ExxonMobil has released its 2025 results, reporting earnings of US$28.8bn, compared to US$33.7bn in 2024 (-15%), due to weaker crude prices and chemical margins, as well as unfavourable foreign currency effects despite higher sales volumes (ExxonMobil press release, 30/01/2026). The company distributed US$37.7bn to shareholders, including US$17.2bn of dividends and US$20bn of share repurchases.
In the upstream segment, ExxonMobil produced 4.7 mboe/d of oil and gas in 2025 (+9%), including 1.6 mboe/d in the Permian basin (United States) and 0.7 mboe/d in Guyana. Specifically, the company extracted 3.3 mb/d of crude oil in 2025 (+11%), including 1.5 mb/d in the US (+22%). In addition, its gas output reached 8.4 bcf/d (87 bcm, +5%), including 3.4 bcf/d in the US (35 bcm, +17%) and 3.4 bcf/d in Asia (stable). The company also made major progress on new projects: Yellowtail, its fourth and largest development in Guyana, began production in 2025; Bacalhau, its first offshore project in Brazil, also started up in 2025; and Golden Pass LNG completed major construction work.
In the downstream segment, ExxonMobil’s refinery throughput reached 4 mb/d in 2025 (+2%), including 1.9 mb/d in the US (+3%) and 1 mb/d in Europe (-4%). The company sold 5.6 mb/d of energy products worldwide in 2025 (+3%), with 2.9 mb/d in the US (+5%). Gasolines and naphthas account for 41% of the sales followed by heating oil, kerosene and diesel (32%). ExxonMobil also commercialised 21 Mt of chemical products and 8 Mt of speciality products (i.e. speciality chemicals, lubricant or advanced performance polymers).
Chevron also published its 2025 results, posting earnings of US$12.3bn, compared to US$17.7bn in 2024 (-30%) (Chevron press release, 30/01/2026). The company returned US$27.1bn of cash to shareholders in 2025, including share repurchases of US$12.1bn, dividends of US$12.8bn, and US$2.2bn of Hess share purchases.
The group produced 3.7 mboe/d of hydrocarbons in 2025 (+12% compared to 2024), including 1.9 mboe/d in the US (+16%). Chevron’s liquid output reached 2.3 mb/d (+17%), with 1.3 mb/ in the US (+16%), and its gas production 8.5 bcf/d (88 bcm, +4%), including 3.1 bcf/d in the US (32 bcm, +15%). In the downstream segment, the company refined 1.7 mb/d of oil (+8%), including 1 mb/d in the US (+13%), and sold 2.8 mb/d of oil products (stable), with 1.3 mb in the US (+2%).
In July 2025, Chevron completed the acquisition of Hess Corporation, adding Hess’ Guyana’s Stabroek Block (11 Gboe of recoverable resource), US Bakken shale assets, and natural gas assets in Southeast Asia (57 kboe/d) to Chevron’s portofolio.