materially due to a number of factors.

These include global or regional changes or imbalances in the supply and demand for oil, natural gas, petrochemicals, and

feedstocks and other market factors; economic conditions and seasonal fluctuations that impact prices, differentials, margins,

and volume/mix for our products; developments or changes in local, national, or international laws, regulations, taxes, trade

sanctions, trade tariffs, or policies affecting our business, such as government policies supporting lower carbon and new market

investment opportunities, the punitive European taxes on the oil and gas sector and unequal support for different technological

methods of emissions reduction or evolving, ambiguous and unharmonized voluntary or mandatory standards or extraterritorial

laws and regulations imposed by various jurisdictions related to sustainability and greenhouse gas reporting; timely granting of

governmental permits, licenses, and certifications; uncertain impacts of deregulation on the legal and regulatory environment;

price impacts and the broader government responses to inflationary pressures; changes in interest and exchange rates; variable

impacts of trading activities and derivative positions, including timing effects, on our margins and results each quarter; actions

of co-venturers or partners, competitors and commercial counterparties, including suppliers and customers; government actions

in pursuit of national energy and security policies and priorities affecting our business; the outcome of commercial negotiations,

including final agreed terms and conditions; the outcome of competitive bidding and project awards; the ability to access debt

markets on favorable terms or at all; the occurrence, pace, rate of recovery and effects of public health crises; adoption of

regulatory incentives consistent with law; reservoir performance and optimization, including variability and timing factors

applicable to unconventional resources, the success of new unconventional and AI-enhanced technologies, and the ability of

new technologies to improve drilling performance and recovery relative to competitors; the level, outcome, and timing of

exploration and development projects and decisions to invest in future reserves and resources; timely completion of

construction projects and commencement of start-up operations, including reliance on third-party suppliers and service

providers; final management approval of future projects and any changes in the scope, terms, costs or assumptions of such

projects as approved; the actions of governments, non-governmental organizations, or other actors against our core business

activities and acquisitions, divestitures or financing opportunities; war, civil unrest, armed hostilities, attacks against the

company or industry, and other geopolitical or security disturbances, including disruption of land or sea transportation routes or

distribution or shipping channels; decoupling of economies; disruption, realignment, or breaking of current or historical trade or

military alliances or global trade and supply chain networks; escalating geopolitical volatility, including regime changes;

expropriations, seizure, or capacity, insurance, shipping, import or export limitations imposed directly or indirectly by

governments or laws; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable

conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and

the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning;

unforeseen technical or operating disruptions or difficulties and unplanned maintenance; the development and competitiveness

of alternative energy and emission reduction technologies; consumer preferences including willingness and ability to pay for

reduced emission products; the results of research programs and the ability to bring new technologies to commercial scale on a

cost-competitive basis; and other factors discussed under "Item 1A. Risk Factors" of ExxonMobil’s 2025 Form 10-K.

Forward-looking and other statements regarding environmental and other sustainability efforts and aspirations are not an

indication that these statements are material to investors or require disclosure in our filing with the SEC or any other regulatory

authority. In addition, historical, current, and forward-looking environmental and other sustainability-related statements may be

based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and

assumptions that are subject to change in the future, including future rule-making.

Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium

term business plans, which are updated annually. The reference case for planning beyond 2030 is based on ExxonMobil’s

Global Outlook (Outlook) research and publication. The Outlook is reflective of the existing global policy environment and an

assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and

development of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Outlook does not

project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to

meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and

ExxonMobil’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment

decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors,

including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement,

insights from the Corporate planning process, and alignment with our partners and other stakeholders. Capital investment

guidance in lower-emission investments is based on our Corporate plan; however, actual investment levels will be subject to the

availability of the opportunity set and public policy support, and focused on returns.

The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same

meaning as in any government payment transparency reports.

Overview

Market conditions continued to be heavily influenced by supply disruptions in the Middle East and global refining capacity

reductions during the second quarter of 2026. Average crude oil prices remained within the 10-year historical range

(2010-2019) with reduced refining capacity and inventory releases. Natural gas prices remained elevated above the 10-year

average with ongoing supply disruptions. Global industry refining margins were sharply above the 10-year historical range due

to unprecedented global refining capacity reductions. Chemical margins improved but remained below the bottom of the 10-

year range with regional supply constraints impacting product availability, particularly in Asia.

Selected Earnings Driver Definitions

The earnings drivers provide additional visibility into our business results. The Corporation evaluates these drivers periodically

to determine if any enhancements may provide helpful insights to the market. Listed below are descriptions of the earnings

drivers:

Advantaged Volume Growth. Represents earnings impacts from change in volume/mix from advantaged assets, advantaged

projects, and high-value products. Occasionally, additional granularity is provided to aid investors. For example, Middle East

volumes are presented separately in this filing.

• Advantaged Assets (Advantaged growth projects). Includes Permian, Guyana, and LNG.

*•*Advantaged Projects. Includes capital projects and programs of work that contribute to Energy, Chemical, and/or

Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or

deliver higher than average returns.

*•*High-Value Products. Includes performance products and lower-emission fuels. Performance products (performance

chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications

through enhanced properties versus commodity alternatives and bring significant additional value to customers and

end-users. Lower-emission fuels refers to fuels with lower life cycle emissions than conventional transportation fuels

for gasoline, diesel and jet transport.

Base Volume. Represents all volume/mix drivers not included in Advantaged Volume Growth defined above. Occasionally,

additional granularity is provided to aid investors. For example, Middle East volumes are presented separately in this filing.

Structural Cost Savings. Represents after-tax earnings effects of Structural Cost Savings as defined on page 23, including cash

operating expenses related to divestments.

Expenses. Represents all expenses otherwise not included in other earnings drivers.

Estimated Timing Effects. Represents timing effects that are primarily related to unsettled derivatives which are required to be

marked to current period-end prices (mark-to-market), where the associated physical shipments are not reflected in earnings

until the physical transaction is complete. It also includes estimated recognition differences between the settlement of

derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Impacts are expected to

unwind in subsequent periods.

Identified Items. Represents individually significant non-operational events with, typically, an absolute corporate total earnings

impact of at least $250 million in a given quarter. The impact of an Identified Item for an individual segment may be less than

$250 million when the item impacts several segments or several periods.

Cash Capital Expenditures (Non-GAAP)

Cash capital expenditures (Cash Capex) is the sum of "Additions to property, plant and equipment", "Additional investments

and advances", and "Other investing activities including collection of advances", reduced by "Inflows from noncontrolling

interests for major projects", each from the Consolidated Statement of Cash Flows, and excludes advances and collections not

related to capital expenditures or equity investments, for example, supply and marketing related advances and associated

collections. This measure is useful for investors to understand the current period cash impact of investments in the business.

Structural Cost Savings (Non-GAAP)

Structural Cost Savings describes decreases in cash opex excluding energy and production taxes as a result of operational

efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures that are expected to be

sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $16.3 billion,

which included an additional $1.2 billion in the first six months of 2026. The total change between periods in expenses below

will reflect both Structural Cost Savings and other changes in spend, including market factors, such as inflation and foreign

exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new

business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions,

and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual

structural savings may be revised depending on whether cost reductions realized in prior periods are determined to be

sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of

spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through

disciplined expense management.

REVIEW OF SECOND QUARTER 2026 RESULTS

ExxonMobil’s second quarter 2026 earnings were $14.5 billion, compared to $7.1 billion a year earlier. Markets were

supportive, but our performance reflected the strength of the portfolio and operating model. The increase in earnings was driven

by higher prices and margins, advantaged investments across Upstream and Energy Products, and structural cost savings. This

increase was partly offset by higher expenses related to depreciation, lower volumes from scheduled maintenance and Middle

East disruptions, and identified items, primarily impairments and financial reserves. Cash capital expenditures were $6.8

billion, up $0.2 billion from second quarter 2025.

Earnings for the first six months of 2026 were $18.7 billion, compared to $14.8 billion a year earlier. Cash capital expenditures

were $13.0 billion, up $0.4 billion from the first six months of 2025. The Corporation distributed $8.6 billion in dividends to

shareholders and repurchased $10.0 billion of common stock.

UPSTREAM

Volume / Mix

Price – Increased earnings by $4,650 million, on higher crude realizations, partly offset by lower gas realizations.

Advantaged Volume Growth – Increased earnings by $1,140 million, mainly driven by Guyana and Permian growth.

Base Volume – Decreased earnings by $130 million.

Middle East Volume - Decreased earnings by $1,060 million due to Middle East disruption impacts.

Structural Cost Savings – Increased earnings by $170 million.

Expenses – Decreased earnings by $690 million due to higher depreciation.

Other – Decreased earnings by $170 million mainly due to one-time tax impacts and absence of divestments.

Estimated Timing Effects – Decreased earnings by $180 million, mainly from unfavorable derivatives mark-to-market impacts.

Identified Items – 2Q26 $(1,199) million loss from financial reserves.

Volume / Mix

Price – Increased earnings by $4,200 million, on higher crude realizations, partly offset by lower gas realizations.

Advantaged Volume Growth – Increased earnings by $1,940 million, mainly driven by Guyana and Permian growth.

Base Volume – Decreased earnings by $590 million from divestments and Kazakhstan downtime.

Middle East Volume - Decreased earnings by $1,280 million due to Middle East disruption impacts.

Structural Cost Savings – Increased earnings by $340 million.

Expenses – Decreased earnings by $1,510 million mainly due to higher depreciation.

Other – Increased earnings by $470 million, mainly from net favorable tax items.

Estimated Timing Effects – Decreased earnings by $870 million, mainly from unfavorable derivatives mark-to-market impacts.

Identified Items – 2026 $(1,199) million loss from financial reserves.

Listed below are descriptions of ExxonMobil’s volumes reconciliation drivers which are provided to facilitate understanding of

the terms.

Entitlements - Net Interest are changes to ExxonMobil’s share of production volumes caused by non-operational changes to

volume-determining drivers. These drivers consist of net interest changes specified in Production Sharing Contracts (PSCs),

which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity

upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as

a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by

subsequent events, such as lower crude oil prices.

Entitlements - Price / Spend / Other are changes to ExxonMobil’s share of production volumes resulting from temporary

changes to non-operational volume-determining drivers. These drivers include changes in oil and gas prices or spending levels

from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or

spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at

higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period

with field spending patterns or market prices for oil and natural gas. Such drivers can also include other temporary changes in

net interest as dictated by specific provisions in production agreements.

Government Mandates are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions

imposed by governments.

Divestments are reductions in ExxonMobil’s production arising from commercial arrangements to fully or partially reduce

equity in a field or asset in exchange for financial or other economic consideration.

Growth and Other comprise all other operational and non-operational drivers not covered by the above definitions that may

affect volumes attributable to ExxonMobil. Such drivers include, but are not limited to, production enhancements from project

and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field

decline, and any fiscal or commercial terms that do not affect entitlements.

ENERGY PRODUCTS

Volume / Mix

Margin – Increased earnings by $3,180 million from stronger refining margins.

Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased

earnings by $270 million.

Base Volume – Decreased earnings by $280 million, mainly driven scheduled maintenance.

Middle East Volume - Decreased earnings by $310 million due to Middle East supply disruptions impacting global operations.

Structural Cost Savings – Increased earnings by $110 million.

Expenses – Decreased earnings by $170 million, driven by growth projects and scheduled maintenance.

Other – Decreased earnings by $80 million, driven by unfavorable foreign exchange rate effects.

Estimated Timing Effects – Increased earnings by $2,560 million, on favorable derivative mark-to-market impacts.

Identified Items – 2Q26 $(1,180) million loss mainly from impairments.

Volume / Mix

Margins – Increased earnings by $5,530 million from stronger refining margins and improved trading and optimization.

Advantaged Volume Growth – Consistent focus on growing advantaged capacity and optimizing assets and products increased

earnings by $410 million.

Base Volume – Decreased earnings by $330 million, mainly driven by scheduled maintenance.

Middle East Volume - Decreased earnings by $460 million due to Middle East supply disruptions impacting global operations.

Structural Cost Savings – Increased earnings by $380 million.

Expenses – Decreased earnings by $600 million, primarily driven by higher scheduled maintenance and growth projects.

Other – Decreased earnings by $260 million, mainly driven by unfavorable foreign exchange rate effects.

Estimated Timing Effects – Decreased earnings by $770 million, primarily from rising crude prices.

Identified Items – 2026 $(1,886) million loss due to impairments and supply disruptions in the Middle East preventing physical

shipments associated with hedges.

CHEMICAL PRODUCTS

Volume / Mix

Margin – Increased earnings by $980 million from increased North America ethane feed advantage and performance chemical

margins.

Advantaged Volume Growth – Decreased earnings by $130 million from weak Asia Pacific market dynamics.

Base Volume – Increased earnings by $70 million.

Structural Cost Savings – Increased earnings by $20 million.

Expenses – Increased earnings by $40 million.

Other – Decreased earnings by $60 million.

Identified Items – 2Q26 $(83) million loss.

Volume / Mix

Margins – Increased earnings by $570 million, mainly from increased North America ethane feed advantage and performance

chemical margins.

Advantaged Volume Growth – Increased earnings by $10 million.

Base Volume – Increased earnings by $170 million from regional product mix.

Structural Cost Savings – Increased earnings by $150 million.

Expenses – Decreased earnings by $50 million.

Other – Decreased earnings by $90 million.

Identified Items – 2026 $(83) million loss.

SPECIALTY PRODUCTS

Volume / Mix

Margin – Increased earnings by $270 million on higher basestock margins.

Advantaged Volume – Increased earnings by $10 million.

Base Volume – Decreased earnings by $30 million.

Middle East Volume - Decreased earnings by $110 million due to supply disruptions.

Structural Cost Savings – Increased earnings by $30 million.

Expenses – Decreased earnings by $20 million.

Other – Increased earnings by $40 million.

Identified Items – 2Q26 $(13) million loss.

Volume / Mix

Margins – Increased earnings by $120 million on higher basestock margins on supply disruptions.

Advantaged Volume Growth – Increased earnings by $10 million.

Base Volume – Decreased earnings by $30 million.

Middle East Volume - Decreased earnings by $50 million.

Structural Cost Savings – Increased earnings by $80 million.

Expenses – Decreased earnings by $10 million.

Other – Increased earnings by $60 million.

Identified Items – 2026 $(13) million loss.

CORPORATE AND FINANCING

Corporate and Financing expenses were $954 million for the second quarter of 2026, $195 million higher than the second

quarter of 2025, due to lower interest income and unfavorable tax impacts.

Corporate and Financing expenses were $2,007 million for the first six months of 2026, $450 million higher than 2025, due to

lower interest income and the absence of favorable tax items.

(1) Net debt is total debt of $42.4 billion less $10.6 billion of cash and cash equivalents excluding restricted cash . Net debt to capital ratio is net debt divided

by net debt plus total equity of $266.1 billion*. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance*

Sheet.

LIQUIDITY AND CAPITAL RESOURCES

Cash flow from operations and asset sales in the second quarter of 2026 was $24.0 billion, an increase of $12.3 billion from the

comparable 2025 period.

Cash provided by operating activities totaled $32.3 billion for the first six months of 2026, $7.8 billion higher than 2025. Net

income including noncontrolling interests was $19.4 billion, an increase of $4.0 billion from the prior year period. The

adjustment for the noncash provision of $15.5 billion for depreciation and depletion was up $3.7 billion from 2025. Changes in

operational working capital were a reduction of $3.9 billion during the period. All other items net increased cash flows by $1.3

billion in 2026 versus an increase of $2.2 billion in 2025. See the Condensed Consolidated Statement of Cash Flows for

additional details.

Investing activities for the first six months of 2026 used net cash of $12.3 billion, an increase of $2.0 billion compared to the

prior year. Spending for additions to property, plant and equipment of $13.0 billion was $0.8 billion higher than 2025. Proceeds

from asset sales were $0.6 billion, a decrease of $1.4 billion compared to the prior year. Net investments and advances

decreased $0.2 billion from $0.1 billion in 2025.

Net cash used in financing activities was $19.9 billion in the first six months of 2026, including $10.0 billion for the purchase

of 66.7 million shares of ExxonMobil stock, as part of the previously announced buyback program. This compares to net cash

used in financing activities of $22.3 billion in the prior year. Total debt at the end of the second quarter of 2026 was $42.4

billion compared to $43.5 billion at year-end 2025. The Corporation's debt to total capital ratio was 13.7 percent at the end of

the second quarter of 2026 compared to 14.0 percent at year-end 2025. The net debt to capital ratio (1) was 10.7 percent at the

end of the second quarter, a decrease of 0.3 percentage points from year-end 2025. The Corporation's capital allocation

priorities are investing in competitively advantaged, high-return projects, maintaining a strong balance sheet, and sharing our

success with our shareholders through more consistent share repurchases and a growing dividend. The Corporation distributed a

total of $8.6 billion to shareholders in the first six months of 2026 through dividends.

The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are

expected to cover the majority of financial requirements, supplemented by long-term and short-term debt. Commercial paper is

used to balance short-term liquidity requirements and is reflected in "Notes and loans payable" on the Consolidated Balance

Sheet, with changes in outstanding commercial paper between periods included in the Consolidated Statement of Cash Flows.

The Corporation had undrawn short-term committed lines of credit of $7.4 billion and undrawn long-term committed lines of

credit of $0.3 billion as of the end of second quarter 2026.

The Corporation’s financial strength enables it to make large, long-term capital expenditures. Cash capex in the second quarter

of 2026 was $6.8 billion, up $0.2 billion from the second quarter of 2025. The Corporation plans to invest in the range of $27

billion to $29 billion in 2026. Actual spending could vary depending on the progress of individual projects.

The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade.

Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in

either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio

through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating

acquisitions include strategic fit, cost synergies, potential for future growth, low cost of supply, and attractive valuations.

Acquisitions may be made with cash, shares of the Corporation’s common stock, or both. We also opportunistically may use

our cash and available liquidity to repurchase or retire our debt.

Litigation and other contingencies are discussed in Note 7 to the unaudited Condensed Consolidated Financial Statements.

TAXES

Total taxes were $10.7 billion for the second quarter of 2026, an increase of $0.1 billion from 2025. Income tax expense was

$4.5 billion compared to $3.4 billion in the prior year. The effective income tax rate, which is calculated based on consolidated

company income taxes and ExxonMobil's share of equity company income taxes, was 24 percent, 10 percent lower than the

prior year period due primarily to a change in mix of results in jurisdictions with varying tax rates. Total other taxes and duties

decreased by $1.1 billion to $6.1 billion.

Total taxes were $19.9 billion for the first six months of 2026, a decrease of $1.3 billion from 2025. Income tax expense

increased by $0.1 billion to $7.0 billion. The effective income tax rate of 29 percent was 5 percent down compared to the prior

year period due primarily to portfolio mix effects. Total other taxes and duties decreased by $1.4 billion to $12.9 billion.

Information about market risks for the six months ended June 30, 2026, does not differ materially from that discussed under

As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Chief Financial Officer,

and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of June 30, 2026.

Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective

in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the

Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely

decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized,

and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no

changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the

Corporation’s internal control over financial reporting.

PART II. OTHER INFORMATION

ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.

Refer to the relevant portions of Note 7 of this Quarterly Report on Form 10-Q for further information on legal proceedings.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the second quarter, the Corporation did not issue or sell any unregistered equity securities.

During the three months ended June 30, 2026, none of the Corporation’s directors or officers adopted or terminated a “Rule

10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation

S-K.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on

its behalf by the undersigned, thereunto duly authorized.