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- **Record Performance**: Q3 EPS at highest level in similar price environment, driven by Guyana (700,000 bpd) and Permian (1.7M boe/d) production records.
- **Innovation Edge**: Lightweight proppant adoption to reach 50% of wells by 2026, Proxxima Systems targeting $40B battery anode market, and 30% faster charging/longer life graphite technology.
- **Cost Efficiency**: $14.3B structural savings since 2019, with 2025 CapEx guidance of $27-29B reflecting disciplined project selection.
- **Strategic Acquisitions**: $2.4B in Q3 M&A, including Superior Graphite for battery tech, and Sinochem Permian acreage for growth.
- **LNG & Low-Carbon Growth**: Mozambique LNG project on track, Golden Pass LNG to start 2025, and low-carbon data centers targeting hyperscalers.

**【CEO Opening Remarks】**
- Highlighted ExxonMobil's highest quarterly EPS in a similar price environment, driven by operational excellence and innovation.
- Guyana production reached 700,000 barrels per day (bpd), with Yellowtail FPSO online 4 months ahead of schedule at 250,000 bpd capacity. Hammerhead development expected to start in 2029.
- Permian Basin set a record at 1.7 million oil-equivalent barrels per day (boe/d), with 80,000 net acres acquired from Sinochem for future growth.
- Introduced lightweight proppant made from refinery coke, improving well recoveries by up to 20%. Expected to be used in 25% of wells by year-end 2025 and 50% by 2026.
- Advanced technologies like Proxxima Systems (e.g., rebar, battery enclosures) are penetrating new markets, with 20,000 tons of sales projected by 2027.
- Launched a first-of-its-kind retail shareholder voting program to increase participation in proxy votes.

**【CFO Financial Commentary】**
- Q3 2025 capital expenditures (CapEx) guidance lowered to $27-29 billion (excluding $2.4 billion in acquisitions), reflecting disciplined spending on high-return projects.
- Structural cost savings of $14.3 billion since 2019, with $2.5 billion+ annual savings expected to continue.
- Permian Basin productivity improvements and technology adoption driving lower costs and higher returns.
- Resid Upgrading project in Singapore achieved 80% utilization, converting low-value fuel oil into high-value lubricants and diesel.
- Battery anode graphite technology acquired from Superior Graphite, offering 30% faster charging, 30% longer range, and 4x longer battery life.

**【Q&A Highlights】**
- **Capital Allocation**: CEO emphasized prioritizing projects with high returns and low-carbon solutions, pacing investments based on market demand. CFO noted M&A transactions are excluded from CapEx guidance to maintain flexibility.
- **Permian Growth**: CEO highlighted 30%+ production growth driven by lightweight proppant and other innovations, with 2026 guidance to be updated in December.
- **Exploration & LNG**: Expanded exploration in Mozambique and other regions, leveraging project execution expertise. Golden Pass LNG project on track for 2025 start-up, supporting long-term LNG demand growth.
- **AI & Digital Transformation**: Deployed AI in operations for predictive maintenance and optimization, with Discovery 6 supercomputer enabling weeks of seismic processing vs. months previously.
- **Dividend Policy**: CFO reaffirmed commitment to sustainable dividend growth, citing 43 consecutive years of increases and competitive free cash flow generation.
- **Superior Graphite Acquisition**: CEO detailed plans to scale battery anode production, targeting $40 billion TAM and competing with Chinese manufacturers on cost and technology.

Exxon Mobil Corporation (XOM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

XOM

XOM fundamentals

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