ExxonMobil provides 4Q 2025 earnings guidance amid market pressures

ExxonMobil Corp. (NYSE: XOM) released preliminary guidance for its fourth-quarter 2025 earnings, indicating several factors that will impact results compared to the third quarter.

The company reported third-quarter 2025 earnings of $7.5 billion under U.S. GAAP, or $8.1 billion excluding identified items such as impairments and restructuring charges. The upstream segment contributed $5.7 billion, while energy products added $1.8 billion.

For the fourth quarter, ExxonMobil expects lower liquids prices to reduce upstream earnings by approximately $1.2 billion, with an additional $0.8 billion impact on energy products. Natural gas price changes are projected to decrease upstream results by $0.3 billion while providing a $0.1 billion benefit to energy products.

Industry margin changes are expected to provide a modest benefit of $0.3 billion to upstream operations and $0.0 billion to $0.2 billion across energy products. Chemical products may see margins decline by $0.2 billion to $0.4 billion.

The company anticipates divestment gains of $0.6 billion to $0.8 billion in the fourth quarter. However, impairments are expected to range from $1.0 billion to $1.2 billion in upstream operations, with additional impairments of $0.2 billion to $0.4 billion each in energy products and chemical products.

Scheduled maintenance activities are projected to reduce earnings by $0.2 billion in upstream operations, with smaller impacts across other segments. Year-end inventory effects may provide benefits ranging from $0.1 billion to $0.3 billion in energy products.

The guidance excludes operating performance improvements, unscheduled downtime, foreign exchange impacts, and seasonal variations in base operating expenses, according to the company's statement.

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