Overview

• US oil and gas giant's Q1 revenue beat analyst expectations

• Q1 earnings and adjusted EPS declined yr/yr amid higher expenses and Middle East impacts

• Company delivered record production in Guyana and achieved first LNG at Golden Pass Train 1

Outlook

• ExxonMobil maintains full-year 2026 cash capital expenditures guidance of $27-$29 bln

• Company expects cumulative structural cost savings to reach $20 bln by 2030

• ExxonMobil plans to repurchase $20 bln of shares in 2026, assuming reasonable market conditions

Result Drivers

• GUYANA & PERMIAN VOLUME GROWTH - Record production in Guyana and increased volumes in the Permian contributed to upstream results, partly offsetting operational disruptions

• MIDDLE EAST SUPPLY DISRUPTIONS - Middle East events led to losses on financial hedges and lower volumes, negatively affecting earnings

• COST SAVINGS & HIGHER EXPENSES - Structural cost savings continued, but were offset by higher expenses from investments and operational disruptions

Company press release: ID:nBw5BlnYsa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$85.14 bln	$82.18 bln (12 Analysts)
Q1 EPS		$1

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 13 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

• Wall Street's median 12-month price target for Exxon Mobil Corp is $165.00, about 6.9% above its April 30 closing price of $154.33

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 20 three months ago

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