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FY2025 Q4
Improving
Exxon Mobil Corporation earnings call
Buzzberg read
Permian growth has no near-term peak, exceeding 2.5 million boe/d beyond 2030
ExxonMobil's Q4 2025 earnings call focused on delivering record production, driven by its advantaged assets (Guyana, Permian) and successful execution of all 10 key 2025 projects. Management emphasized technology-driven growth, cost discipline, and an optimistic outlook for its transformation. Overall corporate production averaged a record 4.7 million oil-equivalent barrels per day, the highest in over 40 years.
Buzzberg read Permian growth has no near-term peak, exceeding 2.5 million boe/d beyond 2030 ExxonMobil's Q4 2025 earnings call focused on delivering record production, driven by its advantaged assets (Guyana, Permian) and successful execution of all 10 key 2025 projects. Management emphasized technology-driven growth, cost discipline, and an optimistic outlook for its transformation. Overall corporate production averaged a record 4.7 million oil-equivalent barrels per day, the highest in over 40 years. Read full analysisCollapse analysis
ExxonMobil's Q4 2025 earnings call focused on delivering record production, driven by its advantaged assets (Guyana, Permian) and successful execution of all 10 key 2025 projects. Management emphasized technology-driven growth, cost discipline, and an optimistic outlook for its transformation. Overall corporate production averaged a record 4.7 million oil-equivalent barrels per day, the highest in over 40 years.
- The Permian delivered a new record in Q4 with 1.8 million oil-equivalent barrels per day, and management expects annual production to grow by 200,000 boe/d in 2026.
- The Guyana project has four FPSOs producing 100,000 barrels above investment basis, with no near-term peak in the Permian, expecting to exceed 2.5 million boe/d beyond 2030.
- Management is confident in the competitiveness of Mozambique and PNG LNG projects, expecting an FID on Mozambique in the back half of 2026.
Revenue$80.039BReported
EPS$1.71Reported
Gross margin18.89%Reported
Operating margin7.5%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guyana
First four Guyana FPSOs now deliver 100,000 bbl/d above investment basis
LNG
Mozambique LNG FID expected in back half of 2026
Show 3 more callouts
CCS/AI
CCS with hyperscalers may reach project announcement by year-end
Buybacks
Share repurchases to continue at measured pace while preserving investment flexibility
Cost
Captured structural cost savings top all other IOCs combined
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $80.039B | Reported |
| EPS | $1.71 | Reported |
| Gross margin | 18.89% | Reported |
| Operating margin | 7.5% | Reported |
| Free cash flow | $5.229B | Reported |
| Capex | $7.45B | Reported |
AI, capex & demand read
Management read
Upbeat
Management repeatedly touted industry-leading execution, structural cost advantages, and technology upside, with an assured tone and few cautionary caveats.
Management AI read
Management framed AI as both an internal accelerant and a demand driver: a new enterprise-wide data and process platform will speed AI adoption and automation across the business, while data-center decarbonization demand is creating substantive commercial opportunity for its integrated CCS network, with a possible project announcement by year-end.
Investment and capacity
No material capex guide was given, but management reiterated disciplined through-cycle investing: continue funding advantaged upstream projects (Permian, Guyana, LNG), high-grade via divestments, and preserve flexibility to invest through cycles. Specific forward signals include a possible Mozambique FID in 2H 2026 and continued Permian growth beyond 2030 at lower capital costs.
all 4 named companies below
Companiesreturns since call
Suppliers
Suppliers
Kathy Mikells
Comments on the mandatory upgrade to S4/HANA highlight a significant IT investment cycle for all SAP customers, with ExxonMobil using it as an opportunity to consolidate its ERP landscape.
Evidence
“all companies need to, who operate on an SAP platform, need to upgrade as SAP has moved to S4 HANA. And so we were facing a need to upgrade.”
Investees
Investees
Darren Woods
Management highlights that it has repurchased shares equivalent to one-third of those issued in the Pioneer acquisition, a strategy to offset the dilution from that deal and manage the legacy Pioneer shareholder base.
Evidence
“we completed $20 billion in share repurchases, retiring shares equivalent to one-third of those issued during the Pioneer transaction”
Investees
Darren Woods
The Denbury acquisition is cited as the key differentiator that puts ExxonMobil in a unique position to secure data center and other carbon capture deals, underscoring the strategic value of that investment.
Evidence
“we're uniquely positioned with respect to that with the investment that we made in Denbury and today have the only scale end-to-end carbon capture and sequestration system”
Supply chain
Supply chain
Darren Woods
Golden Pass LNG is expected to produce first LNG in early March, moving the project from construction to the startup phase. — This begins the revenue generation phase for the project and is a critical milestone for both ExxonMobil and its partner Venture Global.
Evidence
“My expectation is we will see kind of first LNG produced in very early March is what it's looking like right now.”
External signals
Supply-chain alpha · 3returns since call
Golden Pass LNG is expected to produce first LNG in early March, moving the project from construction to the startup phase.
ExxonMobil reports that lightweight proppant was deployed in about 25% of 2025 Permian wells, with plans to increase this to 50% of new wells by the end of 2026.
Evidence
“this year about 25% of our wells had lightweight proppant. By the time we get to that end of next year, we should see about 50% of our wells having lightweight proppant.”
ExxonMobil states it secured its seventh CCS contract and brought its first third-party CCS project online, with total projects representing ~9 million tons per year of sequestered CO2.
Evidence
“brought our first third-party CCS project online, capable of storing up to 2 million tons per year, and secured our seventh CCS contract. Taken together, these projects represent approximately 9 million tons per year of sequestered CO2.”
Methodology & coverage
Management-only analysis. All 4 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.