ExxonMobil (XOM) 4Q 2025 earnings

Exxon Mobil on Friday posted fourth-quarter earnings that beat Wall Street estimates, despite oil prices booking the biggest annual loss in years due to oversupply.

Here is what the oil company reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $1.71 adjusted vs. $1.68 expected
• Revenue: $82.31 billion vs. $81.43 billion

In the fourth quarter, Exxon reported net income of $6.5 billion, or $1.53 per share, a decline of 14.6% from $7.61 billion, or $1.72 per share, in the year-ago period. Revenue came in at $82.31 billion, down 1.3% from $83.43 billion in the fourth-quarter of 2024.

After adjustments, Exxon earned $1.71 per share, excluding items, outpacing the Street’s estimate of $1.68 per share. It exceeded expectations even as crude logged the biggest annual price decline since 2020.

Exxon’s production business booked a profit of $3.52 billion, down from $5.7 billion the third quarter. Its refining business posted earnings of $3.39 billion, up from $1.84 billion in the previous quarter.

The oil major achieved its highest full-year net production in more than 40 years at 4.7 million barrels per day. It pumped 4.98 million bpd in the quarter with its assets in the Permian Basin and Guyana setting output records for the period.

Exxon’s capital expenditures totaled $29 billion in 2025. It expects to spend $27 billion to $29 billion in 2026.

The oil major’s results come as President Donald Trump is pressuring the industry to return to Venezuela after the U.S. captured Nicolás Maduro, the South American country’s leader.

CEO Darren Woods told Trump that Venezuela is “uninvestable” during a White House meeting on Jan. 9. He said Venezuela will need major changes for Exxon to return. Caracas has seized Exxon’s assets twice.

Woods said Exxon is ready to send a technical team to Venezuela to evaluate the state of the oil industry in the country.