Exxon Mobil (XOM) Q4 2024 earnings summary

Executive summary

• Full-year 2024 earnings reached $34 billion, the third highest in a decade, driven by operational excellence, advantaged growth, and business transformation.

• Cash flow from operations totaled $55 billion, also third-highest in a decade.

• Record production in Guyana and the Permian, with upstream output at 4.3 million oil-equivalent barrels per day and over 50% from advantaged assets.

• Closed the Pioneer acquisition, with expected synergies exceeding $3 billion annually over the next decade.

• Annual dividend per share increased for 42 consecutive years; share repurchases exceeded $19 billion in 2024.

Financial highlights

• 2024 GAAP earnings were $33.7 billion; adjusted earnings ex. identified items were $33.5 billion, with a five-year CAGR of ~30%.

• Cash flow from operations: $55 billion; free cash flow: $34.4 billion; free cash flow ex. working capital: $36.2 billion.

• Structural cost savings exceeded $12 billion since 2019, targeting $18 billion by 2030.

• Return on capital employed (ROCE) was 13% for 2024, with a five-year average of 11%.

• Five-year total shareholder distributions surpassed $125 billion, including $76 billion in dividends.

Outlook and guidance

• Plans to grow earnings by $20 billion and cash flow by $30 billion by 2030 at constant prices and margins.

• 2025 cash capex guidance set at $27–$29 billion, with $28–$33 billion annually from 2026–2030.

• Annual share buybacks of $20 billion expected to continue through 2026, subject to market conditions.

• Upstream production targeted to grow to 4.7 million oil-equivalent barrels per day in 2025, with 1.5 million from the Permian.

• Additional structural cost savings expected, aiming for ~$18 billion by 2030.