2/1/25
Exxon Mobil (XOM)
There was little surprise Exxon’s earnings announcement/call this am at least with respect to production, given the details from the Upstream Spotlight day in December. As customary, there was little detailed production information in this quarter’s earnings release. Permian production exited 2024 at 1.5 mmboed and averaged 1.2 mmboed in 2024, vs a 2024Q3 exit rate of 1.3 mmboed. The provided guidance of 2025 is an average of 1.5 mmboed.
No specific breakeven costs were mentioned in the materials or call. While there were multiple references to their focus on being on the "low end of the cost supply curve" and having "advantaged cost of supply," no new breakeven numbers were shared.
No detailed upstream CAPEX or OPEX numbers were reported.
Overall production for the company was reported at 4.2 mmboed for 2024, with guidance for 2025 of 4.7 mmboed.
