Key Takeaways XOM began output at its fourth Guyana offshore project, lifting capacity past 900,000 barrels daily.Ultra-low lifting costs and reserve growth drive 80% of XOM's net earnings and resilient free cash flow.Disciplined execution supports strong dividends, reinvestment capacity and financial flexibility.Exxon Mobil Corporation (XOM) has built its moat on capital discipline and advantaged upstream assets. In the second quarter of 2025, XOM began production at its fourth Guyana offshore mega-project ...