v3.25.4
Mergers and Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed The following table summarizes the fair values of the assets acquired and liabilities assumed.
(billions of dollars)
Pioneer
Current assets (1)
3 
Other non-current assets1 
Property, plant, & equipment (2)
84 
Total identifiable assets acquired88 
Current liabilities (1)
3 
Long-term debt (3)
5 
Deferred income tax liabilities (4)
16 
Other non-current liabilities2 
Total liabilities assumed26 
Net identifiable assets acquired62 
Goodwill (5)
1 
Net assets63 
(1) Current assets and current liabilities consist primarily of accounts receivable and payable, with their respective fair values approximating historical values given their short-term duration, expectation of insignificant bad debt expense, and our credit rating.
(2) Property, plant, and equipment, of which a significant portion relates to crude oil and natural gas properties, was preliminarily valued using the income approach. Significant inputs and assumptions used in the income approach included estimates for commodity prices, future oil and gas production volumes, drilling and development costs, and risk-adjusted discount rates. Collectively, these inputs are level 3 inputs.
(3) Long-term debt was valued using market prices as of the acquisition date, which reflects the use of level 1 inputs.
(4) Deferred income taxes represent the tax effects of differences in the tax basis and acquisition date fair values of assets acquired and liabilities assumed.
(5) Goodwill was allocated to the Upstream segment.
Summarized Long-Term Debt
Summarized long-term debt at year-end 2025 and 2024 are shown in the table below:
(millions of dollars, except where stated otherwise)
Average
Rate (1)
Dec 31, 2025Dec 31, 2024
 
Exxon Mobil Corporation (2)(3)
   
3.043% notes due 2026
— 2,500 
2.275% notes due 2026
— 1,000 
3.294% notes due 2027
1,000 1,000 
2.440% notes due 2029
1,250 1,250 
3.482% notes due 2030
2,032 1,992 
2.610% notes due 2030
2,016 2,000 
2.995% notes due 2039
750 750 
4.227% notes due 2040
2,043 2,076 
3.567% notes due 2045
986 1,000 
4.114% notes due 2046
2,497 2,500 
3.095% notes due 2049
1,500 1,500 
4.327% notes due 2050
2,750 2,750 
3.452% notes due 2051
2,750 2,750 
Exxon Mobil Corporation - Euro-denominated
0.524% notes due 2028
1,175 1,039 
0.835% notes due 2032
1,175 1,039 
1.408% notes due 2039
1,175 1,039 
XTO Energy Inc. (4)
6.100% senior notes due 2036
186 187 
6.750% senior notes due 2037
282 284 
6.375% senior notes due 2038
219 221 
Pioneer Natural Resources Company (5)
1.125% senior notes due 2026
— 718 
5.100% senior notes due 2026
— 1,097 
7.200% senior notes due 2028
247 250 
1.900% senior notes due 2030
958 931 
2.150% senior notes due 2031
869 846 
Parsley Energy LLC (6)
4.125% senior notes due 2028
133 131 
Industrial revenue bonds due 2026-2051
2.540%2,005 2,032 
Finance leases & other obligations 4.668%6,313 3,951 
Debt issuance costs(70)(78)
Total long-term debt34,241 36,755 
(1) Average effective or imputed interest rates at December 31, 2025.
(2) Includes impacts of hedge accounting of interest rate swaps.
(3) Includes premiums of $72 million in 2025 and $76 million in 2024.
(4) Includes premiums of $60 million in 2025and $66 million in 2024.
(5) Includes net discounts of $267 million in 2025 and $348 million in 2024.
(6) Includes discounts of $5 million in 2025 and $7 million in 2024.
Debt Assumed in the Merger
The following table presents long-term debt assumed at closing:
(millions of dollars)
Par ValueFair Value
as of May 2, 2024
0.250% Convertible Senior Notes due May 2025 (1)
450 1,327 
1.125% Senior Notes due January 2026
750 699 
5.100% Senior Notes due March 2026
1,100 1,096 
7.200% Senior Notes due January 2028
241 252 
4.125% Senior Notes due February 2028
138 130 
1.900% Senior Notes due August 2030
1,100 914 
2.150% Senior Notes due January 2031
1,000 832 
(1) In June 2024, the Corporation redeemed in full all of the Convertible Senior Notes assumed from Pioneer for an amount consistent with the acquisition date fair value.
Business Combination, Pro Forma Information
Actual and Pro Forma Impact of Merger
The following table presents revenues and earnings included in the Consolidated Statement of Income for Pioneer since the acquisition date (May 3, 2024) through December 31, 2024:
(millions of dollars)
Twelve Months Ended December 31, 2024
Sales and other operating revenues17,008 
Net income (loss) attributable to ExxonMobil1,710 

The following table presents unaudited pro forma information for the Corporation as if the merger with Pioneer had occurred at the beginning of January 1, 2023:
Unaudited
(millions of dollars)
Twelve Months Ended
December 31,
20242023
Sales and other operating revenues347,406 358,014 
Net income (loss) attributable to ExxonMobil34,476 39,211