BAKU, Azerbaijan, May 3. ExxonMobil reported a sequential rebound in its energy products segment for the first quarter of 2025, as stronger North American refining margins and favorable market timing helped offset lingering industry challenges, Trend reports.
The segment delivered earnings of $827 million in Q1 2025 under U.S. GAAP, doubling the $402 million recorded in the prior quarter. The $425 million quarter-on-quarter increase was driven by higher North American industry refining margins, aided by unplanned industry outages, favorable timing effects, and lower seasonal expenses.
However, on a year-on-year basis, earnings fell sharply from $1.38 billion in Q1 2024, reflecting the impact of significantly weaker global refining margins over the past year. ExxonMobil noted that while headwinds persisted, favorable foreign exchange effects, structural cost savings, and the absence of prior-year inventory impacts helped moderate the decline.
In the United States, earnings remained steady at $297 million, largely flat compared to $296 million in Q4 2024 but well below the $836 million reported in the same quarter a year ago. This year-on-year decline mirrors the broader industry trend of narrowing margins, particularly in 2024’s latter half.
Non-U.S. operations posted a notable turnaround, contributing $530 million in Q1 2025 — a significant improvement from just $106 million in the fourth quarter and close to the $540 million reported a year earlier. The recovery was supported by favorable market conditions, foreign exchange effects, and absence of negative inventory adjustments.
On a non-GAAP basis, excluding identified items, earnings followed a similar pattern. Worldwide Energy Products earnings reached $827 million, up from $323 million in Q4 2024 but down from $1.38 billion in Q1 2024.
Sales volumes for Energy Products averaged 5,283 thousand barrels per day in Q1 2025, slightly lower than the 5,537 kbd in Q4 2024 due to higher scheduled maintenance. However, volumes held steady compared to 5,232 kbd in the same period last year.
