Exxon Mobil reported a constructive Q4 2024 despite a modestly weaker macro backdrop for refined products. Revenue of $81.06 billion declined 0.8% year over year and 7.7% quarter over quarter, while gross profit reached $17.25 billion and gross margin stood at 21.28%. Operating income was $7.77 billion with a 9.59% margin, and net income came in at $7.61 billion, or $1.71 per share, down slightly year over year and meaningfully softer quarter over quarter due to volume and margin dynamics in a volatile environment. The company sustained robust cash generation, with net cash from operating activities of $12.23 billion and free cash flow of $5.39 billion. Capital expenditure totaled $6.84 billion, underscoring disciplined upstream/downstream investment. Exxon returned capital to shareholders via dividends of $4.37 billion and share repurchases of $5.78 billion, while ending the period with cash and equivalents of about $23.0 billion and a net debt position of roughly $18.68 billion. The balance sheet remains solid, with total assets around $453.5 billion and total stockholders’ equity near $263.7 billion, supporting investment-grade credit metrics. Looking ahead, Exxon emphasizes capital discipline and continued high-quality cash flow generation to fund ongoing shareholder returns and selective growth opportunities, though the near-term trajectory will be sensitive to oil and product prices, as well as refining margins.