BAKU, Azerbaijan, May 3. ExxonMobil reported solid upstream earnings for the first quarter of 2025, as advantaged asset growth in the Permian Basin and Guyana, combined with cost efficiencies, bolstered performance despite market headwinds, Trend reports.
According to the company’s latest earnings summary, upstream earnings for Q1 2025 reached $6.76 billion under U.S. GAAP, marking a $1.1 billion increase from the same period last year. This represents a 19.4% year-on-year jump from Q1 2024’s $5.66 billion. Compared to the fourth quarter of 2024, upstream earnings also improved by $258 million, or roughly 4%, up from $6.50 billion.
ExxonMobil attributed the year-on-year earnings growth primarily to increased production volumes from the Permian and Guyana, supported by the acquisition of Pioneer Natural Resources and continued structural cost savings. These gains helped offset the impact of weaker crude realizations and higher depreciation. The company noted additional net positive effects from recent divestments of non-core assets.
Breaking down the results, non-U.S. operations remained the dominant earnings contributor, delivering $4.89 billion in Q1 2025, though slightly down from $5.24 billion in Q4 2024. However, this still reflected a healthy rise compared to the $4.61 billion reported in Q1 2024.
U.S. upstream earnings surged notably, climbing to $1.87 billion — up from $1.26 billion in the previous quarter and $1.05 billion a year earlier. This 77% year-on-year increase underscores the strategic impact of ExxonMobil’s expanded Permian footprint following the Pioneer acquisition.
Total worldwide production averaged 4.55 million oil-equivalent barrels per day in Q1 2025, up 20% year-on-year from 3.78 million barrels per day in Q1 2024. However, production dipped slightly compared to Q4 2024’s 4.60 million barrels per day, reflecting the impact of ongoing divestments of non-core assets.
The company highlighted that production growth was driven by the Permian Basin and Guyana, with Permian volumes benefiting from the recently closed Pioneer deal.
On a non-GAAP basis, excluding identified items, upstream earnings mirrored the GAAP figures at $6.76 billion worldwide, with U.S. earnings again at $1.87 billion and Non-U.S. operations contributing $4.89 billion. These results marked an improvement from Q4 2024’s $6.28 billion total and Q1 2024’s $5.66 billion.
