ExxonMobil's (XOM) Q4 2024 earnings report reveals a net income attributable to ExxonMobil of $33,680 million, a decline from $36,010 million in 2023 and $55,740 million in 2022. This represents a year-over-year decrease of approximately 6.5% compared to 2023 and a more significant drop of 39.6% compared to 2022. The earnings per common share for 2024 stood at $7.84, down from $8.89 in 2023 and $13.26 in 2022, reflecting the overall decline in profitability. Sales and other operating revenue for 2024 totaled $339,247 million, a slight increase from $334,697 million in 2023 but a notable decline from $398,675 million in 2022. This indicates a modest recovery in revenue compared to the previous year but still reflects challenges in achieving the revenue levels seen in 2022.

‍ExxonMobil's return on average capital employed (ROCE) for 2024 was 12.7%, a decline from 15.0% in 2023 and 24.9% in 2022. This reduction highlights a decrease in the company's efficiency in generating returns from its capital base.‍

Cash flow from operating activities in 2024 amounted to $55,022 million, slightly lower than the $55,369 million reported in 2023 and significantly below the $76,797 million recorded in 2022. This reflects a stable but constrained cash generation capacity compared to prior years.

‍ExxonMobil's upstream segment earnings for 2024 were $25,390 million, an increase from $21,308 million in 2023 but lower than the $36,479 million achieved in 2022. The improvement from 2023 was driven by higher volumes from advantaged projects, including record production in the Permian Basin and Guyana, partially offset by lower gas realizations and higher expenses.

‍Energy Products segment earnings in 2024 totaled $4,033 million, a sharp decline from $12,142 million in 2023 and $14,966 million in 2022. The decrease was primarily due to significantly weaker industry refining margins, which reduced earnings by $6,280 million, and lower base volumes driven by scheduled maintenance and divestments.

‍Specialty Products segment earnings for 2024 were $3,052 million, up from $2,714 million in 2023 and $2,415 million in 2022. The increase was supported by stronger basestocks and finished lubes margins, which added $590 million to earnings, and structural cost savings of $130 million, partially offset by higher expenses related to new product development.

‍ExxonMobil's capital expenditures in 2024 amounted to $25.6 billion, reflecting the company's continued active investment program. This includes plans to increase investments to a range of $27 billion to $29 billion in 2025, emphasizing the company's focus on long-term growth and development projects.

‍The company's share repurchase program in 2024 involved the purchase of 167 million shares at a book value of $19.1 billion. ExxonMobil plans to continue its share repurchase program at a pace of $20 billion per year through 2026, assuming reasonable market conditions.

‍ExxonMobil's total liabilities at the end of 2024 were $182,869 million, up from $163,779 million in 2023. This increase was driven by higher deferred income tax liabilities and other long-term obligations, reflecting the company's ongoing financial commitments and operational scale.