Yemisi Izuora
ExxonMobil has reported an adjusted upstream earnings of $4.4 billion in the fourth quarter of 2025, down from $5.7 billion the previous quarter.
Annual upstream production reached its highest point in more than 40 years at 4.7 million barrels of oil equivalent per day, the company said. In the fourth quarter, production reached nearly 5 million boepd.
Exxon is on track to grow full-year 2026 production to 4.9 million boepd, which will include about 1.8 million boepd from the Permian Basin, the top U.S. oilfield, the company said in prepared remarks.
During an earnings call with analysts later on Friday, Woods will likely face questions about how the company is evaluating the possibility of reentering Venezuela, following the U.S. capture and removal of Venezuelan President Nicolas Maduro earlier this month. U.S. President Donald Trump has urged American companies to spend billions in the country to revive the oil industry. Woods called the country “uninvestable” during a White House meeting with Trump and other oil executives, saying the company needed investment protections because its assets had been expropriated twice before. The company remains open to visiting the country with a technical team to explore options, Reuters has reported, citing a source familiar with Exxon’s thinking.
The oil major recorded a jump in both quarterly and annual refining profit, driven by stronger industry refining margins, cost savings and record refinery throughput.
Adjusted downstream profit rose 60 per cent from the third quarter to $2.9 billion.
The chemicals division, however, reported an adjusted loss of $11 million compared with profit of $515 million in the third quarter, due to weaker margins, writedowns and higher seasonal spending, Exxon said.
“Notably, this is the first negative result for (Exxon’s) chemicals product division since 4Q19, and highlights the severity of the chemicals downturn the industry is facing,” said Biraj Borkhataria, an analyst at RBC Capital Markets, in a research note.
Exxon paid $17.2 billion in dividends and repurchased $20 billion worth of shares last year. The company said it plans to buy back the same amount through 2026. Exxon’s capital expenditures totaled $29 billion last year. The oil producer has said capex this year will be between $27 billion and $29 billion.
Oil producer profits were under pressure throughout 2025 as an oversupplied crude market pushed Brent oil futures down 19 per cent last year. Exxon’s full-year 2025 adjusted profit declined by a narrower margin of 10 per cent, however, as the company focused on cutting costs.
“We’re capturing more value from every barrel and molecule we produce and building growth platforms at scale – creating a long runway of profitable growth through 2030 and beyond,” Exxon CEO Darren Woods said in a statement.