Detailed Narrative
Strategic Transformation and Value Creation
ExxonMobil's transformation since 2018 has focused on building a higher-return, lower-cost, technology-led company. This strategy involves increasing investments in an advantaged portfolio, divesting nonstrategic assets, and significantly lowering costs. The company's annualized shareholder return of 29% over the past five years has led the industry, supported by $150 billion in distributions to shareholders during that period, demonstrating superior results across market cycles.
Advantaged Assets Driving Upstream Growth
Upstream production from advantaged assets, including the Permian, Guyana, and LNG, continues to grow, with these assets expected to comprise roughly 65% of total production by 2030. In Q4 FY25, Guyana gross production reached approximately 875,000 barrels per day from its first four FPSOs, 100,000 barrels per day above the investment basis. The Permian delivered a new production record of 1.8 million oil-equivalent barrels per day in Q4 FY25, contributing to the highest annual company production in over 40 years at 4.7 million oil-equivalent barrels per day.
Technology and Innovation Across Businesses
Technology deployment is a primary focus, particularly in the Permian, where lightweight proppant was used in 25% of wells in 2025, projected to reach 50% of new wells by the end of 2026. The company is testing and deploying over 40 stackable technologies to grow production at lower capital cost. Other innovations include Proxxima systems scaling, advanced battery anode graphite delivering 30% faster charging and up to 4x battery life, and the Singapore Resid Upgrade Project validating proprietary catalyst technology.
Progress in Carbon Capture and Low Carbon Solutions
ExxonMobil is advancing its carbon capture network, making progress on the Rose permit and bringing its first third-party CCS project online, capable of storing up to 2 million tons per year. The company secured its seventh CCS contract, with these projects collectively representing approximately 9 million tons per year of sequestered CO2. Management is engaged in serious discussions with hyperscalers regarding low-carbon data centers, with a project announcement hoped for by year-end 2026.
Project Execution Excellence and Cost Savings
The company successfully commenced start-up activities for all 10 key 2025 projects, including Golden Pass LNG and the Proxxima systems expansion. ExxonMobil's global projects organization executes approximately three times as many mega-projects as its nearest competitor, at up to 20% lower cost and 20% faster delivery schedules. Structural cost savings reached $15 billion through 2025, significantly outpacing competitors.
Enterprise-Wide Data and Process Transformation
A new enterprise-wide process and data platform is transforming operations by consolidating over 10 ERP systems into one, with a single data construct and nomenclature. This initiative is expected to result in 97% fewer profit centers and 70% fewer cost centers, enabling faster learning, better leveraging of scale, accelerated AI adoption, and improved efficiency and effectiveness across the organization.