2024

 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549

 FORM 10-K
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2024
 or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from to
 Commission File Number 1-2256
 Exxon Mobil Corporation
 (Exact name of registrant as specified in its charter)

 New Jersey
 13-5409005

 (State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)

 22777 Springwoods Village Parkway, Spring, Texas 77389-1425
 (Address of principal executive offices) (Zip Code)
 ( 972) 940-6000
 (Registrant's telephone number, including area code)

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

 Title of Each Class

 Trading Symbol

 Name of Each Exchange on Which Registered

 Common Stock, without par value

 XOM

 New York Stock Exchange

 0.524% Notes due 2028
 XOM28
 New York Stock Exchange

 0.835% Notes due 2032
 XOM32
 New York Stock Exchange

 1.408% Notes due 2039
 XOM39A
 New York Stock Exchange

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 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, a 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.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes No
 The aggregate market value of the voting stock held by non-affiliates of the registrant on June 28, 2024, the last business day of the registrant's most recently completed second fiscal quarter, based on the closing price on that date of $115.12 on the New York Stock Exchange composite tape, was in excess of $ 511 billion.

 Class

 Outstanding as of January 31, 2025

 Common stock, without par value

 4,339,143,313

 Documents Incorporated by Reference: Proxy Statement for the 2025 Annual Meeting of Shareholders (Part III)

 EXXON MOBIL CORPORATION

 FORM 10-K

 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

 Item 1.
 Business

 Item 1A.
 Risk Factors

 Item 1B.
 Unresolved Staff Comments

 Item 1C.
 Cybersecurity

 Item 2.
 Properties

 Item 3.
 Legal Proceedings

 Item 4.
 Mine Safety Disclosures

 Information about our Executive Officers

 Item 5.
 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 7.
 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.
 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.
 Financial Statements and Supplementary Data

 Item 9.
 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

 Item 9A.
 Controls and Procedures

 Item 9B.
 Other Information

 Item 9C.
 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.
 Directors, Executive Officers and Corporate Governance

 Item 11.
 Executive Compensation

 Item 12.
 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.
 Certain Relationships and Related Transactions, and Director Independence

 Item 14.
 Principal Accountant Fees and Services

 Item 15.
 Exhibit and Financial Statement Schedules

 Item 16.
 Form 10-K Summary

 Financial Section

 Index to Exhibits

 Signatures

 Exhibits 31 and 32 — Certifications

 ITEM 1. BUSINESS

 Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. Our principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, ProxximaTM systems, carbon materials, and lithium. Affiliates of ExxonMobil conduct extensive research programs in support of these businesses.
 Exxon Mobil Corporation's divisions and affiliates have many names, including ExxonMobil, Exxon, Esso, Mobil or XTO. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso, Mobil, and XTO, as well as terms like Corporation, Company, our, we, and its, are sometimes used as abbreviated references to specific affiliates or groups of affiliates. The precise meaning depends on the context in question.
 On May 3, 2024, the Corporation acquired Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company. With reference to 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 acquisition transforms ExxonMobil's upstream portfolio, creating an industry-leading, high-quality U.S. unconventional inventory position. For additional information, see Note 21 in the Financial Section of this report.
 The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel, and chemical needs of industrial and individual consumers. Certain industry participants, including ExxonMobil, are expanding investments in lower-emission energy and emission-reduction services and technologies. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.
 Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: "Management's Discussion and Analysis of Financial Condition and Results of Operations: Business Results " and Note 18. Information on oil and gas reserves is contained in the " Oil and Gas Reserves " part of the "Supplemental Information on Oil and Gas Exploration and Production Activities" portion of the Financial Section of this report.
 ExxonMobil has a long-standing commitment to the development of proprietary technology. We have a wide array of research programs designed to meet the needs identified in each of our businesses. ExxonMobil held over 8 thousand active patents worldwide at the end of 2024. For technology licensed to third parties, revenues totaled approximately $102 million in 2024. Although technology is an important contributor to the overall operations and results of our Company, the profitability of each business segment is not dependent on any individual patent, trade secret, trademark, license, franchise, or concession.
 ExxonMobil operates in a highly complex, competitive, and changing global energy business environment where decisions and risks play out over time horizons that are often decades in length. This long-term orientation underpins the Corporation's philosophy on talent development.
 Talent development begins with recruiting exceptional candidates and continues with individually planned experiences and training designed to facilitate broad development and a deep understanding of our business across the business cycle. Our career-oriented approach to talent development results in strong retention and an average length of service of about 30 years for our career employees. Compensation, benefits, and workplace programs support the Corporation's talent management approach, and are designed to attract and retain employees for a career through compensation that is market competitive, long-term oriented, and highly differentiated by individual performance.
 With over 60 percent of our global employees from outside the U.S. and 160 nationalities represented across the Company, we encourage and respect diversity of thought, ideas, and perspective from our workforce. We are focused on building an engaged, global workforce; grounded in meritocracy, we strive to have every employee reach their potential over a long-term career by providing unrivaled opportunities for personal and professional growth through impactful work meeting society's essential needs.
 The number of regular employees was 61 thousand, 62 thousand, and 62 thousand at years ended 2024, 2023, and 2022, respectively. Regular employees are defined as active executive, management, professional, technical, administrative, and wage employees who work full time or part time for the Corporation and are covered by the Corporation's benefit plans and programs.
 As discussed in Item 1A in this report, compliance with existing and potential future government regulations, including taxes, environmental regulations, and other government regulations and policies that directly or indirectly affect the production and sale of our products, may have material effects on the capital expenditures, earnings, and competitive position of ExxonMobil. For additional

 information on the Corporation's worldwide environmental expenditures, see "Management's Discussion and Analysis of Financial Condition and Results of Operations: Environmental Matters " in the Financial Section of this report.
 Information concerning the source and availability of raw materials used in the Corporation's business, the extent of seasonality in the business, the possibility of renegotiation of profits or termination of contracts at the election of governments, and risks attendant to foreign operations may be found in Item 1A and Item 2 in this report.
 ExxonMobil maintains a website at exxonmobil.com. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available through our website as soon as reasonably practical after we electronically file or furnish the reports to the Securities and Exchange Commission (SEC). Also available on the Corporation's website are the Company's Corporate Governance Guidelines, Code of Ethics and Business Conduct, and additional policies as well as the charters of the audit, compensation, and other committees of the Board of Directors. Information on our website is not incorporated into this report.
 The SEC maintains an internet site ( that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

 ITEM 1A. RISK FACTORS

 ExxonMobil's financial and operating results are subject to a variety of risks inherent in the global oil, gas, and petrochemical businesses and the pursuit of lower-emission and other new business opportunities. Many of these risk factors are not within the Company's control and could adversely affect our business, our financial and operating results, or our financial condition. These risk factors include:
 Supply and Demand
 The oil, gas, and petrochemical businesses are fundamentally commodity businesses. This means ExxonMobil's operations and earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined products. Oil, gas, petrochemical, and product prices and margins in turn depend on local, regional, and global events or conditions that affect supply and demand for the relevant commodity or product. Any material decline in oil or natural gas prices could have a material adverse effect on the Company's operations, financial condition, and proved reserves, especially in the Upstream segment. On the other hand, a material increase in oil or natural gas prices could have a material adverse effect on the Company's operations, especially in the Energy Products, Chemical Products, and Specialty Products segments. Our pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, ProxximaTM systems, carbon materials, and lithium also depends on the growth and development of markets for those products and services, including implementation of supportive and stable government policies and developments in technology to enable those products and services to be provided on a cost-effective basis at commercial scale. See "Climate Change and the Energy Transition" in this Item 1A.
 Economic conditions. The demand for energy and petrochemicals is generally linked closely with broad-based economic activities and levels of prosperity. The occurrence of economic downturns, recessions or other periods of low or negative economic growth will typically have a direct adverse impact on our results. Other factors that affect general economic conditions in the world or in a major region, such as changes in population growth rates, periods of civil unrest, government regulation or austerity programs, national or regional trade tariffs, trade sanctions or trade controls, international monetary and currency exchange rate fluctuations, decoupling of economies, disruptions in trade alliances or military alliances, or a broader breakdown in global trade, security or public health issues and responses, can also impact the demand for energy and petrochemicals. Sovereign debt downgrades, defaults, extended government shutdowns, inability to access debt markets due to rating, banking, or legal constraints, liquidity crises, the breakup or restructuring of fiscal, monetary, or political systems such as the European Union, de-dollarization in global trade or the growth or use of alternative common currencies, and other events or conditions that impair the functioning of financial markets and institutions also pose risks to ExxonMobil, including risks to the safety of our financial assets and to the ability of our partners and customers to fulfill their commitments to ExxonMobil. Our future business results, including cash flows and financing needs, may also be affected by the occurrence, severity, pace and rate of recovery of future public health epidemics or pandemics; the responsive actions taken by governments and others; and the resulting effects on regional and global markets and economies.
 Other demand-related factors. Other factors that may affect the demand for oil, gas, petrochemicals or our other products, and therefore impact our results, include technological improvements in energy efficiency; seasonal weather patterns; increased competitiveness of, or government policy support for, alternative energy sources or potential substitutes for our products; changes in technology that alter fuel choices, such as technological advances in energy storage or other critical areas that make wind, solar, nuclear or other alternatives more competitive for power generation; changes in consumer preferences for our products, including consumer demand for alternative-fueled or electric transportation or alternatives to plastic products; and broad-based changes in personal income levels. See also "Climate Change and the Energy Transition" below.

 Other supply-related factors. Commodity prices and margins also vary depending on a number of factors affecting supply. For example, increased supply from the development of new oil and gas supply sources and technologies to enhance recovery from existing sources tends to reduce commodity prices to the extent such supply increases are not offset by commensurate growth in demand. Similarly, increases in industry refining or petrochemical manufacturing capacity relative to demand tend to reduce margins on the affected products. World oil, gas, and petrochemical supply levels can also be affected by factors that reduce available supplies, such as the level of and adherence by participating countries to production quotas established by OPEC or OPEC+ and other agreements among sovereigns; government policies, including actions intended to reduce greenhouse gas emissions, that restrict oil and gas production or increase associated production, reporting or compliance costs; collective actions by non-governmental organizations and financial institutions to withhold funding or support from oil and gas producers; the occurrence of wars or hostile actions, including disruption of land or sea transportation routes; natural disasters; disruptions in competitors' operations; and logistics constraints or unexpected unavailability of distribution channels that may disrupt supplies. Technological change can also alter the relative costs for competitors to find, produce and refine oil and gas, and to manufacture petrochemicals.
 Other market factors. ExxonMobil's business results are also exposed to potential negative impacts due to changes in interest rates, inflation, currency exchange rates, changes in usage of the U.S. dollar in global trade, and other local or regional market conditions. In addition to direct potential impacts on our costs and revenues, market factors such as rates of inflation may indirectly impact our results to the extent such factors reduce general rates of economic growth and therefore energy demand, as discussed under "Economic conditions". Market factors may also result in losses from commodity derivatives and other instruments we use to hedge price exposures or for trading purposes. Additional information regarding the potential future impact of market factors on our businesses is included or incorporated by reference under Item 7A in this report.
 Government and Political Factors
 ExxonMobil's results can be adversely affected by political or regulatory developments affecting our businesses or operations.
 Access limitations. A number of countries limit access to their oil and gas resources, including by restricting leasing or permitting activities, or may place resources off-limits from development altogether. Restrictions on production of oil and gas could increase to the extent governments view such measures as a viable approach for pursuing national and global energy and climate policies. Restrictions on foreign investment in the oil and gas sector tend to increase in times of high commodity prices or when national governments may have less need for outside sources of private capital. Many countries also restrict the import or export of certain products based on point of origin and such restrictions may increase during periods of escalating geopolitical or trade tensions.
 Restrictions on doing business. ExxonMobil is subject to laws and sanctions imposed by the United States and by other jurisdictions where we do business that may prohibit ExxonMobil or its affiliates from doing business in certain countries or with certain counterparties or restrict the kind of business that may be conducted, including acquiring and divesting certain assets or importing or exporting certain materials or products. Such restrictions may provide a competitive advantage to competitors who may not be subject to comparable restrictions.
 Lack of legal certainty. Some countries in which we do business lack well-developed legal systems, lack political or governmental stability, have not yet adopted or may be unable to maintain clear regulatory frameworks, or may have evolving and unharmonized standards that vary or conflict across jurisdictions. Lack of legal certainty exposes us to increased risk of adverse or unpredictable actions by government officials, may reduce our ability to comply timely or cost-effectively with evolving standards or requirements, and also makes it more difficult for us to enforce our contracts. In some cases, these risks can be partially offset by agreements to arbitrate disputes in an international forum, but the adequacy of this remedy may still depend on the local legal system to enforce an award.
 Regulatory and litigation risks. Even in countries with well-developed legal systems where ExxonMobil does business, we remain exposed to changes in law or interpretation of settled law, including changes that result from international treaties and accords or changes by local jurisdictions encroaching on national regulatory frameworks or global issues, and changes in policy that could adversely affect our results, such as:
 • increases or changes in taxes, duties, or government royalty rates, including retroactive claims, punitive taxes on oil, gas and petrochemical operations, windfall profit taxes, or global minimum taxes;
 • price controls;
 • changes in environmental regulations or other laws that penalize us for past or current production of legal and/or permitted products and operations, increase our cost of operation or compliance or reduce or delay available business opportunities, including changes in laws affecting offshore drilling operations, standards to complete decommissioning, water use, production of our products, emissions, hydraulic fracturing, or production or use of new or recycled plastics, as well as laws and regulations affecting trading, carbon capture and storage, hydrogen, lower-emission fuels, ProxximaTM systems, carbon materials, or lithium;
 • actions by policy-makers, regulators, or other actors to delay or deny necessary licenses and permits, restrict the availability of oil and gas leases or the transportation or export of our products, reduce or retract government incentives for emissions reductions, or otherwise require changes in the Company's business or strategy that could result in reduced returns;

 • regulatory interpretations that exclude or disfavor our products under government policies or programs intended to support new or developing markets or technologies, or that otherwise are not technology-neutral;
 • adoption of regulations mandating efficiency standards, emission standards, the use of alternative fuels or uncompetitive fuel components;
 • use of regulatory or legal standards as a foreign policy tool;
 • unstable policies impacting new or emerging markets;
 • adoption of disclosure regulations that could create competitive disadvantages, require us to incur disproportionate costs, or increase legal risk due to a need to rely on uncertain estimates or extrapolations (such as emissions of third parties) and lack of uniform standards across jurisdictions, or by requiring us to disclose competitively sensitive commercial information or to violate the non-disclosure laws of other countries; and
 • government actions to cancel contracts, redenominate the official currency, renounce or default on obligations, renegotiate terms unilaterally, or expropriate assets.
 Legal remedies available to compensate us for expropriation or other takings may be inadequate.
 We also may be adversely affected by the outcome of litigation or arbitration, especially in countries such as the United States in which very large and unpredictable punitive damage awards may occur; by government enforcement proceedings alleging non-compliance with applicable laws or regulations; or by state and local government actors as well as private plaintiffs acting in parallel that attempt to use the legal system to promote public policy agendas (including seeking to reduce the production and sale of hydrocarbon products through litigation targeting the Company or other industry participants), gain political notoriety, or obtain monetary awards from the Company. The continued adoption of similar legal practices in the European Union or elsewhere would broaden this risk and has begun to be applied to some of our competitors in the European Union.
 Security concerns. Successful operation of particular facilities or projects may be disrupted by civil unrest, acts of sabotage, piracy, or terrorism, cybersecurity attacks, the application of national security laws or policies that result in restricting our ability to do business in a particular jurisdiction, strikes or protests, and other local security concerns. Such concerns may be directed specifically at our company, our industry, or as part of broader movements and may require us to incur greater costs for security or to shut down operations for a period of time.
 Climate Change and the Energy Transition
 Net-zero scenarios. Driven by concern over the risks of climate change, a number of countries have adopted, or are considering the adoption of, regulatory frameworks to report on or reduce greenhouse gas emissions, including emissions from the production and use of oil and gas and their products, as well as increase the use of or support for different emission-reduction technologies. These actions are being taken both independently by national and regional governments and within the framework of United Nations Conference of the Parties summits under which many countries of the world have endorsed objectives to reduce the atmospheric concentration of carbon dioxide (CO2) over the coming decades, with an ambition ultimately to achieve "net zero". Net zero means that emissions of greenhouse gases from human activities would be balanced by actions that remove such gases from the atmosphere. Expectations for transition of the world's energy system to lower-emission sources, and ultimately net-zero, derive from hypothetical scenarios that reflect many assumptions about the future, including supportive policy and technology advancements, and reflect substantial uncertainties. The Company's objective to play a leading role in the energy transition, including the Company's announced ambition ultimately to achieve net zero with respect to Scope 1 and 2 emissions from operations with continued technology development and government policy support where ExxonMobil is the operator, carries risks that the transition, including underlying technologies, government policies, and markets as discussed in more detail below, will not be available or develop at the pace or in the manner expected by current net-zero scenarios. The success of our strategy for the energy transition will also depend on our ability to recognize key signposts of changes in the global energy system on a timely basis, and our corresponding ability to direct investment to the technologies and businesses, at the appropriate stage of development, to best capitalize on our competitive strengths.
 Greenhouse gas restrictions. Government actions intended to reduce greenhouse gas emissions include adoption of cap and trade regimes, carbon taxes, carbon accounting, carbon-based import duties or other trade tariffs, minimum renewable usage requirements, restrictive permitting, increased mileage and other efficiency standards, mandates for sales of electric vehicles, restrictions on sales of gasoline-only vehicles, mandates for use of specific fuels or technologies, and other incentives or mandates designed to support certain technologies for transitioning to lower-emission energy sources. Political and other actors and their agents also increasingly seek to collectively advance climate change objectives indirectly, such as by seeking to reduce the availability or increase the cost of financing and investment in the oil and gas sector. These actions include delaying or blocking needed infrastructure, utilizing shareholder governance mechanisms against companies or their shareholders or financial institutions in an effort to deter investment in oil and gas activities, and taking other actions intended to promote changes in business strategy for oil and gas companies. Depending on how policies are formulated and applied, such policies could negatively affect our investment returns, make our hydrocarbon-based products more expensive or less competitive, lengthen project implementation times, and reduce demand for hydrocarbons, as well as shift hydrocarbon demand toward relatively lower-carbon alternatives. Current and pending greenhouse gas regulations or policies

 may also increase our compliance costs, such as for monitoring or sequestering emissions and complying with increased or mandatory disclosure or due diligence requirements and government mandated energy transition plans.
 Technology and lower-emission solutions. Achieving societal ambitions to reduce greenhouse gas emissions and ultimately achieve net zero will require new technologies and added infrastructure to reduce the cost and increase the scalability of alternative energy sources, as well as technologies such as carbon capture and storage (CCS). CCS technologies, focused initially on capturing and sequestering CO2 emissions from high-carbon intensity industrial activities, can assist in meeting society's objective to mitigate atmospheric greenhouse gas levels while also helping ensure the availability of the reliable and affordable energy the world requires. ExxonMobil has established a Low Carbon Solutions (LCS) business unit and is continuing efforts in our existing businesses to advance the development and deployment of these technologies and projects, including CCS, hydrogen, lower-emission fuels, and lithium, breakthrough energy efficiency processes, advanced energy-saving materials, and other technologies. The Company's efforts include both in-house research and development as well as collaborative efforts with leading universities and with commercial partners involved in new energy technologies. Our future results and ability to grow our business, help others meet their emission-reduction goals, and succeed through the energy transition will depend in part on the success of these research and collaboration efforts and on our ability to adapt and apply the strengths of our current business model to providing the energy products of the future in a cost-competitive manner.
 Policy and market development. The scale of the world's energy system means that, in addition to developments in technology as discussed above, any successful energy transition will require appropriate support from governments and private participants throughout the global economy. Our ability to develop and deploy CCS and other new energy technologies at commercial scale, and the growth and future returns of LCS and other emerging businesses in which we invest, will depend in part on the continued development of stable and supportive government policies and markets. Failure or delay of these policies or markets to materialize or be maintained could adversely impact these investments. Policy and other actions that result in restricting the availability of hydrocarbon products without a commensurate reduction in demand may have unpredictable adverse effects, including increased commodity price volatility; periods of significantly higher commodity prices and resulting inflationary pressures; and local or regional energy shortages. Such effects in turn may depress economic growth or lead to rapid or conflicting shifts in policy by different actors, with resulting adverse effects on our businesses. In addition, the existence of supportive policies in any jurisdiction is not a guarantee that those policies will continue in the future. See also the discussion of "Supply and Demand," "Government and Political Factors," and "Operational and Other Factors" in this Item 1A.
 Operational and Other Factors
 In addition to external economic and political factors, our future business results also depend on our ability to successfully manage those factors that are, at least in part, within our control, including our capital allocation into existing and new businesses. The extent to which we manage these factors will impact our performance relative to competition. For projects in which we are not the operator, we depend on the management effectiveness of one or more co-venturers whom we do not control.
 Exploration and development program. Our ability to maintain and grow our oil and gas production depends on the success of our exploration and development efforts. Among other factors, we must continuously improve our ability to identify the most promising resource prospects and apply our project management expertise to bring discovered resources online as scheduled and within budget.
 Project and portfolio management. The long-term success of ExxonMobil's Upstream and Product Solutions businesses, as well as the future success of LCS and other emerging investments, depends on complex, long-term, capital-intensive projects. These projects in turn require a high degree of project management expertise to maximize efficiency. Specific factors that can affect the performance of major projects include our ability to: negotiate successfully with joint venturers, partners, governments, suppliers, customers, or others; protect and enforce our contractual and legal rights, including with our joint venture partners; model and optimize reservoir performance; develop markets for project outputs, whether through long-term contracts or the development of effective spot markets; qualify for certain incentives available under supportive government policies for emerging markets and technologies; manage changes in operating conditions and costs, including costs of third party equipment or services such as drilling rigs and shipping, supply-chain disruptions, and inflationary cost pressures; prevent, to the extent possible, and respond effectively to unforeseen technical difficulties that could delay project start-up or cause unscheduled project downtime; and influence the performance of project operators where ExxonMobil does not perform that role. In addition to the effective management of individual projects, ExxonMobil's success, including our ability to mitigate risk and provide attractive returns to shareholders, depends on our ability to successfully manage our overall portfolio, including diversification among types and locations of our projects, products produced, and strategies to acquire or divest assets. We may not be able to acquire or divest assets at a price or on the timeline we contemplate in our strategies. Additionally, we may retain certain liabilities following a divestment and could be held liable for past use or for different liabilities than anticipated, including reversion of decommissioning or other liabilities upon bankruptcy or other default of successors in title.
 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.
 Operational efficiency. An important component of ExxonMobil's competitive performance, especially given the commodity-based nature of many of our businesses, is our ability to operate efficiently, including our ability to manage expenses, improve production

 yields on an ongoing basis and successfully integrate and achieve the anticipated synergies of acquisitions, including the acquisition of Pioneer. This requires continuous management focus, including technology integration and improvements, cost control, productivity enhancements, harmonizing functions, policies, procedures and processes, regular reappraisal of our asset portfolio, and the recruitment, development, and retention of high caliber employees.
 Research and development and technological change. To maintain our competitive position, especially in light of the technological nature of our businesses, the dynamic and rapidly evolving technological landscape, and the need for continuous efficiency improvement, ExxonMobil's technology, research, and development organizations must be successful and able to adapt to a changing market, regulatory, and policy environment, including continuous improvement in the efficiency of hydraulic fracturing technology and developing technologies to help reduce greenhouse gas emissions. To remain competitive, we must also continuously adapt and capture the benefits of new and emerging technologies, including successfully applying advances in the ability to process very large amounts of data to our businesses.
 Safety, business controls, and environmental risk management. Our results depend on management's ability to minimize the inherent risks of oil, gas, and petrochemical operations, as well as potential risks related to new energy technologies, to effectively control our business activities, including trading, and to minimize the potential for human error. We apply rigorous management systems and continuous focus on workplace safety and avoiding spills or other adverse environmental events. For example, we work to minimize spills through a combined program of effective operations integrity management, ongoing upgrades, key equipment replacements, and comprehensive inspection and surveillance. Similarly, we are implementing cost-effective new technologies and adopting new operating practices to reduce emissions, not only in response to government requirements but also to address community priorities. We employ a robust and actively evolving enterprise risk management system to identify and manage risk across our businesses. We also maintain a disciplined framework of internal controls and apply a controls management system for monitoring compliance with this framework. Substantial liabilities and other adverse impacts could result if we do not timely identify and mitigate applicable risks, or if our management systems and controls do not function as intended.
 Cybersecurity. ExxonMobil is regularly subject to attempted cybersecurity disruptions from a variety of sources including state-sponsored actors. See Item 1C in this report for information on ExxonMobil's program for managing cybersecurity risks. If the measures we are taking to protect against cybersecurity disruptions prove to be insufficient or if our proprietary data is otherwise not protected, ExxonMobil, as well as our customers, employees, or third parties, could be adversely affected. We have limited ability to influence third parties, including our partners, suppliers and service providers (including providers of cloud-hosting services for our data or applications), to implement strong cybersecurity controls and are exposed to potential harm from cybersecurity events that may affect their operations. Cybersecurity disruptions could cause physical harm to people or the environment; damage or destroy assets; compromise business systems; result in proprietary information being altered, lost, or stolen; result in employee, customer, or third-party information being compromised; or otherwise disrupt our business operations. We could incur significant costs to remedy the effects of a major cybersecurity disruption in addition to costs in connection with resulting regulatory actions, litigation, or reputational harm.
 Preparedness. Our operations may be disrupted by severe weather events, natural disasters, human error, and similar events. For example, hurricanes may damage our offshore production facilities or coastal refining and petrochemical plants in vulnerable areas. Our facilities are designed, engineered, constructed, and operated to withstand a variety of extreme climatic and other conditions, with safety factors built in to cover a number of uncertainties, including those associated with wave, wind, and current intensity, marine ice flow patterns, permafrost stability, storm surge magnitude, temperature extremes, extreme rainfall events, and earthquakes. Our consideration of changing weather conditions and inclusion of safety factors in design covers the engineering uncertainties that climate change and other events may potentially introduce. Our ability to mitigate the adverse impacts of these events depends in part upon the effectiveness of our robust facility engineering, our rigorous disaster preparedness and response, and business continuity planning.
 Insurance limitations. The ability of the Corporation to insure against many of the risks it faces as described in this Item 1A is limited by the availability and cost of coverage, which may not be economic, as well as the capacity of the applicable insurance markets, which may not be sufficient.
 Competition. As noted in Item 1 above, the energy and petrochemical industries are highly competitive. We face competition not only from other private firms, but also from state-owned companies that are increasingly competing for opportunities outside of their home countries and as partners with other private firms. In some cases, these state-owned companies may pursue opportunities in furtherance of strategic objectives of their government owners, with less focus on financial returns than companies owned by private shareholders, such as ExxonMobil. Technology and expertise provided by industry service companies may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources. As described in more detail above, our hydrocarbon-based energy products are also subject to growing and, in many cases, government-supported competition from alternative energy sources. In addition, as we enter new markets in pursuit of lower-emission and other new business opportunities, we will need to compete effectively with established competitors in these markets, as well as with new market entrants seeking to capitalize on these opportunities, while successfully navigating changing market conditions or technologies.

 Reputation. Our reputation is an important corporate asset. Factors that could have a negative impact on our reputation include an operating incident or significant cybersecurity disruption; changes in consumer views concerning our products; changes in consumer media preferences from traditional mainstream media to decentralized and personalized media; a perception by investors or others that the Corporation is making insufficient progress with respect to our ambition to play a leading role in the energy transition, or that pursuit of this ambition may result in allocation of capital to investments with reduced returns; and other adverse events such as those described in this Item 1A. Negative impacts on our reputation could in turn make it more difficult for us to compete successfully for new opportunities, obtain necessary regulatory approvals, obtain financing, and attract talent, or they could reduce consumer demand for our branded products. ExxonMobil's reputation may also be harmed by events which negatively affect the image of our industry as a whole.
 Projections, estimates, and descriptions of ExxonMobil's plans and objectives included or incorporated in Items 1, 1A, 1C, 2, 5, 7, and 7A of this report are forward-looking statements. Actual future results, including project completion dates, production rates, capital expenditures, costs, and business plans could differ materially due to, among other things, the factors discussed above and elsewhere in this report.

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 None.

 ITEM 1C. CYBERSECURITY

 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. In addition, the Corporation exchanges threat information with governmental and industry groups and proactively engages independent, third-party cybersecurity experts to test, evaluate, and recommend improvements on the effectiveness and resiliency of its cybersecurity program through penetration testing, breach assessments, regular cybersecurity incident drill testing, threat information sharing, and industry benchmarking. The Corporation takes a risk-based approach with respect to its third-party service providers, tailoring processes according to the nature and sensitivity of the data or systems accessed by such third-party service providers and performing additional risk screenings and procedures, as appropriate.
 As of the date of this report, we have not identified any risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected, or are reasonably likely to materially affect the Corporation, including our business strategy, results of operations, or financial condition.
 While the Corporation believes its cybersecurity program to be appropriate for managing constantly evolving cybersecurity risks, no program can fully protect against all possible adverse events. For additional information on these risks and potential consequences if the measures we are taking prove to be insufficient or if our proprietary data is otherwise not protected, see " Item 1A. Risk Factors: Operational and Other Factors -- Cybersecurity" in this report.

 ITEM 2. PROPERTIES

 Information with regard to oil and gas producing activities follows:
 1. Disclosure of Reserves
 A. Summary of Oil and Gas Reserves at Year-End 2024
 The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidated subsidiaries and equity companies. Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels. The Corporation has reported proved reserves on the basis of the average of the first-day-of-the-month price for each month during the last 12-month period. No major discovery or other favorable or adverse event has occurred since December 31, 2024 that would cause a significant change in the estimated proved reserves as of that date.

 Proved Reserves
 Crude
Oil
Liquids
 Bitumen
 Synthetic
Oil
 Natural
Gas
 Oil-Equivalent
Total
All Products

 (billion cubic ft)

 Developed

 1,874
 1,179
 —
 —
 11,671
 4,998

 2,308
 3,020

 —
 —
 —

 —
 —
 —

 Asia
 1,923
 —
 —
 1,900
 2,286

 —
 —
 3,204

 Total Consolidated
 4,458
 1,233
 2,308
 17,570
 11,118

 —
 —

 —
 —
 —

 —
 —
 —

 Asia
 —
 —
 4,242
 1,276

 Total Equity Company
 —
 —
 5,367
 1,481

 Total Developed
 4,925
 1,353
 2,308
 22,937
 12,599

 Undeveloped

 1,399
 —
 —
 5,172
 3,170

 —

 —
 —
 —
 —
 —
 —

 —
 —
 —

 Asia
 1,186
 —
 —
 1,315

 —
 —
 —
 2,275

 Total Consolidated
 3,291
 8,334
 5,838

 —
 —
 —
 —
 —
 —

 —
 —
 —
 —

 —
 —
 —
 —
 —
 —

 Asia
 —
 —
 6,224
 1,503

 Total Equity Company
 —
 —
 6,278
 1,512

 Total Undeveloped
 3,563
 1,125
 14,612
 7,350

 Total Proved Reserves
 8,488
 2,478
 2,429
 37,549
 19,949

 (1) Other Americas includes proved developed reserves of 375 million barrels of crude oil and 176 billion cubic feet of natural gas, as well as proved undeveloped reserves of 633 million barrels of crude oil and 231 billion cubic feet of natural gas.

 In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately. However, the Corporation operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries.
 The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment; international trade patterns and relations; and other factors described in Item 1A.
 The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments and detailed analysis of reservoir and well performance. Furthermore, the Corporation only records proved reserves for projects which have received significant funding commitments by management toward the development of the reserves. Although the Corporation is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, and significant changes in crude oil and natural gas price levels. In addition, proved reserves could be affected by an extended period of low prices which could reduce the level of the Corporation's capital spending and also impact our partners' capacity to fund their share of joint projects.

 B. Technologies Used in Establishing Proved Reserves Additions in 2024
 Additions to ExxonMobil's proved reserves in 2024 were based on estimates generated through the integration of available and appropriate geological, engineering and production data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results.
 Data used in these integrated assessments included information obtained directly from the subsurface via wellbores, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data utilized also included subsurface information obtained through indirect measurements, including high-quality 3 D and 4 D seismic data, calibrated with available well control information. The tools used to interpret the data included seismic processing software, reservoir modeling and simulation software, and data analysis packages.
 In some circumstances, where appropriate analog reservoirs were available, reservoir parameters from these analogs were used to increase the quality of and confidence in the reserves estimates.

 C. Qualifications of Reserves Technical Oversight Group and Internal Controls over Proved Reserves
 ExxonMobil has a dedicated Global Reserves and Resources group that provides technical oversight and is separate from the operating organization. Primary responsibilities of this group include oversight of the reserves estimation process for compliance with Securities and Exchange Commission (SEC) rules and regulations, review of annual changes in reserves estimates, and the reporting of ExxonMobil's proved reserves. This group also maintains the official company reserves estimates for ExxonMobil's proved reserves of crude oil, natural gas liquids, bitumen, synthetic oil, and natural gas. In addition, the group provides training to personnel involved in the reserves estimation and reporting process within ExxonMobil and its affiliates. The current Global Reserves and Resources Manager has more than 30 years of experience in reservoir engineering and reserves assessment, has a degree in Engineering, and serves on the Oil and Gas Reserves Committee of the Society of Petroleum Engineers. The group is staffed with individuals that have an average of more than 15 years of technical experience in the petroleum industry, including expertise in the classification and categorization of reserves under SEC guidelines. This group includes individuals who hold degrees in either Engineering or Geology.
 The Global Reserves and Resources group maintains a central database containing the official company reserves estimates. Appropriate controls, including limitations on database access and update capabilities, are in place to ensure data integrity within this central database. An annual review of the system's controls is performed by internal audit. Key components of the reserves estimation process include technical evaluations, commercial and market assessments, analysis of well and field performance, and long-standing approval guidelines. No changes may be made to the reserves estimates in the central database, including additions of any new initial reserves estimates or subsequent revisions, unless these changes have been thoroughly reviewed and evaluated by duly authorized geoscience and engineering professionals within the operating organization. In addition, changes to reserves estimates that exceed certain thresholds require further review and approval by the appropriate level of management within the operating organization before the changes may be made in the central database. Endorsement by the Global Reserves and Resources group for all proved reserves changes is a mandatory component of this review process. After all changes are made, reviews are held with senior management for final endorsement.

 2. Proved Undeveloped Reserves
 At year-end 2024, approximately 7.4 billion oil-equivalent barrels (GOEB) of ExxonMobil's proved reserves were classified as proved undeveloped. This represents 37 percent of the 19.9 GOEB reported in proved reserves. This compares to 6.3 GOEB of proved undeveloped reserves reported at the end of 2023. During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.1 GOEB from proved undeveloped to proved developed reserves by year-end. The largest transfers were related to development activities in the United States, Guyana, Kazakhstan, and the United Arab Emirates. In 2024, purchases of 0.4 GOEB in the United States and extensions and discoveries of 1.9 GOEB, primarily in the United States and Guyana, resulted in the addition of approximately 2.3 GOEB of proved undeveloped reserves. Also, the Corporation reclassified approximately 0.7 GOEB of proved undeveloped reserves, primarily in the United States, which was offset by upward revision of approximately 0.6 GOEB, primarily in the United Arab Emirates. This results in a net reclassification of approximately 0.1 GOEB of proved reserves which no longer met the SEC definition of proved reserves.
 Overall, investments of $16.4 billion were made by the Corporation during 2024 to progress the development of reported proved undeveloped reserves, including $16.0 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities. These investments represented 75 percent of the $21.8 billion in total reported Upstream capital and exploration expenditures.
 One of ExxonMobil's requirements for reporting proved reserves is that management has made significant funding commitments toward the development of the reserves. ExxonMobil has a disciplined investment strategy and many major fields require long lead-time in order to be developed. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. Proved undeveloped reserves in Australia, Kazakhstan, and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects. The Corporation is reasonably certain that these proved reserves will be produced; however, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, the pace of co-venturer/government funding, changes in the amount and timing of capital investments, and significant changes in crude oil and natural gas price levels. Of the proved undeveloped reserves that have been reported for five or more years, over 80 percent are contained in the aforementioned countries. In Australia, proved undeveloped reserves are associated with future compression for the Gorgon Jansz LNG project. In Kazakhstan, the proved undeveloped reserves are related to the remainder of the Tengizchevroil joint venture development that includes a production license in the Tengiz - Korolev field complex. The Tengizchevroil joint venture is producing, and proved undeveloped reserves will continue to move to proved developed as approved development phases progress. In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field.

 3. Oil and Gas Production, Production Prices and Production Costs
 A. Oil and Gas Production
 The table below summarizes production by final product sold and by geographic area for the last three years.

 2024
 2023
 2022

 NGL
 NGL
 NGL

 Crude oil and natural gas liquids production

 —
 —
 —

 Asia

 1,858
 1,455
 1,388

 —
 —
 —

 —
 —
 —
 —

 Asia

 Total crude oil and natural gas liquids production
 2,068
 1,682
 1,647

 Bitumen production

 Synthetic oil production

 Total liquids production
 2,987
 2,449
 2,354

 (millions of cubic feet daily)

 Natural gas production available for sale

 2,869
 2,292
 2,531

 Asia

 1,264
 1,298
 1,440

 5,438
 4,902
 5,268

 Asia
 2,415
 2,575
 2,639

 2,640
 2,832
 3,027

 Total natural gas production available for sale
 8,078
 7,734
 8,295

 (thousands of oil-equivalent barrels daily)

 Oil-equivalent production
 4,333
 3,738
 3,737

 (1) Other Americas includes crude oil production for 2024, 2023, and 2022 of 285 thousand, 178 thousand, and 120 thousand barrels daily, respectively; and natural gas production available for sale for 2024, 2023, and 2022 of 76 million, 67 million, and 45 million cubic feet daily, respectively.

 B. Production Prices and Production Costs
 The table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.

 (dollars per unit)
Other
 Asia
 Total

 2024

 73.36
 79.47
 74.07
 81.29
 78.40
 79.83
 76.57

 23.08
 30.43
 63.29
 50.51
 32.34
 38.74
 24.32

 0.37
 1.72
 10.56
 2.25
 2.55
 8.47
 3.13

 —
 54.02
 —
 —
 —
 —
 54.02

 —
 74.16
 —
 —
 —
 —
 74.16

 10.89
 16.20
 25.18
 21.85
 5.31
 6.92
 11.70

 —
 21.16
 —
 —
 —
 —
 21.16

 —
 44.44
 —
 —
 —
 —
 44.44

 73.91
 —
 76.34
 73.99
 73.17
 —
 73.21

 19.94
 —
 —
 —
 47.63
 —
 47.19

 1.59
 —
 9.19
 4.10
 7.52
 —
 7.41

 26.41
 —
 63.76
 7.27
 2.70
 —
 4.57

 Total

 73.36
 79.47
 75.06
 81.25
 76.69
 79.83
 76.23

 23.07
 30.43
 63.29
 50.51
 43.01
 38.74
 27.16

 0.37
 1.72
 10.17
 3.55
 6.17
 8.47
 4.53

 —
 54.02
 —
 —
 —
 —
 54.02

 —
 74.16
 —
 —
 —
 —
 74.16

 10.94
 16.20
 36.41
 20.68
 3.93
 6.92
 10.53

 —
 21.16
 —
 —
 —
 —
 21.16

 —
 44.44
 —
 —
 —
 —
 44.44

 2023

 75.45
 80.51
 71.99
 82.70
 79.50
 70.26
 78.43

 23.88
 24.44
 64.10
 44.72
 29.81
 34.35
 25.12

 1.16
 2.57
 13.64
 2.04
 2.40
 9.31
 4.26

 —
 49.64
 —
 —
 —
 —
 49.64

 —
 77.56
 —
 —
 —
 —
 77.56

 9.70
 19.94
 36.37
 20.70
 5.26
 5.55
 12.05

 —
 23.80
 —
 —
 —
 —
 23.80

 —
 45.91
 —
 —
 —
 —
 45.91

 75.48
 —
 77.82
 71.92
 74.59
 —
 74.63

 19.13
 —
 —
 —
 45.64
 —
 45.19

 5.25
 —
 22.22
 5.89
 8.54
 —
 9.15

 53.49
 —
 43.99
 6.74
 2.77
 —
 5.09

 Total

 75.45
 80.51
 74.13
 82.66
 77.83
 70.26
 77.92

 23.86
 24.44
 64.10
 44.72
 40.59
 34.35
 28.66

 1.19
 2.57
 16.71
 4.81
 6.93
 9.31
 6.05

 —
 49.64
 —
 —
 —
 —
 49.64

 —
 77.56
 —
 —
 —
 —
 77.56

 10.15
 19.94
 39.09
 19.79
 3.91
 5.55
 10.63

 —
 23.80
 —
 —
 —
 —
 23.80

 —
 45.91
 —
 —
 —
 —
 45.91

 (dollars per unit)
Other
 Asia
 Total

 2022

 93.60
 97.05
 91.32
 103.45
 94.94
 94.43
 96.16

 38.54
 45.22
 71.43
 57.83
 35.77
 46.91
 39.37

 5.37
 4.40
 21.17
 2.57
 2.60
 11.47
 7.48

 —
 64.12
 —
 —
 —
 —
 64.12

 —
 96.08
 —
 —
 —
 —
 96.08

 9.40
 24.63
 23.77
 21.68
 7.31
 4.97
 13.09

 —
 29.90
 —
 —
 —
 —
 29.90

 —
 51.52
 —
 —
 —
 —
 51.52

 94.58
 —
 90.91
 60.00
 94.32
 —
 94.32

 39.53
 —
 —
 —
 59.52
 —
 59.05

 5.49
 —
 21.10
 2.72
 13.08
 —
 13.97

 40.42
 —
 26.86
 42.24
 1.45
 —
 5.57

 Total

 93.67
 97.05
 91.15
 103.42
 94.73
 94.43
 95.88

 38.55
 45.22
 71.43
 57.83
 52.85
 46.91
 43.09

 5.37
 4.40
 21.14
 2.59
 10.70
 11.47
 9.85

 —
 64.12
 —
 —
 —
 —
 64.12

 —
 96.08
 —
 —
 —
 —
 96.08

 10.57
 24.63
 25.43
 21.79
 4.02
 4.97
 11.43

 —
 29.90
 —
 —
 —
 —
 29.90

 —
 51.52
 —
 —
 —
 —
 51.52

 Average production prices have been calculated by using sales quantities from the Corporation's own production as the divisor. Average production costs have been computed by using net production quantities for the divisor. The volumes of crude oil and natural gas liquids (NGL) production used for this computation are shown in the oil and gas production table in section 3.A. The volumes of natural gas used in the calculation are the production volumes of natural gas available for sale and are also shown in section 3.A. The natural gas available for sale volumes are different from those shown in the reserves table in the "Oil and Gas Reserves" part of the "Supplemental Information on Oil and Gas Exploration and Production Activities" portion of the Financial Section of this report due to volumes consumed or flared. Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

 4. Drilling and Other Exploratory and Development Activities
 A. Number of Net Productive and Dry Wells Drilled

 2024
 2023
 2022

 Net Productive Exploratory Wells Drilled

 —

 —
 —

 —
 —
 —

 Asia
 —
 —
 —

 —
 —
 —

 —
 —
 —

 —
 —
 —

 —
 —
 —

 Asia
 —
 —
 —

 —
 —
 —

 Total productive exploratory wells drilled

 Net Dry Exploratory Wells Drilled

 —
 —

 —
 —
 —

 —
 —
 —

 Asia
 —
 —
 —

 —
 —
 —

 —
 —
 —

 —
 —
 —

 —
 —
 —

 Asia
 —
 —
 —

 —
 —
 —

 Total dry exploratory wells drilled

 2024
 2023
 2022

 Net Productive Development Wells Drilled

 —

 Asia

 —
 —

 —
 —
 —

 —
 —
 —

 Asia

 Total productive development wells drilled

 Net Dry Development Wells Drilled

 —
 —

 —
 —
 —

 —
 —
 —

 —
 —

 Asia
 —
 —
 —

 —
 —
 —

 —
 —

 —
 —
 —

 —
 —
 —

 —
 —
 —

 Asia
 —
 —
 —

 —
 —
 —

 Total dry development wells drilled
 —
 —

 Total number of net wells drilled

 B. Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining Technologies
 Syncrude Operations. Syncrude is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil. Imperial Oil Limited is the owner of a 25 percent interest in the joint venture. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited. In 2024, the Company's share of net production of synthetic crude oil was about 62 thousand barrels per day and share of net acreage was about 55 thousand acres in the Athabasca oil sands deposit.
 Kearl Operations. Kearl is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen. Imperial Oil Limited holds a 70.96 percent interest in the joint venture and ExxonMobil Canada Properties holds the other 29.04 percent. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited and a 100 percent interest in ExxonMobil Canada Properties. Kearl is comprised of six oil sands leases covering about 49 thousand acres in the Athabasca oil sands deposit.
 Kearl is located approximately 40 miles north of Fort McMurray, Alberta, Canada. Bitumen is extracted from oil sands and processed through bitumen extraction and froth treatment trains. The product, a blend of bitumen and diluent, is shipped to our refineries and to other third parties. Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation. During 2024, average net production at Kearl was about 262 thousand barrels per day.

 5. Present Activities
 A. Wells Drilling

 Wells Drilling
 Year-End 2024

 Year-End 2023

 Gross
 Net
 Gross
 Net

 Asia

 —

 —
 —

 —
 —
 —
 —

 —
 —
 —
 —

 Asia

 Total gross and net wells drilling

 B. Review of Principal Ongoing Activities

 Net acreage totaled 9.8 million acres at year-end 2024, of which 0.2 million acres were offshore. ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska. Development activities continued on the Golden Pass LNG export project.
 During the year, a total of 544.1 net exploratory and development wells were completed in the inland lower 48 states. Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico. In addition, ExxonMobil completed the acquisition of Pioneer, increasing the Permian Basin acreage and production capacity.
 Net acreage in the Gulf totaled 0.1 million acres at year-end 2024. A total of a 0.5 net development well was completed during the year.
 Participation in Alaska production and development continued with a total of 0.9 net development wells completed.

 Canada / Other Americas

 Oil and Gas Operations: Net acreage totaled 3.9 million acres at year-end 2024, of which 2.0 million acres were offshore. A total of 1.7 net exploratory and development wells were completed during the year.
 In Situ Bitumen Operations: Net acreage totaled 0.5 million onshore acres at year-end 2024. During the year, a total of 14 net development wells at Cold Lake were completed.
 Argentina
 Net acreage totaled 0.1 million onshore acres at year-end 2024. During the year, a total of 1.6 net development wells were completed. In 2024, ExxonMobil relinquished 2.6 million net offshore acres and sold a portion of its interests in onshore production facilities. The sale of the remaining onshore assets is expected to be completed in early 2025 resulting in a full Upstream operations exit from the country.
 Brazil
 Net acreage totaled 1.5 million offshore acres at year-end 2024. During the year, a total of a 0.4 net exploratory well was completed and ExxonMobil relinquished its interest in 1.0 million net offshore acres spanning 10 blocks outside of the core Bacalhau development. Development activities continued on the Bacalhau Phase 1 project.
 Guyana
 Net acreage totaled 4.6 million offshore acres at year-end 2024. During the year, a total of 10.1 net exploratory and development wells were completed. Development activities continued on the Yellowtail and Uaru projects. The Whiptail project was funded in 2024.

 Germany
 Net acreage totaled 1.2 million onshore acres at year-end 2024. During the year, a total of 0.5 net development wells were completed.
 Netherlands
 Net interest in licenses totaled 1.3 million acres at year-end 2024, of which 0.3 million acres were offshore. Groningen field permanent closure was codified in the Dutch mining law on April 19, 2024.
 Net interest in licenses totaled 0.1 million offshore acres at year-end 2024.

 Angola
 Net acreage totaled 3 million acres at year-end 2024, of which 2.9 million acres were offshore. During the year, a total of 5.6 net exploratory and development wells were completed.
 Mozambique
 Net acreage totaled 0.1 million offshore acres at year-end 2024 within Area 4. ExxonMobil participated in the co-venturer-operated Coral South Floating LNG, a gross 3.4 million metric tons per year LNG facility.
 Nigeria
 Net acreage totaled 0.4 million offshore acres at year-end 2024. During the year, a total of a 0.2 net development well was completed. In December 2024, the Corporation completed a transfer of 100 percent of the shares in its Nigeria affiliate, Mobil Producing Nigeria Unlimited, following the receipt of and compliance with conditions precedent specified in government approvals.

 Asia

 Azerbaijan
 Net acreage totaled 7 thousand offshore acres at year-end 2024. During the year, a total of 1 net development wells were completed.
 Indonesia
 Net acreage totaled 0.1 million onshore acres at year-end 2024. During the year, a total of 0.9 net development wells were completed.
 Kazakhstan
 Net acreage totaled 0.3 million acres at year-end 2024, of which 0.2 million acres were offshore. During the year, a total of 1 net development wells were completed. Development activities continued on the Tengiz Expansion project.
 Malaysia
 Net interests in production sharing contracts covered 0.2 million offshore acres at year-end 2024. During the year, a total of 1.5 net development wells were completed.
 Qatar
 Through joint ventures with QatarEnergy, net acreage totaled 76 thousand offshore acres at year-end 2024. During the year, a total of 1.4 net development wells were completed. ExxonMobil participated in 52.3 million metric tons per year gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year-end 2024. Development activities continued on the North Field East project and North Field Production Sustainment projects.
 Thailand
 Net acreage in concessions totaled 16 thousand onshore acres at year-end 2024. During the year, a total of a 0.1 net development well was completed.
 United Arab Emirates
 Net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 0.1 million acres at year-end 2024. During the year, a total of 2.5 net development wells were completed. Activities continued on the ongoing phased development of the Upper Zakum field.

 Australia / Oceania

 Australia
 Net acreage totaled 1.2 million offshore acres and nine thousand onshore acres at year-end 2024.
 The co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) development consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million metric tons per year LNG facility, and a 280 million cubic feet per day

 domestic gas plant located on Barrow Island, Western Australia. During the year, operations began on the Gorgon Stage 2 project and development activities continued on the Jansz Io Compression project.
 Papua New Guinea
 Net acreage totaled 1.6 million onshore acres at year-end 2024. During the year, a total of 1 net development wells were completed. The Papua New Guinea (PNG) liquefied natural gas (LNG) integrated development includes gas production and processing facilities in the PNG Highlands, onshore and offshore pipelines, and a 6.9 million metric tons per year LNG facility near Port Moresby.

 Worldwide Exploration

 Exploration activities were under way in several countries in which ExxonMobil has no established production operations and thus are not included above. Net acreage totaled 15.7 million acres at year-end 2024. During the year, a total of a 0.5 net exploratory well was completed.

 6. Delivery Commitments
 ExxonMobil sells crude oil and natural gas from its producing operations under a variety of contractual obligations, some of which may specify the delivery of a fixed and determinable quantity for periods longer than one year. ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and the spot market. Worldwide, we are contractually committed to deliver approximately 123 million barrels of oil and 2.8 trillion cubic feet of natural gas for the period from 2025 through 2027. We expect to fulfill the majority of these delivery commitments with production from our proved developed reserves. Any remaining commitments will be fulfilled with production from our proved undeveloped reserves and purchases on the open market as necessary.

 7. Oil and Gas Properties, Wells, Operations and Acreage
 A. Gross and Net Productive Wells

 Gross and Net Productive Wells
 Year-End 2024

 Year-End 2023

 Oil
 Gas
 Oil
 Gas

 Gross
 Net
 Gross
 Net
 Gross
 Net
 Gross
 Net

 30,333
 17,078
 7,579
 4,340
 21,193
 9,503
 8,210
 4,801

 4,092
 4,025
 2,865
 1,017
 4,193
 4,131
 2,901
 1,034

 —
 —

 Asia

 36,270
 21,601
 11,058
 5,676
 27,911
 14,340
 11,774
 6,166

 2,573
 3,303
 2,634
 3,322

 —
 —
 —
 —

 Asia

 2,863
 3,791
 2,925
 3,927

 Total gross and net productive wells
 39,133
 22,008
 14,849
 6,137
 30,836
 14,758
 15,701
 6,669

 There were 25,610 gross and 22,837 net operated wells at year-end 2024 and 18,518 gross and 16,171 net operated wells at year-end 2023. The number of wells with multiple completions was 434 gross in 2024 and 467 gross in 2023.

 B. Gross and Net Developed Acreage

 Gross and Net Developed Acreage
 (thousands of acres)

 Year-End 2024

 Year-End 2023

 Gross
 Net
 Gross
 Net

 10,668
 7,021
 10,354
 6,566

 1,903
 1,342
 2,145
 1,526

 1,455
 2,109

 Asia
 1,473
 1,582

 3,142
 1,043
 3,174
 1,033

 19,595
 10,816
 20,347
 10,840

 3,590
 1,109
 3,590
 1,109

 Asia

 5,014
 1,418
 5,016
 1,423

 Total gross and net developed acreage
 24,609
 12,234
 25,363
 12,263

 (1) Includes developed acreage in Other Americas of 379 gross and 190 net thousands of acres for 2024 and 559 gross and 342 net thousands of acres for 2023.

 Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage.
 C. Gross and Net Undeveloped Acreage

 Gross and Net Undeveloped Acreage
 (thousands of acres)

 Year-End 2024

 Year-End 2023

 Gross
 Net
 Gross
 Net

 6,707
 2,632
 6,738
 2,602

 Canada/Other Americas (2)

 21,457
 9,842
 30,773
 15,012

 11,988
 7,770
 12,489
 8,173

 17,476
 11,301
 18,309
 12,696

 Asia

 3,554
 1,805
 4,811
 2,309

 61,948
 33,577
 73,886
 41,019

 —
 —
 —
 —

 Asia

 1,097
 1,097

 Total gross and net undeveloped acreage
 63,045
 33,810
 74,983
 41,252

 (2) Includes undeveloped acreage in Other Americas of 14,914 gross and 6,381 net thousands of acres for 2024 and 24,221 gross and 11,548 net thousands of acres for 2023.

 ExxonMobil's investment in developed and undeveloped acreage is comprised of numerous concessions, blocks, and leases. The terms and conditions under which the Corporation maintains exploration and/or production rights to the acreage are property-specific, contractually defined, and vary significantly from property to property. Work programs are designed to ensure that the exploration potential of any property is fully evaluated before expiration. In some instances, the Corporation may elect to relinquish acreage in advance of the contractual expiration date if the evaluation process is complete and there is not a business basis for extension. In cases where additional time may be required to fully evaluate acreage, the Corporation has generally been successful in obtaining extensions. The scheduled expiration of leases and concessions for undeveloped acreage over the next three years is not expected to have a material adverse impact on the Corporation.

 D. Summary of Acreage Terms

 Oil and gas exploration and production rights are acquired from mineral interest owners through a lease. Mineral interest owners include the Federal and State governments, as well as private mineral interest owners. Leases typically have a primary term ranging from one to 10 years, and a production period beyond the primary term that normally remains in effect until production ceases. Under certain circumstances, a lease may be held beyond its primary term even if production has not commenced. In some instances a "fee interest" is acquired in private property where the underlying mineral interests and rights are purchased and owned outright.

 Canada / Other Americas

 Exploration licenses or leases in onshore areas are acquired for varying periods of time with renewals or extensions possible. These licenses or leases entitle the holder to continue existing licenses or leases upon completing specified work. In general, these license and lease agreements are held as long as there is proven production capability on the licenses and leases. Offshore exploration licenses are generally held by work commitments of various amounts and rentals. Offshore production licenses are valid for 25 years, with rights of extension for continued production. Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term.
 Argentina
 The Federal Hydrocarbon Law was amended in 2014 and in 2024. Pursuant to the amended law, the production term for an onshore unconventional concession is 35 years and 25 years for a conventional concession. ExxonMobil is actively taking steps to exit Upstream operations in the country.
 Brazil
 The exploration and production of oil and gas are governed by concession contracts and production sharing contracts (PSCs). Concession contracts provide for an exploration period of up to eight years and a production period of 27 years. PSCs provide for an exploration period of up to seven years and a production period of up to 28 years.
 Guyana
 The Petroleum Activities Act 2023 authorizes the Government of Guyana to license and enter petroleum agreements for petroleum exploration, development, production, and storage operations. The Act enables petroleum agreements to provide for an exploration period to be established by subsidiary legislation by the Minister (typically up to 10 years) and provide for a production period of 20 years for an oil field and 30 years for a gas field, each with a renewal period of up to 10 years.

 Germany
 Exploration concessions are granted for an initial maximum period of five years, with an unlimited number of extensions up to three years each. Extensions are subject to specific minimum work commitments. Production licenses were historically granted for 20 to 25 years with multiple possible extensions subject to production on the license.
 Netherlands
 Under the Mining Law, effective January 1, 2003, exploration and production licenses for both onshore and offshore areas are issued for a period as explicitly defined in the license. The term is based on the period of time necessary to perform the activities for which the license is issued. License conditions are stipulated in the license and are based on the Mining Law.
 Production rights granted prior to January 1, 2003, remain subject to their existing terms and differ slightly for onshore and offshore areas. Onshore production licenses issued prior to 1988 were indefinite; from 1988, they were issued for a period as explicitly defined in the license, ranging from 35 to 45 years. Offshore production licenses issued before 1976 were issued for a fixed period of 40 years; from 1976, they were again issued for a period as explicitly defined in the license, ranging from 15 to 40 years.

 Acreage terms are fixed by the government and are periodically changed. For example, many of the early licenses issued under the first four licensing rounds provided an initial term of six years with relinquishment of at least one-half of the original area at the end of the initial term, subject to extension for a further 40 years. At the end of any such 40-year term, licenses may continue in producing areas until cessation of production; or licenses may continue in development areas for periods agreed on a case-by-case basis until they become producing areas; or licenses terminate in all other areas. The majority of traditional licenses currently issued have an initial exploration term of four years with a second term extension of four years, and a final production term of 18 years, with a mandatory relinquishment of 50 percent of the acreage after the initial term and of all acreage that is not covered by a development plan at the end of the second term.

 Angola
 Exploration and production activities are governed by either production sharing agreements or other concession contracts with initial exploration terms ranging from three to four years with options to extend from one to five years. The production periods range from 20 to 30 years, with extensions subject to negotiation with the National Concessionaire.
 Mozambique
 Exploration and production activities are generally governed by concession contracts with the Government of the Republic of Mozambique, represented by the Ministry of Mineral Resources and Energy. An interest in Area 4 offshore Mozambique was acquired in 2017. Terms for Area 4 are governed by the Exploration and Production Concession Contract (EPCC) for Area 4 Offshore of the Rovuma Block. The EPCC expires 30 years after an approved plan of development becomes effective for a given discovery area.
 Nigeria
 Exploration and production activities are governed by production sharing contracts (PSCs) with the national oil company, the Nigerian National Petroleum Company Limited (NNPCL). NNPCL typically holds the underlying license or lease. The terms of the PSCs are generally 30 years (comprised of a 10-year exploration period and a 20-year production period).
 The 2021 Petroleum Industry Act will govern any further renewals to the term of the PSCs, licenses, or leases.

 Asia

 Azerbaijan
 The production sharing agreement (PSA) for the development of the Azeri-Chirag-Gunashli field was established for an initial period of 30 years starting from the PSA execution date in 1994. The PSA was amended in September 2017 to extend the term by 25 years to 2049.
 Indonesia
 Exploration and production activities in Indonesia are generally governed by cooperation contracts, usually in the form of a production sharing contract (PSC). The current PSCs have an exploration period of six years, which can be extended once for a period of four years with a total contract period of 30 years including an exploitation period. PSC terms can be extended for a maximum of 20 years for each extension with the approval of the government.
 Kazakhstan
 Onshore exploration and production activities are governed by the production license, which includes exploration activities and joint venture agreements negotiated with the Republic of Kazakhstan. Existing production operations have a 40-year production period that commenced in 1993.
 Offshore exploration and production activities are governed by a production sharing agreement negotiated with the Republic of Kazakhstan. The exploration period is six years followed by separate appraisal periods for each discovery. The production period for each discovery, which includes development, is 20 years from the date of declaration of commerciality with the possibility of two 10-year extensions.
 Malaysia
 Production activities are governed by production sharing contracts (PSCs) negotiated with the national oil company. The PSCs have production terms of 25 years. Extensions are generally subject to the national oil company's prior written approval.

 Qatar
 The State of Qatar grants gas production development project rights to develop and supply gas from the offshore North Field to permit the economic development and production of gas reserves sufficient to satisfy the gas and LNG sales obligations of these projects. The initial terms for these rights generally extend for 25 years. Extensions and terms are subject to State of Qatar approval.
 Thailand
 The Petroleum Act of 1971 allows production under ExxonMobil's concessions for 30 years with a 10-year extension at terms generally prevalent at the time.
 United Arab Emirates
 An interest in the development and production activities of the offshore Upper Zakum field was acquired in 2006. In 2017, the governing agreements were extended to 2051.

 Australia / Oceania

 Australia
 Exploration and production activities conducted offshore in Commonwealth waters are governed by Federal legislation. Exploration permits are granted for an initial term of six years with two possible five-year renewal periods. Retention leases may be granted for resources that are not commercially viable at the time of application but are likely to become commercially viable within 15 years. These are granted for periods of five years, and renewals may be requested. Prior to July 1998, production licenses were granted initially for 21 years, with a further renewal of 21 years and thereafter indefinitely, i.e., for the life of the field. Effective from July 1998, new production licenses are granted indefinitely. In each case, a production license may be terminated if no production operations have been carried on for five years.
 Papua New Guinea
 Exploration and production activities are governed by the Oil and Gas Act. Petroleum prospecting licenses are granted for an initial term of six years with a five-year extension possible (an additional extension of three years is possible in certain circumstances). Generally, a 50-percent relinquishment of the license area is required at the end of the initial six-year term, if extended. Petroleum development licenses are granted for an initial 25-year period. An extension for further consecutive period(s) of up to 20 years may be granted at the Petroleum Minister's discretion. Petroleum retention licenses may be granted for gas resources that are not commercially viable at the time of application but may become commercially viable within the maximum possible retention time of 15 years. Petroleum retention licenses are granted for an initial five-year period, and may only be extended, at the Minister's discretion, twice for the maximum retention time of 15 years.

 Information with regard to refining and chemical capacity:
 ExxonMobil manufactures, trades, and sells petroleum and petrochemical products. Our refining and chemical operations are highly integrated and encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a range of fuels, specialty products, feedstocks, olefins, polyolefins, and a wide variety of other products to our customers around the world.

 Capacity At Year-End 2024 (1)

 ExxonMobil
Interest %
 ExxonMobil's Share of Refining Capacity (2)

 Ethylene
 Polyethylene
 Polypropylene

 (millions of metric tons per year)

 Joliet
 Illinois

 —
 —
 —

 Baton Rouge
 Louisiana

 1.1
 1.3
 1.0

 Baytown
 Texas

 4.0
 —
 0.8

 Beaumont
 Texas

 0.9
 1.7
 —

 Corpus Christi
 Texas

 —
 0.9
 0.7
 —

 Mont Belvieu
 Texas

 —
 —
 2.3
 —

 Total United States

 1,964
 6.9
 6.0
 1.8

 Strathcona
 Alberta

 69.6
 —
 —
 —

 Nanticoke
 Ontario

 69.6
 —
 —
 —

 Sarnia
 Ontario

 69.6
 0.3
 0.5
 —

 Total Canada

 0.3
 0.5
 —

 Antwerp
 Belgium

 —
 0.4
 —

 Meerhout
 Belgium

 —
 —
 0.5
 —

 Gravenchon
 France

 82.9/100 (3)

 —
 —
 —

 Karlsruhe (4)

 Germany

 —
 —
 —

 Rotterdam
 Netherlands

 —
 —
 —

 Fawley

 —
 —
 —

 Fife

 —
 0.4
 —
 —

 Total Europe

 1,085
 0.4
 0.9
 —

 Asia Pacific

 Fujian
 China

 0.3
 0.2
 0.2

 Singapore
 Singapore

 1.9
 1.9
 1.0

 Total Asia Pacific

 2.2
 2.1
 1.2

 Middle East

 Al Jubail
 Saudi Arabia

 —
 0.7
 0.7
 —

 Yanbu
 Saudi Arabia

 1.0
 0.7
 0.2

 Total Middle East
 1.7
 1.4
 0.2

 Total Worldwide

 4,342
 11.5
 10.8
 3.2

 Energy Products Specialty Products Chemical Products

 (1) ExxonMobil share reflects 100 percent for operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil's interest or that portion of distillation capacity normally available to ExxonMobil.

 (2) Refining capacity data is based on 100 percent of rated refinery process unit stream-day capacities to process inputs to atmospheric distillation units under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time. The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment.

 (3) ExxonMobil ownership in Gravenchon is split 82.9 percent and 100 percent between the refining and chemical operations, respectively. In 2024, the Company shut down a portion of its Gravenchon chemical operations including the steamcracker and related derivatives units.

 (4) The Corporation announced a sales agreement relating to ExxonMobil's ownership interest in this asset and expects the transaction to close in 2025.

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

 Information with regard to retail fuel sites:
 Within the Energy Products segment, retail fuels sites sell products and services throughout the world through our Exxon, Esso, and Mobil brands.

 Number of Retail Fuel Sites At Year-End 2024

 Owned/leased
 Distributors/resellers
 Total

 —
 10,573
 10,573

 —
 2,598
 2,598

 3,958
 4,127

 Asia Pacific
 1,128

 Latin America
 —

 Middle East/Africa

 18,842
 19,444

 ITEM 3. LEGAL PROCEEDINGS

 ExxonMobil has elected to use a $1 million threshold for disclosing environmental proceedings.
 As reported in the Corporation's Form 10-Q for the third quarter of 2024, XTO Energy, Inc. (XTO) received a Notice of Violation from the United States Environmental Protection Agency (EPA) on March 9, 2022 regarding certain well pad production facility sites in Butler County, Pennsylvania, alleging violations of certain federal New Source Performance Standards (NSPS) and Pennsylvania's Title V operating permit regulations. In October 2024, XTO entered into a consent decree with the Department of Justice (DOJ) and the Department of Environmental Protection of Pennsylvania to resolve these alleged violations upon payment of a $4.0 million penalty. On December 13, 2024, the United States District Court for the Western District of Pennsylvania entered the consent decree, and XTO paid the civil penalty of $4.0 million.
 As reported in the Corporation's Form 10-Q for the first quarter of 2024, on August 4, 2022, XTO received a letter from the DOJ notifying XTO of the EPA's request to initiate a potential civil action against XTO regarding the Schnegg well in Powhatan Point, Ohio. The EPA alleged XTO breached its duty under the General Duty Clause of the Clean Air Act for the Schnegg well, and such breaches resulted in the 2018 well blowout. In December 2024, XTO signed a consent decree with the DOJ to resolve these alleged violations upon payment of an $8.0 million penalty, which XTO intends to pay in March 2025.
 As reported in the Corporation's Form 10-Q for the first quarter of 2023, ExxonMobil appealed to the U.S. Court of Appeals for the Fifth Circuit a judgment of the United States District Court for the Southern District of Texas (Texas District Court) entered on April 26, 2017, in a citizen suit captioned Environment Texas Citizen Lobby, Inc. et al. v. Exxon Mobil Corporation, relating to alleged Clean Air Act and other violations at the Baytown complex. The Texas District Court had awarded approximately $20 million in civil penalties, payable to the United States Treasury. On July 29, 2020, the Fifth Circuit vacated the Texas District Court's penalty award and remanded the case back to the Texas District Court for further proceedings. On March 2, 2021, the Texas District Court awarded $14.25 million in civil penalties, payable to the United States Treasury. ExxonMobil filed its appeal of the judgment in the U.S. Court of Appeals for the Fifth Circuit on April 12, 2021. On August 30, 2022, the Fifth Circuit affirmed the Texas District Court's revised penalty award of $14.25 million. On February 17, 2023, the Fifth Circuit granted ExxonMobil's motion for rehearing en banc. On December 11, 2024, the Fifth Circuit affirmed the Texas District Court's judgment assessing a $14.25 million penalty against ExxonMobil. ExxonMobil is continuing to evaluate its available options, including seeking review in the U.S. Supreme Court.
 Refer to the relevant portions of Note 16 of the Financial Section of this report for additional information on legal proceedings.

 ITEM 4. MINE SAFETY DISCLOSURES

 Not applicable.

 Information about our Executive Officers (positions and ages as of February 19, 2025)

 Name
 Age
 Current and Prior Positions (up to five years)

 Darren W. Woods
 Chairman of the Board and Chief Executive Officer (since January 1, 2017)
 Director and President (since January 1, 2016)

 Neil A. Chapman
 Senior Vice President (since January 1, 2018)

 Kathryn A. Mikells
 Senior Vice President and Chief Financial Officer (since August 9, 2021)
 Chief Financial Officer and a member of the board of directors for Diageo plc
 (November 2015 - June 2021)

 Jack P. Williams, Jr.
 Senior Vice President (since June 1, 2014)

 Daniel L. Ammann
 Vice President (since May 1, 2022)
 President, ExxonMobil Upstream Company (since February 1, 2025)
 President, Low Carbon Solutions (May 1, 2022 - December 31, 2024)
 Chief Executive Officer, Cruise LLC (January 2019 - December 2021)

 James R. Chapman
 Vice President, Treasurer and Investor Relations (since May 1, 2024)
 Vice President, Tax and Treasurer (November 28, 2022 - April 30, 2024)
 Dominion Energy, Inc. (prior to November 28, 2022):
 Executive Vice President, Chief Financial Officer and Treasurer (January 2019 - November 2022)

 Len M. Fox

 Vice President, Controller and Tax (since May 1, 2024)
 Vice President and Controller (March 1, 2021 - April 30, 2024)
 Assistant Treasurer, Exxon Mobil Corporation (February 1, 2020 - December 31, 2020)
 Vice President, Chemical Business Services and Treasurer (June 1, 2015 - January 31, 2020)

 Jon M. Gibbs
 President, ExxonMobil Global Projects Company (since April 1, 2021)
 Senior Vice President, Global Project Delivery, ExxonMobil Global Projects Company
 (July 1, 2020 - March 31, 2021)
 President, ExxonMobil Global Services Company (April 1, 2019 - June 30, 2020)

 Karen T. McKee

 Vice President (since April 1, 2019)
 President, ExxonMobil Product Solutions Company (since April 1, 2022)
 President, ExxonMobil Chemical Company (April 1, 2019 - March 31, 2022)

 Darrin L. Talley
 Vice President, Corporate Strategic Planning (since April 1, 2022)
 President, ExxonMobil Research and Engineering Company (April 1, 2020 - March 31, 2022)
 Manager, Corporate Strategy, Corporate Strategic Planning (March 15, 2017 - March 31, 2020)

 Jeffrey A. Taylor
 Vice President, General Counsel and Corporate Secretary (since July 1, 2024)
 Deputy General Counsel (May 9, 2024 - June 30, 2024)
 Executive Vice President and General Counsel, Fox Corporation (March 1, 2021 - May 8, 2024)
 Executive Vice President and Chief Litigation Counsel, Fox Corporation
 (March 1, 2019 - February 28, 2021)

 Officers are generally elected by the Board of Directors at its meeting on the day of each annual election of directors, with each such officer serving until a successor has been elected and qualified. The above-named officers are required to file reports under Section 16 of the Securities Exchange Act of 1934.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 The principal market where ExxonMobil common stock (XOM) is traded is the New York Stock Exchange, although the stock is traded on other exchanges in and outside the United States.
 There were 287,749 registered shareholders of ExxonMobil common stock at December 31, 2024. At January 31, 2025, the registered shareholders of ExxonMobil common stock numbered 286,233.
 On January 31, 2025, the Corporation declared a $0.99 dividend per common share, payable March 10, 2025.
 Reference is made to Item 12 in Part III of this report.

 Issuer Purchases of Equity Securities for Quarter Ended December 31, 2024

 Total Number of Shares Purchased (1)

 Average Price Paid per Share (2)

 Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)

 Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
 (Billions of dollars) (4)

 October 2024

 16,386,165
 $120.90
 16,385,148
 $23.5

 November 2024

 15,628,883
 $119.95
 14,378,425
 $21.8

 December 2024

 17,398,455
 $110.56
 16,425,659
 $40.0

 Total
 49,413,503
 $116.96
 47,189,232

 (1) Includes shares withheld from participants in the Company's incentive program for personal income taxes.

 (2) Excludes 1% U.S. excise tax on stock repurchases.

 (3) Purchases were made under terms intended to qualify for exemption under Rules 10b-18 and 10b5-1.

 (4) The Corporation continued its share repurchase program, originally initiated in 2022. This includes $15 billion of repurchases in 2022, $17.5 billion in 2023, and $19.1 billion in 2024. In its 2024 Corporate Plan Update released December 11, 2024, the Corporation stated that it expects to continue its share repurchase program with a $20 billion repurchase pace per year through 2026, assuming reasonable market conditions.

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

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Reference is made to the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Financial Section of this report.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Reference is made to the section entitled " Market Risks " in the Financial Section of this report. All statements, other than historical information incorporated in this Item 7A, are forward-looking statements. The actual impact of future market changes could differ materially due to, among other things, factors discussed in this report.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Reference is made to the following in the Financial Section of this report:
 • Consolidated financial statements, together with the report thereon of PricewaterhouseCoopers LLP (PCAOB ID 238) dated February 19, 2025, beginning with the section entitled " Report of Independent Registered Public Accounting Firm " and continuing through Note 21;
 •" Supplemental Information on Oil and Gas Exploration and Production Activities " (unaudited); and
 •" Frequently Used Terms " (unaudited).
 Financial Statement Schedules have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 ITEM 9A. CONTROLS AND PROCEDURES

 Management's Evaluation of Disclosure Controls and Procedures
 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 December 31, 2024. 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.
 Management's Report on Internal Control over Financial Reporting
 Management, including the Corporation's Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer, is responsible for establishing and maintaining adequate internal control over the Corporation's financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that Exxon Mobil Corporation's internal control over financial reporting was effective as of December 31, 2024.
 The Corporation excluded Pioneer from our assessment of internal control over financial reporting as of December 31, 2024, because it was acquired by the Corporation in a business combination during 2024. Total assets and total revenues of Pioneer, a wholly owned subsidiary, represent nineteen percent and four percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.
 PricewaterhouseCoopers LLP, an independent registered public accounting firm, audited the effectiveness of the Corporation's internal control over financial reporting as of December 31, 2024, as stated in their report included in the Financial Section of this report.
 Changes in Internal Control over Financial Reporting
 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.

 ITEM 9B. OTHER INFORMATION

 During the three months ended December 31, 2024, none of the Company'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.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 Not applicable.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 Reference is made to the section of this report titled "Information about our Executive Officers".
 Incorporated by reference to the following from the registrant's definitive proxy statement for the 2025 annual meeting of shareholders (the "2025 Proxy Statement"):
 • The section entitled "Election of Directors";
 • The portion entitled "Delinquent Section 16(a) Reports" of the section entitled "Director and Executive Officer Stock Ownership";
 • The portions entitled "Director Qualifications", "Director Nomination Process and Board Succession", and "Code of Ethics and Business Conduct" of the section entitled "Corporate Governance"; and
 • The "Director Independence" portion, "Board Meetings and Annual Meeting Attendance" portion, the membership table of the portion entitled "Board Committees", the "Nominating and Governance Committee" portion and the "Audit Committee" portion of the section entitled "Corporate Governance".
 The Corporation has adopted an Insider Trading Policy governing the purchase, sale, and/or other dispositions of its securities by its directors, officers and employees, and the Corporation itself, that the Corporation believes is reasonably designed to promote compliance with insider trading laws, rules and regulations and the exchange listing standards applicable to the Corporation. A copy of the Corporation's Insider Trading Policy is filed as Exhibit 19 to this report.

 ITEM 11. EXECUTIVE COMPENSATION

 Incorporated by reference to the sections entitled "Director Compensation", "Compensation Committee Report", "Compensation Discussion and Analysis", "Executive Compensation Tables", "Pay Ratio", and "Pay Versus Performance" of the registrant's 2025 Proxy Statement.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 The information required under Item 403 of Regulation S-K is incorporated by reference to the sections entitled "Certain Beneficial Owners" and "Director and Executive Officer Stock Ownership" of the registrant's 2025 Proxy Statement.

 Equity Compensation Plan Information

 (a)
 (b)
 (c)

 Plan Category
 Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
 Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
 Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans [Excluding Securities Reflected in Column (a)]

 Equity compensation plans approved by security holders
 45,247,799
 (1)

 —
 56,689,904
 (2)(3)

 Equity compensation plans not approved by security holders
 —

 —
 —

 Total
 45,247,799

 —
 56,689,904

 (1) The number of restricted stock units to be settled in shares.

 (2) Available shares can be granted in the form of restricted stock or other stock-based awards. Includes 47,088,821 shares available for award under the 2003 Incentive Program, 238,700 shares available for award under the 2004 Non-Employee Director Restricted Stock Plan, and 9,362,383 shares available for award under the Pioneer Natural Resources Company Amended and Restated 2006 Long Term Incentive Plan.

 (3) Under the 2004 Non-Employee Director Restricted Stock Plan approved by shareholders in May 2004, and the related standing resolution adopted by the Board, each non-employee director automatically receives 8,000 shares of restricted stock when first elected to the Board and, if the director remains in office, an additional 2,500 restricted shares each following year. While on the Board, each non-employee director receives the same cash dividends on restricted shares as a holder of regular common stock, but the director is not allowed to sell the shares. The restricted shares may be forfeited if the director leaves the Board early.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 Incorporated by reference to the portion entitled "Director Independence" of the section entitled "Corporate Governance" and the portion entitled "Related Person Transactions and Procedures" of the section entitled "Director and Executive Officer Stock Ownership" of the registrant's 2025 Proxy Statement.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 Incorporated by reference to the portion entitled "Audit Committee" of the section entitled "Corporate Governance" and the section entitled "Ratification of Independent Auditors" of the registrant's 2025 Proxy Statement.

 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

 (a)(1) and (2) Financial Statements:
 See Table of Contents of the Financial Section of this report.
 (b)(3) Exhibits:
 See Index to Exhibits of this report.

 ITEM 16. FORM 10-K SUMMARY

 None.

 FINANCIAL SECTION

 Business Profile

 Financial Information

 Frequently Used Terms

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Forward-Looking Statements

 Overview

 Business Environment

 Business Results

 Liquidity and Capital Resources

 Capital and Exploration Expenditures

 Taxes

 Environmental Matters

 Market Risks

 Critical Accounting Estimates

 Management's Report on Internal Control over Financial Reporting

 Report of Independent Registered Public Accounting Firm

 Consolidated Financial Statements

 Statement of Income

 Statement of Comprehensive Income

 Balance Sheet

 Statement of Cash Flows

 Statement of Changes in Equity

 Notes to Consolidated Financial Statements

 1. Summary of Accounting Policies

 2. Russia

 3. Miscellaneous Financial Information

 4. Other Comprehensive Income Information

 5. Cash Flow Information

 6. Additional Working Capital Information

 7. Equity Company Information

 8. Investments, Advances and Long-Term Receivables

 9. Property, Plant and Equipment and Asset Retirement Obligations

 10. Accounting for Suspended Exploratory Well Costs

 11. Leases

 12. Earnings Per Share

 13. Financial Instruments and Derivatives

 14. Long-Term Debt

 15. Incentive Program

 16. Litigation and Other Contingencies

 17. Pension and Other Postretirement Benefits

 18. Disclosures about Segments and Related Information

 19. Income and Other Taxes

 20. Divestment Activities

 21. Mergers and Acquisitions

 Supplemental Information on Oil and Gas Exploration and Production Activities

 BUSINESS PROFILE

 Earnings (Loss) After
Income Taxes
 Average Capital
 Employed (Non-GAAP)

 Return on
 Average Capital
 Employed (Non-GAAP)

 Capital and
Exploration Expenditures

 Financial
 2024
 2023
 2024
 2023
 2024
 2023
 2024
 2023

 (percent)

 6,426
 4,202
 85,285
 51,957
 7.5
 8.1
 11,252
 8,813

 18,964
 17,106
 93,390
 91,358
 20.3
 18.7
 10,596
 10,948

 Total
 25,390
 21,308
 178,675
 143,315
 14.2
 14.9
 21,848
 19,761

 2,099
 6,123
 13,190
 12,540
 15.9
 48.8
 1,195

 1,934
 6,019
 21,135
 20,010
 9.2
 30.1
 1,610
 1,580

 Total
 4,033
 12,142
 34,325
 32,550
 11.7
 37.3
 2,366
 2,775

 1,627
 1,626
 14,277
 14,702
 11.4
 11.1

 14,760
 13,859
 6.4
 0.1
 1,332
 1,962

 Total
 2,577
 1,637
 29,037
 28,561
 8.9
 5.7
 2,071
 2,713

 1,576
 1,536
 2,035
 2,148
 77.4
 71.5

 1,476
 1,178
 6,183
 6,366
 23.9
 18.5

 Total
 3,052
 2,714
 8,218
 8,514
 37.1
 31.9

 (1,372)
 (1,791)
 27,847
 30,500
 —
 —

 Corporate total
 278,102
 243,440
 12.7
 15.0
 27,551
 26,325

 See Frequently Used Terms for a definition and calculation of capital employed and return on average capital employed.

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

 Operating
 2024
 2023

 2024
 2023

 Net liquids production

 Refinery throughput

 1,248
 1,865
 1,848

 1,739
 1,646
 2,035
 2,220

 Total
 2,987
 2,449
 Total
 3,900
 4,068

 Natural gas production available for sale
 (millions of cubic feet daily)

 Energy Products sales (2)

 2,887
 2,311
 2,722
 2,633

 5,191
 5,423
 2,696
 2,828

 Total
 8,078
 7,734
 Total
 5,418
 5,461

 Oil-equivalent production (1)
 (thousands of oil-equivalent barrels daily)

 4,333
 3,738
 Chemical Products sales (2)
 (thousands of metric tons)

 7,038
 6,779

 12,354
 12,603

 Total
 19,392
 19,382

 Specialty Products sales (2)
 (thousands of metric tons)

 1,922
 1,962

 5,745
 5,635

 Total
 7,666
 7,597

 (1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

 (2) Data reported net of purchases/sales contracts with the same counterparty.

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

 FINANCIAL INFORMATION

 (millions of dollars, except where stated otherwise)
 2024
 2023
 2022

 339,247
 334,697
 398,675

 Earnings (loss) per common share (dollars)
 7.84
 8.89
 13.26

 Earnings (loss) per common share – assuming dilution (dollars)
 7.84
 8.89
 13.26

 Earnings (loss) to average ExxonMobil share of equity (percent)
 14.4
 18.0
 30.7

 Working capital
 21,683
 31,293
 28,586

 Ratio of current assets to current liabilities (times)
 1.31
 1.48
 1.41

 Additions to property, plant and equipment (1)

 109,332
 29,038
 18,338

 Property, plant and equipment, less allowances
 294,318
 214,940
 204,692

 369,067

 Exploration expenses, including dry holes
 1,025

 Research and development costs

 Long-term debt
 36,755
 37,483
 40,559

 Total debt
 41,710
 41,573
 41,193

 Debt to capital (percent)
 13.4
 16.4
 16.9

 Net debt to capital (percent) (2)

 6.5
 4.5
 5.4

 ExxonMobil share of equity at year-end
 263,705
 204,802
 195,049

 ExxonMobil share of equity per common share (dollars)
 60.58
 51.57
 47.78

 Weighted-average number of common shares outstanding (millions)
 4,298
 4,052
 4,205

 Number of regular employees at year-end (thousands) (3)

 60.9
 61.5
 62.3

 (1) Includes non-cash additions. See Note 21 for additions resulting from the Pioneer acquisition in 2024.

 (2) Net debt is total debt less cash and cash equivalents excluding restricted cash. Net debt to capital ratio is net debt divided by net debt plus total equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.

 (3) Regular employees are defined as active executive, management, professional, technical, administrative, and wage employees who work full time or part time for the Corporation and are covered by the Corporation's benefit plans and programs.

 Listed below are definitions of several of ExxonMobil's key business and financial performance measures. These definitions are provided to facilitate understanding of the terms and their calculations.
 Cash Flow from Operations and Asset Sales (Non-GAAP)
 Cash flow from operations and asset sales is the sum of the net cash provided by operating activities and proceeds from asset sales and returns of investments from the Consolidated Statement of Cash Flows. This cash flow reflects the total sources of cash both from operating the Corporation's assets and from the divesting of assets. The Corporation employs a long-standing and regular disciplined review process to ensure that assets are contributing to the Corporation's strategic objectives. Assets are divested when they are no longer meeting these objectives or are worth considerably more to others. Because of the regular nature of this activity, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

 Cash Flow from Operations and Asset Sales

 2024
 2023
 2022

 Net cash provided by operating activities
 55,022
 55,369
 76,797

 Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments
 4,987
 4,078
 5,247

 Cash flow from operations and asset sales (Non-GAAP)

 60,009
 59,447
 82,044

 Capital Employed (Non-GAAP)
 Capital employed is a measure of net investment. When viewed from the perspective of how the capital is used by the businesses, it includes ExxonMobil's net share of property, plant and equipment and other assets less liabilities, excluding both short-term and long-term debt. When viewed from the perspective of the sources of capital employed in total for the Corporation, it includes ExxonMobil's share of total debt and equity. Both of these views include ExxonMobil's share of amounts applicable to equity companies, which the Corporation believes should be included to provide a more comprehensive measure of capital employed.

 Capital Employed

 2024
 2023
 2022

 Business uses: asset and liability perspective

 369,067

 Less liabilities and noncontrolling interests share of assets and liabilities

 Total current liabilities excluding notes and loans payable
 (65,352)
 (61,226)
 (68,411)

 Total long-term liabilities excluding long-term debt
 (75,807)
 (60,980)
 (56,990)

 Noncontrolling interests share of assets and liabilities
 (8,069)
 (8,878)
 (9,205)

 Add ExxonMobil share of debt-financed equity company net assets
 3,242
 3,481
 3,705

 Total capital employed (Non-GAAP)

 307,489
 248,714
 238,166

 Total corporate sources: debt and equity perspective

 Notes and loans payable
 4,955
 4,090

 Long-term debt
 36,755
 37,483
 40,559

 ExxonMobil share of equity
 263,705
 204,802
 195,049

 Less noncontrolling interests share of total debt
 (1,168)
 (1,142)
 (1,781)

 Add ExxonMobil share of equity company debt
 3,242
 3,481
 3,705

 Total capital employed (Non-GAAP)

 307,489
 248,714
 238,166

 Return on Average Capital Employed (Non-GAAP)
 Return on average capital employed (ROCE) is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment capital employed (average of beginning and end-of-year amounts). These segment earnings include ExxonMobil's share of segment earnings of equity companies, consistent with our capital employed definition, and exclude the cost of financing. The Corporation's total ROCE is net income attributable to ExxonMobil excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as one of the best measures of historical capital productivity in our capital-intensive, long-term industry. Additional measures, which are more cash flow based, are used to make investment decisions.

 Return on Average Capital Employed

 2024
 2023
 2022

 Financing costs (after-tax)

 Gross third-party debt
 (1,106)
 (1,175)
 (1,213)

 ExxonMobil share of equity companies
 (196)
 (307)
 (198)

 All other financing costs – net
 (252)

 Total financing costs
 (1,554)
 (551)
 (1,135)

 Earnings (loss) excluding financing costs (Non-GAAP)

 35,234
 36,561
 56,875

 Average capital employed (Non-GAAP)
 278,102
 243,440
 228,404

 Return on average capital employed – corporate total (Non-GAAP)

 12.7%
 15.0%
 24.9%

 Selected Earnings Driver Definitions
 The updated earnings drivers introduced in the first quarter of 2024 provide additional visibility into our business results. The Company 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.
 • Advantaged Assets (Advantaged growth projects). Includes Permian (heritage Permian (1) and Pioneer), 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.
 Structural Cost Savings. Represents after-tax earnings effects of Structural Cost Savings as defined on the next page, including cash operating expenses related to divestments that were previously in the volume/mix driver.
 Expenses. Represents all expenses otherwise not included in other earnings drivers.
 Timing Effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting).
 (1) Heritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

 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 $12.1 billion. 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. Estimates of cumulative annual structural cost 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.

 Calculation of Structural Cost Savings
 (billions of dollars)

 2019
 2024

 Components of Operating Costs

 From ExxonMobil's Consolidated Statement of Income
(U.S. GAAP)

 Production and manufacturing expenses
 36.8
 39.6

 Selling, general and administrative expenses
 11.4
 10.0

 19.0
 23.4

 Exploration expenses, including dry holes
 1.3
 0.8

 Non-service pension and postretirement benefit expense
 1.2
 0.1

 Subtotal
 69.7
 74.0

 ExxonMobil's share of equity company expenses (Non-GAAP)
 9.1
 9.6

 Total Adjusted Operating Costs (Non-GAAP)

 78.8
 83.6

 Total Adjusted Operating Costs (Non-GAAP)

 78.8
 83.6

 Less:

 19.0
 23.4

 Non-service pension and postretirement benefit expense
 1.2
 0.1

 Other adjustments (includes equity company depreciation
and depletion)
 3.6
 3.7

 Total Cash Operating Expenses (Cash Opex) (Non-GAAP)

 55.0
 56.4

 Energy and production taxes (Non-GAAP)
 11.0
 13.9

 Market
 Activity /
Other
 Structural
 Savings

 Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (Non-GAAP)

 44.0
 +4.0
 +6.6
 -12.1
 42.5

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

 Earnings (loss) excluding Identified Items are earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an Identified Item for an individual segment in a given quarter may be less than $250 million when the item impacts several segments or several periods. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP.

 2024
 2023
 2022

 U.S.
 Total
 U.S.
 Total
 U.S.
 Total

 6,426
 18,964
 25,390
 4,202
 17,106
 21,308
 11,728
 24,751
 36,479

 (360)
 (48)
 (408)
 (1,978)
 (686)
 (2,664)
 —
 (3,790)
 (3,790)

 Gain/(loss) on sale of assets
 —
 —

 —
 (126)
 —
 (1,415)
 (1,415)

 Other
 —
 —
 —
 —
 —
 —
 —
 1,380
 1,380

 (360)
 (1,489)
 (812)
 (2,301)
 (3,238)
 (2,939)

 6,786
 18,389
 25,175
 5,691
 17,918
 23,609
 11,429
 27,989
 39,418

 2024
 2023
 2022

 U.S.
 Total
 U.S.
 Total
 U.S.
 Total

 2,099
 1,934
 4,033
 6,123
 6,019
 12,142
 8,340
 6,626
 14,966

 (34)
 (59)
 (93)
 —
 —
 —
 (58)
 (216)
 (274)

 —
 (48)
 —
 (410)
 (410)

 (34)
 (48)
 (58)
 (626)
 (684)

 2,133
 1,821
 3,954
 5,931
 6,067
 11,998
 8,398
 7,252
 15,650

 2024
 2023
 2022

 U.S.
 Total
 U.S.
 Total
 U.S.
 Total

 1,627
 2,577
 1,626
 1,637
 2,328
 1,215
 3,543

 (43)
 (52)
 (95)
 (21)
 (273)
 (294)
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —

 Other
 —
 —
 —
 —
 (147)
 (147)
 —
 —
 —

 (43)
 (52)
 (95)
 (420)
 (388)
 —
 —
 —

 1,670
 1,002
 2,672
 1,594
 2,025
 2,328
 1,215
 3,543

 2024
 2023
 2022

 U.S.
 Total
 U.S.
 Total
 U.S.
 Total

 1,576
 1,476
 3,052
 1,536
 1,178
 2,714
 1,190
 1,225
 2,415

 (4)
 (8)
 (12)
 —
 (82)
 (82)
 —
 (40)
 (40)

 —
 (1)
 (1)
 —
 —
 —

 Other
 —
 —
 —
 —
 (28)
 (28)
 —
 —
 —

 (4)
 (9)
 (13)
 (105)
 (93)
 —
 (40)
 (40)

 1,580
 1,485
 3,065
 1,524
 1,283
 2,807
 1,190
 1,265
 2,455

 2024
 2023
 2022

 (1,372)
 (1,791)
 (1,663)

 —
 —
 (98)

 Gain/(loss) on sale of assets
 —
 —

 —

 Other
 —
 —

 (1,402)
 (1,867)
 (1,965)

 Corporate Total

 2024
 2023
 2022

 Net income (loss) attributable to ExxonMobil (U.S. GAAP)

 (608)
 (3,040)
 (4,202)

 Gain/(loss) on sale of assets

 (1,501)

 Other
 —
 (175)
 1,456

 (2,562)
 (3,361)

 33,464
 38,572
 59,101

 References in this discussion to Corporate earnings (loss) mean net income (loss) attributable to ExxonMobil (U.S. GAAP) from the Consolidated Statement of Income. Unless otherwise indicated, references to earnings (loss), Upstream, Energy Products, Chemical Products, Specialty Products, and Corporate and Financing earnings (loss), and earnings (loss) per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

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

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 FORWARD-LOOKING STATEMENTS
 Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions are forward-looking statements. Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, lower-emission fuels, hydrogen, ammonia, direct air capture, ProxximaTM systems, carbon materials, lithium 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; earnings power; 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 heritage Permian Basin (1) unconventional operated assets by 2030, and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, and to reach near-zero methane emissions from operated assets and other methane initiatives 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; timely granting of governmental permits and certifications; future debt levels and credit ratings; business and project plans, timing, costs, capacities and profitability; resource recoveries and production rates; and planned Denbury Inc. (Denbury) and Pioneer integrated benefits, could differ materially due to a number of factors.
 These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors; economic conditions and seasonal fluctuations that impact prices and differentials 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 standards imposed by various jurisdictions related to sustainability and GHG reporting; variable impacts of trading activities on our margins and results each quarter; actions of co-venturers, competitors and commercial counterparties; 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, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level, outcome, and timing of exploration and development projects and decisions to invest in future reserves and resources; timely completion of construction projects; final management approval of future projects and any changes in the scope, terms, costs or assumptions of such projects as approved; the actions of government or other actors against our core business activities and acquisitions, divestitures or financing opportunities; war, civil unrest, attacks against the Company or industry, and other geopolitical or security disturbances, including disruption of land or sea transportation routes; decoupling of economies, and disruptions in trade alliances and military alliances; expropriations, seizure, or capacity, insurance, shipping, import or export limitations imposed 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 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.
 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.
 Energy demand models are forward-looking by nature and aim to replicate system dynamics of the global energy system, requiring simplifications. The reference to any scenario in this report, including any potential net-zero scenarios, does not imply ExxonMobil views any particular scenario as likely to occur. In addition, energy demand scenarios require assumptions on a variety of parameters. As such, the outcome of any given scenario using an energy demand model comes with a high degree of uncertainty. Third-party scenarios discussed in this report reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their
 (1) Heritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 use by ExxonMobil is not an endorsement by ExxonMobil of their underlying assumptions, likelihood or probability. Investment decisions are made on the basis of ExxonMobil's separate planning process. Any use of the modeling of a third-party organization within this report does not constitute or imply an endorsement by ExxonMobil of any or all of the positions or activities of such organization.
 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 the Company'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 Company 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, 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
 The following discussion and analysis of ExxonMobil's financial results, as well as the accompanying financial statements and related notes to consolidated financial statements to which they refer, are the responsibility of the management of Exxon Mobil Corporation. The Corporation's accounting and financial reporting fairly reflect its integrated business model involving exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, ProxximaTM systems, carbon materials, and lithium. ExxonMobil's reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products. Where applicable, ExxonMobil voluntarily discloses additional U.S., Non-U.S., and regional splits to help investors better understand the Company's operations.
 The Company is organized along three businesses – Upstream, Product Solutions, and Low Carbon Solutions, aligning along market-focused value chains. Product Solutions consists of Energy Products, Chemical Products, and Specialty Products. Low Carbon Solutions is included in Corporate and Financing as the business continues to mature through commercialization and deployment of technology. The businesses are supported by centralized service-delivery groups, including Global Projects, Technology and Engineering, Global Operations and Sustainability, Global Trading, Supply Chain, and Global Business Solutions.
 ExxonMobil, with its resource base, financial strength, disciplined investment approach and technology portfolio, is well-positioned to participate in substantial investments to develop new supplies of reliable and affordable lower-emission energy and other critical products. The Company's integrated business model, with significant investments in Upstream, Energy Products, Chemical Products, and Specialty Products segments and Low Carbon Solutions businesses, generally reduces the Corporation's risk from changes in commodity prices. While commodity prices depend on supply and demand and may be volatile on a short-term basis, ExxonMobil's investment decisions are grounded on fundamentals reflected in our long-term business outlook, and use a disciplined approach in selecting and pursuing the most attractive investment opportunities which target a low cost of supply to ensure long-term competitiveness. The annual Corporate Plan process establishes the economic assumptions used for evaluating investments and sets operating and capital objectives. The Global Outlook (Outlook), developed annually, is the foundation for the Corporate Plan assumptions. Price ranges for crude oil and natural gas, including price differentials, refinery and chemical margins, volumes, development and operating costs, including greenhouse gas emissions pricing, and foreign currency exchange rates are part of the Corporate Plan assumptions developed annually. Corporate Plan volume projections are based on individual field production profiles, which are also updated at least annually. Major investment opportunities are evaluated over a range of potential market conditions. All major investments are reappraised to ensure we learn from our decisions, and the development and execution of the project. Lessons learned are incorporated in future projects.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 BUSINESS ENVIRONMENT
 Long-Term Business Outlook
 ExxonMobil's business planning is underpinned by a deep understanding of long-term market fundamentals. These fundamentals include supply and demand trends; the scale and variety of energy needs worldwide; capability, practicality, and affordability of energy alternatives, including lower-carbon solutions; greenhouse gas emission-reduction technologies; and relevant government policies. The Outlook considers these fundamentals to form the basis for the Company's long-term business planning, investment decisions, and research programs. The Outlook reflects the Company's view of global energy demand and supply through 2050. It is a projection based on current trends in technology, government policies, consumer preferences, geopolitics, and economic development.
 In addition, ExxonMobil considers a range of scenarios - including remote scenarios - to help inform perspective of the future and enhance strategic thinking over time. Included in the range of these scenarios are the Intergovernmental Panel on Climate Change (IPCC) Likely Below 2 C scenarios and three scenarios from the International Energy Agency (IEA): IEA Stated Policies Scenario (STEPS), which reflects a sector-by-sector assessment of current policy in place or announced by governments; IEA Announced Pledges Scenario (APS), which reflects aspirational government targets met on time and in full; and IEA Net Zero Emissions by 2050 Scenario (NZE), which the IEA describes as extremely challenging, acknowledging that society is not currently on the IEA NZE pathway. No single transition pathway can be reasonably predicted, given the wide range of uncertainties. Key unknowns include yet-to-be-developed or changes in developed government policies, market conditions, and advances in technology that may influence the cost, pace, and potential availability of certain pathways. Scenarios that employ a full complement of technology options are likely to provide the most economically efficient pathways.
 Using our own experts and third-party sources, we monitor a variety of signposts that may indicate a potential shift in the energy transition. For example, the regional pace of the transition could be influenced by the cost of new technologies compared to existing or alternative energy sources. To effectively evaluate the pace of change, ExxonMobil uses many scenarios to help identify signposts that provide leading indicators of future developments and allow for timely adjustments to future versions of the Outlook.

 Developing countries projected to drive energy demand growth
 Primary energy - Quadrillion Btu

 Source: ExxonMobil 2024 Global Outlook

 By 2050, the world's population is projected to be around 9.7 billion people, or nearly 2 billion more than in 2023. Coincident with this population increase, the Outlook projects worldwide economic growth to average approximately 2.5 percent per year, with economic output nearly doubling by 2050 compared to 2023. As economies and populations grow, and as living standards improve for billions of people, the need for energy is expected to continue to rise. Even with significant efficiency gains, global energy demand is projected to rise by almost 15 percent from 2023 to 2050. This increase in energy demand is expected to be driven by developing countries (i.e., those that are not member nations of the Organization for Economic Co-operation and Development (OECD)). By contrast, energy use in developed nations is expected to decline by more than 10 percent as efficiency improves.

 As expanding prosperity drives global energy demand higher, increasing use of energy-efficient technologies and practices as well as lower-emission products will continue to help significantly reduce energy consumption and CO2 emissions per unit of economic output over time. Substantial efficiency gains are likely in all key aspects of the world's economy through 2050, affecting energy requirements for power generation, transportation, industrial applications, and residential and commercial needs.

 Under our Outlook, global electricity demand is expected to increase more than 75 percent from 2023 to 2050, with developing countries likely to account for approximately 80 percent of the increase. Consistent with this projection, power generation is expected to remain the largest and fastest growing major segment of global primary energy demand, supported by a wide variety of energy sources. The share of coal-fired generation is expected to decline substantially to approximately 15 percent of the world's electricity in 2050, versus approximately 35 percent in 2023, in part due to policies to improve air quality as well as reduce greenhouse gas emissions to address risks related to climate change. From 2023 to 2050, the amount of electricity supplied using natural gas, nuclear power, and renewables is expected to more than double, accounting for the entire growth in electricity supplies and offsetting the reduction of coal. Electricity from wind and solar is expected to increase more than 450 percent, helping total renewables (including other sources, e.g., hydropower) to account for approximately 90 percent of the increase in electricity supplies through 2050. Total renewables are expected to reach over 50 percent of global electricity supplies by 2050. Natural gas and nuclear are expected to be about 20 percent and 10 percent, respectively, of global electricity supplies by 2050. Supplies of electricity by energy type will reflect significant differences across regions reflecting a wide range of factors, including the cost and availability of various energy supplies and policy developments.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Energy for transportation - including cars, trucks, ships, trains, and airplanes - is expected to increase by about 25 percent from 2023 to 2050. Transportation energy demand is expected to account for about 60 percent of the growth in liquid fuels demand worldwide over this period. Light-duty vehicle demand for liquid fuels is projected to peak by around 2025, and then decline to levels seen in the early-2000s by 2050, as the impact of better fuel economy and significant growth in electric cars, led by China, Europe, and the United States, work to offset growth in the worldwide car fleet of approximately 65 percent. By 2050, light-duty vehicles are expected to account for around 20 percent of global liquid fuels demand. During the same time period, nearly all the world's commercial transportation fleets are expected to continue to run on liquid fuels, including biofuels, which are expected to be widely available and offer practical advantages in providing a large quantity of energy in small volumes.
 Almost half of the world's energy use is dedicated to industrial activity. As the global middle class continues to grow, demand for durable products, appliances, and consumable goods will increase. Industry uses energy products both as a fuel and as a feedstock for chemicals, asphalt, lubricants, waxes, and other specialty products. The Outlook anticipates technology advances, as well as the increasing shift toward cleaner forms of energy, such as electricity and natural gas, with coal declining. Demand for oil will continue to grow as a feedstock for industry.
 As populations grow and prosperity rises, more energy will be needed to power homes, offices, schools, shopping centers, hospitals, etc. Combined residential and commercial energy demand is projected to rise by around 15 percent through 2050. Led by the growing economies of developing nations, average worldwide household electricity use is expected to rise more than 65 percent between 2023 and 2050.
 Liquid fuels provide the largest share of global energy supplies today reflecting broad-based availability, affordability, ease of transportation, and fitness as a practical solution to meet a wide variety of needs. By 2050, global demand for liquid fuels is projected to grow to approximately 110 million oil-equivalent barrels per day, an increase of about 10 percent from 2023. The non-OECD share of global liquid fuels demand is expected to increase to nearly 70 percent by 2050, as liquid fuels demand in the OECD is expected to decline by more than 25 percent. Much of the global liquid fuels demand today is met by crude production from conventional sources; these supplies will remain important, and significant development activity is expected to offset much of the natural declines from these fields. At the same time, a variety of supply sources - including tight oil, deepwater, oil sands, natural gas liquids, and biofuels - are expected to grow to help meet rising demand. Timely investments will remain critical to meeting global needs with reliable and affordable supplies.
 Natural gas is a lower-emission, versatile, and practical fuel for a wide variety of applications. Global natural gas demand is expected to rise more than 20 percent from 2023 to 2050, with approximately 75 percent of that increase coming from the Asia Pacific region. Significant growth in supplies of unconventional gas - the natural gas found in shale and other tight rock formations - will help meet these needs. In total, about 35 percent of the growth in natural gas supplies is expected to come from unconventional sources. At the same time, conventionally-produced natural gas is likely to remain the cornerstone of global supply, meeting around two-thirds of worldwide demand in 2050. LNG trade will expand significantly, meeting about 70 percent of the increase in global demand growth, with much of this supply expected to help meet rising demand in Asia Pacific.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Oil and natural gas projected to play a critical role in the global energy mix

 Primary energy - Quadrillion Btu
 Percent of primary energy

 Source: ExxonMobil 2024 Global Outlook
 Source: ExxonMobil 2024 Global Outlook

 * Electricity and hydrogen are secondary energies derived from the primary energies shown.

 **Includes biomass, biofuels, hydropower, and geothermal.

 The world's energy mix is highly diverse and will remain so through 2050. Oil is expected to continue as the largest source of energy with its share remaining close to 30 percent in 2050. Coal and natural gas are the next largest sources of energy today, with the share of natural gas growing to more than 25 percent by 2050, while the share of coal falls to about half that of natural gas. Nuclear power is projected to grow, as many nations are likely to expand nuclear capacity to address rising electricity needs as well as energy security and environmental issues. Total renewable energy is expected to exceed 20 percent of global energy by 2050, with other renewables (e.g., biomass, hydropower, geothermal) contributing a combined share of more than 10 percent. Total energy supplied from wind and solar is expected to increase rapidly, growing over 400 percent from 2023 to 2050, when they are projected to be nearly 12 percent of the world energy mix.
 Decarbonization of industrial activities will require a suite of nascent or future lower-carbon technologies and stable supporting policies. Lower-emission fuels, hydrogen-based fuels, and carbon capture and storage are three key lower-carbon solutions needed to support a lower-emission future, in addition to wind and solar. Along with electrification, lower-emission fuels are expected to play an important role in decarbonization of the transportation sector, particularly in hard-to-decarbonize areas, such as aviation. Hydrogen will be a key enabler replacing traditional furnace fuel to decarbonize the industrial sector. Hydrogen and hydrogen-based fuels like ammonia are also expected to make inroads into commercial transportation as technology improves to lower its cost and policy develops to support the needed infrastructure development. Carbon capture and storage on its own, or in combination with hydrogen production, is among the few proven technologies that could enable CO2 emission reductions from high-emitting and hard-to-decarbonize sectors such as power generation and heavy industries, including manufacturing, refining, and petrochemicals.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Significant oil and natural gas investment needed to meet projected global demand
 Projected global oil supply and demand
 Million barrels per day

 Excludes biofuels; IEA STEPS, IEA APS, and IEA NZE Source: IEA WEO 2024; Global Outlook Source: ExxonMobil 2024 Global Outlook; IPCC Likely Below 2 C Average and Range Source: IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3: 311 "Likely below 2 C" scenarios used; decline rates based on 10-yr Compound Annual Growth Rate (CAGR)

 Projected global natural gas supply and demand
 Billion cubic feet per day

 IEA STEPS, IEA APS, and IEA NZE Source: IEA WEO 2024; Global Outlook Source: ExxonMobil 2024 Global Outlook; IPCC Likely Below 2 C Average and Range Source: IPCC AR6 Scenarios Database hosted by IIASA release 1.0 average IPCC C3: 311 "Likely below 2 C" scenarios used; decline rates based on 10-yr CAGR

 Our Outlook projects that oil demand will remain above 100 million barrels per day to 2050. Even under the average of IPCC Likely Below 2 C scenarios, oil demand still comes to 66 million barrels per day in 2050 – about two thirds of current consumption.
 Our Outlook shows oil production declines at a rate of about 15 percent per year. At that rate, in the absence of continued investment, by 2030 oil supplies would fall from 100 million barrels per day to less than 30 million barrels, more than 70 million barrels per day short of what is needed to meet demand. Limiting investment to only existing fields would slow the decline to about 4 percent; however, this would still be well below the oil demand in the IEA APS and average of IPCC Likely Below 2 C scenarios.
 To meet projected demand, the Corporation anticipates that the world's available oil and gas resource base will grow, not only from new discoveries, but also from increases in previously discovered fields. Technology will underpin these increases. The investments to develop and supply resources to meet global demand through 2050 will be significant and would be needed to meet even rapidly declining demand for oil and gas envisioned in aggressive decarbonization scenarios.
 International accords and underlying regional and national regulations covering greenhouse gas emissions continue to evolve with uncertain timing and outcome, making it difficult to predict their business impact. For many years, the Corporation has taken into account policies established to reduce energy-related greenhouse gas emissions in its long-term Outlook. The climate accord reached at the 2015 Conference of the Parties (COP 21) in Paris set many new goals, and many related policies are still emerging. Our Outlook reflects an environment with increasingly stringent climate policies and seeks to identify potential impacts of these climate-related government policies, which often target specific sectors. For purposes of the Outlook, a proxy cost on energy-related CO2 emissions is assumed, based on regional considerations and relative levels of economic development, and by 2050, reaches up to $150 per metric ton for OECD nations and up to $100 per metric ton for non-OECD nations. As people and nations look for ways to reduce risks of global climate change, they will continue to need practical solutions that do not jeopardize the affordability or reliability of the energy they need. The Corporation continues to monitor the updates to the Nationally Determined Contributions (NDCs) that are submitted by nations that are signatories to the Paris Agreement, as well as other policy developments in light of net-zero ambitions formulated by some nations.
 The information provided in the Outlook includes ExxonMobil's internal estimates and projections based upon internal data and analyses as well as publicly available information from external sources including the International Energy Agency.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Progress Reducing Emissions
 The Corporation's strategy seeks to maximize the advantages of our scale, business integration, leading technology, execution excellence, and our people to build globally competitive businesses that lead industry in earnings and cash flow growth across a range of future scenarios. We strive to play a leading role, regardless of how an energy transition unfolds. Across our portfolio of opportunities, we retain investment flexibility to maximize shareholder value. With advancements in technology and clear, consistent, stable, and effective government policies, we aim to achieve net-zero Scope 1 and 2 greenhouse gas emissions in our operated assets by 2050. Our net-zero ambition is backed by a comprehensive approach centered on detailed emission-reduction roadmaps for our major operated assets that were completed in 2022. The roadmaps build on the Company's 2030 emission-intensity reduction plans and, notably, include reaching net-zero Scope 1 and 2 emissions in our heritage Permian Basin (1) unconventional operated assets by 2030, and by 2035 for Pioneer assets. We continue to update the roadmaps, including to account for portfolio changes, to reflect technology and policy, and to account for the many potential pathways, and the pace of an energy transition.
 Compared to 2016 levels, our 2030 plans are expected to drive the following reductions:
 •20-30 percent reduction in corporate-wide greenhouse gas intensity;
 •70-80 percent reduction in corporate-wide methane intensity;
 •40-50 percent reduction in upstream greenhouse gas intensity; and
 •60-70 percent reduction in corporate-wide flaring intensity.
 Our emission-reduction plans and 2050 net-zero ambition cover Scope 1 and 2 emissions from assets we operate, which now include Pioneer and Denbury.
 The Corporation plans to continue to pursue advantaged growth opportunities and lower-emission investments. These investments are targeted at reducing emissions in the Company's operations as well as reducing the emissions of other companies. At this early stage, stable and supportive policy remains critical to enable emissions reductions, advance technology, and drive scale to improve costs.
 ExxonMobil's Low Carbon Solutions business is working with the Product Solutions and Upstream businesses to grow a pipeline of emission-reduction opportunities in carbon capture and storage, hydrogen, lower-emission fuels, ProxximaTM systems, and carbon materials, as well as lithium to supply the global battery and electric vehicle markets. Our customers, many governments, and strategic partners recognize our combination of experience, skills, and capabilities that have the potential to help reduce emissions for ourselves and others. For example, on the U.S. Gulf Coast, we see an opportunity to create a carbon capture and storage business that will enable industrial customers to reduce their emissions. The acquisition of Denbury expanded our capabilities in this area, providing ExxonMobil with the largest owned and operated network of CO2 pipelines in the United States, including more than 900 miles of pipelines and multiple CO2 storage sites near the largest industrial complexes on the Gulf Coast. Combining Denbury's assets and our experience we have created the largest CO2 network in the world which gives us a unique ability to help customers in the region reduce their emissions at a lower cost and faster pace. A cost-efficient transportation and storage system has the potential to accelerate carbon capture and storage deployment for both ExxonMobil and our third-party customers. Stable policy support, along with technology advancements and the development of market-driven mechanisms, will continue to be important to the development and deployment of lower-emission solutions.
 (1) Heritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Recent Business Environment
 During 2024, the price of crude oil remained near the middle of the pre-COVID 10-year range (2010-2019), as markets remained balanced. Through the first nine months of the year, natural gas prices declined towards the middle of the 10-year range due to strong supply and lower demand. In the fourth quarter, natural gas prices increased on rising demand driven by colder weather in the U.S. and Europe.
 Refining margins declined in 2024 from high 2023 levels as increased supply from industry capacity additions outpaced record global demand and remain near the bottom of the 10-year range. Chemical margins improved slightly in 2024 but remained well below the 10-year range driven by over-supply, primarily in Asia.
 The general rate of inflation across major countries peaked in 2022, rising from already elevated levels in 2021, due to additional impacts on energy and other commodities from the Russia-Ukraine conflict. Inflation has trended down since 2023 as a result of aggressive monetary tightening by major central banks and slowing global economic growth. However, there has been significant variation on the pace of change across OECD and non-OECD countries. With inflation gradually approaching the official targets in the U.S. and Eurozone, the Federal Reserve and the European Central Bank began lowering interest rates in 2024. Meanwhile, China has been under persistent deflationary pressure since 2023.
 The Corporation closely monitors market trends and works to mitigate both operating and capital cost impacts in all price environments. Organizational changes implemented over the past several years enabled the Corporation to capture $12.1 billion of structural cost savings(1) versus 2019, including $2.4 billion of savings during 2024, through increased operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures. The Company sees additional opportunities in areas such as supply chain efficiency, improved maintenance and turnarounds, modernized data management, centralization of activities, and simplified business processes. These savings are key drivers to further reduce our structural costs by $6 billion by 2030, thereby improving the earnings power of the Corporation.
 (1) Refer to Frequently Used Terms for definition of structural cost savings.

 Transportation of Kazakhstan Production
 The Corporation holds a 25 percent interest in Tengizchevroil, LLP (TCO), which operates the Tengiz and Korolev oil fields in Kazakhstan, and a 16.8 percent working interest in the Kashagan field in Kazakhstan. Oil production from those operations is exported primarily through the Caspian Pipeline Consortium (CPC), in which the Corporation holds a 7.5 percent interest. CPC traverses parts of Kazakhstan and Russia to tanker-loading facilities on the Russian coast of the Black Sea. In the event geopolitical issues escalate in the region, including ongoing military conflict, it is possible that the transportation of Kazakhstan oil through the CPC pipeline could be disrupted, curtailed, temporarily suspended, or otherwise restricted. In such a case, the Corporation could experience a loss of cash flows of uncertain duration from its operations in Kazakhstan. For reference, after-tax earnings related to the Corporation's interests in Kazakhstan in 2024 were approximately $1.9 billion, and its share of combined oil and gas production was approximately 260 thousand oil-equivalent barrels per day.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 BUSINESS RESULTS

 ExxonMobil has a diverse growth portfolio of exploration and development opportunities, which allows the Corporation to be selective in our investments, maximizing shareholder value and mitigating political and technical risks. ExxonMobil's competitive strengths enable the Upstream's business strategy, which is focused on developing an industry-leading portfolio underpinned by advantaged growth projects, applying ExxonMobil's technology to enhance value and improve development efficiency, and leveraging the unique capabilities of the Company's global projects organization to deliver projects on time and in line with budgets.
 The Upstream capital program is focused on low cost-of-supply opportunities. ExxonMobil has a strong pipeline of development projects, including continued growth in Guyana and the Permian Basin, as well as LNG expansion opportunities in Qatar, Mozambique, Papua New Guinea, and the United States. As future development projects and drilling activities bring new production online, the Corporation expects a shift in the geographic mix and in the type of opportunities from which volumes are produced. Based on the current investment plans, the proportion of oil-equivalent production from the Americas is generally expected to increase over the next several years. Currently about two thirds of the Corporation's global production comes from unconventional, deepwater, and LNG resources. This proportion is generally expected to grow.
 The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups, operational outages, reservoir performance, regulatory changes, the impact of fiscal and commercial terms, asset sales, weather events, price effects on production sharing contracts, changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment, international trade patterns and relations, and other factors described in Item 1A.
 In 2024, crude and gas prices were within the pre-COVID 10-year historical range (2010-2019). ExxonMobil believes prices over the long term will continue to be driven by market supply and demand, with the demand side largely being a function of general economic activities, levels of prosperity, technology advances, consumer preference, and government policies. On the supply side, prices may be significantly impacted by political events, the actions of OPEC or OPEC+ and other large government resource owners, alternative energy sources, and other factors.

 Key Recent Events
 Guyana: Liza Destiny, Liza Unity and Prosperity floating production, storage and offloading (FPSO) vessels continued to produce above investment basis capacity in 2024. The combined gross production from the three operating vessels exceeded 615 thousand barrels of oil per day (kbd) in 2024 and exceeded 650 kbd in the fourth quarter of 2024. Yellowtail, Uaru and Whiptail, the fourth, fifth and sixth developments on the Stabroek Block, respectively, are progressing on schedule and each has an investment basis capacity of approximately 250 kbd. We announced plans for two additional developments and anticipate eight FPSO vessels will be in operation on the Stabroek Block by year-end 2030. We are working with the government of Guyana to secure regulatory approvals for the seventh project.
 Permian: ExxonMobil successfully closed the Pioneer Natural Resources Company (Pioneer) acquisition in May 2024, significantly increasing our Permian footprint. Total production volumes averaged approximately 1,185 thousand oil-equivalent barrels per day (koebd) in 2024, approximately 570 koebd higher than the previous year. ExxonMobil operations continue to deliver industry-leading capital efficiency and cost performance by leveraging scale, integration, and technology. Examples include deploying ExxonMobil cube design and proprietary proppant as well as leading capabilities and technology in drilling and completions. ExxonMobil remains on track to achieve industry-leading plans of Scope 1 and 2 net zero greenhouse gas emissions in the heritage Permian Basin (1) unconventional operated assets by 2030, and in Pioneer assets by 2035. ExxonMobil expects to roughly double production in the Permian Basin to approximately 2.3 Moebd by 2030.
 LNG: ExxonMobil continued work on LNG growth projects in 2024. Production commenced from two new gas wells in Papua New Guinea (PNG), marking completion of the Angore project and additional supply to support LNG export from the PNG LNG joint venture. In Mozambique, the Rovuma LNG project began the front-end engineering and design stage in 2024, in support of a final investment decision in 2026, to develop the Area 4 offshore gas resources. Construction continues on the Golden Pass LNG project with Train 1 mechanical completion and first LNG production expected at the end of 2025.

 (1) Heritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Upstream Financial Results

 2024
 2023
 2022

 6,426
 4,202
 11,728

 18,964
 17,106
 24,751

 Total
 25,390
 21,308
 36,479

 (360)
 (1,489)

 (812)
 (3,238)

 Total
 (2,301)
 (2,939)

 6,786
 5,691
 11,429

 18,389
 17,918
 27,989

 Total
 25,175
 23,609
 39,418

 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 2024 Upstream Earnings Driver Analysis

 Price – Price impacts decreased earnings by $1,250 million, driven by lower gas realizations.
 Advantaged Volume Growth – Higher volumes from advantaged projects increased earnings by $3,760 million, as a result of record production in Permian, driven by the Pioneer acquisition and growth in the heritage Permian (2), and record production in Guyana driven by the Prosperity FPSO start-up.
 Base Volume – Divestments of non-strategic assets and entitlements decreased earnings by $820 million.
 Structural Cost Savings – Increased earnings by $830 million.
 Expenses – Higher expenses decreased earnings by $1,350 million, primarily from higher depreciation (non-cash).
 Other – All other items increased earnings by $120 million, mainly driven by favorable impacts from divestments, partially offset by unfavorable tax and foreign exchange impacts.
 Timing Effects – Less unfavorable timing effects from derivatives mark-to-market impacts increased earnings by $280 million.
 Identified Items (1) – 2023 $(2,301) million loss primarily due to the impairment of the idled Santa Ynez Unit assets and associated facilities in California; 2024 $215 million gain mainly due to Argentina divestment, partly offset by Nigeria divestment and U.S. impairment.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.
 (2) Heritage Permian Basin assets exclude assets acquired as part of the acquisition of Pioneer that closed May 3, 2024.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 2023 Upstream Earnings Driver Analysis

 Price – Lower realizations decreased earnings by $14,290 million, reflecting lower gas prices and crude price moderation resulting from increased inventory levels.
 Advantaged Volume Growth – Higher volumes from advantaged assets increased earnings by $1,270 million, driven by Guyana and Permian production..
 Base Volume – Base volumes decreased earnings by $800 million as a results of divestments, the Russia expropriation, and higher government-mandated curtailments.
 Structural Cost Savings – Increased earnings by $730 million.
 Expenses – Higher expenses decreased earnings by $650 million, primarily on increased activity and depreciation.
 Other – All other items increased earnings by $320 million, mainly driven by favorable foreign exchange effects.
 Timing Effects – Unfavorable timing effects from derivatives mark-to-market impacts decreased earnings by $2,390 million.
 Identified Items (1) – 2022 $(2,939) million loss mainly driven by the Russia expropriation $(2,185) million and impacts from additional European taxes $(1,415) million, partly offset by gains of $886 million on the sale of the Romania, U.S. Barnett Shale, and XTO Energy Canada assets; 2023 $(2,301) million loss primarily due to the impairment of the idled Santa Ynez Unit assets and associated facilities in California.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Upstream Operational Results

 2024
 2023
 2022

 Net production of crude oil, natural gas liquids, bitumen and synthetic oil

 1,248

 Asia

 2,987
 2,449
 2,354

 Net natural gas production available for sale
 (millions of cubic feet daily)

 2,887
 2,311
 2,551

 Asia
 3,322
 3,490
 3,418

 1,264
 1,298
 1,440

 8,078
 7,734
 8,295

 Oil-equivalent production (1)
 (thousands of oil-equivalent barrels daily)

 4,333
 3,738
 3,737

 (1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

 Upstream Additional Information

 2024
 2023

 Volumes Reconciliation (Oil-equivalent production) (1)

 Prior Year
 3,738
 3,737

 Entitlements - Net Interest
 (13)
 (24)

 Entitlements - Price / Spend / Other
 (23)

 Government Mandates
 (28)

 Divestments
 (63)
 (114)

 Growth / Other

 Current Year
 4,333
 3,738

 (1) Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.

 2024 versus 2023

 2024 production of 4.3 million oil-equivalent barrels per day increased 595 thousand barrels per day from 2023. Permian and Guyana production grew by 680 thousand oil-equivalent barrels per day, more than offsetting impacts from divestments and entitlements. Excluding the impacts from entitlements, divestments, and government-mandated curtailments, net production grew by 685 thousand oil-equivalent barrels per day.

 2023 versus 2022

 2023 production of 3.7 million oil-equivalent barrels per day is in line with 2022. Permian and Guyana production grew by more than 120 thousand oil-equivalent barrels per day, more than offsetting impacts from divestments. Excluding the impacts from entitlements, divestments, and higher government-mandated curtailments, net production grew by 111 thousand oil-equivalent barrels per day.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 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 and 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 drivers 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.

 ExxonMobil's Energy Products is one of the largest, most integrated businesses of its kind among international oil companies, with significant representation across the entire fuels value chain, including refining, logistics, trading, and marketing. This segment includes the fuels and aromatics value chains, and catalysts and licensing.
 With the largest refining footprint among international oil companies, ExxonMobil's Energy Products earnings are closely tied to industry refining margins. Refining margins are largely driven by differences in commodity prices and are a function of the difference between what a refinery pays for its raw materials and the market prices for the products produced. Crude oil and many products are widely traded with published prices, including those quoted on multiple exchanges around the world (e.g. New York Mercantile Exchange and Intercontinental Exchange). Prices for these commodities are determined by the global marketplace and are influenced by many factors, including global and regional supply/demand balances, inventory levels, industry refinery operations, import/export balances, currency fluctuations, seasonal demand, weather, and political considerations. While industry refining margins significantly impact Energy Products earnings, strong operational performance, product mix optimization, and disciplined cost control are also critical to strong financial performance.
 In 2024, refining margins decreased to the middle of the pre-COVID 10-year historical range (2010-2019) despite record demand, due to supply length. Refining margins are expected to remain volatile with changes in global factors, including geopolitical developments; demand growth; recession fears; inventory levels; and refining capacity utilization, additions and rationalizations.

 Key Recent Events
 Strathcona Renewable Diesel project: Progressed project with expected start-up in 2025 at Strathcona refinery to use low-carbon hydrogen, locally-sourced and grown feedstocks, and our proprietary catalyst to produce 20 thousand barrels of renewable diesel per day to help reduce greenhouse gas emissions.
 Fawley Hydrofiner project: Progressed project with expected start-up in 2025 at Fawley site to increase production of ultra-low sulfur diesel and reduce production of other products, including high-sulfur distillates.
 Fos-sur-Mer Refinery divestment: In October 2024, ExxonMobil divested the Fos refinery and select midstream assets in France.
 MiRO Refinery sale: In October 2023, ExxonMobil reached an agreement to sell its interest in the MiRO refinery located in Karlsruhe, Germany. The transaction is expected to close in 2025.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Energy Products Financial Results

 2024
 2023
 2022

 2,099
 6,123
 8,340

 1,934
 6,019
 6,626

 Total
 4,033
 12,142
 14,966

 (34)
 (58)

 (48)
 (626)

 Total
 (684)

 2,133
 5,931
 8,398

 1,821
 6,067
 7,252

 Total
 3,954
 11,998
 15,650

 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

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

 2024 Energy Products Earnings Driver Analysis

 Margin – Significantly weaker industry refining margins decreased earnings by $6,280 million. Margins declined from historically high levels as increased supply from industry capacity additions outpaced record global demand.
 Advantaged Volume Growth – Higher volumes from advantaged projects increased earnings by $140 million.
 Base Volume – Lower base volumes decreased earnings by $1,240 million, driven by scheduled maintenance and divestments.
 Structural Cost Savings – Increased earnings by $630 million.
 Expenses – Higher expenses related to scheduled turnarounds and maintenance, and advantaged project spend decreased earnings by $970 million.
 Other – All other items, mainly unfavorable tax and forex impacts, decreased earnings by $310 million.
 Timing Effects – Decreased earnings by $10 million.
 Identified Items (1) – 2023 $144 million gain driven by favorable tax effects partially offset by additional European taxes on the energy sector; 2024 $79 million gain.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 2023 Energy Products Earnings Driver Analysis

 Margin – Margins decreased earnings by $3,510 million, mainly driven by industry refining margins which declined from 2022 highs, partially offset by stronger marketing margins.
 Advantaged Volume Growth – Higher volumes from advantaged projects, increased earnings by $480 million, mainly driven by the Beaumont expansion.
 Base Volume – Lower base volumes decreased earnings by $560 million driven by higher planned maintenance and divestments, partially offset by improved reliability.
 Structural Cost Savings – Increased earnings by $450 million.
 Expenses – Higher expenses decreased earnings by $830 million, mainly driven by Beaumont project activities and planned maintenance costs.
 Other – All other items decreased earnings by $10 million.
 Timing Effects – Absence of unfavorable timing effects associated with derivatives increased earnings by $330 million.
 Identified Items (1) – 2022 $(684) million loss was primarily as a result of impairments and unfavorable tax items. 2023 $144 million gain driven by favorable tax effects partially offset by additional European taxes on the energy sector.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Energy Products Operational Results

 2024
 2023
 2022

 Refinery throughput

 1,865
 1,848
 1,702

 1,039
 1,166
 1,192

 Asia Pacific

 Other

 3,900
 4,068
 4,030

 Energy Products sales (1)

 2,722
 2,633
 2,426

 2,696
 2,828
 2,921

 5,418
 5,461
 5,347

 Gasoline, naphthas
 2,251
 2,288
 2,232

 Heating oils, kerosene, diesel
 1,769
 1,795
 1,774

 Aviation fuels

 Heavy fuels

 Other energy products

 5,418
 5,461
 5,347

 (1) Data reported net of purchases/sales contracts with the same counterparty.

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

 ExxonMobil is a leading global manufacturer and marketer of petrochemicals that support modern living. Chemical Products help meet society's essential needs by providing a wide range of innovative products efficiently and responsibly. The Company is uniquely positioned with a combination of industry-leading scale, integration, and proprietary technology, which are fundamental to producing affordable products that are more sustainable, use less material, save energy, and reduce waste. These competitive advantages are underpinned by operational excellence, advantaged investments, and cost discipline. This segment includes olefins, polyolefins, and intermediates.
 Over the long term, worldwide demand for chemicals is expected to grow faster than the economy, driven by global population growth, an expanding middle class, and improving living standards. Chemical Products integration with refineries, performance product mix, and project execution capability improves returns on investments across a range of market environments.
 In 2024, chemical industry margins remained bottom-of-cycle, below the pre-COVID 10-year historical range (2010-2019), as capacity additions from 2022-2024 have exceeded demand growth. The Company optimized production across our global footprint to profitably meet customer demand. Our earnings benefited from record reliability, record high-value products sales, and a large North American footprint where low ethane prices provide a feed advantage.

 Key Recent Events
 China Chemical Complex: ExxonMobil is investing in a petrochemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, which is a significant step in growing our global manufacturing footprint and will be the first 100 percent foreign-owned petrochemical complex built in China. The facility will be focused on producing our unique high-performance polyethylene and polypropylene products. When completed, the complex will have three polyethylene and two polypropylene production lines for a combined capacity of over 2.5 million metric tons per year. This capacity will more efficiently serve China's domestic demand, which is currently being met with imports.
 Advanced Recycling: ExxonMobil is combining proprietary technology and advantaged integrated sites to process hard-to-recycle plastic waste. The Company's first Baytown facility started up in 2022 and represents one of the largest advanced recycling facilities in North America. ExxonMobil is expanding advanced recycling capacity with two additional Baytown units starting up during 2025. The Company plans to build additional units to reach a global recycling capacity of 1 billion pounds per year by 2027.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Chemical Products Financial Results

 2024
 2023
 2022

 1,627
 1,626
 2,328

 1,215

 Total
 2,577
 1,637
 3,543

 (43)
 —

 (52)
 (420)
 —

 Total
 (95)
 (388)
 —

 1,670
 1,594
 2,328

 1,002
 1,215

 Total
 2,672
 2,025
 3,543

 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 2024 Chemical Products Earnings Driver Analysis

 Margin – Improved company margins on North American ethane feed advantage and improved product realizations increased earnings by $890 million, despite continued bottom-of-cycle market conditions.
 Advantaged Volume Growth – Record high-value product sales increased earnings by $410 million.
 Base Volume – Portfolio optimization and product sales mix decreased earnings by $270 million.
 Structural Cost Savings – Increased earnings by $190 million.
 Expenses – Higher advantaged project spend and inflation effects decreased earnings by $490 million.
 Other – All other items decreased earnings by $80 million.
 Identified Items (1) – 2023 $(388) million loss was primarily driven by impairments; 2024 $(95) million loss driven by impairments.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 2023 Chemical Products Earnings Driver Analysis

 Margin – Weaker margins decreased earnings by $870 million due to bottom-of-cycle price conditions, as industry supply additions continued to outpace demand growth.
 Advantaged Volume Growth – High-value product sales growth increased earnings by $210 million.
 Base Volume – Reduced volumes from product sales mix decreased earnings by $360 million.
 Structural Cost Savings – Increased earnings by $220 million.
 Expenses – Higher project spend and scheduled maintenance costs decreased earnings by $690 million.
 Other – All other items decreased earnings by $30 million.
 Identified Items (1) – 2023 $(388) million loss was primarily driven by impairments.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 Chemical Products Operational Results

 (thousands of metric tons)
 2024
 2023
 2022

 Chemical product sales (2)

 7,038
 6,779
 7,270

 12,354
 12,603
 11,897

 19,392
 19,382
 19,167

 (2) Data reported net of purchases/sales contracts with the same counterparty.

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

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ExxonMobil Specialty Products is a combination of business units that manufacture and market a range of performance products, including high-quality lubricants, basestocks, waxes, synthetics, elastomers, and resins. Leveraging ExxonMobil's proprietary technologies, Specialty Products focuses on providing performance products that help customers improve efficiency in the transportation and industrial sectors.
 Specialty Products is well-positioned to help meet growth in lubricants demand through advantaged projects that leverage ExxonMobil's integration, technology, and world-class brands, such as Mobil 1TM.
 In 2024, Specialty Products continued to deliver strong earnings from our portfolio of high-value products and brand market position.

 Key Recent Events
 Singapore Resid Upgrade project: Progressed project with expected start-up in 2025, which will leverage two proprietary technologies to upgrade fuel oil to Group II lubes and diesel, further strengthening ExxonMobil's position as the largest basestock producer in the world.
 ProxximaTM Systems: ExxonMobil's advanced polyolefin thermoset resin uses components of gasoline and catalyst technology to create a material that is lighter, stronger, and more durable than conventional products, providing alternatives for the construction, coatings and transportation industries. These systems are designed to drive product substitutions in existing markets and enable expansion into new applications like structural composites and steel substitutes. ExxonMobil plans to grow the manufacturing capacity of ProxximaTM products up to 200,000 tons per year by 2030.
 Carbon Materials venture: ExxonMobil is growing its carbon materials venture by applying proprietary process technology to capture attractive opportunities in the battery anode market. The Company has developed an advanced coke product by converting low-value, bottom-of-the-barrel molecules that can deliver a higher performance differentiated graphite. These carbon materials enable batteries that can provide up to 30 percent higher capacity, 30 percent faster charging time, and extended battery life.

 Specialty Products Financial Results

 2024
 2023
 2022

 1,576
 1,536
 1,190

 1,476
 1,178
 1,225

 Total
 3,052
 2,714
 2,415

 (4)
 —

 (9)
 (105)
 (40)

 Total
 (13)
 (93)
 (40)

 1,580
 1,524
 1,190

 1,485
 1,283
 1,265

 Total
 3,065
 2,807
 2,455

 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

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

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 2024 Specialty Products Earnings Driver Analysis

 Margin – Stronger basestocks and finished lubes margins increased earnings by $590 million.
 Advantaged Volume Growth – High-value products volume growth increased earnings by $70 million.
 Base Volume – Decreased earnings by $10 million.
 Structural Cost Savings – Increased earnings by $130 million.
 Expenses – Higher expenses including new product development costs, decreased earnings by $300 million.
 Other – All other items decreased earnings by $220 million, mainly unfavorable foreign exchange effects and absence of prior year favorable year-end inventory effects.
 Identified Items (1) – 2023 $(93) million loss mainly from impairments; 2024 $(13) million loss.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 2023 Specialty Products Earnings Driver Analysis

 Margin – Stronger margins increased earnings by $450 million, driven by high-value products and lower feed costs.
 Advantaged Volume Growth – High-value products volume growth decreased earnings by $20 million.
 Base Volume – Base Volumes decreased earnings by $100 million on weaker global demand.
 Structural Cost Savings – Increased earnings by $120 million.
 Expenses – Higher expenses decreased earnings by $100 million.
 Identified Items (1) – 2022 $(40) million loss from impairments; 2023 $(93) million loss mainly from impairments.
 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 Specialty Products Operational Results

 (thousands of metric tons)
 2024
 2023
 2022

 Specialty Products sales (2)

 1,922
 1,962
 2,049

 5,745
 5,635
 5,762

 7,666
 7,597
 7,810

 (2) Data reported net of purchases/sales contracts with the same counterparty.

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

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Corporate and Financing is comprised of corporate activities that support ExxonMobil's operating segments and Low Carbon Solutions business. Corporate activities include general administrative support functions, financing, and insurance activities. Low Carbon Solutions activities will be included in Corporate and Financing until the business is established with a material level of assets and revenue.

 Corporate and Financing Financial Results

 2024
 2023
 2022

 (1,372)
 (1,791)
 (1,663)

 (1,402)
 (1,867)
 (1,965)

 (1) Refer to Frequently Used Terms for definition of Identified Items and Earnings (loss) excluding Identified Items.

 2024

 Corporate and Financing expenses were $1,372 million in 2024 compared to $1,791 million in 2023, with the decrease mainly due to lower financing costs.

 2023

 Corporate and Financing expenses were $1,791 million in 2023 compared to $1,663 million in 2022, with the increase mainly due to the absence of prior year favorable tax-related items, partly offset by lower financing costs.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 LIQUIDITY AND CAPITAL RESOURCES

 Sources and Uses of Cash

 2024
 2023
 2022

 Net cash provided by/(used in)

 Operating activities
 55,022
 55,369
 76,797

 Investing activities
 (19,938)
 (19,274)
 (14,742)

 Financing activities
 (42,789)
 (34,297)
 (39,114)

 Effect of exchange rate changes
 (676)
 (78)

 Increase/(decrease) in cash and cash equivalents
 (8,381)
 1,903
 22,863

 Total cash and cash equivalents (December 31)
 23,187
 31,568
 29,665

 Total cash and cash equivalents were $23.2 billion at the end of 2024, down $8.4 billion from the prior year. The major sources of funds in 2024 were net income including noncontrolling interests of $35.1 billion, the adjustment for the noncash provision of $23.4 billion for depreciation and depletion, proceeds from asset sales of $5.0 billion, other investing activities of $1.9 billion, and cash acquired from mergers and acquisitions of $0.8 billion. The major uses of funds included spending for additions to property, plant and equipment of $24.3 billion; dividends to shareholders of $16.7 billion; the purchase of ExxonMobil stock of $19.6 billion; debt repayment of $5.9 billion; additional investments and advances of $3.3 billion; and an increase in working capital of $1.8 billion.
 Total cash and cash equivalents were $31.6 billion at the end of 2023, up $1.9 billion from the prior year. The major sources of funds in 2023 were net income including noncontrolling interests of $37.4 billion, the adjustment for the noncash provision of $20.6 billion for depreciation and depletion, proceeds from asset sales of $4.1 billion, and other investing activities of $1.6 billion. The major uses of funds included spending for additions to property, plant and equipment of $21.9 billion; dividends to shareholders of $14.9 billion; the purchase of ExxonMobil stock of $17.7 billion; additional investments and advances of $3.0 billion; and a change in working capital of $4.3 billion.
 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. On December 31, 2024, the Corporation had undrawn short-term committed lines of credit of $0.2 billion and undrawn long-term lines of credit of $1.3 billion.
 To support cash flows in future periods, the Corporation will need to continually find or acquire and develop new fields, and continue to develop and apply new technologies and recovery processes to existing fields, in order to maintain or increase production. After a period of production at plateau rates, it is the nature of oil and gas fields to eventually produce at declining rates for the remainder of their economic life. Decline rates can vary widely by individual field due to a number of factors, including, but not limited to, the type of reservoir, fluid properties, recovery mechanisms, work activity, and age of the field. In particular, the Corporation's key tight-oil plays have higher initial decline rates which tend to moderate over time. Furthermore, the Corporation's net interest in production for individual fields can vary with price and the impact of fiscal and commercial terms.
 The Corporation has long been successful at mitigating the effects of natural field decline through disciplined investments in quality opportunities and project execution. The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of investments that may vary depending on the oil and gas price environment; and international trade patterns and relations. The Corporation's cash flows are also highly dependent on crude oil and natural gas prices. Please refer to Item 1A for a more complete discussion of risks.
 The Corporation's financial strength enables it to make large, long-term capital expenditures. Cash Capex in 2024 was $25.6 billion, reflecting the Corporation's continued active investment program, and includes plans to invest in the range of $27 billion to $29 billion in 2025 (see the Cash Capital Expenditures section for more details).
 Actual spending could vary depending on the progress of individual projects and property acquisitions. The Corporation has a large and diverse portfolio of development projects and exploration opportunities, which helps mitigate the overall political and technical risks of the Corporation's Upstream segment and associated cash flow. Further, due to its financial strength and diverse portfolio of opportunities, the risk associated with failure or delay of any single project would not have a significant impact on the Corporation's liquidity or ability to generate sufficient cash flows for operations and its fixed commitments.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 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 and other 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.

 Cash Flow from Operating Activities
 2024
 Cash provided by operating activities totaled $55.0 billion in 2024, $0.3 billion lower than 2023. The major source of funds was net income including noncontrolling interests of $35.1 billion, a decrease of $2.3 billion. The noncash provision for depreciation and depletion was $23.4 billion, up $2.8 billion from the prior year. The adjustment for the net gain on asset sales was $1.2 billion, an increase of $0.7 billion. The adjustment for dividends received less than equity in current earnings of equity companies was an increase of $0.2 billion, compared to an increase of $0.5 billion in 2023. Changes in operational working capital, excluding cash and debt, decreased cash in 2024 by $1.8 billion.
 2023
 Cash provided by operating activities totaled $55.4 billion in 2023, $21.4 billion lower than 2022. The major source of funds was net income including noncontrolling interests of $37.4 billion, a decrease of $20.2 billion. The noncash provision for depreciation and depletion was $20.6 billion, down $3.4 billion from the prior year. The adjustment for the net gain on asset sales was $0.5 billion, a decrease of $0.5 billion. The adjustment for dividends received less than equity in current earnings of equity companies was an increase of $0.5 billion, compared to a reduction of $2.4 billion in 2022. Changes in operational working capital, excluding cash and debt, decreased cash in 2023 by $4.3 billion.

 Cash Flow from Investing Activities
 2024
 Cash used in investing activities netted to $19.9 billion in 2024, $0.7 billion higher than 2023. Spending for property, plant and equipment of $24.3 billion increased $2.4 billion from 2023. Proceeds from asset sales and returns of investments of $5.0 billion compared to $4.1 billion in 2023. Additional investments and advances were $0.3 billion higher in 2024, while proceeds from other investing activities including collection of advances increased by $0.4 billion.
 2023
 Cash used in investing activities netted to $19.3 billion in 2023, $4.5 billion higher than 2022. Spending for property, plant and equipment of $21.9 billion increased $3.5 billion from 2022. Proceeds from asset sales and returns of investments of $4.1 billion compared to $5.2 billion in 2022. Additional investments and advances were $0.1 billion lower in 2023, while proceeds from other investing activities including collection of advances increased by $0.1 billion.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Cash Flow from Financing Activities
 2024
 Cash used in financing activities was $42.8 billion in 2024, $8.5 billion higher than 2023. Dividend payments on common shares increased to $3.84 per share from $3.68 per share and totaled $16.7 billion. During 2024, the Corporation utilized cash to repay debt of $5.9 billion.
 During 2024, the Corporation continued its share repurchase program, including the purchase of 167 million shares at a book value of $19.1 billion in 2024. In its 2024 Corporate Plan Update released December 11, 2024, the Corporation stated that it is expected to continue its share repurchase program with a $20 billion repurchase pace per year through 2026, assuming reasonable market conditions. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be discontinued or resumed at any time. The timing and amount of shares actually purchased in the future will depend on market, business, and other factors.
 2023
 Cash used in financing activities was $34.3 billion in 2023, $4.8 billion lower than 2022. Dividend payments on common shares increased to $3.68 per share from $3.55 per share and totaled $14.9 billion.
 During 2023, the Corporation continued its share repurchase program for up to $50 billion in shares through 2024, including the purchase of 162 million shares at a book value of $17.5 billion in 2023.

 Contractual Obligations
 The Corporation has contractual obligations involving commitments to third parties that impact its liquidity and capital resource needs. These contractual obligations are primarily for leases, debt, asset retirement obligations, pension and other postretirement benefits, take-or-pay and unconditional purchase obligations, and firm capital commitments. See Notes 9, 11, 14 and 17 for information related to asset retirement obligations, leases, long-term debt and pensions, respectively.
 In addition, the Corporation also enters into commodity purchase obligations (volumetric commitments but no fixed or minimum price) which are resold shortly after purchase, either in an active, highly liquid market or under long-term, unconditional sales contracts with similar pricing terms. Examples include long-term, noncancelable LNG and natural gas purchase commitments and commitments to purchase refinery products at market prices. These commitments are not meaningful in assessing liquidity and cash flow, because the purchases will be offset in the same periods by cash received from the related sales transactions.
 Take-or-pay obligations are noncancelable, long-term commitments for goods and services. Unconditional purchase obligations are those long-term commitments that are noncancelable or cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services. These obligations mainly pertain to pipeline, manufacturing supply and terminal agreements. The total obligation at year-end 2024 for take-or-pay and unconditional purchase obligations was $49.9 billion. Cash payments expected in 2025 and 2026 are $5.5 billion and $6.3 billion, respectively.

 Guarantees
 The Corporation and certain of its consolidated subsidiaries were contingently liable at December 31, 2024 for guarantees relating to notes, loans and performance under contracts ( Note 16). Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management's estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence. Guarantees are not reasonably likely to have a material effect on the Corporation's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Financial Strength
 On December 31, 2024, the Corporation had total unused short-term committed lines of credit of $0.2 billion ( Note 6) and total unused long-term committed lines of credit of $1.3 billion ( Note 14). The table below shows the Corporation's consolidated debt to capital ratios.

 (percent)
 2024
 2023
 2022

 Debt to capital
 13.4
 16.4
 16.9

 Net debt to capital (1)

 6.5
 4.5
 5.4

 (1) Net debt is total debt less cash and cash equivalents excluding restricted cash. Net debt to capital ratio is net debt divided by net debt plus total equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet.

 Management views the Corporation's financial strength to be a competitive advantage of strategic importance. The Corporation's financial position gives it the opportunity to access the world's capital markets across a range of market conditions, and enables the Corporation to take on large, long-term capital commitments in the pursuit of maximizing shareholder value.
 The Corporation's total debt level remained relatively flat in 2024, ending the year at $41.7 billion.

 Litigation and Other Contingencies
 As discussed in Note 16, a variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole. There are no events or uncertainties beyond those already included in reported financial information that would indicate a material change in future operating results or financial condition. Refer to Note 16 for additional information on legal proceedings and other contingencies.

 CAPITAL AND EXPLORATION EXPENDITURES
 Capital and exploration expenditures (Capex) represents the combined total of additions at cost to property, plant and equipment, and exploration expenses on a before-tax basis from the Consolidated Statement of Income. ExxonMobil's Capex includes its share of similar costs for equity companies. Capex excludes assets acquired in nonmonetary exchanges, the value of ExxonMobil shares used to acquire assets, and depreciation on the cost of exploration support equipment and facilities recorded to property, plant and equipment when acquired. While ExxonMobil's management is responsible for all investments and elements of net income, particular focus is placed on managing the controllable aspects of this group of expenditures.

 2024
 2023

 U.S.
 Total
 U.S.
 Total

 Upstream (including exploration expenses)
 11,252
 10,596
 21,848
 8,813
 10,948
 19,761

 1,610
 2,366
 1,195
 1,580
 2,775

 1,332
 2,071
 1,962
 2,713

 Other
 —
 —

 Total Capex
 13,743
 13,808
 27,551
 11,444
 14,881
 26,325

 Capex in 2024 was $27.6 billion, as the Corporation continued to pursue opportunities to find and produce new supplies of oil and natural gas to meet global demand for energy.
 Upstream spending of $21.8 billion in 2024 was up $2.1 billion from 2023, reflecting higher spend in the U.S. Permian Basin following the Pioneer acquisition. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. The percentage of proved developed reserves was 63 percent of total proved reserves at year-end 2024, and has been over 60 percent for the last ten years.
 Capital investments in the three Product Solutions businesses totaled $4.9 billion in 2024, a decrease of $1.1 billion from 2023, reflecting lower global project spending. Key investments in 2024 included the China petrochemical complex and Singapore Resid Upgrade project. Other spend of $0.9 billion primarily reflects investments in the Low Carbon Solutions business to advance carbon capture and storage, lithium, and virtually carbon-free hydrogen (with approximately 98% of the carbon captured and stored) projects and technologies.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 CASH CAPITAL EXPENDITURES (Non-GAAP)
 The Corporation has transitioned to providing forward investment guidance on a cash capital expenditures (Cash Capex) basis instead of the historical capital and exploration expense (Capex) basis. This approach is a useful measure for investors to understand the cash impact of investments in the business and is more aligned with standard industry practice.
 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.
 The components of Cash Capex and a reconciliation to the previous Capex metric are presented in the following table:

 2024
 2023

 Capital and Exploration Expenditures (Capex)
 27,551
 26,325

 ExxonMobil's share of Capex for equity companies
 (2,546)
 (2,741)

 Exploration expenses excluding prior year dry holes
 (755)
 (567)

 Other activities including finance leases
 (1,098)

 Additions to property, plant and equipment
 24,306
 21,919

 Additional investments and advances
 3,299
 2,995

 Other investing activities including collection of advances
 (1,926)
 (1,562)

 Inflows from noncontrolling interests for major projects
 (32)
 (124)

 Total Cash Capex (Non-GAAP)

 25,647
 23,228

 2024
 2023

 U.S.
 Total
 U.S.
 Total

 11,276
 8,985
 20,261
 8,783
 8,122
 16,905

 1,513
 2,218
 1,284
 1,547
 2,831

 1,212
 1,883
 1,702
 2,420

 Other
 —
 —

 Total Cash Capex (Non-GAAP)

 13,674
 11,973
 25,647
 11,466
 11,762
 23,228

 Cash Capex in 2024 was $25.6 billion. The Corporation plans to invest in the range of $27 billion to $29 billion in 2025. Included in the 2025 capital spend range is $8.1 billion of firm capital commitments. An additional $10.0 billion of firm capital commitments have been made for years 2026 and beyond. Actual spending could vary depending on the progress of individual projects and property acquisitions.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 TAXES

 2024
 2023
 2022

 Income taxes

 Effective income tax rate
 33%
 33%
 33%

 Total other taxes and duties
 29,894
 32,191
 31,455

 Total
 43,704
 47,620
 51,631

 2024
 Total taxes on the Corporation's income statement were $43.7 billion in 2024, a decrease of $3.9 billion from 2023. Income tax expense, both current and deferred, was $13.8 billion compared to $15.4 billion in 2023. The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil's share of equity company income taxes, was 33 percent. This was flat compared to 2023. Total other taxes and duties of $29.9 billion in 2024 decreased $2.3 billion from 2023.
 2023
 Total taxes on the Corporation's income statement were $47.6 billion in 2023, a decrease of $4.0 billion from 2022. Income tax expense, both current and deferred, was $15.4 billion compared to $20.2 billion in 2022. The effective tax rate, which is calculated based on consolidated company income taxes and ExxonMobil's share of equity company income taxes, was 33 percent. This was flat compared to 2022, with higher effective rates from various jurisdictions offset by a lower impact from additional European taxes on the energy sector. Total other taxes and duties of $32.2 billion in 2023 increased $0.7 billion from 2022.

 ENVIRONMENTAL MATTERS
 Environmental Expenditures

 2024
 2023

 Capital expenditures
 3,607
 2,799

 Other expenditures
 5,348
 4,336

 Total
 8,955
 7,135

 Throughout ExxonMobil's businesses, new and ongoing measures are taken to prevent and minimize the impact of our operations on air, water, and ground. These include significant investments in refining infrastructure and technology to manufacture clean fuels; projects to monitor and reduce air, water, and waste emissions, both from the Company's operations and from other companies; and expenditures for asset retirement obligations. Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil's 2024 worldwide environmental expenditures for all such preventative and remediation steps, including ExxonMobil's share of equity company expenditures, were $9.0 billion, of which $5.3 billion were included in expenses with the remainder in capital expenditures. As the Corporation progresses its emission-reduction plans, worldwide environmental expenditures are expected to increase to approximately $12 billion annually in 2025 and 2026, with capital expenditures expected to account for approximately 55 percent of the total in each year.

 Environmental Liabilities
 The Corporation accrues environmental liabilities when it is probable that obligations have been incurred and the amounts can be reasonably estimated. This policy applies to assets or businesses currently owned or previously disposed. ExxonMobil has accrued liabilities for probable environmental remediation obligations at various sites, including multiparty sites where the U.S. Environmental Protection Agency has identified ExxonMobil as one of the potentially responsible parties. The involvement of other financially responsible companies at these multiparty sites could mitigate ExxonMobil's actual joint and several liability exposure. At present, no individual site is expected to have losses material to ExxonMobil's operations or financial condition. Consolidated company provisions made in 2024 for environmental liabilities were $277 million ($208 million in 2023), and the balance sheet reflects liabilities of $734 million as of December 31, 2024, and $701 million as of December 31, 2023.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 MARKET RISKS

 Marker (1)

 2024
 2023
 2022

 Brent ($ per barrel)
 80.76
 82.62
 101.19

 Henry Hub ($ per metric million British thermal unit)
 2.27
 2.74
 6.65

 TTF ($ per metric million British thermal unit)
 10.77
 15.15
 40.22

 (1) Markers reflect the average prices from the year.

 Crude oil, natural gas, petroleum product, and chemical prices have fluctuated in response to changing market forces. The impacts of these price fluctuations on earnings have varied across the Corporation's operating segments. For the year 2025, a $1 per barrel change in the Brent price would have an approximately $650 million annual after-tax effect on Upstream consolidated plus equity company earnings, excluding the impact of derivatives. This Brent sensitivity includes oil-linked LNG sales which make up approximately 10 percent of the sensitivity. A $0.10 per million metric British thermal unit change in the Henry Hub price would have an approximately $75 million annual after-tax effect on Upstream consolidated plus equity company earnings, excluding the impact of derivatives. Similarly, a $0.10 per million metric British thermal unit change in the Title Transfer Facility (TTF) price would have an approximately $20 million annual after-tax effect on Upstream consolidated plus equity company earnings, excluding the impact of derivatives. This TTF sensitivity primarily represents LNG sales. These price markers have a direct impact on our realized prices. For any given period, the extent of actual benefit or detriment will be dependent on the price movements of individual types of crude oil, results of trading activities, taxes and other government take impacts, price adjustment lags in long-term gas contracts, and crude and gas production volumes. Accordingly, changes in benchmark prices for crude oil and natural gas only provide broad indicators of changes in the earnings experienced in any particular period.
 In the very competitive petroleum and petrochemical environment, earnings are primarily determined by margin capture rather than absolute price levels of products sold. Refining margins are a function of the difference between what a refiner pays for its raw materials (primarily crude oil) and the market prices for the range of products produced. These prices in turn depend on global and regional supply/demand balances, inventory levels, refinery operations, import/export balances and weather.
 The global energy markets can give rise to extended periods in which market conditions are adverse to one or more of the Corporation's businesses. Such conditions, along with the capital-intensive nature of the industry and very long lead times associated with many of our projects, underscore the importance of maintaining a strong financial position. Management views the Corporation's financial strength as a competitive advantage.
 In general, segment results are not dependent on the ability to sell and/or purchase products to/from other segments. Instead, where such sales take place, they are the result of efficiencies and competitive advantages of integrated refinery and chemical complexes. Additionally, intersegment sales are at market-based prices. The products bought and sold between segments can also be acquired in worldwide markets that have substantial liquidity, capacity, and transportation capabilities. Refer to Note 18 for additional information on intersegment revenue.
 Although price levels of crude oil and natural gas may rise or fall significantly over the short to medium term due to global economic conditions, political events, decisions by OPEC or OPEC+ and other major government resource owners and other factors, industry economics over the long term will continue to be driven by market supply and demand. The Corporation evaluates investments over a range of prices, including estimated greenhouse gas emission costs even in jurisdictions without a current greenhouse gas pricing policy.
 The Corporation has an active asset management program in which nonstrategic assets are considered for divestment. The asset management program includes a disciplined, regular review to ensure assets are contributing to the Corporation's strategic objectives.

 Risk Management
 The Corporation's size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation's enterprise-wide risk from changes in commodity prices, currency rates, and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. The Corporation's commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation's financial position as of December 31, 2024 and 2023, or results of operations for the years ended 2024, 2023, and 2022. Credit risk associated with the Corporation's derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. No material market or credit risks to the Corporation's financial position, results of operations or liquidity exist as a result of the derivatives described in Note 13. The Corporation maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The Corporation is exposed to changes in interest rates, primarily on its short-term debt and the portion of long-term debt that carries floating interest rates. The impact of a 100-basis-point change in interest rates affecting the Corporation's debt would not be material to earnings or cash flow. The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are generally expected to cover financial requirements, supplemented by long-term and short-term debt as required. Commercial paper is used to balance short-term liquidity requirements. Some joint-venture partners are dependent on the credit markets, and their funding ability may impact the development pace of joint-venture projects.
 The Corporation conducts business in many foreign currencies and is subject to exchange rate risk on cash flows related to sales, expenses, financing, and investment transactions. Fluctuations in exchange rates are often offsetting and the impacts on ExxonMobil's geographically and functionally diverse operations are varied. The Corporation makes limited use of currency exchange contracts to mitigate the impact of changes in currency values, and exposures related to the Corporation's use of these contracts are not material.

 CRITICAL ACCOUNTING ESTIMATES
 The Corporation's accounting and financial reporting fairly reflect its integrated business model involving exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, ProxximaTM systems, carbon materials, and lithium. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. The Corporation's accounting policies are summarized in Note 1.

 Oil and Natural Gas Reserves
 The estimation of proved oil and natural gas reserve volumes is an ongoing process based on rigorous technical evaluations, commercial and market assessments, and detailed analysis of reservoir and well performance, development and production costs, and other factors. The estimation of proved reserves is controlled by the Corporation through long-standing approval guidelines. Reserve changes are made within a well-established, disciplined process driven by senior level geoscience and engineering professionals, assisted by the Global Reserves and Resources Group which has significant technical experience, culminating in reviews with and approval by senior management. Notably, the Corporation does not use specific quantitative reserve targets to determine compensation. Key features of the reserve estimation process are covered in Disclosure of Reserves in Item 2.
 Oil and natural gas reserves include both proved and unproved reserves.
 • Proved oil and natural gas reserves are determined in accordance with Securities and Exchange Commission (SEC) requirements. Proved reserves are those quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible under existing economic and operating conditions and government regulations. Proved reserves are determined using the average of first-of-month oil and natural gas prices during the reporting year.
 Proved reserves can be further subdivided into developed and undeveloped reserves. Proved developed reserves include amounts which are expected to be recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves include amounts expected to be recovered from new wells on undrilled proved acreage or from existing wells where a relatively major expenditure is required for completion. Proved undeveloped reserves are recognized only if a development plan has been adopted indicating that the reserves are scheduled to be drilled within five years, unless specific circumstances support a longer period of time.
 The Corporation is reasonably certain that proved reserves will be produced. However, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policy, consumer preferences, and significant changes in oil and natural gas price levels.
 • Unproved reserves are quantities of oil and natural gas with less than reasonable certainty of recoverability and include probable reserves. Probable reserves are reserves that, together with proved reserves, are as likely as not to be recovered.
 Revisions in previously estimated volumes of proved reserves for existing fields can occur due to the evaluation or re-evaluation of (1) already available geologic, reservoir, or production data, (2) new geologic, reservoir, or production data, or (3) changes in the average of first-of-month oil and natural gas prices and/or costs that are used in the estimation of reserves. Revisions can also result from significant changes in development strategy or production equipment and facility capacity.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Unit-of-Production Depreciation
 Oil and natural gas reserve volumes are used as the basis to calculate unit-of-production depreciation rates for most upstream assets. Acquisition costs of proved properties are depreciated using a ratio of asset cost to total proved reserves while capitalized drilling and developments costs are depreciated using a ratio of actual production volumes to proved developed reserves. The volumes produced and asset cost are known, while proved reserves are based on estimates that are subject to some variability.
 In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the Corporation uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life.
 To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes.

 Fair Value Used in Business Combinations
 In accounting for business combinations, the purchase price paid to acquire a business is allocated to its assets and liabilities based on their respective estimated fair values as of the date of acquisition. If applicable, any excess of the purchase price over the fair value is recorded as goodwill. The assessment of fair value is based upon the views of a likely market participant group.
 On May 3, 2024, the Corporation acquired Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company. To effect 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.
 In respect of the Pioneer acquisition, the most significant amount of judgment involved the estimated fair values of property, plant and equipment related to crude oil and natural gas properties, for which we used discounted cash flow models. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, commodity prices consistent with the average of third-party industry experts, drilling and development costs, and risk-adjusted discount rates.
 The assumptions and inputs incorporated within the fair value estimates are subject to considerable management judgement and are based on industry, market, and economic conditions prevalent at the time of the acquisition. Actual results may differ from the projected results used to determine fair value.
 See Note 21 for further information regarding the Pioneer acquisition during 2024.

 Impairment
 The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932, and relies, in part, on the Corporation's planning and budgeting cycle.
 Because the lifespans of the vast majority of the Corporation's major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices and industry margins, development costs, and production costs. Significant reductions in the Corporation's view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce, or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances, including indicators outlined in ASC 360, can be indicators of potential impairment as well.
 In general, the Corporation does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC+ investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources, and levels of prosperity. During the lifespan of its major assets, the Corporation expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins.
 Global Outlook and Cash Flow Assessment. The annual planning and budgeting process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Global Outlook (Outlook), which contains the Corporation's demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation's business plans will be updated accordingly.
 If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the Corporate Plan, which is reviewed and approved by the Board of Directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the Corporation's assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates. Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its 2030 greenhouse gas emission-reduction plans, including its goal of net-zero Scope 1 and 2 greenhouse gas emissions from unconventional operated assets in the Permian Basin, and in Pioneer assets by 2035. Volumes are based on projected field and facility production profiles, throughput, or sales. Management's estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. ExxonMobil considers a range of scenarios - including remote scenarios - to help inform perspective of the future and enhance strategic thinking over time. While third-party scenarios may be used for these purposes, they are not used as a basis for developing future cash flows for impairment assessments. As part of the Corporate Plan, the Company considers estimated greenhouse gas emission costs, even for jurisdictions without a current greenhouse gas pricing policy.
 Fair Value of Impaired Assets. An asset group is impaired if its estimated undiscounted cash flows are less than the asset group's carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based upon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices (which are consistent with the average of third-party industry experts and government agencies), refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group.
 Other Impairment Estimates. Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the Corporation's future development plans, the estimated economic chance of success, and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period.
 Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the assets are considered impaired and adjusted to the lower value. Judgment is required to determine if assets are held for sale and to determine the fair value less cost to sell.
 Investments accounted for by the equity method are assessed for possible impairment when events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Examples of key indicators include a history of operating losses, negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee's business segment or geographic region. If the decline in value of the investment is other than temporary, the carrying value of the investment is written down to fair value. In the absence of market prices for the investment, discounted cash flows are used to assess fair value, which requires significant judgment.
 Recent Impairments. Impairments in 2024 were immaterial.
 In 2023, the Corporation recognized after-tax charges of $3.4 billion, primarily related to the idled Upstream Santa Ynez Unit assets and associated facilities in California, which reflected the continuing challenges in the state regulatory environment that impeded progress towards restoring operations. Other impairments in the year included a $0.6 billion charge related to an Upstream equity investment.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 In early 2022, in response to Russia's military action in Ukraine, the Corporation announced that it planned to discontinue operations on the Sakhalin-1 project ("Sakhalin") and develop steps to exit the venture. The Corporation's first quarter 2022 results included after-tax charges of $3.0 billion representing the impairment of its Upstream operations related to Sakhalin. (Refer to Note 2 for further information on Russia.) During 2022, other after-tax impairment charges of $1.6 billion and $0.3 billion were recognized in Upstream and Energy Products, respectively.
 Factors which could put further assets at risk of impairment in the future include reductions in the Corporation's price or margin outlooks, changes in the allocation of capital or development plans, reduced long-term demand for the Corporation's products, and operating cost increases which exceed the pace of efficiencies or the pace of oil and natural gas price or margin increases. However, due to the inherent difficulty in predicting future commodity prices or margins, and the relationship between industry prices and costs, it is not practicable to reasonably estimate the existence or range of any potential future impairment charges related to the Corporation's long-lived assets.
 For further information regarding impairments in equity method investments, property, plant, and equipment, and suspended wells, refer to Notes 7, 9, and 10, respectively.
 Asset Retirement Obligations
 The Corporation is subject to retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the Corporation uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates, and inflation rates. See Note 9 for further information regarding asset retirement obligations.
 The Corporation and its affiliates sponsor about 70 defined benefit (pension) plans in 40 countries. Note 17 provides details on pension obligations, fund assets, and pension expense.
 Some of these plans (primarily non-U.S.) provide pension benefits that are paid directly by their sponsoring affiliates out of corporate cash flow rather than a separate pension fund because applicable tax rules and regulatory practices do not encourage advance funding. Book reserves are established for these plans. The portion of the pension cost attributable to employee service is expensed as services are rendered. The portion attributable to the increase in pension obligations due to the passage of time is expensed over the term of the obligations, which ends when all benefits are paid. The primary difference in pension expense for unfunded versus funded plans is that pension expense for funded plans also includes a credit for the expected long-term return on fund assets.
 For funded plans, including those in the U.S., pension obligations are financed in advance through segregated assets or insurance arrangements. These plans are managed in compliance with the requirements of governmental authorities and meet or exceed required funding levels as measured by relevant actuarial and government standards at the mandated measurement dates. In determining liabilities and required contributions, these standards often require approaches and assumptions that differ from those used for accounting purposes.
 The Corporation will continue to make contributions to these funded plans as necessary. All defined-benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.
 Pension accounting requires explicit assumptions regarding, among others, the long-term expected earnings rate on fund assets, the discount rate for the benefit obligations, and the long-term rate for future salary increases. Pension assumptions are reviewed annually by outside actuaries and senior management. These assumptions are adjusted as appropriate to reflect changes in market rates and outlook. The long-term expected earnings rate on U.S. pension plan assets in 2024 was 6.8 percent. The 10-year and 20-year actual returns on U.S. pension plan assets were 4 percent and 5 percent, respectively. The Corporation establishes the long-term expected rate of return by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted-average of the target asset allocation percentages and the long-term return assumption for each asset class. A worldwide reduction of 0.5 percent in the long-term rate of return on assets would increase annual pension expense by approximately $140 million before tax.
 Differences between actual returns on fund assets and the long-term expected return are not recognized in pension expense in the year that the difference occurs. Such differences are deferred, along with other actuarial gains and losses, and are amortized into pension expense over the expected remaining service life of employees.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Litigation and Tax Contingencies
 A variety of claims have been made against the Corporation and certain of its consolidated subsidiaries in a number of pending lawsuits. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. For contingencies where an unfavorable outcome is reasonably possible and significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. As described in Note 16, for purposes of our contingency disclosures, "significant" includes material matters, as well as other matters, which management believes should be disclosed. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The status of significant claims is summarized in Note 16.
 Management judgment is required related to contingent liabilities and the outcome of litigation because both are difficult to predict. However, the Corporation has been successful in defending litigation in the past. Payments have not had a material adverse effect on our operations or financial condition. In the Corporation's experience, large claims often do not result in large awards. Large awards are often reversed or substantially reduced as a result of appeal or settlement.
 The Corporation is subject to income taxation in many jurisdictions around the world. The benefits of uncertain tax positions that the Corporation has taken or expects to take in its income tax returns are recognized in the financial statements if management concludes that it is more likely than not that the position will be sustained with the tax authorities. For a position that is likely to be sustained, the benefit recognized in the financial statements is measured at the largest amount that is greater than 50 percent likely of being realized. Significant management judgment is required in the accounting for income tax contingencies and tax disputes because the outcomes are often difficult to predict. The Corporation's unrecognized tax benefits and a description of open tax years are summarized in Note 19.

 MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

 Management, including the Corporation's Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer, is responsible for establishing and maintaining adequate internal control over the Corporation's financial reporting. Management conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that Exxon Mobil Corporation's internal control over financial reporting was effective as of December 31, 2024.
 The Corporation excluded Pioneer from our assessment of internal control over financial reporting as of December 31, 2024, because it was acquired by the Corporation in a business combination during 2024. Total assets and total revenues of Pioneer, a wholly owned subsidiary, represent nineteen percent and four percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.
 PricewaterhouseCoopers LLP, an independent registered public accounting firm, audited the effectiveness of the Corporation's internal control over financial reporting as of December 31, 2024, as stated in their report included in the Financial Section of this report.

 Darren W. Woods
 Chief Executive Officer

 Kathryn A. Mikells
 Senior Vice President and
 Chief Financial Officer

 Len M. Fox
 Vice President, Controller and Tax
 (Principal Accounting Officer)

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Board of Directors and Shareholders of Exxon Mobil Corporation
 Opinions on the Financial Statements and Internal Control over Financial Reporting
 We have audited the accompanying consolidated balance sheet of Exxon Mobil Corporation and its subsidiaries (the "Corporation") as of December 31, 2024 and 2023, and the related consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Corporation's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
 In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Corporation as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
 Basis for Opinions
 The Corporation's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Corporation's consolidated financial statements and on the Corporation's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
 Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
 As described in Management's Report on Internal Control over Financial Reporting, management has excluded Pioneer Natural Resources Company ("Pioneer") from its assessment of internal control over financial reporting as of December 31, 2024 because it was acquired by the Corporation in a business combination during 2024. We have also excluded Pioneer from our audit of internal control over financial reporting. Pioneer is a wholly-owned subsidiary whose total assets and total revenues excluded from management's assessment and our audit of internal control over financial reporting represent nineteen percent and four percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.
 Definition and Limitations of Internal Control over Financial Reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 Critical Audit Matters
 The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
 The Impact of Proved Developed Oil and Natural Gas Reserves on Upstream Property, Plant and Equipment, Net
 As described in Notes 1, 9 and 18 to the consolidated financial statements, the Corporation's consolidated upstream property, plant and equipment (PP&E), net balance was $226.0 billion as of December 31, 2024, and the related depreciation and depletion expense for the year ended December 31, 2024 was $19.5 billion. Management uses the successful efforts method to account for its exploration and production activities. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. As disclosed by management, oil and natural gas reserve volumes are used as the basis to calculate unit-of-production depreciation rates for most upstream assets. Acquisition costs of proved properties are depreciated using a ratio of asset cost to total proved reserves while capitalized drilling and development costs are depreciated using a ratio of actual production volumes to proved developed reserves. The estimation of proved oil and natural gas reserve volumes is an ongoing process based on technical evaluations, commercial and market assessments, and detailed analysis of reservoir and well performance, development and production costs, and other factors. As further disclosed by management, reserve changes are made within a well-established, disciplined process driven by senior level geoscience and engineering professionals, assisted by the Global Reserves and Resources Group (together "management's specialists").
 The principal considerations for our determination that performing procedures relating to the impact of proved developed oil and natural gas reserves on upstream PP&E, net is a critical audit matter are (i) the significant judgment by management, including the use of management's specialists, when developing the estimates of proved developed oil and natural gas reserves and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the data, methods, and assumptions used by management and its specialists in developing the estimates of proved developed oil and natural gas reserves.
 Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's estimates of proved developed oil and natural gas reserves. The work of management's specialists was used in performing the procedures to evaluate the reasonableness of the proved developed oil and natural gas reserves. As a basis for using this work, the specialists' qualifications were understood and the Corporation's relationship with the specialists was assessed. The procedures performed also included (i) evaluating the methods and assumptions used by the specialists; (ii) testing the completeness and accuracy of the data used by the specialists related to historical production volumes; and (iii) evaluating the specialists' findings related to future production volumes by comparing the future production volumes to relevant historical and current period production volumes, as applicable.
 Merger with Pioneer - Valuation of Crude Oil and Natural Gas Properties
 As described in Note 21 to the consolidated financial statements, the Corporation acquired Pioneer in a transaction accounted for as a business combination, requiring that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date, which included approximately $84 billion related to the fair values of acquired PP&E of which a significant portion relates to crude oil and natural gas properties. Crude oil and natural gas properties were valued using discounted cash flow models. Inputs and assumptions used in the discounted cash flow models included estimates for commodity prices, future production volumes, drilling and development costs, and risk-adjusted discount rates.
 The principal considerations for our determination that performing procedures relating to the valuation of crude oil and natural gas properties acquired in the Pioneer merger is a critical audit matter are (i) the significant judgment by management, including the use of management's specialists, when developing the fair value estimate of crude oil and natural gas properties acquired; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions related to commodity prices, future production volumes, drilling and development costs, and risk-adjusted discount rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
 Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management's valuation of acquired crude oil and natural gas properties. These procedures also included, among others (i) reading the merger agreement; (ii) testing management's process for developing the fair value estimate of crude oil and natural gas properties acquired; (iii) evaluating the appropriateness of the discounted cash flow models; (iv) testing the completeness and accuracy of underlying data used in the discounted cash flow models related to historical production volumes and third-party commodity prices; and (v) evaluating the reasonableness of significant assumptions used by management related to commodity prices, future production volumes, drilling and development costs, and risk-adjusted discount rates. Evaluating the

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 commodity prices assumptions involved comparing the prices to observable market data. Evaluating management's assumptions relating to future production volumes and drilling and development costs involved evaluating whether the assumptions used by management were reasonable as compared to historical results of Pioneer. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the discounted cash flow models and the reasonableness of the risk-adjusted discount rates assumptions. The work of management's specialists was used in performing the procedures to evaluate the reasonableness of the future production volumes used in the discounted cash flow models. As a basis for using this work, the specialists' qualifications were understood and the Corporation's relationship with the specialists was assessed. The procedures performed also included (i) evaluating the methods and assumptions used by the specialists; (ii) testing the completeness and accuracy of the data used by the specialists related to historical production volumes; and (iii) evaluating the specialists' findings related to future production volumes by comparing the future production volumes to relevant historical and current period production volumes, as applicable.

 /s/ PricewaterhouseCoopers LLP
 Houston, Texas
 February 19, 2025

 We have served as the Corporation's auditor since 1934.

 CONSOLIDATED STATEMENT OF INCOME

 Note
Reference
Number
 2024
 2023
 2022

 Revenues and other income

 339,247
 334,697
 398,675

 6,194
 6,385
 11,463

 Other income

 4,144
 3,500
 3,542

 Total revenues and other income

 349,585
 344,582
 413,680

 Costs and other deductions

 199,454
 193,029
 228,959

 Production and manufacturing expenses

 39,609
 36,885
 42,609

 Selling, general and administrative expenses
 9,976
 9,919
 10,095

 2, 9

 23,442
 20,641
 24,040

 Exploration expenses, including dry holes

 1,025

 Non-service pension and postretirement benefit expense

 Interest expense

 26,288
 29,011
 27,919

 Total costs and other deductions

 300,712
 291,799
 335,927

 Income (loss) before income taxes

 48,873
 52,783
 77,753

 Net income (loss) including noncontrolling interests

 Net income (loss) attributable to noncontrolling interests

 1,383
 1,344
 1,837

 Earnings (loss) per common share (dollars)

 7.84
 8.89
 13.26

 Earnings (loss) per common share - assuming dilution (dollars)

 7.84
 8.89
 13.26

 The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 2024
 2023
 2022

 Net income (loss) including noncontrolling interests

 Other comprehensive income (loss) (net of income taxes)

 Foreign exchange translation adjustment
 ( 3,550)
 1,241
 ( 3,482)

 Adjustment for foreign exchange translation (gain)/loss included in net income
 —
 —

 Postretirement benefits reserves adjustment (excluding amortization)
 ( 369)
 3,395

 Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs

 Total other comprehensive income (loss)
 ( 2,950)
 1,542

 Comprehensive income (loss) including noncontrolling interests
 32,113
 38,896
 57,893

 Comprehensive income (loss) attributable to noncontrolling interests
 1,063
 1,605
 1,659

 Comprehensive income (loss) attributable to ExxonMobil
 31,050
 37,291
 56,234

 The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 CONSOLIDATED BALANCE SHEET

 Note
Reference
Number

 ASSETS

 Current assets

 Cash and cash equivalents

 23,029
 31,539

 Cash and cash equivalents – restricted

 Notes and accounts receivable – net

 43,681
 38,015

 Inventories

 Crude oil, products and merchandise

 19,444
 20,528

 Materials and supplies

 4,080
 4,592

 Other current assets

 1,598
 1,906

 Total current assets

 91,990
 96,609

 Investments, advances and long-term receivables

 47,200
 47,630

 Property, plant and equipment, at cost, less accumulated depreciation and depletion

 294,318
 214,940

 Other assets, including intangibles – net

 19,967
 17,138

 Total Assets

 LIABILITIES

 Current liabilities

 Notes and loans payable

 4,955
 4,090

 Accounts payable and accrued liabilities

 61,297
 58,037

 Income taxes payable

 4,055
 3,189

 Total current liabilities

 70,307
 65,316

 Long-term debt

 36,755
 37,483

 Postretirement benefits reserves

 9,700
 10,496

 Deferred income tax liabilities

 39,042
 24,452

 Long-term obligations to equity companies

 1,346
 1,804

 Other long-term obligations

 25,719
 24,228

 Total Liabilities

 182,869
 163,779

 Commitments and contingencies

 EQUITY

 Common stock without par value
 ( 9,000 million shares authorized, 8,019 million shares issued)

 46,238
 17,781

 Earnings reinvested

 470,903
 453,927

 Accumulated other comprehensive income

 ( 14,619)
 ( 11,989)

 Common stock held in treasury
 ( 3,666 million shares in 2024 and 4,048 million shares in 2023)

 ( 238,817)
 ( 254,917)

 ExxonMobil share of equity

 263,705
 204,802

 Noncontrolling interests

 6,901
 7,736

 Total Equity

 270,606
 212,538

 Total Liabilities and Equity

 The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 CONSOLIDATED STATEMENT OF CASH FLOWS

 Note Reference Number
 2024
 2023
 2022

 CASH FLOWS FROM OPERATING ACTIVITIES

 Net income (loss) including noncontrolling interests

 Adjustments for noncash transactions

 2, 9

 23,442
 20,641
 24,040

 Deferred income tax charges/(credits)

 ( 865)
 3,758

 Postretirement benefits expense in excess of/(less than) net payments

 ( 358)
 ( 2,981)

 Other long-term obligation provisions in excess of/(less than) payments

 ( 1,712)
 ( 1,501)
 ( 1,932)

 Dividends received greater than/(less than) equity in current earnings of equity companies

 ( 2,446)

 Changes in operational working capital, excluding cash and debt

 Notes and accounts receivable reduction/(increase)

 ( 6,030)
 4,370
 ( 11,019)

 Inventories reduction/(increase)

 ( 1,812)
 ( 3,472)
 ( 6,947)

 Other current assets reduction/(increase)

 ( 426)
 ( 688)

 Accounts and other payables increase/(reduction)

 5,627
 ( 4,727)
 18,460

 Net (gain)/loss on asset sales

 ( 1,223)
 ( 513)
 ( 1,034)

 All other items - net

 2,310
 2,410

 Net cash provided by operating activities

 55,022
 55,369
 76,797

 CASH FLOWS FROM INVESTING ACTIVITIES

 Additions to property, plant and equipment

 ( 24,306)
 ( 21,919)
 ( 18,407)

 Proceeds from asset sales and returns of investments

 4,987
 4,078
 5,247

 Additional investments and advances

 ( 3,299)
 ( 2,995)
 ( 3,090)

 Other investing activities including collection of advances

 1,926
 1,562
 1,508

 Cash acquired from mergers and acquisitions
 —
 —

 Net cash used in investing activities

 ( 19,938)
 ( 19,274)
 ( 14,742)

 CASH FLOWS FROM FINANCING ACTIVITIES

 Additions to long-term debt (1)

 Reductions in long-term debt

 ( 1,150)
 ( 15)
 ( 5)

 Additions to short-term debt

 —
 —

 Reductions in short-term debt

 ( 4,743)
 ( 879)
 ( 8,075)

 Additions/(reductions) in debt with three months or less maturity
 ( 18)
 ( 284)

 Contingent consideration payments
 ( 27)
 ( 68)
 ( 58)

 Cash dividends to ExxonMobil shareholders

 ( 16,704)
 ( 14,941)
 ( 14,939)

 Cash dividends to noncontrolling interests

 ( 658)
 ( 531)
 ( 267)

 Changes in noncontrolling interests

 ( 791)
 ( 894)
 ( 1,493)

 Inflows from noncontrolling interests for major projects

 Common stock acquired

 ( 19,629)
 ( 17,748)
 ( 15,155)

 Net cash provided by (used in) financing activities

 ( 42,789)
 ( 34,297)
 ( 39,114)

 Effects of exchange rate changes on cash

 ( 676)
 ( 78)

 Increase/(decrease) in cash and cash equivalents

 ( 8,381)
 1,903
 22,863

 Cash and cash equivalents at beginning of year

 31,568
 29,665
 6,802

 Cash and cash equivalents at end of year

 23,187
 31,568
 29,665

 (1)

 Includes $ 568 million issued to facilitate the sale of an entity where the buyer assumed the debt upon closing; no longer on the Consolidated Balance Sheet at the end of 2023.

 Non-Cash Transaction: The Corporation acquired Pioneer in an all-stock transaction on May 3, 2024, having 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. See Note 21 for additional information.

 The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 ExxonMobil Share of Equity

 Common
Stock
 Earnings
Reinvested
 Accumulated Other Comprehensive Income
 Common
Stock Held in
Treasury
 ExxonMobil
 Share of
Equity
 Non-controlling Interests
 Total
Equity

 Balance as of December 31, 2021
 15,746
 392,059
 ( 13,764)
 ( 225,464)
 168,577
 7,106
 175,683

 Amortization of stock-based awards
 —
 —
 —
 —

 Other
 ( 475)
 —
 —
 —
 ( 475)
 ( 70)

 Net income (loss) for the year
 —
 —
 —
 1,837

 Dividends - common shares
 —
 ( 14,939)
 —
 —
 ( 14,939)
 ( 267)
 ( 15,206)

 Other comprehensive income
 —
 —
 —
 ( 178)

 —
 —
 —
 ( 15,295)
 ( 15,295)
 ( 1,479)
 ( 16,774)

 —
 —
 —
 —

 Balance as of December 31, 2022
 15,752
 432,860
 ( 13,270)
 ( 240,293)
 195,049
 7,424
 202,473

 Amortization of stock-based awards
 —
 —
 —
 —

 Other
 ( 514)
 ( 2)
 —
 —
 ( 516)
 ( 427)

 Net income (loss) for the year
 —
 —
 —
 1,344

 Dividends - common shares
 —
 ( 14,941)
 —
 —
 ( 14,941)
 ( 531)
 ( 15,472)

 Other comprehensive income
 —
 —
 1,281
 —
 1,281
 1,542

 —
 —
 —
 ( 17,993)
 ( 17,993)
 ( 851)
 ( 18,844)

 Issued for acquisitions
 1,978
 —
 —
 2,866
 4,844
 —
 4,844

 —
 —
 —
 —

 Balance as of December 31, 2023
 17,781
 453,927
 ( 11,989)
 ( 254,917)
 204,802
 7,736
 212,538

 Amortization of stock-based awards
 —
 —
 —
 —

 Other
 ( 1,027)
 —
 —
 —
 ( 1,027)
 ( 624)
 ( 1,651)

 Net income (loss) for the year
 —
 —
 —
 1,383

 Dividends - common shares
 —
 ( 16,704)
 —
 —
 ( 16,704)
 ( 658)
 ( 17,362)

 Other comprehensive income
 —
 —
 ( 2,630)
 —
 ( 2,630)
 ( 320)
 ( 2,950)

 —
 —
 —
 ( 19,451)
 ( 19,451)
 ( 616)
 ( 20,067)

 Issued for acquisitions
 28,749
 —
 —
 34,603
 63,352
 —
 63,352

 —
 —
 —
 —

 Balance as of December 31, 2024
 46,238
 470,903
 ( 14,619)
 ( 238,817)
 263,705
 6,901
 270,606

 Common Stock Share Activity
 (millions of shares)

 Issued
 Held in
Treasury
 Outstanding

 Balance as of December 31, 2021
 8,019
 ( 3,780)
 4,239

 —
 ( 165)
 ( 165)

 —

 Balance as of December 31, 2022
 8,019
 ( 3,937)
 4,082

 —
 ( 165)
 ( 165)

 Issued for acquisitions
 —

 —

 Balance as of December 31, 2023
 8,019
 ( 4,048)
 3,971

 —
 ( 170)
 ( 170)

 Issued for acquisitions
 —

 —

 Balance as of December 31, 2024
 8,019
 ( 3,666)
 4,353

 The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 The accompanying consolidated financial statements and the supporting and supplemental material are the responsibility of the management of Exxon Mobil Corporation.
 The Corporation's principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, ProxximaTM systems, carbon materials, and lithium.
 The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.

 Note 1. Summary of Accounting Policies
 Principles of Consolidation and Accounting for Investments
 The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls and any variable interest entities where it is deemed the primary beneficiary. They also include the Corporation's share of the undivided interest in certain upstream assets, liabilities, revenues, and expenses. Amounts representing the Corporation's interest in entities that it does not control, but over which it exercises significant influence, are included in "Investments, advances and long-term receivables". Under the equity method of accounting, the Corporation recognizes its share of the net income of these companies in "Income from equity affiliates".
 Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and, therefore, should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted, by law or by contract, substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans.
 Investments accounted for by the equity method are assessed for possible impairment when events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Examples of key indicators include a history of operating losses, negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee's business segment or geographic region. If the decline in value of the investment is other than temporary, the carrying value of the investment is written down to fair value. In the absence of market prices for the investment, discounted cash flows are used to assess fair value. The Corporation's share of the cumulative foreign exchange translation adjustment for equity method investments is reported in "Accumulated other comprehensive income".
 Investments in equity securities, other than consolidated subsidiaries and equity method investments, are measured at fair value with changes in fair value recognized in net income. The Corporation uses the modified approach for equity securities that do not have a readily determinable fair value. This modified approach measures investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions in a similar investment of the same issuer.
 Revenue Recognition
 The Corporation generally sells crude oil, natural gas, and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments to reflect market conditions. Revenue is recognized at the amount the Corporation expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risks and rewards of ownership. The prices of certain sales are based on price indices that are sometimes not available until the next period. In such cases, estimated realizations are accrued when the sale is recognized, and are finalized when the price is available. Such adjustments to revenue from performance obligations satisfied in previous periods are not significant. Payment for revenue transactions is typically due within 30 days. Future volume delivery obligations that are unsatisfied at the end of the period are expected to be fulfilled through ordinary production or purchases. These performance obligations are based on market prices at the time of the transaction and are fully constrained due to market price volatility.
 Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold.
 "Sales and other operating revenue" and "Notes and accounts receivable" include revenue and receivables both within the scope of ASC 606 "Revenue from Contracts with Customers" and those outside the scope of ASC 606. Long-term receivables are primarily from receivables outside the scope of ASC 606. Contract assets are mainly from marketing assistance programs and are not significant. Contract liabilities are mainly customer prepayments and accruals of expected volume discounts and are not significant.

 Income and Other Taxes
 The Corporation excludes from the Consolidated Statement of Income certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities. Similar taxes, for which the Corporation is not considered to be an agent for the government, are reported on a gross basis (included in both "Sales and other operating revenue" and "Other taxes and duties").
 The Corporation accounts for U.S. tax on global intangible low-taxed income as an income tax expense in the period in which it is incurred.
 Derivative Instruments
 The Corporation may use derivative instruments for trading purposes and to offset exposures associated with commodity prices, foreign currency exchange rates, and interest rates that arise from existing assets, liabilities, firm commitments, and forecasted transactions. All derivative instruments, except those designated as normal purchase and normal sale, are recorded at fair value. Derivative assets and liabilities with the same counterparty are netted if the right of offset exists and certain other criteria are met. Collateral payables or receivables are netted against derivative assets and derivative liabilities, respectively.
 Recognition and classification of the gain or loss that results from adjusting a derivative to fair value depends on the purpose for the derivative. All gains and losses from derivative instruments for which the Corporation does not apply hedge accounting are immediately recognized in earnings. The Corporation may designate derivatives as fair value or cash flow hedges. For fair value hedges, the gain or loss from derivative instruments and the offsetting gain or loss from the hedged item are recognized in earnings. For cash flow hedges, the gain or loss from the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the period that the forecasted transaction affects earnings.
 Fair Value
 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy levels 1, 2, and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy level 2 inputs are inputs other than quoted prices included within level 1 that are directly or indirectly observable for the asset or liability. Hierarchy level 3 inputs are inputs that are not observable in the market.
 Inventories
 Crude oil, products, and merchandise inventories are carried at the lower of current market value or cost (generally determined under the last-in, first-out method – LIFO). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of materials and supplies are valued at cost or less.
 Property, Plant, and Equipment
 Cost Basis. The Corporation uses the "successful efforts" method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. Exploratory well costs are carried as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Development costs, including costs of productive wells and development dry holes, are capitalized.
 Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant, and equipment and are depreciated over the service life of the related assets.

 Depreciation, Depletion, and Amortization. Depreciation, depletion, and amortization are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life, taking obsolescence into consideration.
 Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and natural gas reserve volumes. Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using the unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods. Under the unit-of-production method, oil and natural gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.
 In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the Corporation uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life.
 To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes.
 Investments in refinery, chemical process, and lubes basestock manufacturing equipment are generally depreciated on a straight-line basis over a 25-year life. Service station buildings and fixed improvements are generally depreciated over a 20-year life. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized, and the assets replaced are retired.
 Impairment Assessment. The Corporation tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Among the events or changes in circumstances which could indicate that the carrying value of an asset or asset group may not be recoverable are the following:
 • a significant decrease in the market price of a long-lived asset;
 • a significant adverse change in the extent or manner in which an asset is being used or in its physical condition, including a significant decrease in current and projected reserve volumes;
 • a significant adverse change in legal factors or in the business climate that could affect the value, including an adverse action or assessment by a regulator;
 • an accumulation of project costs significantly in excess of the amount originally expected;
 • a current-period operating loss combined with a history and forecast of operating or cash flow losses; and
 • a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
 The Corporation has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932, and relies, in part, on the Corporation's planning and budgeting cycle. Asset valuation analysis, profitability reviews, and other periodic control processes assist the Corporation in assessing whether events or changes in circumstances indicate the carrying amounts of any of its assets may not be recoverable.
 Because the lifespans of the vast majority of the Corporation's major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices and industry margins, development costs, and production costs. Significant reductions in the Corporation's view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce, or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances can be indicators of potential impairment as well.

 In general, the Corporation does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC+ investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources, and levels of prosperity. During the lifespan of its major assets, the Corporation expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the Corporation considers recent periods of operating losses in the context of its longer-term view of prices and margins.
 In the Upstream, the standardized measure of discounted cash flows included in the Supplemental Information on Oil and Gas Exploration and Production Activities is required to use prices based on the average of first-of-month prices in the year. These prices represent discrete points in time and could be higher or lower than the Corporation's price assumptions which are used for impairment assessments. The Corporation believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves, and therefore, does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment.
 Global Outlook and Cash Flow Assessment. The annual planning and budgeting process, known as the Corporate Plan, is the mechanism by which resources (capital, operating expenses, and people) are allocated across the Corporation. The foundation for the assumptions supporting the Corporate Plan is the Global Outlook (Outlook), which contains the Corporation's demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of necessary future policy and technology advancement and deployment for the world, or the Corporation, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Corporation's business plans will be updated accordingly.
 If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the Corporate Plan, which is reviewed and approved by the Board of Directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the Corporation's assumptions of future capital allocations, crude oil and natural gas commodity prices, including price differentials, refining and chemical margins, volumes, development and operating costs including greenhouse gas emission prices, and foreign currency exchange rates. Notably, when assessing future cash flows, the Corporation includes the estimated costs in support of reaching its 2030 greenhouse gas emission-reduction plans, including its goal of net-zero Scope 1 and 2 greenhouse gas emissions from unconventional operated assets in the Permian Basin, and in Pioneer assets by 2035. Volumes are based on projected field and facility production profiles, throughput, or sales. Management's estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. Cash flow estimates for impairment testing exclude the effects of derivative instruments. As part of the Corporate Plan, the Company considers estimated greenhouse gas emission costs, even for jurisdictions without a current greenhouse gas pricing policy.
 Fair Value of Impaired Assets. An asset group is impaired if its estimated undiscounted cash flows are less than the asset group's carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based upon the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices (which are consistent with the average of third-party industry experts and government agencies), refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group.

 Other Impairments Related to Property, Plant and Equipment. Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the Corporation's future development plans, the estimated economic chance of success, and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period.
 Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the assets are considered impaired and adjusted to the lower value. Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the Corporation.
 Environmental Liabilities
 Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties, and projected cash expenditures are not discounted.
 Foreign Currency Translation
 The Corporation selects the functional reporting currency for its international subsidiaries based on the currency of the primary economic environment in which each subsidiary operates. Operations in the Product Solutions businesses use the local currency. However, the U.S. dollar is used in countries with a history of high inflation (primarily in Latin America) and in Singapore, which predominantly sells into the U.S. dollar export market. Upstream operations which are relatively self-contained and integrated within a particular country, such as in Canada and Europe, use the local currency. Some Upstream operations, primarily in Asia and Africa, use the U.S. dollar because they predominantly sell crude and natural gas production into U.S. dollar-denominated markets.
 For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income.

 Note 2. Russia
 In response to Russia's military action in Ukraine, the Corporation announced in early 2022 that it planned to discontinue operations on the Sakhalin-1 project ("Sakhalin") and develop steps to exit the venture. In light of this, an impairment assessment was conducted, and management determined that the carrying value of the asset group was not recoverable. As a result, the Corporation's first-quarter 2022 earnings included after-tax charges of $ 3.4 billion largely representing the full impairment of its operations related to Sakhalin. On a before-tax basis, the charges amounted to $ 4.6 billion, substantially all of which is reflected in the line captioned "Depreciation and depletion (including impairments)" on the Consolidated Statement of Income. Effective October 14, 2022, the Russian government unilaterally terminated the Corporation's interests in Sakhalin, transferring operations to a Russian operator. The Corporation's fourth-quarter 2022 results include an after-tax benefit of $ 1.1 billion largely reflecting the impact of the expropriation on the Company's various obligations related to Sakhalin. The Corporation's exit from the project resulted in approximately 150 million oil-equivalent barrels no longer qualifying as proved reserves at year-end 2022.

 Note 3. Miscellaneous Financial Information
 Research and development expenses totaled $ 987 million in 2024, $ 879 million in 2023, and $ 824 million in 2022.
 Net income included before-tax aggregate foreign exchange transaction losses of $ 507 million, $ 51 million, and $ 218 million in 2024, 2023, and 2022, respectively.
 LIFO Inventory. In 2024, 2023, and 2022, net income included gains of $ 176 million, $ 366 million, and $ 367 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by approximately $ 10 billion and $ 14 billion at December 31, 2024 and 2023, respectively.
 Crude oil, products, and merchandise as of year-end 2024 and 2023 consist of the following:

 Crude oil
 6,483
 6,944

 Petroleum products
 6,017
 6,248

 Chemical products (1)

 4,142
 3,930

 Gas/other
 2,802
 3,406

 Total
 19,444
 20,528

 (1) Chemical products includes basic chemicals (olefins and aromatics), polymers (such as polyolefins, adhesions, specialty elastomers, & butyl), intermediates (e.g. hydrocarbon fluids, plasticizers) and synthetics.

 Government Assistance. ASC 832 "Government Assistance" requires disclosure of certain types of government assistance not otherwise covered by authoritative accounting guidance. During 2022 to 2024, certain governments outside the United States provided payments which, individually and in aggregate, were immaterial to the Corporation's financial results. Among these are programs where governments endeavor to stabilize or cap fuel and energy costs for local consumers. To compensate producers who sell at the government-mandated prices, these governments provide reimbursements to the producers. In 2024 and 2023, such reimbursements were negligible as were any corresponding receivables associated with these programs. In 2022, these reimbursements totaled approximately $ 1.5 billion before tax, which were reflected as reductions to the line captioned " Crude oil and product purchases " on the Consolidated Statement of Income. The terms and conditions of these programs, including their duration, vary by country. In the event that any of these programs are discontinued, the Corporation does not expect a significant impact to its financial results. Additionally, in connection with cap and trade programs in certain countries outside the United States, companies receive allowances from governments covering a specified level of emissions from facilities they operate. The terms of these programs vary by country. The Corporation records these allowances at a nominal amount, generally in "Inventories - Crude oil, products and merchandise" on the Consolidated Balance Sheet.

 Note 4. Other Comprehensive Income Information

 ExxonMobil Share of Accumulated Other
 Comprehensive Income

 Cumulative Foreign Exchange Translation Adjustment
 Postretirement Benefits Reserves Adjustment
 Total

 Balance as of December 31, 2021
 ( 11,499)
 ( 2,265)
 ( 13,764)

 Current period change excluding amounts reclassified from accumulated other comprehensive income
 ( 3,092)
 3,205

 Amounts reclassified from accumulated other comprehensive income
 —

 Total change in accumulated other comprehensive income
 ( 3,092)
 3,586

 Balance as of December 31, 2022
 ( 14,591)
 1,321
 ( 13,270)

 Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

 1,108
 ( 305)

 Amounts reclassified from accumulated other comprehensive income

 Total change in accumulated other comprehensive income
 1,535
 ( 254)
 1,281

 Balance as of December 31, 2023
 ( 13,056)
 1,067
 ( 11,989)

 Current period change excluding amounts reclassified from accumulated other comprehensive income (1)

 ( 3,110)
 ( 2,661)

 Amounts reclassified from accumulated other comprehensive income
 —

 Total change in accumulated other comprehensive income
 ( 3,110)
 ( 2,630)

 Balance as of December 31, 2024
 ( 16,166)
 1,547
 ( 14,619)

 (1) Cumulative Foreign Exchange Translation Adjustment includes net investment hedge gain/(loss) net of taxes of $ 196 million and $( 135) million in 2024 and 2023, respectively.

 Amounts Reclassified Out of Accumulated Other
 Comprehensive Income - Before-tax Income/(Expense)

 2024
 2023
 2022

 Foreign exchange translation gain/(loss) included in net income
 (Statement of Income line: Other income)

 —
 ( 609)
 —

 Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs (Statement of Income line: Non-service pension and postretirement benefit expense)
 ( 70)
 ( 81)
 ( 519)

 Income Tax (Expense)/Credit For
 Components of Other Comprehensive Income

 2024
 2023
 2022

 Foreign exchange translation adjustment

 Postretirement benefits reserves adjustment (excluding amortization)
 ( 181)
 ( 1,120)

 Amortization and settlement of postretirement benefits reserves adjustment included in net periodic benefit costs
 ( 27)
 ( 20)
 ( 116)

 Total
 ( 194)
 ( 1,182)

 Note 5. Cash Flow Information
 The 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 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 21.
 In 2023, the Corporation completed the acquisition of Denbury Inc. (Denbury) through the issuance of 46 million shares of ExxonMobil common stock having a fair value of $ 4.8 billion on the acquisition date. Additional information is provided in Note 21.
 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 2024, 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, Argentina, and Nigeria. For 2023, the number includes before-tax amounts from the sale of upstream assets in the United States. For 2022, the number includes before-tax amounts from the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments. These net (gain)/loss amounts are reported in "Other income" on the Consolidated Statement of Income.

 2024
 2023
 2022

 Income taxes paid
 13,293
 15,473
 15,364

 Cash interest paid

 Included in cash flows from operating activities

 Capitalized, included in cash flows from investing activities
 1,276
 1,152

 Total cash interest paid
 1,900
 1,736
 1,504

 Note 6. Additional Working Capital Information

 Notes and accounts receivable

 Trade, less reserves of $ 162 million and $ 170 million

 35,282
 30,296

 Other, less reserves of $ 314 million and $ 101 million

 8,399
 7,719

 Total
 43,681
 38,015

 Notes and loans payable

 Bank loans

 Commercial paper
 —

 Long-term debt due within one year
 4,892
 4,009

 Total
 4,955
 4,090

 Accounts payable and accrued liabilities

 Trade payables
 36,145
 31,249

 Payables to equity companies
 10,378
 11,885

 Accrued taxes other than income taxes
 3,577
 3,817

 Other
 11,197
 11,086

 Total
 61,297
 58,037

 Trade notes and accounts receivables include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between receivables within the scope of ASC 606 and those outside it.
 The Corporation has short-term committed lines of credit of $ 0.2 billion which were unused as of December 31, 2024. These lines of credit are available for general corporate purposes.

 Note 7. Equity Company Information
 The summarized financial information below includes amounts related to certain less-than-majority-owned companies and majority-owned subsidiaries where minority shareholders possess the right to participate in significant management decisions (see Note 1). These companies are primarily engaged in oil and gas exploration and production, natural gas marketing, transportation of crude oil, and petrochemical manufacturing in North America; natural gas production and distribution in Europe; LNG operations in Africa; and exploration, production, LNG operations, and the manufacture and sale of petroleum and petrochemical products in Asia and the Middle East. Also included are several refining and marketing ventures.
 The share of total equity company revenues from sales to ExxonMobil consolidated companies was 9 percent, 9 percent, and 11 percent in the years 2024, 2023, and 2022, respectively.
 The Corporation's ownership in these ventures is in the form of shares in corporate joint ventures as well as interests in partnerships. Differences between the Company's carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned, to the extent practicable, to specific assets and liabilities based on the Company's analysis of the factors giving rise to the difference. The amortization of this difference, as appropriate, is included in "Income from equity affiliates" on the Consolidated Statement of Income.

 Equity Company
 Financial Summary

 2024
 2023
 2022

 Total
 ExxonMobil
Share
 Total
 ExxonMobil Share
 Total
 ExxonMobil
Share

 Total revenues
 117,036
 35,532
 132,783
 40,682
 183,812
 57,528

 Income before income taxes
 33,357
 9,304
 35,999
 10,078
 61,550
 19,279

 Income taxes
 11,434
 3,209
 11,404
 3,085
 23,149
 7,603

 21,923
 6,095
 24,595
 6,993
 38,401
 11,676

 Current assets
 50,779
 18,286
 53,081
 18,713
 77,457
 24,994

 Long-term assets
 145,671
 39,092
 150,198
 40,986
 153,186
 42,921

 196,450
 57,378
 203,279
 59,699
 230,643
 67,915

 Current liabilities
 26,786
 8,699
 30,721
 9,652
 53,640
 15,555

 Long-term liabilities
 55,218
 16,484
 57,237
 17,059
 62,009
 18,929

 Net assets
 114,446
 32,195
 115,321
 32,988
 114,994
 33,431

 A list of significant equity companies as of December 31, 2024, together with the Corporation's percentage ownership interest, is detailed below:

 Percentage Ownership Interest

 Barzan Gas Company Limited

 BEB Erdgas und Erdoel GmbH & Co. KG

 Caspian Pipeline Consortium

 Coral FLNG S.A.

 Cross Timbers Energy LLC

 GasTerra B.V.

 Golden Pass LNG Terminal LLC

 Golden Pass Pipeline LLC

 Marine Well Containment Company LLC

 Mozambique Rovuma Venture S.p. A.

 Nederlandse Aardolie Maatschappij B.V.

 Papua New Guinea Liquefied Natural Gas Global Company LDC

 Permian Highway Pipeline LLC

 QatarEnergy LNG N (2)

 QatarEnergy LNG NFE (3)

 QatarEnergy LNG S (1)

 QatarEnergy LNG S (2)

 QatarEnergy LNG S (3)

 South Hook LNG Terminal Company Limited

 Tengizchevroil LLP

 Energy Products, Chemical Products, and/or Specialty Products

 Al-Jubail Petrochemical Company

 Alberta Products Pipe Line Ltd.

 Fujian Refining & Petrochemical Co. Ltd.

 Gulf Coast Growth Ventures LLC

 Infineum USA L.P.

 Permian Express Partners LLC

 Saudi Aramco Mobil Refinery Company Ltd.

 Saudi Yanbu Petrochemical Co.

 Note 8. Investments, Advances and Long-Term Receivables

 Equity method company investments and advances

 Investments
 34,010
 34,080

 Advances, net of allowances of $ 40 million and $ 33 million

 7,084
 7,527

 Total equity method company investments and advances
 41,094
 41,607

 Equity securities carried at fair value and other investments at adjusted cost basis

 Long-term receivables and miscellaneous, net of reserves of $ 2,433 million and $ 1,966 million

 5,763
 5,846

 Total
 47,200
 47,630

 Note 9. Property, Plant and Equipment and Asset Retirement Obligations

 Property, Plant and Equipment

 Cost
 Net
 Cost
 Net

 423,038
 226,021
 359,031
 148,245

 58,259
 28,349
 57,400
 27,284

 39,224
 19,973
 38,801
 20,329

 9,559
 4,229
 9,385
 4,378

 Other
 23,823
 15,746
 22,768
 14,704

 Total
 553,903
 294,318
 487,385
 214,940

 In 2024, the Corporation identified situations where events or changes in circumstances indicated that the carrying value of certain long-lived assets may not be recoverable and conducted impairment assessments. Before-tax impairment charges recognized during 2024 are immaterial.
 In 2023, the Corporation recognized before-tax impairment charges of $ 3.3 billion, in large part due to impairing the idled Upstream Santa Ynez Unit assets and associated facilities in California, reflecting the continuing challenges in the state regulatory environment that impeded progress in restoring operations. Other before-tax impairment charges recognized during 2023 included $ 0.3 billion in Upstream, $ 0.3 billion in Chemical Products, and $ 0.1 billion in Specialty Products.
 In 2022, the Corporation recognized before-tax impairment charges of $ 4.5 billion as a result of the Corporation's plans to discontinue operations on the Sakhalin-1 project and develop steps to exit the venture in response to Russia's military action in Ukraine (Refer to Note 2 for additional information). Other before-tax impairment charges recognized during 2022 included $ 1.5 billion in Upstream and $ 0.4 billion in Energy Products.
 Impairment charges are primarily recognized in the lines " Depreciation and depletion" and "Exploration expenses, including dry holes " on the Consolidated Statement of Income. Accumulated depreciation and depletion totaled $ 259,585 million at the end of 2024 and $ 272,445 million at the end of 2023.

 Asset Retirement Obligations
 The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the Corporation uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates, and inflation rates. Asset retirement obligations incurred in the current period were level 3 fair value measurements. The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced. Over time, the liabilities are accreted for the change in their present value.
 Asset retirement obligations for facilities in the Product Solutions business generally become firm at the time a decision is made to permanently shut down and dismantle the facilities. These obligations may include the costs of asset disposal and additional soil remediation. However, these sites generally have indeterminate lives based on plans for continued operations and as such, the fair value of the conditional legal obligations cannot be measured, since it is impossible to estimate the future settlement dates of such obligations.
 The following table summarizes the activity in the liability for asset retirement obligations:

 2024
 2023
 2022

 Balance at January 1
 12,989
 10,491
 10,630

 Accretion expense and other provisions

 Reduction due to property sales
 ( 1,445)
 ( 288)
 ( 328)

 Payments made
 ( 1,191)
 ( 693)
 ( 518)

 Liabilities incurred

 Foreign currency translation
 ( 447)
 ( 330)

 1,790

 Balance at December 31
 12,032
 12,989
 10,491

 The long-term Asset Retirement Obligations were $ 10,886 million and $ 11,942 million at December 31, 2024 and 2023, respectively, and are included in "Other long-term obligations" on the Consolidated Balance Sheet. Estimated cash payments in 2025 and 2026 are $ 1,146 million and $ 968 million, respectively.

 Note 10. Accounting for Suspended Exploratory Well Costs
 The Corporation continues capitalization of exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. 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.
 The following two tables provide details of the changes in the balance of suspended exploratory well costs, including an aging summary of those costs.

 Change in capitalized suspended exploratory well costs

 2024
 2023
 2022

 Balance beginning at January 1
 3,559
 3,512
 4,120

 Additions pending the determination of proved reserves

 Charged to expense
 ( 69)
 ( 95)
 ( 259)

 Reclassifications to wells, facilities and equipment based on the determination of proved reserves
 ( 292)
 ( 142)
 ( 142)

 Divestments/Other
 ( 51)
 ( 585)

 Ending balance at December 31
 3,600
 3,559
 3,512

 Ending balance attributed to equity companies included above

 Period-end capitalized suspended exploratory well costs

 2024
 2023
 2022

 Capitalized for a period of one year or less

 Capitalized for a period of between one and five years
 1,030

 Capitalized for a period of between five and ten years
 1,544
 1,411
 1,410

 Capitalized for a period of greater than ten years
 1,020

 Capitalized for a period greater than one year - subtotal
 3,147
 3,359
 3,134

 Total
 3,600
 3,559
 3,512

 Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project. The table below provides a breakdown of the number of projects with only exploratory well costs capitalized for a period of one year or less and those that have had exploratory well costs capitalized for a period greater than one year.

 2024
 2023
 2022

 Number of projects that only have exploratory well costs capitalized for a period of one year or less
 —

 Number of projects that have exploratory well costs capitalized for a period greater than one year

 Total

 Of the 24 projects that have exploratory well costs capitalized for a period greater than one year as of December 31, 2024, 11 projects have drilling in the preceding year or exploratory activity planned in the next two years, while the remaining 13 projects are those with completed exploratory activity. These projects are currently being progressed toward development, including evaluation to tie into existing infrastructure, awaiting capacity and aligning with the respective governments for development plans.

 Note 11. Leases
 The 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, or 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

 Operating Leases
 Finance Leases

 2024
 2023
 2022
 2024
 2023
 2022

 Operating lease cost
 2,296
 1,976
 1,776

 Short-term and other (net of sublease rental income)
 2,047
 1,563
 1,389

 Amortization of right of use assets

 Interest on lease liabilities

 Total (1)

 4,343
 3,539
 3,165

 (1) Includes $ 1,195 million, $ 999 million, and $ 908 million for drilling rigs and related equipment operating leases in 2024, 2023, and 2022, respectively.

 Balance Sheet

 Operating Leases
 Finance Leases

 Right of use assets

 Included in Other assets, including intangibles - net
 7,123
 6,849

 Included in Property, plant and equipment - net
 2,888
 2,712

 Total right of use assets
 7,123
 6,849
 2,888
 2,712

 Lease liability due within one year

 Included in Accounts payable and accrued liabilities
 1,852
 1,617

 Included in Notes and loans payable

 Long-term lease liability

 Included in Other long-term obligations
 4,626
 4,393

 Included in Long-term debt
 2,123
 1,821

 Included in Long-term obligations to equity companies

 Total lease liability (2)

 6,478
 6,010
 2,361
 2,042

 Weighted-average remaining lease term (years)

 Weighted-average discount rate (percent)
 4.9 %
 3.9 %
 6.4 %
 7.2 %

 (2) Includes $ 2,198 million and $ 2,032 million for drilling rigs and related equipment operating leases in 2024 and 2023, respectively.

 Maturity Analysis of Lease Liabilities

 Operating Leases
 Finance Leases

 2025
 2,119

 2026
 1,569

 2027
 1,134

 2028

 2029

 2030 and beyond
 1,712
 2,450

 Total lease payments
 7,554
 3,783

 Discount to present value
 ( 1,076)
 ( 1,422)

 Total lease liability
 6,478
 2,361

 In addition to the lease liabilities in the table immediately above, at December 31, 2024, undiscounted commitments for leases not yet commenced totaled $ 3,938 million for operating leases and $ 1,957 million for finance leases. Estimated cash payments for operating and finance leases not yet commenced are $ 248 million and $ 341 million for 2025 and 2026, respectively. Operating leases not yet commenced primarily relate to LNG transportation vessels. Finance leases not yet commenced primarily relate to a long-term processing agreement to upgrade residue to hydrogen. The underlying assets are primarily designed by, and are being constructed by, the lessors.

 Other Information

 Operating Leases
 Finance Leases

 2024
 2023
 2022
 2024
 2023
 2022

 Cash paid for amounts included in the measurement of lease liabilities

 Cash flows from operating activities
 1,301
 1,135
 1,119

 Cash flows from investing activities

 Cash flows from financing activities

 Noncash right of use assets recorded for lease liabilities

 In exchange for lease liabilities during the period
 2,074
 2,161
 1,997

 Note 12. Earnings Per Share

 Earnings per common share
 2024
 2023
 2022

 Net income (loss) attributable to ExxonMobil (millions of dollars)

 Weighted-average number of common shares outstanding (millions of shares) (1)

 4,298
 4,052
 4,205

 Earnings (loss) per common share (dollars) (2)

 7.84
 8.89
 13.26

 Dividends paid per common share (dollars)

 3.84
 3.68
 3.55

 (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 13. Financial Instruments and Derivatives
 The estimated fair value of financial instruments and derivatives at December 31, 2024, and December 31, 2023, and the related hierarchy level for the fair value measurement was as follows:

 Fair Value

 Total Gross Assets & Liabilities
 Effect of Counterparty Netting
 Effect of Collateral Netting
 Difference in Carrying Value and Fair Value
 Net Carrying Value

 Assets

 Derivative assets (1)

 3,223
 1,206
 —
 4,429
 ( 3,913)
 ( 3)
 —

 Advances to/receivables from equity
 companies (2)(6)

 —
 2,466
 4,167
 6,633
 —
 —
 7,084

 Other long-term financial assets (3)

 1,468
 —
 1,504
 2,972
 —
 —
 3,219

 Liabilities

 Derivative liabilities (4)

 3,561
 1,416
 —
 4,977
 ( 3,913)
 ( 341)
 —

 Long-term debt (5)

 28,884
 1,813
 —
 30,697
 —
 —
 3,935
 34,632

 Long-term obligations to equity companies (6)

 —
 —
 1,393
 1,393
 —
 —
 ( 47)
 1,346

 Other long-term financial liabilities (7)

 —
 —
 —
 —

 Fair Value

 Total Gross Assets & Liabilities
 Effect of Counterparty Netting
 Effect of Collateral Netting
 Difference in Carrying Value and Fair Value
 Net Carrying Value

 Assets

 Derivative assets (1)

 4,544
 1,731
 —
 6,275
 ( 5,177)
 ( 528)
 —

 Advances to/receivables from equity
 companies (2)(6)

 —
 2,517
 4,491
 7,008
 —
 —
 7,527

 Other long-term financial assets (3)

 1,389
 —
 2,333
 —
 —
 2,535

 Liabilities

 Derivative liabilities (4)

 4,056
 1,608
 —
 5,664
 ( 5,177)
 ( 40)
 —

 Long-term debt (5)

 30,556
 2,004
 —
 32,560
 —
 —
 3,102
 35,662

 Long-term obligations to equity companies (6)

 —
 —
 1,896
 1,896
 —
 —
 ( 92)
 1,804

 Other long-term financial liabilities (7)

 —
 —
 —
 —

 (1) Included in the Balance Sheet lines: Notes and accounts receivable - net and Other assets, including intangibles - net.

 (2) Included in the Balance Sheet line: Investments, advances and long-term receivables.

 (3) Included in the Balance Sheet lines: Investments, advances and long-term receivables and Other assets, including intangibles - net.

 (4) Included in the Balance Sheet lines: Accounts payable and accrued liabilities and Other long-term obligations.

 (5) Excluding finance lease obligations.

 (6) Advances to/receivables from equity companies and long-term obligations to equity companies are mainly designated as hierarchy level 3 inputs. The fair value is calculated by discounting the remaining obligations by a rate consistent with the credit quality and industry of the equity company.

 (7) Included in the Balance Sheet line: Other long-term obligations. Includes contingent consideration related to a prior year acquisition where fair value is based on expected drilling activities and discount rates.

 At December 31, 2024, and December 31, 2023, respectively, the Corporation had $ 491 million and $ 800 million of collateral under master netting arrangements not offset against the derivatives on the Consolidated Balance Sheet, primarily related to initial margin requirements.

 Derivative Instruments. The Corporation's size, strong capital structure, geographic diversity, and the complementary nature of its business segments reduce the Corporation's enterprise-wide risk from changes in commodity prices, currency rates, and interest rates. In addition, the Corporation uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated Statement of Income on a net basis in the line "Sales and other operating revenue" and in the Consolidated Statement of Cash Flows in "Cash Flows from Operating Activities". The Corporation's commodity derivatives are not accounted for under hedge accounting. At times, the Corporation also enters into currency and interest rate derivatives, none of which are material to the Corporation's financial position as of December 31, 2024 and 2023, or results of operations for 2024, 2023, and 2022.
 During the fourth quarter of 2024, the Corporation initiated a program to hedge certain of its fixed-rate debt instruments against changes in fair value due to changes in the designated benchmark interest rate. This program utilizes fair value hedge accounting. The derivative (hedging) instruments are fixed-for-floating interest rate swaps, with settlement dates that correspond to the interest payments associated with the fixed-rate debt (hedged item). Changes in the fair values of the hedging instruments are perfectly offset by changes in the fair values of the hedged items; the effects of these changes in fair values are recorded in "Interest expense" in the Consolidated Statement of Income. This program was not material to the Consolidated Financial Statements. The Corporation intends to expand the use of this program in future periods.
 Credit risk associated with the Corporation's derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The Corporation maintains a system of controls that includes the authorization, reporting, and monitoring of derivative activity.
 The net notional long/(short) position of derivative instruments at December 31, 2024, and December 31, 2023, was as follows:

 (millions)
 December 31,
 December 31,

 2024
 2023

 Crude oil (barrels)
 ( 7)

 Petroleum products (barrels)
 ( 32)
 ( 43)

 Natural gas (MMBTUs)
 ( 675)
 ( 560)

 Realized and unrealized gains/(losses) on derivative instruments that were recognized in the Consolidated Statement of Income are included in the following lines on a before-tax basis:

 2024
 2023
 2022

 ( 661)
 ( 1,763)

 Total
 ( 658)
 1,065
 ( 1,449)

 Note 14. Long-Term Debt
 At December 31, 2024, long-term debt consisted of $ 31,340 million due in U.S. dollars and $ 5,415 million 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 $ 4,892 million, 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, 2025, in millions of dollars, are: 2026 – $ 5,456; 2027 – $ 1,357; 2028 – $ 1,441; and 2029 – $ 1,604. At December 31, 2024, the Corporation's unused long-term lines of credit were $ 1.3 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, 2024, the Corporation has designated its $ 3.1 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 2024 and 2023 are shown in the table below:

 (millions of dollars, except where stated otherwise)
 Average
 Rate (1)

 Exxon Mobil Corporation (2)(3)

 2.709 % notes due 2025

 —
 1,750

 2.992 % notes due 2025

 —
 2,767

 3.043 % notes due 2026

 2,500
 2,500

 2.275 % notes due 2026

 1,000
 1,000

 3.294 % notes due 2027

 1,000
 1,000

 2.440 % notes due 2029

 1,250
 1,250

 3.482 % notes due 2030

 1,992
 2,000

 2.610 % notes due 2030

 2,000
 2,000

 2.995 % notes due 2039

 4.227 % notes due 2040

 2,076
 2,080

 3.567 % notes due 2045

 1,000
 1,000

 4.114 % notes due 2046

 2,500
 2,500

 3.095 % notes due 2049

 1,500
 1,500

 4.327 % notes due 2050

 2,750
 2,750

 3.452 % notes due 2051

 2,750
 2,750

 Exxon Mobil Corporation - Euro-denominated

 0.524 % notes due 2028

 1,039
 1,105

 0.835 % notes due 2032

 1,039
 1,105

 1.408 % notes due 2039

 1,039
 1,105

 XTO Energy Inc. (4)

 6.100 % senior notes due 2036

 6.750 % senior notes due 2037

 6.375 % senior notes due 2038

 Pioneer Natural Resources Company (5)

 1.125 % senior notes due 2026

 —

 5.100 % senior notes due 2026

 1,097
 —

 7.200 % senior notes due 2028

 —

 1.900 % senior notes due 2030

 —

 2.150 % senior notes due 2031

 —

 Parsley Energy LLC (6)

 4.125 % senior notes due 2028

 —

 Industrial revenue bonds due 2025-2051
 3.149 %
 2,032
 2,123

 Finance leases & other obligations
 4.577 %
 3,951
 3,838

 Debt issuance costs
 ( 78)
 ( 88)

 Total long-term debt
 36,755
 37,483

 (1) Average effective or imputed interest rates at December 31, 2024.

 (2) Includes impacts of hedge accounting of interest rate swaps.

 (3) Includes premiums of $ 76 million in 2024 and $ 97 million in 2023.

 (4) Includes premiums of $ 66 million in 2024 and $ 71 million in 2023.

 (5) Includes net discounts of $ 348 million in 2024.

 (6) Includes discounts of $ 7 million in 2024.

 Note 15. Incentive Program
 The 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 2024, remaining shares available for award under the 2003 Incentive Program were 47 million.
 Restricted Stock and Restricted Stock Units. Awards of restricted (nonvested) common stock units granted under the 2003 Incentive Program totaled 10,393 thousand, 9,701 thousand, and 9,392 thousand in 2024, 2023, and 2022, 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.
 In accordance with the terms of the merger agreement for the Pioneer acquisition, which closed on May 3, 2024, awards of Pioneer restricted stock units granted under the Pioneer Amended and Restated 2006 Long Term Incentive Plan (Pioneer LTIP) that did not vest as of immediately prior to the closing were cancelled and converted into awards of ExxonMobil restricted stock units based on the merger exchange ratio. The grant date for the converted Pioneer awards is considered to be the effective date of the acquisition for the purpose of calculating fair value. Compensation costs for the converted Pioneer awards is recognized in income over a period commensurate with the vesting schedule. Pioneer awards vest in three installments over a period of three years with approximately one third of the awards vesting each year. 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. The maximum term of the Pioneer awards is three years. As of the Pioneer acquisition closing on May 3, 2024, the maximum number of shares of stock that can be issued under the Pioneer LTIP was 9,458 thousand. At the end of 2024, remaining shares available for awards under the Pioneer LTIP were 9,362 thousand.
 The following tables summarize information about restricted stock and restricted stock units for the year ended December 31, 2024.

 Restricted stock and units outstanding
 2024

 Shares
 (thousands)

 Weighted-Average
 Grant-Date
 Fair Value per Share
 (dollars)

 Issued and outstanding at January 1
 37,812
 77.94

 Awards issued in 2024
 10,496
 104.21

 Vested
 ( 8,185)
 74.55

 Forfeited
 ( 528)
 101.66

 Issued and outstanding at December 31
 39,595
 85.29

 Impacts of Pioneer awards incorporated in the totals above include 760 thousand awards issued in 2024, ( 67) thousand vested and ( 209) thousand forfeited.

 Value of restricted stock units
 2024
 2023
 2022

 Grant price (dollars)

 118.57
 103.16
 110.46

 Value at date of grant:

 Units settled in stock
 1,193

 Units settled in cash

 Total value
 1,322
 1,001
 1,037

 As of December 31, 2024, there was $ 2,588 million of unrecognized compensation cost related to the nonvested restricted awards. This cost is expected to be recognized over a weighted-average period of 4.6 years. The compensation cost charged against income for the restricted stock and restricted stock units was $ 835 million, $ 611 million, and $ 648 million for 2024, 2023, and 2022, respectively. The income tax benefit recognized in income related to this compensation expense was $ 73 million, $ 50 million, and $ 52 million for the same periods, respectively. The fair value of shares and units vested in 2024, 2023, and 2022 was $ 980 million, $ 892 million, and $ 1,027 million, respectively. Cash payments of $ 87 million, $ 79 million, and $ 89 million for vested restricted stock units settled in cash were made in 2024, 2023, and 2022, respectively.

 Note 16. Litigation and Other Contingencies
 Litigation. A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, "significant" includes material matters, as well as other matters, which management believes should be disclosed.
 State and local governments and other entities in various jurisdictions across the United States and its territories have filed a number of legal proceedings against several oil and gas companies, including ExxonMobil, requesting unprecedented legal and equitable relief for various alleged injuries purportedly connected to climate change. These lawsuits assert a variety of novel, untested claims under statutory and common law. Additional such lawsuits may be filed. We believe the legal and factual theories set forth in these proceedings are meritless and represent an inappropriate attempt to use the court system to usurp the proper role of policymakers in addressing the societal challenges of climate change.
 Local governments in Louisiana have filed unprecedented legal proceedings against a number of oil and gas companies, including ExxonMobil, requesting compensation for the restoration of coastal marsh erosion in the state. We believe the factual and legal theories set forth in these proceedings are meritless.
 While the outcome of any litigation can be unpredictable, we believe the likelihood is remote that the ultimate outcomes of these lawsuits will have a material adverse effect on the Corporation's operations, financial condition, or financial statements taken as a whole. We will continue to defend vigorously against these claims.
 Other Contingencies. The Corporation and certain of its consolidated subsidiaries were contingently liable at December 31, 2024, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management's estimate of the maximum potential exposure. Where it is not possible to make a reasonable estimation of the maximum potential amount of future payments, future performance is expected to be either immaterial or have only a remote chance of occurrence.

 Equity Company Obligations (1)

 Other Third-Party Obligations
 Total

 Guarantees

 Debt-related
 1,073
 1,240

 Other
 5,965
 6,643

 Total
 1,751
 6,132
 7,883

 (1) ExxonMobil share.

 Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation's operations or financial condition.

 Note 17. Pension and Other Postretirement Benefits
 The benefit obligations and plan assets associated with the Corporation's principal benefit plans are measured on December 31.

 Other Postretirement Benefits

 (millions of dollars, except where stated otherwise)
 U.S.

 2024
 2023
 2024
 2023
 2024
 2023

 Weighted-average assumptions used to determine benefit obligations at December 31

 Discount rate (percent)

 5.70
 5.30
 4.60
 4.30
 5.80
 5.30

 Long-term rate of compensation increase (percent)

 4.00
 4.50
 4.20
 4.50
 4.00
 4.50

 Change in benefit obligation

 Benefit obligation at January 1
 13,143
 12,350
 21,327
 19,342
 5,014
 5,211

 Service cost

 Interest cost

 Actuarial loss/(gain) (1)

 ( 441)
 ( 658)
 1,393
 ( 81)

 Benefits paid (2)(3)

 ( 874)
 ( 870)
 ( 1,240)
 ( 1,214)
 ( 534)
 ( 545)

 Foreign exchange rate changes
 —
 —
 ( 1,274)
 ( 40)

 Amendments, divestments and other
 ( 17)
 ( 118)
 ( 193)

 Benefit obligation at December 31
 12,999
 13,143
 19,198
 21,327
 4,791
 5,014

 Accumulated benefit obligation at December 31
 11,227
 11,033
 17,818
 19,769
 —
 —

 (1) Actuarial loss/(gain) primarily reflects higher discount rates.

 (2) Benefit payments for funded and unfunded plans.

 (3) For 2024 and 2023, other postretirement benefits paid are net of $ 10 million and $ 19 million of Medicare subsidy receipts, respectively.

 For selection of the discount rate for U.S. plans, several sources of information are considered, including interest rate market indicators and the effective discount rate determined by use of a yield curve based on high-quality, noncallable bonds applied to the estimated cash outflows for benefit payments. For major non-U.S. plans, the discount rate is determined by using a spot yield curve of high-quality, local-currency-denominated bonds at an average maturity approximating that of the liabilities.
 The measurement of the accumulated postretirement benefit obligation assumes a health care cost trend rate of 4.0 percent in 2026 and subsequent years.

 Other Postretirement Benefits

 U.S.

 2024
 2023
 2024
 2023
 2024
 2023

 Change in plan assets

 Fair value at January 1
 11,367
 10,989
 18,431
 16,757

 Actual return on plan assets
 1,121
 1,484

 Foreign exchange rate changes
 —
 —
 ( 1,051)
 —
 —

 Company contribution
 —

 Benefits paid (1)

 ( 709)
 ( 743)
 ( 931)
 ( 878)
 ( 51)
 ( 51)

 Other
 —
 —
 ( 221)
 ( 39)
 —
 —

 Fair value at December 31
 11,244
 11,367
 17,378
 18,431

 (1) Benefit payments for funded plans.

 The funding levels of all qualified pension plans are in compliance with standards set by applicable law or regulation. As shown in the table below, certain smaller U.S. pension plans and a number of non-U.S. pension plans are not funded because local applicable tax rules and regulatory practices do not encourage funding of these plans. All defined benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.

 U.S.

 2024
 2023
 2024
 2023

 Assets in excess of/(less than) benefit obligation

 Balance at December 31

 Funded plans
 ( 267)
 ( 271)
 1,679
 1,028

 Unfunded plans
 ( 1,488)
 ( 1,505)
 ( 3,499)
 ( 3,924)

 Total
 ( 1,755)
 ( 1,776)
 ( 1,820)
 ( 2,896)

 The authoritative guidance for defined benefit pension and other postretirement plans requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheet and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income.

 Other Postretirement Benefits

 U.S.

 2024
 2023
 2024
 2023
 2024
 2023

 Assets in excess of/(less than) benefit obligation

 Balance at December 31 (1)

 ( 1,755)
 ( 1,776)
 ( 1,820)
 ( 2,896)
 ( 4,427)
 ( 4,643)

 Amounts recorded in the Consolidated Balance Sheet consist of:

 Other assets
 —
 2,399
 1,895
 —
 —

 Current liabilities
 ( 213)
 ( 201)
 ( 207)
 ( 225)
 ( 283)
 ( 288)

 Postretirement benefits reserves
 ( 1,544)
 ( 1,575)
 ( 4,012)
 ( 4,566)
 ( 4,144)
 ( 4,355)

 Total recorded
 ( 1,755)
 ( 1,776)
 ( 1,820)
 ( 2,896)
 ( 4,427)
 ( 4,643)

 Amounts recorded in accumulated other comprehensive income consist of:

 Net actuarial loss/(gain)
 1,364
 ( 1,421)
 ( 1,453)

 Prior service cost
 ( 252)
 ( 283)
 ( 405)
 ( 459)

 Total recorded in accumulated other comprehensive income
 1,765
 ( 1,826)
 ( 1,912)

 (1) Fair value of assets less benefit obligation shown on the preceding page.

 The long-term expected rate of return on funded assets shown below is established for each benefit plan by developing a forward-looking, long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted-average of the target asset allocation percentages and the long-term return assumption for each asset class.

 Other Postretirement
Benefits

 (millions of dollars, except where stated otherwise)
 U.S.

 2024
 2023
 2022
 2024
 2023
 2022
 2024
 2023
 2022

 Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31

 Discount rate (percent)

 5.30
 5.60
 3.00
 4.30
 4.90
 2.20
 5.30
 5.60
 3.10

 Long-term rate of return on funded assets (percent)

 6.80
 5.20
 4.60
 5.50
 4.20
 3.50
 6.00
 4.70
 3.80

 Long-term rate of compensation increase (percent)

 4.50
 4.50
 4.50
 4.50
 5.20
 4.20
 4.50
 4.50
 4.50

 Components of net periodic benefit cost

 Service cost

 Interest cost

 Expected return on plan assets
 ( 724)
 ( 532)
 ( 560)
 ( 955)
 ( 688)
 ( 815)
 ( 20)
 ( 14)
 ( 14)

 Amortization of actuarial loss/(gain)
 ( 103)
 ( 122)

 Amortization of prior service cost
 ( 31)
 ( 29)
 ( 29)
 ( 63)
 ( 42)
 ( 42)

 Net pension enhancement and curtailment/settlement cost
 —
 —
 —

 Net periodic benefit cost
 1,002

 Changes in amounts recorded in accumulated other comprehensive income:

 Net actuarial loss/(gain)
 ( 3)
 ( 39)
 ( 607)
 ( 611)
 ( 1,641)
 ( 81)
 ( 1,910)

 Amortization of actuarial (loss)/gain
 ( 110)
 ( 114)
 ( 361)
 ( 112)
 ( 108)
 ( 183)
 ( 6)

 Prior service cost/(credit)
 —
 ( 17)
 —
 ( 8)
 ( 312)
 —

 Amortization of prior service (cost)/credit
 ( 44)
 ( 52)
 ( 40)

 Foreign exchange rate changes
 —
 —
 —
 ( 102)
 ( 199)
 ( 2)
 ( 7)

 Total recorded in other comprehensive income
 ( 82)
 ( 141)
 ( 939)
 ( 788)
 ( 1,979)
 ( 1,881)

 Total recorded in net periodic benefit cost and other comprehensive income, before tax
 ( 419)
 1,363
 ( 1,383)
 ( 1,577)

 Costs for defined contribution plans were $ 415 million, $ 383 million, and $ 365 million in 2024, 2023, and 2022, respectively.

 A summary of the change in accumulated other comprehensive income is shown in the table below:

 Total Pension and Other Postretirement Benefits

 2024
 2023
 2022

 (Charge)/credit to other comprehensive income, before tax

 U.S. pension

 Non-U.S. pension
 ( 641)
 1,979

 Other postretirement benefits
 ( 86)
 ( 4)
 1,881

 Total (charge)/credit to other comprehensive income, before tax
 ( 504)
 4,799

 (Charge)/credit to income tax (see Note 4)

 ( 208)
 ( 1,236)

 (Charge)/credit to investment in equity companies

 (Charge)/credit to other comprehensive income including noncontrolling interests, after tax
 ( 308)
 3,798

 Charge/(credit) to equity of noncontrolling interests
 ( 120)
 ( 212)

 (Charge)/credit to other comprehensive income attributable to ExxonMobil
 ( 254)
 3,586

 The Corporation's investment strategy for benefit plan assets reflects a long-term view, a careful assessment of the risks inherent in plan assets and liabilities, and broad diversification to reduce the risk of the portfolio. The benefit plan assets are primarily invested in passive global equity and local currency fixed income index funds to diversify risk while minimizing costs. The equity funds hold ExxonMobil stock only to the extent necessary to replicate the relevant equity index. The fixed income funds are largely invested in investment-grade corporate and government debt securities with interest rate sensitivity designed to approximate the interest rate sensitivity of plan liabilities.
 Target asset allocations for benefit plans are reviewed periodically and set based on considerations such as risk, diversification, liquidity, and funding level. The target asset allocations for the major benefit plans range from 15 to 40 percent in equity securities and the remainder in fixed income securities. The equity allocation for the U.S. plan includes a target allocation of 10 percent to limited partnerships that focus on the venture capital, growth and buyout sectors of the private equity market. Certain non-U.S. plans include small allocations to private equity partnerships that primarily focus on early-stage venture capital.
 The fair value measurement levels are accounting terms that refer to different methods of valuing assets. The terms do not represent the relative risk or credit quality of an investment.

 The 2024 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:

 U.S. Pension
 Non-U.S. Pension

 Fair Value Measurement at
 December 31, 2024, Using:

 Fair Value Measurement at
 December 31, 2024, Using:

 Total

 Total

 Asset category:

 Equity securities

 U.S.
 —
 —

 —
 2,263
 2,263
 —

 —

 —
 2,865
 2,865

 —
 —

 —
 1,225
 1,225
 (1)
 —

 —
 1,560
 1,603

 Private equity
 —
 —

 —
 —

 —

 —

 Debt securities

 Corporate
 —
 (2)
 —
 4,498
 5,469
 —

 (2)
 —
 3,650
 3,699

 Government
 —
 (2)
 —
 1,126
 1,718
 (3)
 (2)
 —
 8,222
 8,440

 Asset-backed
 —
 —

 —
 —

 (2)
 —

 Other
 —
 —
 —
 —
 —
 —
 —
 —

 Real Estate
 —
 —
 —
 —
 —
 —
 —
 —

 Cash
 —
 —

 —

 (4)
 —

 Other
 —
 —
 —
 —
 —
 —
 —
 —

 Total at fair value
 —
 1,577

 —
 9,665
 11,242

 —
 16,957
 17,363

 Insurance contracts at contract value

 Total plan assets

 11,244

 17,378

 (1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

 (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 (3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

 (4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a level 2 input.

 Other Postretirement

 Fair Value Measurement at December 31, 2024, Using:

 Total

 Asset category:

 Equity securities

 U.S.
 (1)
 —
 —
 —

 (1)
 —
 —
 —

 Debt securities

 Corporate
 —
 (2)
 —
 —

 Government
 —
 (2)
 —
 —

 Asset-backed
 —
 (2)
 —
 —

 Cash
 —
 —
 —

 Total at fair value
 —
 —

 (1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

 (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 The 2023 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:

 U.S. Pension
 Non-U.S. Pension

 Fair Value Measurement at
 December 31, 2023, Using:

 Fair Value Measurement at
 December 31, 2023, Using:

 Total

 Total

 Asset category:

 Equity securities

 U.S.
 —
 —

 —
 2,114
 2,114
 —

 —

 —
 2,642
 2,642

 —
 —

 —
 1,344
 1,344
 (1)
 —

 —
 1,688
 1,740

 Private equity
 —
 —

 —
 —

 —

 —

 Debt securities

 Corporate
 —
 4,699
 (2)
 —
 4,700
 —

 (2)
 —
 4,370
 4,431

 Government
 —
 2,650
 (2)
 —
 2,652
 (3)
 (2)
 —
 8,429
 8,734

 Asset-backed
 —
 —

 —
 —

 (2)
 —

 Other
 —
 —
 —
 —
 —
 —
 —
 —

 Real Estate
 —
 —
 —
 —
 —
 —
 —
 —

 Cash
 —
 —

 —

 (4)
 —

 Total at fair value
 —
 7,349

 —
 4,015
 11,364

 —
 17,763
 18,409

 Insurance contracts at contract value

 Total plan assets

 11,367

 18,431

 (1) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

 (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 (3) For government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

 (4) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a level 2 input.

 Other Postretirement

 Fair Value Measurement at December 31, 2023, Using:

 Total

 Asset category:

 Equity securities

 U.S.
 (1)
 —
 —
 —

 (1)
 —
 —
 —

 Debt securities

 Corporate
 —
 (2)
 —
 —

 Government
 —
 (2)
 —
 —

 Asset-backed
 —
 (2)
 —
 —

 Cash
 —
 —
 —

 Total at fair value
 —
 —

 (1) For equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

 (2) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 A summary of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below:

 U.S.

 2024
 2023
 2024
 2023

 For funded pension plans with an accumulated benefit obligation in excess of plan assets:

 Accumulated benefit obligation
 —
 —
 1,025
 1,145

 Fair value of plan assets
 —
 —

 For funded pension plans with a projected benefit obligation in
 excess of plan assets:

 Projected benefit obligation
 11,501
 11,638
 1,982
 2,334

 Fair value of plan assets
 11,232
 11,367
 1,261
 1,465

 For unfunded pension plans:

 Projected benefit obligation
 1,488
 1,505
 3,499
 3,924

 Accumulated benefit obligation
 1,229
 1,173
 3,224
 3,592

 All other postretirement benefit plans are unfunded or underfunded.

 Other Postretirement Benefits

 U.S.
 Gross
 Medicare Subsidy Receipt

 Contributions expected in 2025

 —
 —
 —

 Benefit payments expected in:

 2025
 1,104
 1,101

 2026
 1,109
 1,077

 2027
 1,102
 1,110

 2028
 1,119
 1,146

 2029
 1,133
 1,131

 2030 - 2034

 5,854
 5,681
 1,752

 Note 18. Disclosures about Segments and Related Information
 Our 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 resins
 The 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 $ 437 million in 2024, $ 234 million in 2023, and $ 117 million in 2022.

 U.S.
 U.S.
 U.S.
 U.S.

 Revenues and other income

 22,929
 14,202
 101,325
 159,531
 8,558
 14,338
 5,790
 12,463
 339,136

 ( 36)
 5,649
 ( 109)
 —
 ( 26)
 6,399

 Intersegment revenue
 24,633
 41,809
 23,626
 26,034
 7,329
 3,893
 2,462
 130,359

 Other income
 2,197

 48,416
 62,330
 125,386
 185,648
 16,058
 18,853
 8,274
 13,126
 478,091

 Costs and other items

 18,325
 10,388
 110,205
 153,811
 8,510
 12,621
 4,160
 8,753
 326,773

 Operating expenses, excl. depreciation and depletion (1)

 9,822
 10,695
 8,034
 8,924
 4,781
 4,419
 1,931
 2,316
 50,922

 11,510
 8,014
 22,390

 Interest expense
 —

 2,750
 3,421
 19,699
 26,542

 Total costs and other deductions
 40,176
 31,929
 122,468
 183,178
 13,971
 17,604
 6,202
 11,390
 426,918

 Segment income (loss) before income taxes
 8,240
 30,401
 2,918
 2,470
 2,087
 1,249
 2,072
 1,736
 51,173

 1,814
 10,622
 14,690

 Segment net income (loss) incl. noncontrolling interests
 6,426
 19,779
 2,287
 2,306
 1,627
 1,578
 1,493
 36,483

 Net income (loss) attributable to noncontrolling interests
 —
 —
 1,431

 Segment net income (loss)
 6,426
 18,964
 2,099
 1,934
 1,627
 1,576
 1,476
 35,052

 Reconciliation of consolidated revenues

 478,091

 Other revenues (2)

 1,853

 Elimination of intersegment revenues
 ( 130,359)

 Total consolidated revenues and other income
 349,585

 Reconciliation of income (loss) attributable to ExxonMobil

 Total segment net income (loss)
 35,052

 Corporate and Financing income (loss)
 ( 1,372)

 U.S.
 U.S.
 U.S.
 U.S.

 94,649
 8,371
 1,450
 1,161
 107,151

 4,884
 21,396
 3,016
 2,649
 —
 34,118

 154,914
 134,609
 32,143
 43,399
 17,445
 17,692
 2,882
 8,040
 411,124

 Reconciliation to Corporate Total
 Corporate Total

 107,151
 2,181
 109,332

 34,118
 ( 108)
 34,010

 411,124
 42,351

 (1) Operating expenses, excl. depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement: Production and manufacturing expenses; Selling, general and administrative expenses; Exploration expenses, including dry holes; and Non-service pension and postretirement benefit expense.

 (2) Primarily Corporate and Financing Interest revenue of $ 1,600 million.

 (3) Includes non-cash additions. See Note 21 for additions resulting from the Pioneer acquisition in 2024.

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

 U.S.
 U.S.
 U.S.
 U.S.

 Revenues and other income

 9,500
 16,074
 103,868
 164,515
 7,951
 14,314
 6,044
 12,363
 334,629

 5,550
 —
 ( 25)
 6,746

 Intersegment revenue
 20,971
 38,982
 23,481
 28,258
 7,991
 3,643
 2,570
 126,451

 Other income
 1,543

 31,165
 61,072
 127,672
 192,991
 16,074
 18,730
 8,633
 13,032
 469,369

 Costs and other items

 9,945
 11,279
 107,796
 152,487
 8,824
 13,096
 4,718
 8,955
 317,100

 Operating expenses, excl. depreciation and depletion (1)

 6,696
 10,960
 7,851
 9,434
 4,560
 4,643
 1,822
 2,238
 48,204

 8,863
 7,737
 19,788

 Interest expense
 —

 2,684
 3,421
 22,226
 29,011

 Total costs and other deductions
 25,947
 32,734
 119,837
 184,951
 14,052
 18,525
 6,639
 11,591
 414,276

 Segment income (loss) before income taxes
 5,218
 28,338
 7,835
 8,040
 2,022
 1,994
 1,441
 55,093

 1,016
 10,593
 1,543
 1,492
 15,891

 Segment net income (loss) incl. noncontrolling interests
 4,202
 17,745
 6,292
 6,548
 1,626
 1,536
 1,206
 39,202

 Net income (loss) attributable to noncontrolling interests
 —
 —
 —
 1,401

 Segment net income (loss)
 4,202
 17,106
 6,123
 6,019
 1,626
 1,536
 1,178
 37,801

 Reconciliation of consolidated revenues

 469,369

 Other revenues (2)

 1,664

 Elimination of intersegment revenues
 ( 126,451)

 Total consolidated revenues and other income
 344,582

 Reconciliation of income (loss) attributable to ExxonMobil

 Total segment net income (loss)
 37,801

 Corporate and Financing income (loss)
 ( 1,791)

 U.S.
 U.S.
 U.S.
 U.S.

 10,372
 8,217
 1,106
 1,455
 1,775
 23,976

 4,436
 21,485
 1,135
 3,086
 2,700
 —
 34,200

 67,452
 138,914
 32,123
 42,337
 17,599
 17,076
 2,620
 8,379
 326,500

 Reconciliation to Corporate Total
 Corporate Total

 23,976
 5,062
 29,038

 34,200
 ( 120)
 34,080

 326,500
 49,817

 (1) Operating expenses, excl. depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement: Production and manufacturing expenses; Selling, general and administrative expenses; Exploration expenses, including dry holes; and Non-service pension and postretirement benefit expense.

 (2) Primarily Corporate and Financing Interest revenue of $ 1,628 million.

 (3) Includes non-cash additions.

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

 U.S.
 U.S.
 U.S.
 U.S.

 Revenues and other income

 14,579
 30,585
 117,824
 188,153
 10,670
 16,949
 6,152
 13,727
 398,639

 10,133
 —
 ( 23)
 11,831

 Intersegment revenue
 25,658
 46,076
 29,001
 36,894
 9,081
 5,201
 2,587
 155,323

 Other income
 1,504
 2,551

 41,097
 88,298
 147,135
 225,577
 19,881
 22,951
 8,764
 14,641
 568,344

 Costs and other items

 12,786
 20,770
 123,675
 182,293
 11,551
 15,847
 5,112
 10,384
 382,418

 Operating expenses, excl. depreciation and depletion (1)

 6,693
 12,723
 8,373
 12,092
 4,900
 5,022
 2,028
 2,388
 54,219

 5,791
 14,013
 1,246
 23,067

 Interest expense
 —
 —

 3,559
 3,306
 20,040
 27,919

 Total costs and other deductions
 26,039
 51,103
 136,096
 215,678
 17,033
 21,395
 7,240
 13,138
 487,722

 Segment income (loss) before income taxes
 15,058
 37,195
 11,039
 9,899
 2,848
 1,556
 1,524
 1,503
 80,622

 3,330
 11,575
 2,615
 2,420
 21,338

 Segment net income (loss) incl. noncontrolling interests
 11,728
 25,620
 8,424
 7,479
 2,328
 1,264
 1,190
 1,251
 59,284

 Net income (loss) attributable to noncontrolling interests
 —
 —
 —
 1,881

 Segment net income (loss)
 11,728
 24,751
 8,340
 6,626
 2,328
 1,215
 1,190
 1,225
 57,403

 Reconciliation of consolidated revenues

 568,344

 Other revenues (2)

 Elimination of intersegment revenues
 ( 155,323)

 Total consolidated revenues and other income
 413,680

 Reconciliation of income (loss) attributable to ExxonMobil

 Total segment net income (loss)
 57,403

 Corporate and Financing income (loss)
 ( 1,663)

 U.S.
 U.S.
 U.S.
 U.S.

 5,940
 6,441
 1,141
 1,026
 1,692
 17,441

 4,893
 21,502
 1,154
 3,124
 2,417
 —
 1,177
 34,635

 66,695
 139,764
 31,729
 41,836
 17,342
 15,875
 2,839
 8,316
 324,396

 Reconciliation to Corporate Total
 Corporate Total

 17,441
 18,338

 34,635
 ( 113)
 34,522

 324,396
 44,671
 369,067

 (1) Operating expenses, excl. depreciation and depletion includes the following GAAP line items, as reflected on the Income Statement: Production and manufacturing expenses; Selling, general and administrative expenses; Exploration expenses, including dry holes; and Non-service pension and postretirement benefit expense.

 (2) Primarily Corporate and Financing Interest revenue of $ 446 million.

 (3) Includes non-cash additions.

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

 Revenue from Contracts with Customers
 Sales and other operating revenue include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Revenue outside the scope of ASC 606 primarily relates to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.

 2024
 2023
 2022

 Revenue from contracts with customers
 245,143
 256,455
 304,758

 Revenue outside the scope of ASC 606
 94,104
 78,242
 93,917

 Total
 339,247
 334,697
 398,675

 Geographic

 2024
 2023
 2022

 138,657
 127,374
 149,225

 200,590
 207,323
 249,450

 Total
 339,247
 334,697
 398,675

 Significant non-U.S. revenue sources include: (1)

 29,746
 28,994
 32,970

 20,580
 23,372
 33,988

 Singapore
 15,724
 15,331
 19,029

 France
 13,743
 14,803
 17,727

 (1) Revenue is determined by primary country of operations. Excludes certain sales and other operating revenues in Non-U.S. operations where attribution to a specific country is not practicable.

 Long-lived assets

 December 31,

 2024
 2023
 2022

 178,633
 95,792
 90,051

 115,685
 119,148
 114,641

 Total
 294,318
 214,940
 204,692

 Significant non-U.S. long-lived assets include:

 28,761
 31,682
 31,106

 Singapore
 12,621
 12,490
 11,972

 Guyana
 12,414
 9,689
 6,766

 Australia
 9,818
 11,212
 11,372

 Note 19. Income and Other Taxes

 2024
 2023
 2022

 U.S.
 Total
 U.S.
 Total
 U.S.
 Total

 Federal and non-U.S.

 Current
 2,061
 11,940
 14,001
 1,987
 12,111
 14,098
 15,071
 15,767

 Deferred - net
 ( 318)
 ( 512)
 ( 830)
 4,122
 ( 539)
 3,583

 U.S. tax on non-U.S. operations
 —
 —
 —

 Total federal and non-U.S.
 1,984
 11,428
 13,412
 2,765
 12,592
 15,357
 4,883
 14,532
 19,415

 State
 —
 —
 —

 Total income tax expense (benefit)
 2,382
 11,428
 2,837
 12,592
 5,644
 14,532

 All other taxes and duties

 3,849
 22,439
 26,288
 3,871
 25,140
 29,011
 4,087
 23,832
 27,919

 Included in production and manufacturing expenses
 2,510
 3,162
 1,961
 2,687
 2,204
 3,066

 Included in SG&A expenses

 Total other taxes and duties
 6,538
 23,356
 29,894
 6,015
 26,176
 32,191
 6,442
 25,013
 31,455

 Total
 8,920
 34,784
 43,704
 8,852
 38,768
 47,620
 12,086
 39,545
 51,631

 The above provisions for deferred income taxes include net benefits of $ 28 million in 2024, and net expenses of $ 24 million and $ 30 million in 2023 and 2022, respectively, related to changes in tax laws and rates.

 Additional European Taxes on the Energy Sector. On October 6, 2022, European Union ("EU") Member States adopted an EU Council Regulation which, along with other measures, introduced a new tax described as an emergency intervention to address high energy prices. This regulation imposed a mandatory tax on certain companies active in the crude petroleum, coal, natural gas, and refinery sectors. The regulation required EU Member States to levy a minimum 33 percent tax on in-scope companies' 2022 and/or 2023 "surplus profits", defined in the regulation as taxable profits exceeding 120 percent of the annual average profits during the 2018-2021 period. EU Member States were required to implement the tax, or an equivalent national measure, by December 31, 2022. The enactment of these regulations by EU Member States resulted in an after-tax charge of approximately $ 1.8 billion to the Corporation's fourth-quarter 2022 results and approximately $ 0.2 billion in 2023, mainly reflected in the line "Income tax expense (benefit)" on the Consolidated Statement of Income.

 The reconciliation between income tax expense (credit) and a theoretical U.S. tax computed by applying a rate of 21 percent for 2024, 2023, and 2022 is as follows:

 2024
 2023
 2022

 Income (loss) before income taxes

 12,258
 14,786
 28,281

 36,615
 37,997
 49,472

 Total
 48,873
 52,783
 77,753

 Theoretical tax
 10,263
 11,084
 16,328

 Effect of equity method of accounting
 ( 1,301)
 ( 1,341)
 ( 2,407)

 Non-U.S. taxes in excess of/(less than) theoretical U.S. tax (1)

 4,986
 5,888
 6,423

 State taxes, net of federal tax benefit

 Other
 ( 452)
 ( 259)
 ( 769)

 Total income tax expense (credit)

 Effective tax rate calculation

 Income tax expense (credit)

 ExxonMobil share of equity company income taxes
 3,197
 3,058
 7,594

 Total income tax expense (credit)
 17,007
 18,487
 27,770

 Net income (loss) including noncontrolling interests

 Total income (loss) before taxes
 52,070
 55,841
 85,347

 Effective income tax rate
 33 %
 33 %
 33 %

 (1) Includes the impact of the additional European taxes on the energy sector of $ 115 million and $ 1,825 million in 2023 and 2022, respectively.

 Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.
 Deferred tax liabilities/(assets) are comprised of the following at December 31:

 Tax effects of temporary differences for:

 2024
 2023

 Property, plant and equipment
 40,881
 26,627

 Other liabilities
 8,113
 7,534

 Total deferred tax liabilities
 48,994
 34,161

 Pension and other postretirement benefits
 ( 1,365)
 ( 1,777)

 Asset retirement obligations
 ( 3,156)
 ( 3,532)

 Tax loss carryforwards
 ( 4,575)
 ( 4,317)

 Other assets
 ( 7,308)
 ( 6,361)

 Total deferred tax assets
 ( 16,404)
 ( 15,987)

 Asset valuation allowances
 2,516
 2,641

 Net deferred tax liabilities
 35,106
 20,815

 In 2024, asset valuation allowances of $ 2,516 million decreased by $ 125 million and included net provisions of $ 41 million and foreign currency and other net benefits of $ 166 million.

 Balance sheet classification

 2024
 2023

 Other assets, including intangibles, net
 ( 3,936)
 ( 3,637)

 Deferred income tax liabilities
 39,042
 24,452

 Net deferred tax liabilities
 35,106
 20,815

 The Corporation's undistributed earnings from subsidiary companies outside the United States include amounts that have been retained to fund prior and future capital project expenditures. Deferred income taxes have not been recorded for potential future tax obligations, such as foreign withholding tax and state tax, as these undistributed earnings are expected to be indefinitely reinvested for the foreseeable future. As of December 31, 2024, it is not practicable to estimate the unrecognized deferred tax liability. However, unrecognized deferred taxes on remittance of these funds are not expected to be material.

 Unrecognized Tax Benefits. The Corporation is subject to income taxation in many jurisdictions around the world. The benefits of uncertain tax positions that the Corporation has taken or expects to take in its income tax returns are recognized in the financial statements if management concludes that it is more likely than not that the position will be sustained with the tax authorities. For a position that is likely to be sustained, the benefit recognized in the financial statements is measured at the largest amount that is greater than 50 percent likely of being realized. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. The following table summarizes the movement in unrecognized tax benefits:

 Gross unrecognized tax benefits

 2024
 2023
 2022

 Balance at January 1
 3,935
 3,398
 9,130

 Additions based on current year's tax positions

 Additions for prior years' tax positions

 Reductions for prior years' tax positions
 ( 293)
 ( 38)
 ( 6,243)

 Reductions due to lapse of the statute of limitations
 ( 17)
 ( 25)
 ( 16)

 Settlements with tax authorities
 ( 13)
 ( 153)
 ( 277)

 Foreign exchange effects/other
 ( 56)
 ( 29)

 Balance at December 31
 4,035
 3,935
 3,398

 The gross unrecognized tax benefit balances shown above predominantly relate to tax positions that would reduce the Corporation's effective tax rate if the positions are favorably resolved. Unfavorable resolution of these tax positions generally would not increase the effective tax rate. The 2024, 2023, and 2022 changes in unrecognized tax benefits did not have a material effect on the Corporation's net income.
 Resolution of these tax positions through negotiations with the relevant tax authorities or through litigation may take many years to complete. It is difficult to predict the timing of resolution for these tax positions since the timing is not entirely within the control of the Corporation. Unlike 2022, during which litigation resolved certain unrecognized tax benefit positions, there was no major resolution of unrecognized tax benefit positions in 2023 or 2024. The Corporation has various U.S. federal income tax positions at issue with the Internal Revenue Service for tax years beginning with 2010. Unfavorable resolution of these issues would not have a materially adverse effect on the Corporation's net income or liquidity.
 It is reasonably possible that the total amount of unrecognized tax benefits could increase by up to 20 percent or decrease by up to 30 percent in the next 12 months.
 The following table summarizes the tax years that remain subject to examination by major tax jurisdiction:

 Country of Operation
 Open Tax Years

 2001
 —
 2024

 Kazakhstan
 2015
 —
 2024

 Nigeria
 2017
 —
 2024

 Papua New Guinea
 2008
 —
 2024

 United Arab Emirates
 2024

 2010
 —
 2024

 The Corporation classifies interest on income tax-related balances as interest expense or interest income and classifies tax-related penalties as operating expense.
 For 2024, 2023, and 2022, the Corporation's net interest expense on income tax reserves was $ 142 million, $ 60 million, and $ 16 million, respectively. The related interest payable balances were $ 275 million and $ 134 million at December 31, 2024 and 2023, respectively.

 Note 20. Divestment Activities
 In 2024, the Corporation realized proceeds of approximately $ 5.0 billion and recognized net after-tax earnings of approximately $ 1.0 billion from its divestment activities. This included the sale of the Santa Ynez Unit and associated facilities in California, Mobil Producing Nigeria Unlimited, ExxonMobil Exploration Argentina, the Fos-sur-Mer Refinery (France), the Adriatic LNG terminal (Italy), and certain conventional and unconventional assets in the United States, as well as other smaller divestments.
 In 2023, the Corporation realized proceeds of approximately $ 4.1 billion and recognized net after-tax earnings of approximately $ 0.6 billion from its divestment activities. This included the sale of the Aera Energy joint venture, Esso Thailand Ltd., the Billings Refinery, certain unconventional assets in the United States, as well as other smaller divestments.
 In 2022, the Corporation realized proceeds of approximately $ 5.2 billion and recognized net after-tax earnings of approximately $ 0.4 billion from its divestment activities. This included the sale of certain unproved assets in Romania and unconventional assets in Canada and the United States, as well as other smaller divestments.

 Note 21. Mergers and Acquisitions
 Pioneer Natural Resources Company
 On May 3, 2024, the Corporation acquired 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 provisional fair values of the assets acquired and liabilities assumed.

 (billions of dollars)
 Pioneer

 Current assets (1)

 Other non-current assets

 Property, plant & equipment (2)

 Total identifiable assets acquired

 Current liabilities (1)

 Long-term debt (3)

 Deferred income tax liabilities (4)

 Other non-current liabilities

 Total liabilities assumed

 Net identifiable assets acquired

 Goodwill (5)

 Net assets (6)

 (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 primarily 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.

 (6) Provisional fair value measurements were made for assets acquired and liabilities assumed. Adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as we continue to evaluate the information necessary to complete the analysis.

 Debt Assumed in the Merger
 The following table presents long-term debt assumed at closing:

 Par Value
 Fair Value
as of May 2, 2024

 0.250 % Convertible Senior Notes due May 2025 (1)

 1,327

 1.125 % Senior Notes due January 2026

 5.100 % Senior Notes due March 2026

 1,100
 1,096

 7.200 % Senior Notes due January 2028

 4.125 % Senior Notes due February 2028

 1.900 % Senior Notes due August 2030

 1,100

 2.150 % Senior Notes due January 2031

 1,000

 (1) In June 2024, the Corporation redeemed in full all of the Convertible Senior Notes assumed from Pioneer for an amount consistent with the acquisition date fair value.

 Actual and Pro Forma Impact of Merger
 The following table presents revenues and earnings included in the Consolidated Statement of Income for Pioneer since the acquisition date (May 3, 2024) through December 31, 2024:

 Twelve Months Ended December 31, 2024

 Sales and other operating revenues
 17,008

 1,710

 The following table presents unaudited pro forma information for the Corporation as if the merger with Pioneer had occurred at the beginning of January 1, 2023:

 Unaudited

 Twelve Months Ended December 31,

 2024
 2023

 Sales and other operating revenues
 347,406
 358,014

 34,476
 39,211

 The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the merger and factually supportable. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2023. In addition, the unaudited pro forma consolidated results reflect pro forma adjustments primarily related to conforming Pioneer's accounting policies to ExxonMobil, additional depreciation expense related to the fair value adjustment of the acquired property, plant and equipment, our capital structure, Pioneer's transaction-related costs, and applicable income tax impacts of the pro forma adjustments.

 Our transaction costs to effect the acquisition were immaterial.

 Denbury Inc.
 On November 2, 2023, the Corporation acquired Denbury, a developer of carbon capture, utilization, and storage solutions and enhanced oil recovery producing assets. The acquisition also included Gulf Coast and Rocky Mountain oil and natural gas operations.
 Total consideration was $ 5.1 billion, which included the issuance of 46 million shares of ExxonMobil common stock from treasury having a fair value of $ 4.8 billion on the acquisition date, and cash payments of $ 0.3 billion related to repayment of Denbury's credit facility and settlement of fractional shares.
 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)
 Denbury

 Current assets
 0.4

 Property, plant & equipment
 6.4

 Other assets
 0.2

 7.0

 Current liabilities
 0.3

 Long-term liabilities
 1.6

 Total liabilities
 1.9

 Net assets acquired
 5.1

 Inputs for the assumptions used in the income approach to value property, plant and equipment included estimates for pipeline tariff rates, pipeline throughput volumes, commodity prices, future oil and gas production profiles, operating expenses, and a risk-adjusted discount rate.
 The Denbury acquisition resulted in an immaterial amount of goodwill. Revenues and earnings arising from Denbury's operations are immaterial in 2023 for pro forma disclosure purposes.

 SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (unaudited)
 The results of operations for producing activities shown below do not include earnings from other activities that ExxonMobil includes in the Upstream function, such as oil and gas transportation operations, LNG liquefaction and transportation operations, power operations, technical service agreements, gains and losses from derivative activity, other nonoperating activities and adjustments for noncontrolling interests. These excluded amounts for both consolidated and equity companies totaled $1,395 million in 2024, $(519) million in 2023 and $4,802 million in 2022. Oil sands mining operations are included in the results of operations in accordance with Securities and Exchange Commission and Financial Accounting Standards Board rules.

 Results of Operations

Other
 Asia
 Total

 2024

 13,036
 5,774
 2,473
 3,790
 26,484

 13,745
 13,140
 5,764
 10,825
 44,334

 26,781
 18,914
 1,029
 6,189
 13,298
 4,607
 70,818

 6,869
 4,745
 1,723
 1,163
 15,516

 11,114
 3,343
 1,436
 1,390
 18,229

 2,163
 1,987
 5,145

 1,502
 2,025
 6,562
 11,701

 Results of producing activities for consolidated subsidiaries
 5,090
 8,201
 1,733
 2,165
 1,962
 19,401

 —
 13,054
 —
 13,675

 —
 —
 —
 —

 —
 13,196
 —
 13,832

 —
 —
 1,189

 —
 —
 —
 —
 —

 —
 —
 1,091

 —
 —
 4,469
 —
 4,485

 —
 —
 (48)
 2,495
 —
 2,471

 Results of producing activities for equity companies
 (234)
 —
 (46)
 4,792
 —
 4,594

 Total results of operations
 4,856
 8,201
 1,815
 6,957
 1,962
 23,995

 Results of Operations

Other
 Asia
 Total

 2023

 5,098
 4,027
 1,345
 2,490
 4,588
 17,846

 13,378
 11,474
 6,355
 10,779
 42,633

 18,476
 15,501
 1,392
 6,653
 13,269
 5,188
 60,479

 4,164
 4,943
 1,710
 1,146
 13,097

 8,479
 2,866
 1,561
 1,519
 15,276

 1,701
 1,936
 4,676

 1,196
 1,299
 6,498
 1,078
 11,089

 Results of producing activities for consolidated subsidiaries
 3,385
 5,874
 1,443
 2,152
 2,451
 15,590

 —
 1,211
 14,653
 —
 16,260

 —
 —
 —

 —
 1,240
 14,885
 —
 16,604

 —
 —
 1,411

 —
 —
 —
 —
 —
 —
 —

 —
 —

 —
 —
 5,049
 —
 5,088

 —
 —
 2,904
 —
 3,136

 Results of producing activities for equity companies
 (44)
 —
 5,613
 —
 6,237

 Total results of operations
 3,341
 5,874
 1,546
 7,765
 2,451
 21,827

 2022

 8,801
 4,401
 2,388
 2,710
 6,222
 24,985

 17,020
 12,568
 8,634
 12,274
 51,552

 25,821
 16,969
 2,448
 9,097
 14,984
 7,218
 76,537

 3,965
 5,519
 1,965
 1,492
 13,918

 1,025

 5,472
 3,700
 2,293
 5,672
 18,159

 2,314
 2,312
 6,304

 3,294
 1,112
 1,048
 2,004
 6,008
 1,549
 15,015

 Results of producing activities for consolidated subsidiaries
 10,758
 5,820
 1,938
 (551)
 3,576
 22,116

 —
 2,791
 20,750
 —
 24,371

 —
 —
 —
 1,007

 1,460
 —
 2,842
 21,066
 —
 25,378

 —
 —
 1,674

 —
 —
 —
 —
 —

 —
 —
 1,046

 —
 —
 6,857
 —
 7,126

 —
 —
 1,413
 (2)
 4,559
 —
 5,970

 Results of producing activities for equity companies
 —
 (10)
 8,554
 —
 9,561

 Total results of operations
 11,234
 5,820
 1,116
 1,928
 8,003
 3,576
 31,677

 Oil and Gas Exploration and Production Costs
 The amounts shown for net capitalized costs of consolidated subsidiaries are $9,619 million less at year-end 2024 and $10,769 million less at year-end 2023 than the amounts reported as investments in property, plant and equipment for the Upstream in Note 9. This is due to the exclusion from capitalized costs of certain transportation and research assets and assets relating to LNG operations. Assets related to oil sands and oil shale mining operations are included in the capitalized costs in accordance with Financial Accounting Standards Board rules.

 Capitalized Costs

Other
 Asia
 Total

 Property (acreage) costs
 28,143
 3,238
 2,990
 35,726

 49,903
 2,367
 2,656
 55,081

 Total property costs

 78,046
 5,605
 2,995
 3,310
 90,807

 Producing assets

 131,125
 50,905
 12,304
 34,991
 45,482
 15,317
 290,124

 Incomplete construction

 6,685
 12,854
 1,317
 2,269
 2,078
 25,399

 Total capitalized costs

 215,856
 69,364
 12,550
 37,109
 50,746
 20,705
 406,330

 Accumulated depreciation and depletion
 74,303
 27,479
 11,953
 32,837
 32,822
 10,534
 189,928

 Net capitalized costs for consolidated subsidiaries
 141,553
 41,885
 4,272
 17,924
 10,171
 216,402

 Property (acreage) costs
 —
 —
 —
 —

 —
 —
 —
 3,111
 —
 —
 3,111

 Total property costs

 —
 —
 3,420
 —
 —
 3,423

 Producing assets

 1,360
 —
 5,222
 19,215
 —
 26,199

 Incomplete construction

 —
 5,091
 —
 5,561

 Total capitalized costs

 1,362
 —
 5,240
 4,275
 24,306
 —
 35,183

 Accumulated depreciation and depletion
 1,046
 —
 4,935
 8,564
 —
 14,621

 Net capitalized costs for equity companies
 —
 4,199
 15,742
 —
 20,562

 Property (acreage) costs
 14,758
 3,420
 1,512
 3,013
 23,409

 11,220
 3,035
 2,660
 17,079

 Total property costs

 25,978
 6,455
 1,634
 3,018
 3,359
 40,488

 Producing assets

 100,167
 53,019
 12,676
 52,243
 45,260
 15,306
 278,671

 Incomplete construction

 5,460
 9,712
 1,393
 3,178
 2,402
 22,317

 Total capitalized costs
 131,605
 69,186
 12,892
 55,270
 51,456
 21,067
 341,476

 Accumulated depreciation and depletion
 72,548
 27,224
 12,289
 48,751
 32,764
 10,424
 204,000

 Net capitalized costs for consolidated subsidiaries
 59,057
 41,962
 6,519
 18,692
 10,643
 137,476

 Property (acreage) costs
 —
 —
 —
 —

 —
 —
 —
 3,111
 —
 —
 3,111

 Total property costs

 —
 —
 3,420
 —
 —
 3,424

 Producing assets

 1,332
 —
 5,493
 10,153
 —
 17,266

 Incomplete construction

 —
 13,083
 —
 13,645

 Total capitalized costs
 1,333
 —
 5,508
 4,258
 23,236
 —
 34,335

 Accumulated depreciation and depletion
 —
 5,177
 7,768
 —
 13,776

 Net capitalized costs for equity companies
 —
 4,216
 15,468
 —
 20,559

 Oil and Gas Exploration and Production Costs (continued)
 The amounts reported as costs incurred include both capitalized costs and costs charged to expense during the year. Costs incurred also include new asset retirement obligations established in the current year, as well as increases or decreases to the asset retirement obligation resulting from changes in cost estimates or abandonment date. Total consolidated costs incurred in 2024 were $105,094 million, up $84,142 million from 2023, due primarily to the Pioneer acquisition and higher development costs. In 2023, costs were $20,952 million, up $6,439 million from 2022, due primarily to higher development costs and the Denbury acquisition. Total equity company costs incurred in 2024 were $1,134 million, down $376 million from 2023, due to lower development costs.

 Costs Incurred in Property Acquisitions,
 Exploration and Development Activities

Other
 Asia
 Total

 During 2024

 39,271
 —
 —
 —
 —
 39,272

 45,196
 —
 —
 —
 —
 45,201

 1,262

 10,903
 5,839
 19,359

 Total costs incurred for consolidated subsidiaries
 95,425
 6,677
 1,179
 105,094

 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —

 —
 1,091
 —
 1,132

 Total costs incurred for equity companies
 —
 1,091
 —
 1,134

 During 2023

 2,456
 —
 —
 —
 —
 2,458

 —
 —
 —
 —

 8,978
 5,914
 1,046
 17,377

 Total costs incurred for consolidated subsidiaries
 11,659
 6,607
 1,081
 20,952

 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —

 —
 1,488
 —
 1,510

 Total costs incurred for equity companies
 —
 1,488
 —
 1,510

 During 2022

 —
 —

 —
 —
 —
 —

 1,079

 5,821
 4,759
 1,490
 13,204

 Total costs incurred for consolidated subsidiaries
 5,877
 5,506
 1,560
 14,513

 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —

 —
 1,638
 —
 1,768

 Total costs incurred for equity companies
 —
 1,638
 —
 1,769

 Oil and Gas Reserves
 The following information describes changes during the years and balances of proved oil and gas reserves at year-end 2022, 2023, and 2024.
 The definitions used are in accordance with the Securities and Exchange Commission's Rule 4-10 (a) of Regulation S-X.
 Proved oil and natural gas reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. In some cases, substantial new investments in additional wells and related facilities will be required to recover these proved reserves.
 In accordance with the Securities and Exchange Commission's (SEC) rules, the Corporation's year-end reserves volumes, as well as the reserves change categories shown in the following tables, are required to be calculated on the basis of average prices during the 12-month period prior to the ending date of the period covered by this report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period. These reserves quantities are also used in calculating unit-of-production depreciation rates and in calculating the standardized measure of discounted net cash flows.
 Revisions can include upward or downward changes in previously estimated volumes of proved reserves for existing fields due to the evaluation or re-evaluation of (1) already available geologic, reservoir or production data, (2) new geologic, reservoir or production data or (3) changes in the average of first-of-month oil and natural gas prices and/or costs that are used in the estimation of reserves. Revisions can also result from significant changes in either development strategy or production equipment/facility capacity.
 Proved reserves include 100 percent of each majority-owned affiliate's participation in proved reserves and ExxonMobil's ownership percentage of the proved reserves of equity companies, but exclude royalties and quantities due others. Natural gas reserves exclude the gaseous equivalent of liquids expected to be removed from the natural gas on leases, at field facilities and at gas processing plants. These liquids are included in net proved reserves of crude oil and natural gas liquids.
 In the proved reserves tables, consolidated reserves and equity company reserves are reported separately. However, the Corporation does not view equity company reserves any differently than those from consolidated companies.
 Reserves reported under production sharing and other nonconcessionary agreements are based on the economic interest as defined by the specific fiscal terms in the agreement. The production and reserves reported for these types of arrangements typically vary inversely with oil and natural gas price changes. As oil and natural gas prices increase, the cash flow and value received by the Company increase; however, the production volumes and reserves required to achieve this value will typically be lower because of the higher prices. When prices decrease, the opposite effect generally occurs. The percentage of total proved reserves (consolidated subsidiaries plus equity companies) at year-end 2024 that were associated with production sharing contract arrangements was 11 percent on an oil-equivalent basis (natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels).
 Net proved developed reserves are those volumes that are expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well. Net proved undeveloped reserves are those volumes that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
 Crude oil, natural gas liquids, and natural gas production quantities shown are the net volumes withdrawn from ExxonMobil's oil and natural gas reserves. The natural gas quantities differ from the quantities of natural gas delivered for sale by the producing function as reported in the Upstream Operational Results due to volumes consumed or flared and inventory changes.
 The changes between 2024 year-end proved reserves and 2023 year-end proved reserves include worldwide production of 1.6 billion oil-equivalent barrels (GOEB) and asset sales of 0.1 GOEB primarily in Nigeria. Additions to proved reserves include 2.3 GOEB related to the Pioneer acquisition, 1.9 GOEB from extensions and discoveries primarily in the United States and Guyana, and net revisions of 0.6 GOEB primarily attributed to the United Arab Emirates, United States, Canada, and Guyana.
 The changes between 2023 year-end proved reserves and 2022 year-end proved reserves include worldwide production of 1.4 billion GOEB, asset sales of 0.2 GOEB primarily in the United States, and downward revisions of 0.4 GOEB. Additions to proved reserves include 1.1 GOEB from extensions and discoveries primarily in the United States and Guyana and 0.2 GOEB related to the Denbury acquisition.
 The changes between 2022 year-end proved reserves and 2021 year-end proved reserves include worldwide production of 1.4 GOEB, asset sales of 0.4 GOEB primarily in the United States, and other downward revisions of 1.2 GOEB including the impact of the Russia expropriation (0.2 GOEB). Additions to proved reserves include 0.7 GOEB from purchases in Asia and 1.4 GOEB from extensions and discoveries primarily in the United States and Guyana.

 Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves

Liquids
 Bitumen
 Synthetic Oil
 Total

 (millions of barrels)
Other
 Asia
 Total
Other
Other

 January 1, 2022

 2,307
 3,037
 6,525
 1,136
 2,894
 10,993

 Revisions (1)

 (375)
 (95)
 (375)
 (85)
 (422)
 (62)
 (944)

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 Sales
 (3)
 (12)
 —
 (17)
 —
 —
 (32)
 (20)
 —
 —
 (52)

 —
 —
 —
 —
 —

 (191)
 (72)
 (1)
 (85)
 (148)
 (10)
 (507)
 (90)
 (119)
 (23)
 (739)

 December 31, 2022

 2,204
 2,794
 6,285
 1,176
 2,420
 10,234

 January 1, 2022

 —
 —
 —
 —
 1,181

 (21)
 —
 (7)
 —
 (17)
 —
 (45)
 (10)
 —
 —
 (55)

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —

 Sales
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 (15)
 —
 (1)
 —
 (78)
 —
 (94)
 (22)
 —
 —
 (116)

 December 31, 2022

 —
 —
 —
 —
 1,237

 Total liquids proved reserves at December 31, 2022

 2,323
 3,550
 7,167
 1,531
 2,420
 11,471

 (1) Includes (118) million barrels in Russia which were expropriated. See Note 2.

 January 1, 2023

 2,204
 2,794
 6,285
 1,176
 2,420
 10,234

 (398)
 —
 (302)
 (110)
 (263)

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —

 Sales
 (12)
 —
 —
 —
 (4)
 —
 (16)
 (5)
 —
 —
 (21)

 —
 —
 —
 —
 —
 —

 (203)
 (88)
 (1)
 (78)
 (153)
 (8)
 (531)
 (99)
 (129)
 (25)
 (784)

 2,102
 2,667
 6,052
 1,236
 2,414
 10,056

 January 1, 2023

 —
 —
 —
 —
 1,237

 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Sales
 (108)
 —
 —
 —
 —
 —
 (108)
 (1)
 —
 —
 (109)

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 (4)
 —
 —
 —
 (79)
 —
 (83)
 (22)
 —
 —
 (105)

 —
 —
 —
 —
 1,128

 Total liquids proved reserves at December 31, 2023

 2,109
 3,447
 6,847
 1,569
 2,414
 11,184

 Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued)

Liquids
 Bitumen
 Synthetic Oil
 Total

 (millions of barrels)
Other
 Asia
 Total
Other
Other

 January 1, 2024

 2,102
 2,667
 6,052
 1,236
 2,414
 10,056

 (176)
 —
 (128)
 (35)

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 1,607

 Sales
 (18)
 (4)
 —
 (45)
 (7)
 —
 (74)
 (15)
 —
 —
 (89)

 —
 —
 —
 —
 —
 1,456

 (316)
 (126)
 (1)
 (75)
 (154)
 (7)
 (679)
 (148)
 (137)
 (23)
 (987)

 3,273
 1,118
 3,109
 7,749
 2,164
 2,429
 12,638

 January 1, 2024

 —
 —
 —
 —
 1,128

 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 Sales
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —

 (1)
 —
 (1)
 —
 (75)
 —
 (77)
 (22)
 —
 —
 (99)

 —
 —
 —
 —
 1,053

 Total liquids proved reserves at December 31, 2024

 3,279
 1,118
 3,833
 8,488
 2,478
 2,429
 13,691

 Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued)

 Crude Oil and Natural Gas Liquids

 Bitumen
 Synthetic Oil
 Total

 (millions of barrels)
Other
 Asia
 Total

Other
Other

 1,688
 2,067
 4,447
 2,288
 6,983

 —
 —
 —
 —

 1,568
 —
 3,014
 3,251

 —
 —
 —
 —
 —
 —
 —

 Total liquids proved reserves at December 31, 2022

 3,382
 3,984
 8,698
 2,420
 11,471

 1,735
 1,996
 4,430
 2,307
 6,979

 —
 —
 —
 —

 1,498
 —
 2,858
 3,077

 —
 —
 —
 —
 —
 —
 —

 Total liquids proved reserves at December 31, 2023

 3,244
 3,856
 8,416
 2,414
 11,184

 3,053
 1,969
 5,691
 2,308
 8,189

 —
 —
 —
 —

 2,308
 —
 1,208
 4,222
 4,449

 —
 —
 —
 —
 —
 —
 —

 Total liquids proved reserves at December 31, 2024

 5,370
 1,119
 4,212
 10,966
 (1)

 2,429
 13,691

 (1) See previous pages for natural gas liquids proved reserves attributable to consolidated subsidiaries and equity companies. For additional information on natural gas liquids proved reserves, see Item 2 in ExxonMobil's 2024 Form 10-K.

 Natural Gas and Oil-Equivalent Proved Reserves

 (billions of cubic feet)

 Oil-Equivalent
 Total
 All Products (1)

 (millions of oil-equivalent barrels)

Other
 Asia
 Total

 January 1, 2022

 14,988
 3,693
 6,363
 26,663
 15,436

 Revisions (2)

 (990)
 (38)
 (307)
 (950)
 (1,102)

 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —

 Sales
 (1,551)
 (272)
 —
 (1)
 —
 —
 (1,824)
 (356)

 2,232
 —
 —
 —
 —
 2,407
 1,376

 (1,036)
 (76)
 (119)
 (53)
 (325)
 (542)
 (2,151)
 (1,097)

 December 31, 2022

 13,645
 3,061
 6,008
 24,147
 14,258

 January 1, 2022

 —
 10,158
 —
 11,512
 3,100

 (3)
 —
 (132)
 —
 (2)
 (55)

 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 3,101
 —
 3,101

 Sales
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 (10)
 —
 (132)
 (11)
 (979)
 —
 (1,132)
 (305)

 December 31, 2022

 —
 12,309
 —
 13,479
 3,484

 Total proved reserves at December 31, 2022

 13,772
 15,370
 6,008
 37,626
 17,742

 January 1, 2023

 13,645
 3,061
 6,008
 24,147
 14,258

 (1,945)
 (201)
 (3)
 (49)
 (1,738)
 (553)

 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —

 Sales
 (417)
 (1)
 —
 —
 (9)
 —
 (427)
 (92)

 1,930
 —
 —
 —
 —
 1,997
 1,065

 (957)
 (53)
 (103)
 (43)
 (379)
 (489)
 (2,024)
 (1,121)

 12,263
 2,794
 5,858
 21,962
 13,716

 January 1, 2023

 —
 12,309
 —
 13,479
 3,484

 (27)
 —
 (32)
 —

 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 Sales
 (35)
 —
 —
 —
 —
 —
 (35)
 (115)

 —
 —
 —
 —
 —
 —
 —
 —

 (8)
 —
 (54)
 (40)
 (956)
 —
 (1,058)
 (281)

 —
 11,321
 —
 12,502
 3,212

 Total proved reserves at December 31, 2023

 12,320
 1,000
 14,115
 5,858
 34,464
 16,928

 (1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.
 (2) Includes (199) billion cubic feet of natural gas and (152) million total oil-equivalent barrels in Russia which were expropriated. See Note 2.

 Natural Gas and Oil-Equivalent Proved Reserves (continued)

 (billions of cubic feet)

 Oil-Equivalent
 Total
 All Products (1)

 (millions of oil-equivalent barrels)

Other
 Asia
 Total

 January 1, 2024

 12,263
 2,794
 5,858
 21,962
 13,716

 (911)
 (446)

 —
 —
 —
 —
 —
 —
 —
 —

 4,044
 —
 —
 —
 —
 —
 4,044
 2,281

 Sales
 (83)
 (10)
 —
 (105)
 (5)
 —
 (203)
 (123)

 2,683
 —
 —
 2,754
 1,915

 (1,153)
 (59)
 (99)
 (46)
 (373)
 (477)
 (2,207)
 (1,355)

 16,843
 2,540
 5,479
 25,904
 16,955

 January 1, 2024

 —
 11,321
 —
 12,502
 3,212

 (3)
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 Sales
 —
 —
 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —
 —
 —

 (7)
 —
 (37)
 (44)
 (904)
 —
 (992)
 (264)

 —
 10,466
 —
 11,645
 2,994

 Total proved reserves at December 31, 2024

 16,890
 13,006
 5,479
 37,549
 19,949

 (1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.

 Natural Gas and Oil-Equivalent Proved Reserves (continued)

 (billions of cubic feet)

 Oil-Equivalent
 Total
 All Products (1)

 (millions of oil-equivalent barrels)

Other
 Asia
 Total

 9,577
 2,037
 3,162
 15,862
 9,627

 —
 5,020
 —
 6,136
 1,516

 4,068
 1,024
 2,846
 8,285
 4,631

 —
 —
 —
 7,289
 —
 7,343
 1,968

 Total proved reserves at December 31, 2022

 13,772
 15,370
 6,008
 37,626
 17,742

 8,138
 1,935
 3,163
 14,092
 9,327

 —
 4,223
 —
 5,350
 1,349

 4,125
 —
 —
 2,695
 7,870
 4,389

 —
 —
 —
 7,098
 —
 7,152
 1,863

 Total proved reserves at December 31, 2023

 12,320
 1,000
 14,115
 5,858
 34,464
 16,928

 11,671
 1,900
 3,204
 17,570
 11,118

 —
 4,242
 —
 5,367
 1,481

 5,172
 —
 2,275
 8,334
 5,838

 —
 —
 —
 6,224
 —
 6,278
 1,512

 Total proved reserves at December 31, 2024

 16,890
 13,006
 5,479
 37,549
 19,949

 (1) Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.

 Standardized Measure of Discounted Future Cash Flows
 As required by the Financial Accounting Standards Board, the standardized measure of discounted future net cash flows is computed by applying first-day-of-the-month average prices, year-end costs and legislated tax rates, and a discount factor of 10 percent to net proved reserves. The standardized measure includes costs for future dismantlement, abandonment, and rehabilitation obligations. The Corporation believes the standardized measure does not provide a reliable estimate of the Corporation's expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its proved oil and gas reserves. The standardized measure is prepared on the basis of certain prescribed assumptions, including first-day-of-the-month average prices, which represent discrete points in time and therefore may cause significant variability in cash flows from year to year as prices change.

 Standardized Measure of Discounted
 Future Cash Flows

 Asia
 Australia/ Oceania
 Total

 316,486
 284,643
 11,806
 30,040
 271,732
 114,959
 1,029,666

 78,939
 113,264
 2,627
 7,489
 63,705
 21,972
 287,996

 31,960
 34,968
 2,016
 6,143
 9,241
 7,089
 91,417

 45,278
 31,603
 3,164
 8,300
 156,595
 24,955
 269,895

 160,309
 104,808
 3,999
 8,108
 42,191
 60,943
 380,358

 83,711
 49,861
 21,772
 34,896
 190,749

 76,598
 54,947
 3,812
 7,786
 20,419
 26,047
 189,609

 12,312
 —
 13,706
 7,194
 261,409
 —
 294,621

 5,379
 —
 1,981
 96,788
 —
 104,414

 1,773
 —
 7,275
 —
 10,003

 —
 —
 5,262
 1,965
 51,838
 —
 59,065

 5,160
 —
 5,568
 4,903
 105,508
 —
 121,139

 2,236
 —
 2,234
 2,694
 44,728
 —
 51,892

 2,924
 —
 3,334
 2,209
 60,780
 —
 69,247

 Total consolidated and equity interests in standardized measure of discounted future net cash flows
 79,522
 54,947
 7,146
 9,995
 81,199
 26,047
 258,856

 (1) Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $6,596 million in 2022.

 Standardized Measure of Discounted
 Future Cash Flows (continued)

 Asia
 Australia/ Oceania
 Total

 213,623
 227,365
 3,918
 19,282
 221,822
 63,204
 749,214

 68,753
 113,875
 1,611
 5,025
 52,672
 13,971
 255,907

 37,784
 38,436
 1,881
 4,466
 11,926
 6,393
 100,886

 14,270
 15,973
 4,337
 121,751
 12,119
 168,959

 92,816
 59,081
 (83)
 5,454
 35,473
 30,721
 223,462

 49,199
 23,471
 (762)
 18,537
 16,215
 107,062

 43,617
 35,610
 5,052
 16,936
 14,506
 116,400

 —
 5,101
 4,393
 158,643
 —
 168,955

 —
 73,496
 —
 75,214

 —
 5,452
 —
 6,324

 —
 —
 1,539
 1,120
 24,374
 —
 27,033

 —
 1,883
 2,940
 55,321
 —
 60,384

 —
 1,635
 20,135
 —
 22,518

 —
 1,211
 1,305
 35,186
 —
 37,866

 Total consolidated and equity interests in standardized measure of discounted future net cash flows
 43,781
 35,610
 1,890
 6,357
 52,122
 14,506
 154,266

 312,279
 236,954
 4,339
 15,493
 250,850
 54,247
 874,162

 109,915
 96,932
 1,583
 3,167
 60,404
 12,599
 284,600

 48,781
 37,253
 1,921
 3,675
 17,608
 6,083
 115,321

 21,728
 21,738
 2,801
 129,925
 9,846
 186,682

 131,855
 81,031
 5,850
 42,913
 25,719
 287,559

 64,731
 34,232
 (387)
 1,419
 23,172
 12,898
 136,065

 67,124
 46,799
 4,431
 19,741
 12,821
 151,494

 —
 3,557
 5,685
 138,978
 —
 148,834

 —
 66,969
 —
 68,648

 —
 4,243
 —
 5,076

 —
 —
 1,106
 1,431
 19,566
 —
 22,103

 —
 3,665
 48,200
 —
 53,007

 —
 2,099
 16,397
 —
 18,837

 —
 1,566
 31,803
 —
 34,170

 Total consolidated and equity interests in standardized measure of discounted future net cash flows
 67,248
 46,799
 1,255
 5,997
 51,544
 12,821
 185,664

 (1) Includes discounted future net cash flows attributable to noncontrolling interests in ExxonMobil consolidated subsidiaries of $3,055 million in 2023 and $4,466 million in 2024.

 Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

 Consolidated and Equity Interests

 2022

 Share of Equity Method Investees
 Total Consolidated and Equity Interests

 Discounted future net cash flows as of December 31, 2021

 115,880
 37,939
 153,819

 Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs
 18,592
 3,008
 21,600

 Changes in value of previous-year reserves due to:

 Sales and transfers of oil and gas produced during the year, net of production (lifting) costs
 (57,344)
 (17,037)
 (74,381)

 Development costs incurred during the year
 11,834
 1,849
 13,683

 Net change in prices, lifting and development costs
 139,844
 51,094
 190,938

 Revisions of previous reserves estimates
 (1,985)
 2,140

 Accretion of discount
 14,655
 4,938
 19,593

 Net change in income taxes
 (51,867)
 (14,684)
 (66,551)

 Total change in the standardized measure during the year
 73,729
 31,308
 105,037

 Discounted future net cash flows as of December 31, 2022

 189,609
 69,247
 258,856

 Consolidated and Equity Interests

 2023

 Share of Equity Method Investees
 Total Consolidated and Equity Interests

 Discounted future net cash flows as of December 31, 2022

 189,609
 69,247
 258,856

 Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs
 5,658
 (1,701)
 3,957

 Changes in value of previous-year reserves due to:

 Sales and transfers of oil and gas produced during the year, net of production (lifting) costs
 (43,836)
 (10,218)
 (54,054)

 Development costs incurred during the year
 15,343
 1,502
 16,845

 Net change in prices, lifting and development costs
 (120,924)
 (51,923)
 (172,847)

 Revisions of previous reserves estimates
 4,953
 5,096
 10,049

 Accretion of discount
 23,006
 8,962
 31,968

 Net change in income taxes
 42,591
 16,901
 59,492

 Total change in the standardized measure during the year
 (73,209)
 (31,381)
 (104,590)

 Discounted future net cash flows as of December 31, 2023

 116,400
 37,866
 154,266

 Consolidated and Equity Interests

 2024

 Share of Equity Method Investees
 Total Consolidated and Equity Interests

 Discounted future net cash flows as of December 31, 2023

 116,400
 37,866
 154,266

 Value of reserves added during the year due to extensions, discoveries, improved recovery and net purchases/sales less related costs
 42,405
 —
 42,405

 Changes in value of previous-year reserves due to:

 Sales and transfers of oil and gas produced during the year, net of production (lifting) costs
 (51,236)
 (8,268)
 (59,504)

 Development costs incurred during the year
 18,924
 1,135
 20,059

 Net change in prices, lifting and development costs
 (4,549)
 (5,811)
 (10,360)

 Revisions of previous reserves estimates
 20,779
 1,690
 22,469

 Accretion of discount
 15,232
 4,853
 20,085

 Net change in income taxes
 (6,461)
 2,705
 (3,756)

 Total change in the standardized measure during the year
 35,094
 (3,696)
 31,398

 Discounted future net cash flows as of December 31, 2024

 151,494
 34,170
 185,664

 INDEX TO EXHIBITS

 Exhibit
 Description

 3(i)

 Restated Certificate of Incorporation, as restated November 30, 1999, and as further amended effective June 20, 2001 (incorporated by reference to Exhibit 3(i) to the Registrant's Annual Report on Form 10-K for 2015).

 3(ii)

 By-Laws, as amended effective October 25, 2022 (incorporated by reference to Exhibit 3(ii) to the Registrant's Report on Form 8-K of October 31, 2022).

 4(vi)

 Description of ExxonMobil Capital Stock (incorporated by reference to Exhibit 4(vi) to the Registrant's Annual Report on Form 10-K for 2019).

 10(iii)(a.1)

 2003 Incentive Program, as approved by shareholders May 28, 2003 (incorporated by reference to Exhibit 10(iii)(a.1) to the Registrant's Annual Report on Form 10-K for 2017).*

 10(iii)(a.2)

 Extended Provisions for Restricted Stock Agreements (incorporated by reference to Exhibit 10(iii)(a.2) to the Registrant's Annual Report on Form 10-K for 2016).*

 10(iii)(a.3)

 Extended Provisions for Restricted Stock Unit Agreements – Settlement in Shares.*

 10(iii)(b.1)

 Short Term Incentive Program, as amended (incorporated by reference to Exhibit 10(iii)(b.1) to the Registrant's Annual Report on Form 10-K for 2023).*

 10(iii)(b.2)

 Earnings Bonus Unit instrument (incorporated by reference to Exhibit 10(iii)(b.2) to the Registrant's Annual Report on Form 10-K for 2019).*

 10(iii)(b.3)

 Amendment of 2018 and 2019 Earnings Bonus Unit instruments, effective November 23, 2021 (incorporated by reference to Exhibit 99.1 to the Registrant's Report on Form 8-K of November 30, 2021).*

 10(iii)(b.4)

 Pioneer Natural Resources Company Second Amended and Restated 2006 Long-Term Incentive Plan (incorporated by reference to Exhibit 10(iii)(b.4) to the Registrant's Report on Form 10-Q for the quarter ended June 30, 2024).*

 10(iii)(c.1)

 ExxonMobil Supplemental Savings Plan (incorporated by reference to Exhibit 10(iii)(c.1) to the Registrant's Annual Report on Form 10-K for 2022).*

 10(iii)(c.2)

 ExxonMobil Supplemental Pension Plan (incorporated by reference to Exhibit 10(iii)(c.2) to the Registrant's Annual Report on Form 10-K for 2022).*

 10(iii)(c.3)

 ExxonMobil Additional Payments Plan (incorporated by reference to Exhibit 10(iii)(c.3) to the Registrant's Annual Report on Form 10-K for 2023).*

 10(iii)(d)

 ExxonMobil Executive Life Insurance and Death Benefit Plan (incorporated by reference to Exhibit 10(iii)(d) to the Registrant's Annual Report on Form 10-K for 2016).*

 10(iii)(f.1)

 2004 Non-Employee Director Restricted Stock Plan (incorporated by reference to Exhibit 10(iii)(f.1) to the Registrant's Annual Report on Form 10-K for 2018).*

 10(iii)(f.2)

 Standing resolution for non-employee director restricted grants dated September 26, 2007 (incorporated by reference to Exhibit 10(iii)(f.2) to the Registrant's Annual Report on Form 10-K for 2016).*

 10(iii)(f.3)

 Form of restricted stock grant letter for non-employee directors.*

 10(iii)(f.4)

 Standing resolution for non-employee director cash fees dated March 1, 2020, as amended effective July 29, 2024 (incorporated by reference to Exhibit 10(iii)(f.4) to the Registrant's Report on Form 10-Q for the quarter ended September 30, 2024).*

 10(iii)(g)

 Aircraft Time Share Agreement dated as of August 29, 2023, between Exxon Mobil Corporation and Darren W. Woods (incorporated by reference to Exhibit 10(iii)(g) to the Registrant's Report on Form 10-Q for the quarter ended October 31, 2023).*

 Code of Ethics and Business Conduct.

 Insider Trading Policy.

 Subsidiaries of the registrant.

 Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

 31.1

 Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.

 31.2

 Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Financial Officer.

 31.3

 Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.

 32.1

 Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.

 32.2

 Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Financial Officer.

 32.3

 Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.

 Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to the Registrant's Annual Report on Form 10-K for 2023).

 * Management contract or compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3) of this Annual Report on Form 10-K.

 The registrant has not filed with this report copies of the instruments defining the rights of holders of long-term debt of the registrant and its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed. The registrant agrees to furnish a copy of any such instrument to the Securities and Exchange Commission upon request.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) 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.

 EXXON MOBIL CORPORATION

 By:
 /s/ DARREN W. WOODS

 Dated February 19, 2025

 Darren W. Woods, Chairman of the Board

 POWER OF ATTORNEY

 Each person whose signature appears below constitutes and appoints Matthew R. Rasmussen, Brian J. Conjelko, and Antony E. Peters and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated and on February 19, 2025.

 Principal Executive Officer
 Directors

 /s/ DARREN W. WOODS
 /s/ MICHAEL J. ANGELAKIS
 /s/ STEVEN A. KANDARIAN

 Darren W. Woods, Chairman of the Board
 Michael J. Angelakis
 Steven A. Kandarian

 /s/ ANGELA F. BRALY
 /s/ ALEXANDER A. KARSNER

 Principal Financial Officer
 Angela F. Braly
 Alexander A. Karsner

 /s/ KATHRYN A. MIKELLS
 /s/ MARIA S. DREYFUS
 /s/ LAWRENCE W. KELLNER

 Kathryn A. Mikells, Senior Vice President and Chief Financial Officer
 Maria S. Dreyfus
 Lawrence W. Kellner

 /s/ JOHN D. HARRIS II
 /s/ DINA POWELL MCCORMICK

 Principal Accounting Officer
 John D. Harris II
 Dina Powell McCormick

 /s/ LEN M. FOX
 /s/ KAISA H. HIETALA
 /s/ JEFFREY W. UBBEN

 Len M. Fox, Vice President,
Controller and Tax
 Kaisa H. Hietala
 Jeffrey W. Ubben

 /s/ JOSEPH L. HOOLEY

 Joseph L. Hooley