Exxon Mobil Corporation (XOM): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Exxon Mobil Corporation (XOM)'s strategy as of late 2025, and honestly, it's a fascinating, high-stakes balancing act. After a decade leading analysis at a firm like BlackRock, I can tell you their model isn't just about pumping oil; it's a deliberate dual-track approach: aggressively maximizing returns from advantaged assets like the Permian and Guyana while simultaneously pouring capital-expecting between $27 billion to $29 billion in cash CapEx for 2025-into building out the low-carbon future, especially Carbon Capture and Storage (CCS). This canvas breaks down exactly how they plan to fund the old business while building the new one, from their $35/bbl breakeven target to their customer base for industrial decarbonization. Dive in below to see the full nine blocks of this energy giant's playbook.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Key Partnerships

You're looking at the alliances Exxon Mobil Corporation is making to secure future revenue streams and meet low-carbon targets. These aren't just casual chats; these are capital-intensive, multi-year commitments. Here's the breakdown of the key players Exxon Mobil Corporation is working with as of late 2025.

Joint ventures for major Upstream developments (e.g., Guyana)

The Stabroek block in Guyana is a massive undertaking, and Exxon Mobil Corporation operates it with significant partners. The consortium just greenlit its seventh major project, Hammerhead, in September 2025, which required a $6.8 billion investment decision. This brings the total funds committed across the seven approved projects to more than $60 billion.

Exxon Mobil Corporation holds a 45% working interest and operates the block. Its partners include Chevron, which holds 30% following its acquisition of Hess Corp., and CNOOC Petroleum Guyana with 25%. As of late 2025, Exxon Mobil Corporation is safely producing approximately 650,000 barrels of oil per day (bopd), with expectations to exceed 900,000 bopd by the end of the year. Once all seven projects are online, the total installed capacity on the block is projected to hit 1.5 million bopd.

The pipeline of development continues, so you should note these milestones:

• - Uaru (fifth project) startup anticipated in 2026.
• - Whiptail (sixth project) startup anticipated in 2027.
• - Hammerhead (seventh project) production expected to begin in 2029.
• - Longtail (eighth project) FID expected in 2025, potentially yielding up to 1.2 bcf/d of gas.

Since production started in 2019, the consortium has paid over $7.8 billion into Guyana's Natural Resource Fund.

Strategic CCS contracts with industrial emitters like Nucor and Calpine

Exxon Mobil Corporation is actively commercializing its Carbon Capture and Storage (CCS) network, positioning itself as a decarbonization service provider. The company has a goal to dedicate 65% of its $30 billion lower-emissions investment planned for 2025-2030 toward helping other companies reduce their emissions.

The partnership with Calpine Corporation is a key example, securing transport and storage for up to 2 million metric tons per annum (MTA) of $\text{CO}_2$ from Calpine's Baytown Energy Center. This agreement makes Calpine the sixth CCS customer, pushing Exxon Mobil Corporation's total contracted $\text{CO}_2$ volume to approximately 16 MTA. Separately, the agreement with Nucor involves storing up to 800,000 metric tons of $\text{CO}_2$ per year from Nucor's iron facility in Louisiana.

Here's a snapshot of the scale of these CCS commitments:

Collaboration with ADNOC and 1PointFive on Direct Air Capture (DAC) technology

Exxon Mobil Corporation is moving forward on a major low-carbon hydrogen and ammonia facility in Baytown, Texas, in partnership with ADNOC, which acquired a 35% equity stake. A final investment decision (FID) for this project is expected in 2025, with operations planned to start in 2029. The facility is designed to capture nearly 98% of the resulting $\text{CO}_2$, with potential output of over 1 million tons of low-carbon ammonia annually.

While the ADNOC partnership focuses on hydrogen, Exxon Mobil Corporation is also exploring DAC scale-up. There is a potential joint venture with ADNOC and 1PointFive to build a DAC facility in Texas, targeting an annual capacity of 500,000 tons of $\text{CO}_2$ removed, with a potential investment up to $500 million. For context, 1PointFive is currently constructing its Stratos DAC facility, designed to capture 500,000 tonnes of $\text{CO}_2$ per year.

Technology partnerships with Intel and UNICOM Engineering for data center solutions

Exxon Mobil Corporation is integrating deeper into the data center supply chain through technology alliances. The collaboration with Intel focuses on developing and certifying next-generation, energy-efficient, liquid-based cooling technologies for Intel's Xeon processors. You'll also see a partnership with UNICOM Engineering specifically for developing immersion cooling solutions.

These efforts support a larger internal plan for Exxon Mobil Corporation to have a fully operational, decarbonized data center site by 2028-2029. This is happening as the U.S. data center market power consumption is forecasted to grow from 17 gigawatts (GW) in 2022 to 35 GW by 2030.

The key focus areas in this tech segment are:

• - Co-developing liquid cooling technologies for Intel's Xeon architecture.
• - Developing immersion cooling solutions with UNICOM Engineering.
• - Aiming for significant energy and water savings in data center deployments.

Finance: draft 13-week cash view by Friday.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Key Activities

You're looking at the core actions Exxon Mobil Corporation is taking to execute its 2030 plan, which is heavily weighted toward advantaged assets and new business development. It's a clear pivot in activity focus, backed by significant capital deployment.

• Exploration and production in advantaged assets (Permian, Guyana).
• Global refining and chemical manufacturing operations.
• Executing $27 billion to $29 billion in 2025 cash capital expenditures.
• Developing and commercializing Carbon Capture and Storage (CCS) infrastructure.
• Integrating Pioneer Natural Resources for over $3 billion in annual synergies.

The focus on advantaged assets is central to Exxon Mobil Corporation's strategy, driving production growth from its premier resource base. The Permian Basin and offshore Guyana are the primary engines here, supported by the integration of Pioneer Natural Resources.

In the Permian Basin, the company is leveraging its massive contiguous acreage, which is now the industry's leading undeveloped U.S. unconventional inventory position following the Pioneer deal. This allows for deployment of proprietary technology, such as the lightweight proppant, which approximately 25% of wells are expected to use in 2025.

Offshore Guyana, the pace of development is aggressive. The Yellowtail development, the fourth project, came online four months ahead of schedule, contributing 250,000 barrels per day of capacity. This success helped push Q3 2025 Guyana daily output past 700,000 barrels for the first time.

Here's a quick look at the production targets tied to these advantaged assets:

The capital deployment for these activities is substantial. Exxon Mobil Corporation is earmarking between $27 billion and $29 billion for cash capital expenditures in 2025, which reflects the first full year incorporating Pioneer and investment into new businesses.

On the downstream side, the Product Solutions business is a key activity, focused on shifting output toward higher-margin products. The plan includes growing high-value product sales by 80% versus 2024, aiming for these sales to contribute over 40% of the segment's 2030 earnings potential. This is supported by operational milestones, such as commencing operations at the China Chemical Complex and a second Advanced Recycling Unit in Baytown in Q1 2025.

Developing and commercializing Carbon Capture and Storage (CCS) infrastructure is a defined activity under the Low Carbon Solutions business. Exxon Mobil Corporation is planning to invest up to $30 billion in lower-emission projects between 2025 and 2030. The specific goal for CCS is to capture and store 30 million metric tons of CO2 annually by 2030. A near-term operational goal involves a U.S. Gulf Coast project targeting the capture of up to 2 million metric tons of CO2 annually from CF Industries Holdings Inc.'s ammonia plant in Donaldsonville, Louisiana, with a targeted 2025 startup pending regulatory approval.

The integration of Pioneer Natural Resources is a major activity driving efficiency. The company expects to realize annual synergies from this integration of more than $3 billion, which is an increase of over 50% from prior guidance. This synergy realization, combined with other structural cost savings of an additional $7 billion versus Q3 2024, directly supports the capital discipline required for the overall plan.

Finance: draft 13-week cash view by Friday.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Key Resources

You're looking at the core assets that make Exxon Mobil Corporation a powerhouse in the energy sector as of late 2025. These aren't just line items; they are the physical and intellectual foundations of their business.

The company's balance sheet strength is anchored by its scale. Total assets reached $454.340 billion as of the quarter ending September 30, 2025. This massive asset base supports their integrated operations across upstream, downstream, and low-carbon solutions.

In the upstream sector, two areas stand out for their resource base. First, Exxon Mobil Corporation has secured the largest contiguous acreage position in the Permian Basin following the integration of Pioneer Natural Resources. This combined position spans more than 1.4 million net acres across the Delaware and Midland basins, holding an estimated resource base of some 16 billion BOE.

Second, the offshore Guyana assets are a major growth engine. The Stabroek Block contains verified recoverable reserves now exceeding 11 billion barrels of oil equivalent. Production from this block alone exceeded 700,000 oil-equivalent barrels per day in the third quarter of 2025.

The downstream and chemical backbone is extensive. Exxon Mobil Corporation is one of the world's largest refiners, operating 21 refineries globally. These facilities command nearly 5 million barrels per day of distillation capacity. A key structural advantage is that approximately 80 percent of this refining capacity is integrated with chemical or lube basestocks.

Here's a look at the scale of the refining and chemical footprint:

A critical, newer asset class is the proprietary CO2 transport and storage network, solidified by the $4.9 billion acquisition of Denbury. This provides Exxon Mobil Corporation with the largest owned and operated CO2 pipeline network in the U.S..

This infrastructure is designed to support their Low Carbon Solutions business, positioning them as a commercial service provider for carbon capture and storage (CCS).

• Total CO2 Pipeline Mileage: Over 1,300 miles.
• CO2 Pipelines in Key Markets: Nearly 925 miles located in Louisiana, Texas, and Mississippi.
• Onshore Sequestration Sites: 10 strategically situated sites.

The company is actively signing commercial CCS agreements with third parties like Nucor and Calpine to transport and store captured CO2.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Value Propositions

You're looking at the core promises Exxon Mobil Corporation is making to its customers and the market as of late 2025. Honestly, it's a mix of traditional energy dominance and a calculated pivot toward lower-emission services. Here's the quick math on what they are delivering.

Reliable, integrated supply of essential energy products (fuels, lubricants)

Exxon Mobil Corporation is banking on its massive scale and operational execution to ensure supply reliability. You see this in their production records, which directly translate to product availability across their integrated chain. In the third quarter of 2025, for instance, their Guyana operations broke records, surpassing 700,000 barrels per day in gross production. That's a concrete measure of reliable supply coming online. Plus, the Permian Basin set its own production record, hitting nearly 1.7 million oil-equivalent barrels per day in the same quarter. This integrated strength helps keep the fuel pumps running and the lubricants flowing.

The execution on new projects is also a key part of this value. As of the third quarter of 2025, Exxon Mobil Corporation had started up eight of 10 key projects planned for the year, with the remaining projects on track. This disciplined project delivery underpins the promise of consistent supply.

High-value performance chemicals and specialty products (e.g., Mobil 1)

The downstream and specialty side, which includes fuels and lubricants like Mobil 1, continues to be a significant earnings driver. Even with some market softening, the Energy Products segment delivered strong results. For the third quarter of 2025, this segment posted earnings of $1.8 billion. Year-to-date 2025 earnings for Energy Products reached $4.0 billion, showing the ongoing value derived from refining and product sales. The company is also advancing growth ambitions in areas like carbon materials, which speaks to the high-value specialty side of the business.

The sheer scale of their operations means they are a major supplier of the molecules society needs. This segment's performance helps buffer the entire enterprise. It's a defintely important part of their integrated model.

Low-cost-of-supply hydrocarbons with a breakeven target of $35/bbl by 2027

This is where Exxon Mobil Corporation is aggressively driving efficiency to secure profitability across commodity cycles. The stated goal is to lower the global breakeven oil production cost to $35 per barrel by 2027, with a further target of $30 per barrel by 2030. This focus on low-cost-of-supply assets, particularly in Guyana and the Permian Basin, is central to their strategy. To be clear, more than 90% of Upstream planned capital investments through 2027 are expected to generate returns greater than 10% even at oil prices less than or equal to $35 per barrel of oil equivalent. That's a high-return floor built into their capital plan.

The cost discipline is showing up in the numbers. Exxon Mobil Corporation surpassed $14 billion in cumulative Structural Cost Savings since 2019, adding another $2.2 billion in savings achieved in 2025 alone. That's real money coming off the cost base.

Decarbonization-as-a-service for hard-to-abate industrial sectors

Exxon Mobil Corporation is positioning its Low Carbon Solutions business as a service provider, targeting hard-to-abate sectors with Carbon Capture and Storage (CCS). They are pursuing up to $30 billion in low-emission opportunities between 2025 and 2030, with a significant portion dedicated to external customers. Specifically, almost 65% of that $30 billion investment is earmarked for reducing emissions for third-party customers, validating the commercial service model. For example, they signed a commercial deal to capture and store 2 million tons of carbon emissions annually from a fertilizer plant, with operations starting in 2025. Furthermore, a potential joint venture for a Direct Air Capture (DAC) plant in Texas signals scale, with an investment up to $500 million planned for a facility with an annual capacity of 500,000 tons of CO2.

This service offering is a direct response to industrial needs for emissions reduction. They are uniquely positioned to capture this market, which some analysts see as a potential $4 trillion opportunity.

Here is a snapshot of the operational scale and financial strength supporting these value propositions as of late 2025:

Finance: draft 13-week cash view by Friday.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Customer Relationships

Exxon Mobil Corporation manages its customer relationships through distinct channels tailored to its diverse segments, from the retail forecourt to major industrial emitters.

Long-term contracts with commercial and industrial customers

For its Low Carbon Solutions business, Exxon Mobil Corporation establishes significant, long-term commitments with third-party emitters to secure $\text{CO}_2$ offtake volumes, which underpins the commercial viability of its capture and storage projects.

• Exxon Mobil Corporation reports 8.7 Mta of long-term $\text{CO}_2$ offtake agreements with third parties.
• The company has an agreement with Calpine Corporation, signed in April 2025, to transport and store up to 2 million metric tons of $\text{CO}_2$ annually from the Baytown Energy Center.
• The New Generation Gas Gathering (NG3) project is another customer utilizing Exxon Mobil Corporation's $\text{CCS}$ infrastructure to capture and store up to 1.2 million metric tons of $\text{CO}_2$ annually.
• Exxon Mobil Corporation plans to invest up to $30 billion in lower-emission projects between 2025 and 2030, with approximately 65% of this investment aimed at reducing emissions for other companies.
• The overall goal for Carbon Capture and Storage (CCS) by 2030 is to capture and store 30 million metric tons of $\text{CO}_2$ annually.

Automated, self-service retail experience at Exxon/Mobil/Esso stations

The retail customer relationship relies on extensive physical presence and convenience offerings across the Exxon, Esso, and Mobil brands globally.

• At Year-End 2024, Exxon Mobil Corporation operated 10,573 distributor/reseller retail fuel sites in the United States.
• The network included 2,598 distributor/reseller sites in Canada at Year-End 2024.
• As of early 2025, Exxon Mobil Corporation has over 12,000 Exxon gas stations spanning the United States.
• Texas is a key market with 1,930 Exxon locations, representing nearly 17% of the U.S. network.
• The retail network includes 238 locations with convenience stores and 154 locations with auto repair shops.

Investor relations focused on consistent dividends and share repurchases

Exxon Mobil Corporation maintains a relationship with its shareholders centered on capital returns, emphasizing a long history of dividend growth and significant share repurchase activity.

The commitment to shareholders is demonstrated by a dividend growth streak spanning 43 consecutive years.

• The dividend per share has grown at an average rate of 5.8% over the past 43 years.
• The Q4 2025 dividend represented a 4% increase year-over-year.
• The company returned $9.4 billion to shareholders in the third quarter of 2025.

Dedicated Low Carbon Solutions sales team for third-party emitters

Exxon Mobil Corporation's Low Carbon Solutions (LCS) business unit is structured to engage industrial customers seeking to reduce their emissions, leveraging the company's expertise in $\text{CCS}$ and hydrogen.

• The LCS business focuses on delivering solutions across manufacturing, power, and transportation industries.
• The U.S. Gulf Coast is a strategic focus, as one-third of all U.S. industrial emissions originate from this region.
• Exxon Mobil Corporation aims to have its Upstream asset classes deliver top-quartile Scope 1 and 2 emissions intensity by 2030.
• The company's operated $\text{GHG}$ emissions intensity has been reduced by more than 15% since 2016.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Channels

You're looking at how Exxon Mobil Corporation gets its products-from gasoline to petrochemicals-into the hands of its customers, which is a massive logistical undertaking. The Channels block for Exxon Mobil Corporation is all about scale and integration, moving product from wellhead or refinery to the final user across the globe. Honestly, when you look at the sheer volume they move, the physical infrastructure is as much a channel as any sales agreement.

The retail fuel network remains a cornerstone, even as the company shifts focus. You see their brands-Exxon, Mobil, and Esso-in markets worldwide. In the United States, the network is extensive, though it's undergoing a multi-year transition to rely more heavily on distributors rather than company-owned sites. Here's the quick math on that retail footprint:

• The global network includes approximately ~12,000 branded retail service stations in the United States alone.
• As part of the ongoing transition, about 75% of those more than 12,000 branded retail sites are already served by the distributor class of trade.
• Within the U.S. retail locations, you'll find diverse on-site establishments, with convenience stores present at 238 locations and auto repair shops at 154 locations, showing a commitment to more than just fuel sales.

For the large-volume, business-to-business (B2B) sales, especially in fuels and petrochemicals, the channel is direct. This is where the massive scale of their production meets the needs of other manufacturers or large fleet operators. Consider the petrochemical side: the global market size for petrochemicals was calculated at USD 700.10 billion in 2025, and Exxon Mobil Corporation is a major player selling directly into that massive market.

The physical backbone supporting both retail and B2B sales is their integrated infrastructure. This isn't just about moving crude oil; it's about moving finished products and, increasingly, captured carbon dioxide. This infrastructure is a key competitive advantage, defintely. For instance, look at their low-carbon efforts:

Exxon Mobil Corporation claims the largest CO2 pipeline network in the United States. They have agreements in place to transport and store up to 8.7 million metric tons of direct CO2 emissions per year, with plans to grow that capacity to 30 million metric tons per year under contract by 2030. This infrastructure is critical for their lower-emissions channel strategy.

To give you a clearer picture of the scale across these different delivery methods, here's a snapshot of some relevant operational and market figures as of late 2025:

Finally, for specialty products like lubricants, the channel relies on a network of third-party partners. Exxon Mobil Corporation uses authorized distributors to reach customers globally with products like Mobil 1 synthetic oils and Mobil Delvac heavy-duty products. This wholesale approach helps them maintain market reach in over 90 countries without needing a direct sales presence at every single end-user location.

Finance: draft 13-week cash view by Friday.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Customer Segments

You're looking at the core groups Exxon Mobil Corporation serves as of late 2025, which are deeply tied to its massive operational scale and evolving low-carbon strategy.

The customer base spans the entire energy value chain, from the largest industrial users to individual drivers and even other emitters needing decarbonization services. The financial performance in the third quarter of 2025, with earnings of $7.5 billion, reflects the demand across these segments.

Here is the breakdown of the key customer segments Exxon Mobil Corporation serves:

• - Global commercial transportation (shipping, aviation, trucking).
• - Industrial manufacturers and petrochemical companies.
• - Retail consumers of gasoline and convenience items.
• - Institutional and retail investors seeking defintely stable returns.
• - Third-party industrial CO2 emitters (CCS customers).

The traditional energy segments, Upstream and Product Solutions, serve the first three groups. The Upstream business, which focuses on exploration and production, posted third-quarter 2025 earnings of $5.7 billion. The Product Solutions segment, which covers refining and chemicals, saw third-quarter earnings of $1.8 billion, helped by strong refining margins. Overall net production across the company in the second quarter of 2025 was 4.6 million oil-equivalent barrels per day.

For the largest industrial and transportation customers, Exxon Mobil Corporation has significant contractual commitments, including approximately 123 million barrels of oil and 2.8 trillion cubic feet of natural gas committed for delivery between 2025 and 2027. Production from key advantaged assets is substantial:

• - Permian Basin production reached nearly 1.7 million oil-equivalent barrels per day in the third quarter of 2025.
• - Guyana production surpassed 700,000 barrels per day in the third quarter of 2025.

The petrochemical side, serving industrial manufacturers, saw year-to-date earnings of $1.1 billion for the first three quarters of 2025. Retail consumers are reached through iconic brands like Esso, Exxon, and Mobil, though specific retail revenue is bundled within the broader Product Solutions segment results.

For institutional and retail investors, the appeal is stability and consistent return of capital. Exxon Mobil Corporation has a strategy focused on sustainable dividend increases, having raised its dividend for 43 consecutive years. The annualized dividend is currently based on the fourth-quarter 2025 payout of $1.03 per share, with an average dividend per share growth rate of 5.8% over the past five years. The company's payout ratio stood at 57.56% as of late 2025, balancing shareholder rewards with capital retention, while maintaining a return on equity of 11.42%. Year-to-date through Q3 2025, the company returned $27.8 billion to shareholders via dividends and share repurchases. Investor sentiment is mixed but generally supportive, reflected by 13 buy ratings versus only 1 sell rating from analysts.

The emerging customer segment is third-party industrial CO2 emitters, served by the Low Carbon Solutions business. Exxon Mobil Corporation is positioning this as a service, dedicating about 65% of its planned up to $30 billion in lower-emission investments between 2025 and 2030 toward helping other companies decarbonize. As of late 2024, the total planned CO2 storage for customers reached 6.7 million metric tons annually. Specific customer contracts include:

The first CO2 injections for a customer, CF Industries, were anticipated in the first half of 2025. The company's total debt at the end of Q3 2025 was $42.0 billion.

Finance: draft 13-week cash view by Friday.

Exxon Mobil Corporation (XOM) - Canvas Business Model: Cost Structure

The Cost Structure for Exxon Mobil Corporation is heavily weighted toward massive, long-term capital deployment in its core Upstream business, balanced by ongoing operational expenses and strategic investments in lower-emission technologies.

High capital expenditure on Upstream mega-projects (Guyana, LNG).

Exxon Mobil Corporation is channeling significant capital into its advantaged assets, which now include Guyana and LNG, having reached its target of over 50% of total Upstream production from these areas three years ahead of schedule. Cash capital expenditures are planned for $27 billion to $29 billion in 2025. For the period spanning 2026 through 2030, annual cash CapEx is guided to be between $28 billion and $33 billion. In Guyana, gross production is targeted to grow to 1.3 million barrels per day by 2030, with total production capacity on an investment basis reaching 1.7 million barrels per day. Furthermore, the company expects to surpass 40 million metric tons per annum of LNG sales by 2030.

Significant operating costs for global refining and chemical operations.

The integrated downstream and chemical segments incur substantial operating costs, even while upgrading facilities to convert lower-value feedstocks into higher-margin products to weather commodity cycles. For the third quarter of 2025, total operating expenses were reported at $16.10 billion, marking an increase of 2.9% year-over-year. In that same quarter, while refining profit jumped 41% to $1.8 billion, chemicals earnings saw a decline of 42% due to petrochemical oversupply.

Labor and technology costs for exploration and drilling.

Cost management includes workforce adjustments; in late September/early October 2025, Exxon Mobil Corporation announced approximately 2,000 job cuts, which is about 3-4% of its global workforce, as part of an operational overhaul. The structural cost savings program specifically targets modernizing information technology and data management systems.

Structural cost reduction program targeting $18 billion in savings by 2030.

Exxon Mobil Corporation is aggressively pursuing efficiency gains against its 2019 cost base. The company has achieved cumulative Structural Cost Savings of over $14 billion since 2019 as of the third quarter of 2025. The plan is to add an additional $7 billion more in structural cost savings versus 3Q2024, aiming for a total of $18 billion in cumulative savings by the end of 2030 versus 2019 levels.

Investment in Low Carbon Solutions, up to $30 billion by 2030.

The company is pursuing up to $30 billion in lower-emission investment opportunities between 2025 and 2030. Nearly 65% of this planned spend is directed toward reducing emissions for third-party customers.

Here is a summary of key financial targets impacting the Cost Structure:

Exxon Mobil Corporation (XOM) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Exxon Mobil Corporation's top line as of late 2025. The revenue streams are heavily weighted toward traditional energy sales, but the company is actively monetizing its low-carbon investments, which is a key shift.

The core revenue generation remains firmly rooted in the sale of hydrocarbons and refined products. While full-year 2025 sales figures aren't final, the year-to-date performance gives you a clear picture of where the money is coming from. For instance, year-to-date 2025 Earnings (Excluding Identified Items) for the entire corporation stood at $22.9 billion as of the third quarter announcement.

Here is a breakdown of the major revenue-generating activities and capital returns:

The company's commitment to returning capital is a significant financial outflow that reflects confidence in future cash generation. Management confirmed plans to complete approximately $20 billion in share repurchases for 2025. By the end of Q3 2025, shareholder distributions included $14.9 billion of share repurchases, alongside dividends.

The emerging revenue stream from low-carbon solutions is strategic. Exxon Mobil is positioning its Carbon Capture and Storage (CCS) business to become a major income source, with management estimating the market could generate over $10 billion of annual contractual revenue within the next decade. This is supported by commercial agreements, with the first CCS project starting up in the first half of 2025.

You can see the segment performance reflected in the earnings reported through the first three quarters of 2025:

• Upstream segment year-to-date earnings reached $17.8 billion.
• Chemical Products year-to-date earnings were $1.1 billion.
• The Energy Products segment delivered year-to-date earnings of $4.0 billion.
• Specialty Products segment year-to-date earnings were $655 million in Q1 2025.

The total cash returned to shareholders in Q3 2025 was $27.8 billion, comprising dividends and repurchases.