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Business Wire
02-05-2025
- Business
- Business Wire
ExxonMobil Announces First-Quarter 2025 Results
SPRING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM): Exxon Mobil Corporation today announced first-quarter 2025 earnings of $7.7 billion, or $1.76 per share assuming dilution. Cash flow from operating activities was $13.0 billion and free cash flow was $8.8 billion. Shareholder distributions of $9.1 billion included $4.3 billion of dividends and $4.8 billion of share repurchases, consistent with the company's announced plans. 'In this uncertain market, our shareholders can be confident in knowing that we're built for this. The work we've done to transform our company over the past eight years positions us to excel in any environment,' said Darren Woods, chairman and chief executive officer. 'In the first quarter, we earned $7.7 billion and generated $13.0 billion in cash flow from operations. Since 2019, the strategic choices we made to reduce costs, grow advantaged volumes, and optimize our operations have strengthened quarterly earnings power by about $4 billion at current prices and margins. 3 This year, we're starting up 10 advantaged projects that are expected to generate more than $3 billion of earnings in 2026 at constant prices and margins. 4 Continuously leveraging our competitive advantage is enabling the company to excel in the current market environment and deliver on our plans through 2030 and far into the future.' 1 Earnings, cash flow from operations and shareholder distributions for the IOCs are actuals for companies that reported results on or before April 30, 2025, or estimated using Factset consensus as of April 30. IOCs includes each of BP, Chevron, Shell and TotalEnergies. Total shareholder return CAGR compares to each IOC and the average of large-cap S&P industrials as of March 31. Large-cap S&P industrials refer to companies in the S&P Industrials sector with market capitalization >$75 billion as of December 31, 2024. 2 Assuming dilution. 3 Current prices and margins refers to $65/bbl Brent, $3/mmbtu Henry Hub, $12/mmbtu TTF, and average Energy, Chemical, and Specialty Products margins for April 2025, which approximate prices and margins in April 2025. 4 Earnings contributions are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. Expand Financial Highlights First-quarter earnings were $7.7 billion versus $8.2 billion in the first quarter of 2024. Advantaged volume growth in the Permian and Guyana, additional structural cost savings and favorable timing effects mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments and higher expenses from growth initiatives. Achieved $12.7 billion of cumulative Structural Cost Savings versus 2019, more than all cost savings reported by other IOCs combined. 1 This total includes $0.6 billion of additional cost savings achieved during the quarter. The company expects to deliver $18 billion of cumulative savings through the end of 2030 versus 2019. Generated strong cash flow from operations of $13.0 billion and free cash flow of $8.8 billion in the first quarter. Industry-leading shareholder distributions of $9.1 billion included $4.3 billion of dividends and $4.8 billion of share repurchases, consistent with the company's annual $20 billion share-repurchase program through 2026. The Corporation declared a second-quarter dividend of $0.99 per share, payable on June 10, 2025, to shareholders of record of Common Stock at the close of business on May 15, 2025. The company's industry-leading debt-to-capital and net-debt-to-capital ratio was 12% and 7% respectively, reflecting debt repayment of $4.6 billion in the quarter. The period-end cash balance was $18.5 billion. 2 Cash capital expenditures were $5.9 billion, consistent with the company's full-year guidance range of $27 billion to $29 billion, and includes $5.9 billion of additions to property, plant and equipment. 1 IOC structural cost savings reflect reported cost savings as of April 30, 2025. Sourced from company disclosures. 2 Net debt is total debt of $37.6 billion less $17.0 billion of cash and cash equivalents excluding restricted cash. Net-debt to-capital ratio is net debt divided by the sum of net debt and total equity of $269.8 billion. Period-end cash balance includes cash and cash equivalents including restricted cash. ExxonMobil has lower net debt-to-capital and debt-to-capital than all IOCs. Net debt-to-capital and debt-to-capital are sourced from Bloomberg. Figures are actuals for IOCs that reported results on or before April 30, 2025, or estimated using Bloomberg consensus as of May 1, 2025. Expand EARNINGS AND VOLUME SUMMARY BY SEGMENT Expand Upstream Dollars in millions (unless otherwise noted) 1Q25 4Q24 1Q24 Earnings/(Loss) (U.S. GAAP) United States 1,870 1,256 1,054 Non-U.S. 4,886 5,242 4,606 Worldwide 6,756 6,498 5,660 Earnings/(Loss) Excluding Identified Items (non-GAAP) United States 1,870 1,616 1,054 Non-U.S. 4,886 4,667 4,606 Worldwide 6,756 6,283 5,660 Production (koebd) 4,551 4,602 3,784 Expand Upstream first-quarter earnings were $6.8 billion, $1.1 billion higher than the same quarter last year. Earnings increased due to advantaged assets volume growth from the Permian and Guyana, and structural cost savings. Weaker crude realizations and higher depreciation were offset by other net favorable impacts primarily related to divestments. Net production increased 20%, or 767,000 oil-equivalent barrels per day, to 4.6 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer, partly offset by non-core asset divestments. Compared to the fourth quarter, earnings increased $258 million driven by stronger natural gas and crude realizations, lower exploration costs and seasonally lower expenses, partly offset by the absence of favorable tax and divestment impacts. Net production in the first quarter decreased 51,000 oil-equivalent barrels per day versus the prior quarter reflecting the divestments. Energy Products first-quarter 2025 earnings were $827 million, compared to $1.4 billion in the same quarter last year as significantly weaker industry refining margins were partially offset by favorable timing effects, structural cost savings, favorable foreign exchange effects and the absence of unfavorable inventory impacts. Compared to the fourth quarter, earnings increased $425 million due to stronger North American industry refining margins driven by industry outages, favorable timing effects and lower seasonal expenses. These favorable impacts were partially offset by lower volumes from higher scheduled maintenance and the absence of favorable year-end inventory and asset management gains. Chemical Products earnings were $273 million compared to $785 million in the same quarter last year. Results were impacted by weaker industry margins, lower sales volumes, and higher expenses from turnaround activity and advantaged project start-up costs. First-quarter earnings improved $153 million versus the fourth quarter. Higher base volumes and lower expenses were partly offset by weaker margins from higher feed and energy costs. The company recently commenced operations ahead of schedule and under budget at its China Chemical Complex. When fully operational, the project will have the capacity to produce 1.7 million tons per year of polyethylene and 850,000 tons per year of polypropylene. More than 75% of the facility capacity will be capable of producing high-value products. Production is ramping up throughout 2025. The company's second advanced recycling unit in Baytown commenced operations in April and has the capacity to process 80 million pounds per year of plastic waste, doubling existing advanced recycling capacity. Specialty Products continued to deliver strong earnings from its portfolio of high-value products. First-quarter earnings of $655 million were down from $761 million in the same quarter last year as the impact from additional structural cost savings was more than offset by higher expenses from new market developments and unfavorable foreign exchange impacts. Earnings decreased $91 million versus the fourth quarter. Higher basestock feed costs and the absence of favorable tax and year-end inventory impacts were partly offset by lower seasonal expenses. Corporate and Financing first-quarter net charges of $798 million increased $436 million compared to the same quarter last year due to lower interest income, unfavorable foreign exchange effects and increased pension-related expenses. Net charges increased $642 million versus the fourth quarter driven by unfavorable foreign exchange effects, higher corporate costs and unfavorable tax impacts. CASH FLOW FROM OPERATIONS AND ASSET SALES EXCLUDING WORKING CAPITAL Expand FREE CASH FLOW Dollars in millions (unless otherwise noted) 1Q25 4Q24 1Q24 Cash Flow from Operating Activities (U.S. GAAP) 12,953 12,229 14,664 Additions to property, plant and equipment (5,898) (6,837) (5,074) Additional investments and advances (153) (2,261) (421) Other investing activities including collection of advances 93 1,615 215 Proceeds from asset sales and returns of investments 1,823 3,231 703 Inflows from noncontrolling interest for major projects 22 20 12 Free Cash Flow (non-GAAP) 8,840 7,997 10,099 Expand CASH CAPITAL EXPENDITURES Expand Dollars in millions (unless otherwise noted) 1Q25 4Q24 1Q24 Additions to property, plant and equipment 5,898 6,837 5,074 Additional investments and advances 153 2,261 421 Other investing activities including collection of advances (93) (1,615) (215) Inflows from noncontrolling interests for major projects (22) (20) (12) Total Cash Capital Expenditures (non-GAAP) 5,936 7,463 5,268 Dollars in millions (unless otherwise noted) 1Q25 4Q24 1Q24 Upstream United States 2,983 3,152 2,324 Non-U.S. 2,010 2,702 1,781 Total 4,993 5,854 4,105 Energy Products United States 127 169 187 Non-U.S. 251 449 330 Total 378 618 517 Chemical Products United States 154 246 81 Non-U.S. 137 337 259 Total 291 583 340 Specialty Products United States 52 78 19 Non-U.S. 58 73 61 Total 110 151 80 Other Other 164 257 226 Worldwide 5,936 7,463 5,268 Expand CALCULATION OF STRUCTURAL COST SAVINGS Dollars in billions (unless otherwise noted) Twelve Months Ended December 31, Three Months Ended March 31, 2019 2024 2024 2025 Components of Operating Costs From ExxonMobil's Consolidated Statement of Income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 9.1 10.1 Selling, general and administrative expenses 11.4 10.0 2.5 2.5 Depreciation and depletion (includes impairments) 19.0 23.4 4.8 5.7 Exploration expenses, including dry holes 1.3 0.8 0.1 0.1 Non-service pension and postretirement benefit expense 1.2 0.1 — 0.1 Subtotal 69.7 74.0 16.5 18.5 ExxonMobil's share of equity company expenses (non-GAAP) 9.1 9.6 2.4 2.6 Total Adjusted Operating Costs (non-GAAP) 78.8 83.6 18.9 21.1 Total Adjusted Operating Costs (non-GAAP) 78.8 83.6 18.9 21.1 Less: Depreciation and depletion (includes impairments) 19.0 23.4 4.8 5.7 Non-service pension and postretirement benefit expense 1.2 0.1 — 0.1 Other adjustments (includes equity company depreciation and depletion) 3.6 3.7 0.9 1.3 Total Cash Operating Expenses (Cash Opex) (non-GAAP) 55.0 56.4 13.2 14.1 Energy and production taxes (non-GAAP) 11.0 13.9 3.4 3.9 Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) 44.0 42.5 9.8 10.2 Change vs 2019 Change vs 2024 Estimated Cumulative vs 2019 Total Cash Operating Expenses (Cash Opex) excluding Energy and Production Taxes (non-GAAP) -1.5 +0.4 Market +4.0 0.0 Activity / Other +6.6 +1.0 Structural Cost Savings -12.1 -0.6 -12.7 Expand This press release also references Structural Cost Savings, which describes decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-saving measures, that are expected to be sustainable compared to 2019 levels. Relative to 2019, estimated cumulative Structural Cost Savings totaled $12.7 billion, which included an additional $0.6 billion in the first three months of 2025. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural cost savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative structural cost savings. Estimates of cumulative annual structural cost savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management. ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on May 2, 2025. To listen to the event or access an archived replay, please visit Selected Earnings Driver Definitions Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products. Base volume. Represents and includes all volume/mix drivers not included in Advantaged volume growth driver defined above. Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments. Expenses. Represents and includes all expenses otherwise not included in other earnings drivers. Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Cautionary Statement Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as lower-emission fuels, hydrogen, ammonia, lithium, direct air capture, low-carbon data centers, and other low carbon business plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, to meet ExxonMobil's emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices and differentials for our products; changes in any part of the world in law, taxes, or regulation including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; the development or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources and the success of new unconventional technologies; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance or shipping limitations by foreign governments or laws; changes in market tariffs or realignment of global trade and supply chain networks; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil's 2024 Form 10-K. Actions needed to advance ExxonMobil's 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company's Global Outlook research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Global Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company's business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns. Frequently Used Terms and Non-GAAP Measures This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6. This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6. This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2025 and 2024 periods in Attachments II-a and II-b. Earnings per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP). This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation's products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities ('sales-based taxes'). It combines 'Income taxes' and 'Total other taxes and duties' with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation's products and earnings. A reconciliation to total taxes is shown in Attachment I-a. This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6. This press release also references cash capital expenditures (non-GAAP). Cash capex is the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown on page 7. References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term 'resource base' or similar terms are not intended to correspond to SEC definitions such as 'probable' or 'possible' reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release. The term 'project' as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression. Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian, Guyana, and LNG. Advantaged projects refers to capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns. Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments refers to volumes other than high-value products volumes. Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year. Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet. Government mandates (curtailments) are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions imposed by governments. High-value products includes performance products and lower-emission fuels. Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport. Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet. Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. Total shareholder return (TSR) is defined by FactSet and measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. FactSet assumes dividends are reinvested in stock at market prices on the ex-dividend date. Unless stated otherwise, total shareholder return is quoted on an annualized basis. This press release also references Structural Cost Savings, for more details see page 8. Unless otherwise indicated, year-to-date ('YTD') means as of the last business day of the most recent fiscal quarter. Reference to Earnings References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests. Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs. Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated. Dollars in millions (unless otherwise noted) 2025 2024 Revenues and other income Sales and other operating revenue 81,058 80,411 Income from equity affiliates 1,369 1,842 Other income 703 830 Total revenues and other income 83,130 83,083 Costs and other deductions Crude oil and product purchases 46,788 47,601 Production and manufacturing expenses 10,083 9,091 Selling, general and administrative expenses 2,540 2,495 Depreciation and depletion (includes impairments) 5,702 4,812 Exploration expenses, including dry holes 64 148 Non-service pension and postretirement benefit expense 113 23 Interest expense 205 221 Other taxes and duties 6,035 6,323 Total costs and other deductions 71,530 70,714 Income/(Loss) before income taxes 11,600 12,369 Income tax expense/(benefit) 3,567 3,803 Net income/(loss) including noncontrolling interests 8,033 8,566 Net income/(loss) attributable to noncontrolling interests 320 346 Net income/(loss) attributable to ExxonMobil 7,713 8,220 OTHER FINANCIAL DATA Dollars in millions (unless otherwise noted) Three Months Ended March 31, 2025 2024 Earnings per common share (U.S. dollars) 1.76 2.06 Earnings per common share - assuming dilution (U.S. dollars) 1.76 2.06 Dividends on common stock Total 4,335 3,808 Per common share (U.S. dollars) 0.99 0.95 Millions of common shares outstanding Average - assuming dilution 4,372 3,998 Taxes Income taxes 3,567 3,803 Total other taxes and duties 7,066 7,160 Total taxes 10,633 10,963 Sales-based taxes 5,470 5,549 Total taxes including sales-based taxes 16,103 16,512 ExxonMobil share of income taxes of equity companies (non-GAAP) 657 998 Expand ATTACHMENT I-b CONDENSED CONSOLIDATED BALANCE SHEET (Preliminary) Expand Dollars in millions (unless otherwise noted) March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 17,036 23,029 Cash and cash equivalents – restricted 1,476 158 Notes and accounts receivable – net 46,303 43,681 Inventories Crude oil, products and merchandise 20,502 19,444 Materials and supplies 3,976 4,080 Other current assets 1,940 1,598 Total current assets 91,233 91,990 Investments, advances and long-term receivables 47,853 47,200 Property, plant and equipment – net 292,646 294,318 Other assets, including intangibles – net 20,176 19,967 Total Assets 451,908 453,475 LIABILITIES Current liabilities Notes and loans payable 4,728 4,955 Accounts payable and accrued liabilities 63,987 61,297 Income taxes payable 5,114 4,055 Total current liabilities 73,829 70,307 Long-term debt 32,823 36,755 Postretirement benefits reserves 10,015 9,700 Deferred income tax liabilities 39,091 39,042 Long-term obligations to equity companies 1,381 1,346 Other long-term obligations 24,963 25,719 Total Liabilities 182,102 182,869 EQUITY Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) 46,426 46,238 Earnings reinvested 474,290 470,903 Accumulated other comprehensive income (14,338) (14,619) Common stock held in treasury (3,709 million shares at March 31, 2025, and 3,666 million shares at December 31, 2024) (243,658) (238,817) ExxonMobil share of equity 262,720 263,705 Noncontrolling interests 7,086 6,901 Total Equity 269,806 270,606 Total Liabilities and Equity 451,908 453,475 Expand ATTACHMENT I-c CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Preliminary) Expand Dollars in millions (unless otherwise noted) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income/(loss) including noncontrolling interests 8,033 8,566 Depreciation and depletion (includes impairments) 5,702 4,812 Changes in operational working capital, excluding cash and debt (878) 2,008 All other items – net 96 (722) Net cash provided by operating activities 12,953 14,664 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (5,898) (5,074) Proceeds from asset sales and returns of investments 1,823 703 Additional investments and advances (153) (421) Other investing activities including collection of advances 93 215 Net cash used in investing activities (4,135) (4,577) CASH FLOWS FROM FINANCING ACTIVITIES Additions to long-term debt 280 108 Reductions in long-term debt (7) — Reductions in short-term debt (4,541) (1,106) Additions/(Reductions) in debt with three months or less maturity (41) (5) Cash dividends to ExxonMobil shareholders (4,335) (3,808) Cash dividends to noncontrolling interests (141) (166) Changes in noncontrolling interests (12) (6) Inflows from noncontrolling interests for major projects 22 12 Common stock acquired (4,804) (3,011) Net cash provided by (used in) financing activities (13,579) (7,982) Effects of exchange rate changes on cash 86 (324) Increase/(Decrease) in cash and cash equivalents (including restricted) (4,675) 1,781 Cash and cash equivalents at beginning of period (including restricted) 23,187 31,568 Cash and cash equivalents at end of period (including restricted) 18,512 33,349 Expand ATTACHMENT II-a KEY FIGURES: IDENTIFIED ITEMS Expand Dollars in millions (unless otherwise noted) 1Q25 4Q24 1Q24 Earnings/(Loss) (U.S. GAAP) 7,713 7,610 8,220 Identified Items Impairments — (608) — Gain/(Loss) on sale of assets — 415 — Tax-related items — 409 — Total Identified Items — 216 — Earnings/(Loss) Excluding Identified Items (non-GAAP) 7,713 7,394 8,220 Dollars per common share 1Q25 4Q24 1Q24 Earnings/(Loss) Per Common Share (U.S. GAAP) ¹ 1.76 1.72 2.06 Identified Items Per Common Share ¹ Impairments — (0.14) — Gain/(Loss) on sale of assets — 0.10 — Tax-related items — 0.09 — Total Identified Items Per Common Share ¹ — 0.05 — Earnings/(Loss) Excl. Identified Items Per Common Share (non-GAAP) ¹ 1.76 1.67 2.06 ¹ Assuming dilution. Expand ATTACHMENT II-b KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT Expand Fourth Quarter 2024 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Identified Items Impairments (360) (48) (34) (59) (43) (52) (4) (8) — (608) Gain/(Loss) on sale of assets — 385 — — — — — — 30 415 Tax-related items — 238 — 172 — — — (1) — 409 Total Identified Items (360) 575 (34) 113 (43) (52) (4) (9) 30 216 Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,616 4,667 330 (7) 273 (58) 354 405 (186) 7,394 Expand First Quarter 2024 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Total Identified Items — — — — — — — — — — Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,054 4,606 836 540 504 281 404 357 (362) 8,220 Expand Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) 1Q25 4Q24 1Q24 United States 1,418 1,468 816 Canada/Other Americas 760 825 772 Europe 4 2 4 Africa 137 198 224 Asia 796 694 711 Australia/Oceania 24 26 30 Worldwide 3,139 3,213 2,557 Net natural gas production available for sale, million cubic feet per day (mcfd) 1Q25 4Q24 1Q24 United States 3,266 3,259 2,241 Canada/Other Americas 42 94 94 Europe 331 349 377 Africa 118 149 150 Asia 3,457 3,183 3,274 Australia/Oceania 1,256 1,297 1,226 Worldwide 8,470 8,331 7,362 Oil-equivalent production (koebd)¹ 4,551 4,602 3,784 1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. Expand ATTACHMENT IV KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES Expand Refinery throughput, thousand barrels per day (kbd) 1Q25 4Q24 1Q24 United States 1,789 1,957 1,900 Canada 397 411 407 Europe 986 1,077 954 Asia Pacific 447 429 402 Other 191 156 180 Worldwide 3,810 4,030 3,843 Energy Products sales, thousand barrels per day (kbd) 1Q25 4Q24 1Q24 United States 2,728 2,848 2,576 Non-U.S. 2,555 2,689 2,656 Worldwide 5,283 5,537 5,232 Gasolines, naphthas 2,162 2,301 2,178 Heating oils, kerosene, diesel 1,724 1,817 1,742 Aviation fuels 366 369 339 Heavy fuels 158 207 214 Other energy products 873 842 759 Worldwide 5,283 5,537 5,232 Chemical Products sales, thousand metric tons (kt) 1Q25 4Q24 1Q24 United States 1,706 1,682 1,847 Non-U.S. 3,070 2,953 3,207 Worldwide 4,776 4,635 5,054 Specialty Products sales, thousand metric tons (kt) 1Q25 4Q24 1Q24 United States 473 433 495 Non-U.S. 1,463 1,382 1,464 Worldwide 1,936 1,814 1,959 Expand ATTACHMENT V KEY FIGURES: EARNINGS/(LOSS) Expand Results Summary Dollars in millions (except per share data) 1Q25 4Q24 Change vs 4Q24 1Q24 Change vs 1Q24 Earnings (U.S. GAAP) 7,713 7,610 +103 8,220 -507 Earnings Excluding Identified Items (non-GAAP) 7,713 7,394 +319 8,220 -507 Earnings Per Common Share¹ 1.76 1.72 +0.04 2.06 -0.30 Earnings Excl. Identified Items Per Common Share (non-GAAP)¹ 1.76 1.67 +0.09 2.06 -0.30 ¹ Assuming dilution. Expand EARNINGS/(LOSS) BY QUARTER Dollars in millions (unless otherwise noted) 2025 2024 2023 2022 2021 First Quarter 7,713 8,220 11,430 5,480 2,730 Second Quarter — 9,240 7,880 17,850 4,690 Third Quarter — 8,610 9,070 19,660 6,750 Fourth Quarter — 7,610 7,630 12,750 8,870 Full Year — 33,680 36,010 55,740 23,040 Dollars per common share 2 2025 2024 2023 2022 2021 First Quarter 1.76 2.06 2.79 1.28 0.64 Second Quarter — 2.14 1.94 4.21 1.10 Third Quarter — 1.92 2.25 4.68 1.57 Fourth Quarter — 1.72 1.91 3.09 2.08 Full Year — 7.84 8.89 13.26 5.39 2 Computed using the average number of shares outstanding during each period; assuming dilution. Expand
Zawya
29-04-2025
- Business
- Zawya
Invest in African Energy 2026 Forum Confirmed for May 11–12 in Paris
Energy Capital&Power (ECP) ( is pleased to announce that the fourth edition of the Invest in African Energy (IAE) Forum will return to Paris on May 11–12, 2026, with a sharpened focus on frontier exploration, early-stage project development and upstream investment opportunities. Building on three highly successful editions, IAE continues to serve as the premier platform for global explorers, investors and African energy leaders to connect, collaborate and catalyze the next wave of discoveries. Held in Europe's leading financial and diplomatic center, IAE 2026 will convene energy ministers, national oil companies, utilities, regulators and global investors for two days of strategic dialogue and high-level engagement. This edition will introduce an enhanced focus on the exploration community and its broader ecosystem – from geologists and service companies, to governments and capital providers. With over 150 oil and gas blocks available for bidding across more than 10 African markets in 2025, the continent is experiencing an exploration resurgence, presenting opportunities in both mature and frontier regions. IAE will serve as the premier platform for accessing these opportunities, exploring the latest data rooms, showcasing seismic and subsurface innovation and fostering early-stage collaboration among IOCs and NOCs. Several high-impact licensing rounds are already lined up for 2026, signaling new momentum across Africa's exploration landscape. Equatorial Guinea has relaunched its open-door licensing process, paving the way for a major licensing round by late 2025 or early 2026. Angola is planning to repeat its multi-year licensing round for oil and gas acreage starting in 2026, while Namibia is lining up new offshore licensing opportunities from 2025 that are expected to continue into the following year. Uganda also plans to issue new exploration licenses in the 2025/2026 fiscal year. In addition, several licensing rounds launched in 2025 will carry over into 2026, offering continued momentum and opportunity for exploration-focused stakeholders. More than just a development-focused event, IAE 2026 is setting the stage for the next era of African oil and gas exploration. With operators and developers expected to invest $43 billion in Africa's oil and gas sector in 2025 — and capital expenditure projected to reach a decade-high of $54 billion by 2030 — Africa's role in the global energy landscape is only set to grow. IAE responds directly to this momentum, serving as a launchpad for cross-border investment, strategic partnerships and early-stage project financing. The forum is purpose-built to engage geologists, upstream strategists, service providers and capital partners looking to unlock the continent's vast untapped hydrocarbon potential. 'IAE has become the definitive meeting point for Africa's energy stakeholders and global capital markets. We're especially focused on amplifying exploration in 2026 – shining a spotlight on frontier plays, licensing opportunities and early-stage assets ready for partnerships. With preparations underway, we are committed to sustaining this platform's growth and delivering another high-impact edition in 2026,' said Sandra Jeque, Events&Project Director at ECP. In previous editions, the forum has welcomed official delegations from over 20 African countries, hosted exclusive ministerial panels and investor roundtables, and featured hundreds of B2B meetings that have laid the foundation for tangible, cross-border cooperation. By spotlighting Africa's exploration resurgence — from untapped basins and high-impact drilling campaigns to recent regulatory shifts — the forum will offer clear value to IOCs evaluating global priorities, while outlining what the exploration landscape looks like and what investors need to know to engage effectively. More information on the 2026 program, speaker lineup and sponsorship opportunities will be announced in the coming months. Distributed by APO Group on behalf of Energy Capital&Power.
Rudaw Net
27-04-2025
- Politics
- Rudaw Net
President Barzani participation in Pope funeral ‘source of pride': Chaldean Archdiocese
Also in Kurdistan President Barzani's leads key visit to Jordan to boost ties amid regional uncertainties Iraq yet to pay IOCs despite millions of barrels sent: KRG minister President Barzani to meet King Abdullah II in Jordan Rescue teams to 'intensively' search for missing Erbil woman for another week A+ A- ERBIL, Kurdistan Region - Archbishop Bashar Warda of the Chaldean Archdiocese of Erbil described the participation of Kurdistan Region President Nechirvan Barzani in the farewell ceremony for Pope Francis in Rome as a source of pride that places the Kurdistan Region on the global map. Speaking to Rudaw on Saturday, Archbishop Warda stated, 'As of today, a nine-day mourning period begins, during which a mass will be held each day.' He added that 'the names of the cardinals and the locations of the masses held for the intention of the Pope have already been set.' Warda further explained that during this mourning period, the College of Cardinals would convene regularly to deliberate on the Church's current status and its responsibilities moving forward. 'These discussions are crucial for defining the character of the next phase in the Church's journey,' he noted. On President Nechirvan Barzani's participation in the farewell ceremony, Archbishop Warda remarked that it 'is a source of pride for us as Christians in Kurdistan and Iraq. To see the President of the Region present at a global event where humanity bids farewell to the Pope - a spiritual leader for over 1.4 billion Catholics - is deeply significant.' He also highlighted the special relationship between the Vatican and the leadership of the Kurdistan Region. 'Let us not forget the unique and friendly ties between Pope Francis and the Barzani leadership - President Nechirvan Barzani, President Masoud Barzani, and Prime Minister Masrour Barzani,' he said. Warda recalled the exceptional protocol extended to the Kurdistan Region during the Pope's historic visit to Iraq. 'Typically, the Pope meets all political leaders together in one place, as he did in Baghdad. However, in recognition of the Kurdistan Region's role - especially in hosting and protecting over a million displaced people, including many Christians, in 2014 - the Vatican arranged a special meeting in Erbil.' He stressed that this gesture reflected the Vatican's deep appreciation and the warmth of its relationship with the Kurdistan Region. 'Such protocols demonstrate the depth of this friendship,' he added. 'President Nechirvan Barzani's participation in this international event shows that the Kurdistan Region is not isolated, but is actively engaged on the world stage - with strength and a meaningful message,' the Archbishop concluded. President Barzani arrived in Rome on Friday evening to attend the funeral, which began on Saturday. On the selection of the next pope, Archbishop Warda clarified that the process is not influenced by campaigns or speculation. 'What is being circulated in the media is just that - speculation. Historically, the elected pope is rarely among the widely expected names,' he said. On May 9, the cardinals will enter what is known as the conclave, and other procedures will follow that are characterized more by ecclesiastical privacy than secrecy. According to Archbishop Warda, 'The privacy is due to the nature of the election which is more of a mission than a calling and is primarily aimed at serving the Church.' He elaborated that a new pontiff would be elected within less than two weeks and that 'the mourning period, which lasts nine days, is an established tradition derived from the Bible.' Pope Francis passed away in Rome on Monday at the age of 88, following complications from severe pneumonia that had persisted for over two months. On Saturday, the Vatican hosted the funeral service in St. Peter's Square, presided over by Italian Cardinal Giovanni Battista Re. Authorities anticipated the attendance of over 200,000 people, including world leaders, religious figures, and faithful from around the globe. The Pope had selected his final resting place in his favorite church in Rome. According to the Vatican, 162 official delegations, including dozens of heads of state, government officials, and monarchs, confirmed their attendance at the funeral.
Rudaw Net
27-04-2025
- Business
- Rudaw Net
President Barzani's leads key visit to Jordan to boost ties amid regional uncertainties
Also in Kurdistan Iraq yet to pay IOCs despite millions of barrels sent: KRG minister President Barzani to meet King Abdullah II in Jordan Rescue teams to 'intensively' search for missing Erbil woman for another week European journalists plan monitoring centre in Kurdistan A+ A- ERBIL, Kurdistan Region - Kurdistan Region President Nechirvan Barzani visited the Jordanian capital, Amman, on Sunday, where he met with top officials to discuss enhancing bilateral relations, joint cooperation, and regional and international developments. The key visit comes shortly after President Barzani in mid-April affirmed Erbil's rejection of plots targeting Jordan's national security and expressed "full solidarity" with Amman. The meetings The visit began with a meeting between President Barzani and Jordan's King Abdullah II where the two leaders discussed ways to strengthen bilateral relations and deepen cooperation. In a statement posted on X, President Barzani wrote, 'I'm honored to meet His Majesty King Abdullah II in Amman today. I thanked HM and the people of the Kingdom of Jordan for their warm welcome, gracious hospitality, and continued support for Iraq and the Kurdistan Region.' He added, 'We deeply value the strong and historic ties between Jordan, Iraq, and the Kurdistan Region and remain committed to further strengthening our relations.' The Kurdistan Region Presidency issued a statement noting that the meeting between President Barzani and King Abdullah II 'focused on strengthening relations between the Kingdom of Jordan, Iraq, and the Kurdistan Region, and exploring opportunities for increased collaboration in the political, economic, and security fields.' The two leaders further 'discussed recent regional developments and matters of shared concern,' and 'underlined the importance of joint efforts to uphold stability and peace in the region, while addressing a range of issues of mutual interest.' President Barzani expressed 'his heartfelt gratitude for the support extended by the Hashemite Kingdom of Jordan to Iraq and the Kurdistan Region,' praising 'the longstanding relationship and camaraderie between the two nations.' The Kurdistan Region Presidency quoted King Abdullah II as 'reaffirming his country's commitment to enhancing relations and cooperation with Iraq and the Kurdistan Region,' and emphasizing 'Jordan's dedication to supporting initiatives that promote security, stability, and prosperity across the region.' The state-run Jordanian news agency, Petra, reported that the meeting between the two leaders 'addressed the brotherly relations between Jordan and Iraq, and ways to enhance cooperation' between Erbil and Amman. King Abdullah II was cited as emphasizing 'the need to intensify regional and international efforts to achieve a comprehensive de-escalation in the region, contributing to enhanced security and stability.' The meeting 'also touched on the latest developments in the region, particularly in Gaza, the West Bank, Syria, and Lebanon,' Petra reported, adding that it was 'attended by Deputy Prime Minister and Minister of Foreign Affairs and Expatriates Ayman Safadi' among others. In addition to his meeting with King Abdullah II, the Kurdistan Region President also met with Jordanian FM Safadi. In a statement he posted on X, President Barzani wrote, 'I had a good conversation with my friend, Deputy Prime Minister and Minister of Foreign Affairs of Jordan, Ayman Safadi, in Amman today. We discussed deepening Jordan, Iraq and the Kurdistan Region ties, regional developments and ways to further promote peace and stability in the region.' Petra reported that the meeting with Safadi focused on 'strengthening the brotherly relations between Jordan and Iraq, increasing cooperation between the Kingdom and the Kurdistan Region of Iraq in various fields, and addressed the situation in the region.' The timing President Barzani's visit to Amman comes shortly after he, in mid-April, condemned uncovered plots targeting Jordan's national security and expressed "full solidarity" with Amman. In a statement posted on X, President Barzani then said, 'We strongly condemn the plots that were targeting the security and stability of the friendly Hashemite Kingdom of Jordan,' adding, 'We affirm our full solidarity with Jordan and stand by its side in confronting anything that threatens its security and the safety of its people.' These remarks followed Amman's announcement that it had arrested "16 individuals" involved in manufacturing rockets and drones with the intent of "spreading chaos and sabotage" within the Kingdom. Jordan's Communication Minister and Government Spokesperson, Mohammad al-Momani, had confirmed that the suspects had been 'closely monitored by the General Intelligence Department [GID] since 2021' and were involved in 'illegal activities.' Meanwhile, the GID reported that it had 'foiled plans aimed at targeting national security,' stating that the suspects were attempting to manufacture rockets using locally made and illegally imported components. Jordanian authorities also seized explosive devices and firearms, and noted that the group had been planning to build drones and recruit and train operatives both inside Jordan and abroad. The incident came amid growing concerns of resurgence of the Islamic State (ISIS) in the region. In early March, Iraq's Foreign Minister, Fuad Hussein, attended a summit in Amman with foreign ministers, defense ministers, and intelligence chiefs from Iraq, Jordan, Lebanon, Syria, and Turkey. At the summit, Hussein issued a stark warning about the growing threat posed by ISIS to Iraq, Jordan, and Syria. He emphasized the need for a coordinated international and regional effort to counter the increasing security risks posed by the group. Insiders' take President Barzani's visit to Jordan follows a previous trip in 2021, during which he was also warmly received by King Abdullah II. Jordan's Consul General in Erbil told Rudaw on Sunday that President Barzani was received by 'his brother' the Jordanian King, adding that the visit was both 'brotherly and successful.' Fuad Khazer al-Majali further described the relations between Jordan, Iraq and the Kurdistan Region as 'historic' and 'strong.' Majali highlighted that officials in Amman and Erbil always lead 'high-profile visits' and maintain 'high-level communication,' stressing that the ties between the two sides are 'exceptional,' spanning key areas such as 'economic, education, health, trade, and social relations.' For his part, spokesperson for the Kurdistan Region's Chamber of Commerce, Karwan Surci, told Rudaw on Sunday that while 'there is no official data on the trade volume between Amman and Erbil, I can say with confidence that there are currently more than 100 Jordanian companies operating in the Kurdistan Region, and some of these companies work in cooperation with entrepreneurs in the Region.' He added that while the Kurdistan Region imports 'dairy products, medicine and medical equipment, and construction material' from Jordan, 'in the last one or two years, nearly 10,000 tons of potatoes have been exported to Jordan,' in addition to 'honey, pomegranates and other foodstuff.' Economic expert and specialist in oil and energy affairs, Amer al-Showbaki, also told Rudaw that President Barzani's visit to Jordan comes at a 'delicate time' for the region and the entire world, and that maintaining good ties with Erbil is pivotal for Amman's 'neighborliness policies.' Showbaki noted the importance of the Kurdistan Region to Jordan's energy needs, stating that it 'provides Jordan with seven percent of its energy needs,' amounting to 'between 10 to 15 thousand barrels of oil per day at special prices.' He added that 'Amman is keen on expanding energy cooperation with Erbil.' Pointing to the cultural ties, the Jordanian researcher emphasized that this relationship further stems from the presence of 'Jordanian Kurds who are an integral part of Jordanian society.' Historic ties Bilateral relations between Amman and Erbil have flourished over the years, underpinned by shared historical ties and mutual interests in regional stability and development. Jordan formalized its diplomatic and economic exchanges with the Kurdistan Region by opening its consulate in Erbil in 2011. These ties have been further strengthened through high-level visits and agreements, such as the 2024 memorandum of understanding (MoU) between the Jordanian and Kurdistan Region's Ministries of Agriculture, which aims to enhance cooperation in agriculture and the food industry. Beyond agriculture, the partnership extends to other critical sectors such as education and healthcare. In 2023, discussions between Jordanian and Kurdish officials focused on addressing challenges in these fields, including nursing staff shortages and the potential establishment of a Jordanian medical university branch in the Kurdistan Region. Erbil and Amman have also worked on strengthening security cooperation in recent years, focusing on shared challenges such as terrorism, organized crime, and border security. In August 2023, Jordan and Iraq signed a Memorandum of Understanding (MoU) aimed at enhancing security collaboration. The agreement outlines joint efforts to combat terrorism, illicit trafficking, human smuggling, and other transnational crimes. It also emphasizes the exchange of intelligence and expertise between the two nations' security forces. The Kurdistan Region is a key participant in implementing these initiatives. Moreover, the Kurdish Peshmerga play a vital role in maintaining stability along the borders with Syria and Turkey. Jordan has expressed support for the Kurdistan Region's security efforts and has engaged in discussions to bolster cooperation in areas such as border control and counterterrorism. These collaborative efforts are part of a broader strategy to ensure regional stability and address common security threats.
Rudaw Net
20-04-2025
- Business
- Rudaw Net
KRG, Iraqi officials meet with oil companies to discuss restarting Kurdish oil exports
Also in Iraq From Russia to Jordan, cultural performances dazzle in Babil Congo-Crimean fever kills two in Kirkuk Mining is a potential '$16 trillion' industry in Iraq: Official Sadr rejects Iraqi president's appeal to join elections A+ A- ERBIL, Kurdistan Region - Officials from the Kurdistan Regional Government (KRG), the Federal Government of Iraq and representatives of international oil companies (IOCs) operating in the Kurdistan Region met in Erbil on Saturday to discuss the resumption of Kurdish oil exports, a KRG official stated. The convening parties 'explored the possibility of resuming oil exports from the Kurdistan Region with oil companies, and the viewpoints of oil investment companies on the matter,' said Umed Sabah, president of the Diwan of Council of Ministers, in a post on X. However, a separate meeting that was set to be held in Baghdad on Saturday, between representatives of the Kurdistan Region's natural resources ministry, the Iraqi oil ministry and IOCs was postponed at Baghdad's request, Rudaw English has learned from a representative of an IOC operating in the Region. On the same day, an Iraqi Oil Ministry spokesperson, Abdulsahib al-Hasnawi, confirmed to Rudaw that the Saturday meeting would not be held. Earlier in the week, on Wednesday, Iraqi Oil Minister Hayyan Abdul Ghani had announced that 'a delegation from the Kurdistan Region's natural resources ministry would visit Baghdad on Saturday to complete the negotiation process' with his ministry on the resumption of Kurdish oil exports. 'We all hope to reach an agreement' to restart oil exports, the minister said. Kurdish oil exports, through Turkey's Ceyhan port, have been halted since March 2023. The suspension came after a Paris-based arbitration court ruled in favor of Baghdad that Ankara had violated a 1973 pipeline agreement by allowing Erbil to export oil independently. In February, the Iraqi parliament passed amendments to the federal budget law, authorizing $16 per barrel in production and transportation costs for IOCs. The step was seen as crucial to restarting Kurdish oil exports. The amended budget law also set a 60-day deadline for the Iraqi government and the KRG to establish an international consultancy body to assess those costs. Despite months of talks between Erbil, Baghdad, and IOCs, Kurdish oil exports have yet to resume. Kurdistan Region Prime Minister Masrour Barzani stated on Wednesday that Erbil has suffered losses exceeding $23 billion since the suspension of oil exports.
