ExxonMobil closed the final quarter of 2025 with earnings that edged past market forecasts, even as crude prices stayed under pressure from global oversupply.

The US oil major reported fourth-quarter revenue of $82.3bn, slightly lower than the $83.4bn recorded in the same period a year earlier. Net profit also declined year-on-year to $6.5bn from $7.6bn. Still, adjusted earnings came in at $1.71 per share, beating analysts’ expectations of $1.68.

Oil prices struggled through much of 2025, weighed down by excess supply in the global market, a trend that affected revenues across the energy sector.

Commenting on the results, chief executive Darren Woods said the company is now in a stronger position than it was a few years ago, pointing to cost reductions, technology-driven operations and disciplined investment as key drivers of resilience. According to him, these changes have helped strengthen ExxonMobil’s earnings base despite a challenging pricing environment.

Operationally, ExxonMobil said upstream output reached its highest level in more than four decades, averaging 4.7 million barrels of oil equivalent per day (boed) over the year. Production in the fourth quarter alone was just under 5 million boed.

Looking ahead, the company said it expects production to rise further in 2026 to about 4.9 million boed, with roughly 1.8 million boed projected to come from the Permian Basin, the largest oil-producing region in the United States.

For the full year ended December, ExxonMobil posted total revenue of $332.2bn, down from $349.6bn in 2024, while net income slipped to $28.8bn from $33.7bn.