SEC debate with 2026 football schedule expansion: Keep rivalries, or go for cupcake games?
Yeah, that just about sums up my feelings on this upcoming SEC football scheduling debate.
Stay at eight conference games, or go to nine, I don't much care anymore. Just put the schedule format to a vote in what will be a high-profile discussion item this week at the SEC spring meetings and make a decision.
As it stands, the SEC has approved no schedule format beyond the upcoming 2025 season.
The SEC carried on this scheduling charade for years since the announcement of Texas and Oklahoma joining the league. Some conference members previously pretended like they wanted an additional conference game, only to turtle up come voting time and preserve the eight-game conference schedule that's supplemented with a feast of non-conference cupcake games.
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Before this came up for vote the last time in 2023, SEC commissioner Greg Sankey implied that money wouldn't be a driver in the scheduling decision. Only an idiot would believe that, though. Money talks, and some conference members were reluctant two years ago to add another conference game unless ESPN, the league's media partner, put more cash on the table. ESPN didn't sweeten the pot.
Sankey proclaimed before the schedule vote in 2023 that the conference at the vanguard of college athletics 'does not stand still.' Days later, the SEC's membership unanimously voted to stand still with an eight-game conference schedule for the 2024 and 2025 seasons. Eighteen months later, the Big Ten, which plays nine conference games, led all conferences with four playoff qualifiers. The jokes write themselves.
The SEC cared so much about secondary rivalries like Auburn-Georgia and Alabama-Tennessee in its divisional era that it built a schedule format around maintaining those games. This next vote on the schedule will test how much resolve still exists for protecting centuries-long rivalry games.
A nine-game conference schedule would allow for secondary rivalries like those two and others like Texas-Texas A&M to continue annually. Forging ahead with an eight-game format would put those secondary rivalries under threat of interruption unless the league abandons its stated goal of having all schools play each other twice during a four-year period.
Rivalry scenes like the 'Prayer at Jordan-Hare' and cigar-puffing Tennessee fans tearing down the goal posts and baptizing them in the river after a long-awaited win on 'The Third Saturday in October' help make the SEC brand what it is.
But, maybe SEC members will decide this week that it's more important to leave room on the schedule for Tennessee to play Furman and Kennesaw State – both will come to Neyland Stadium in 2026! – instead of Alabama, and for Auburn to tussle with Jacksonville State instead of Georgia.
And after the Mississippi beats Wofford 92-0 in 2026, coach Lane Kiffin can chant 'S-E-C! S-E-C!' and declare the strength of the SEC (half of which the Rebels didn't play) so strong that the Rebels deserve a playoff bid with their 9-3 record.
Credit Alabama, Florida and South Carolina for cueing up two Power Four non-conference opponents in 2025 to accompany the eight conference games. If Florida smashes Miami and Florida State en route to a 9-3 record against a rigorous schedule, well, we might see a 9-3 playoff team for the first time.
By comparison, the 13 other SEC teams will play only nine Power Four opponents. That's one fewer Power Four opponent than teams like Arizona and Central Florida will play.
If Missouri can manage to fend off Central Arkansas, Kansas, Louisiana-Lafayette, Massachusetts, Vanderbilt and one more SEC team, the Tigers would wrap up bowl eligibility.
That's the beauty of the eight-game conference schedule: Bowl bids await for average teams that can beat bad teams in their out-of-league slate.
The beauty of the SEC adding a ninth conference game would be the creation of more matchups fans want to watch and media partners want to televise.
One fewer cupcake game also would bolster the SEC's case when it comes time to stump for at-large bids for bubble teams.
Even better, ESPN might now be ready to fork over extra revenue in exchange for that ninth SEC game.
The SEC could even time its rollout of a ninth conference game with playoff expansion that's probably coming in 2026. A bigger playoff would reduce the risk of an additional conference game thwarting a team's opportunity for playoff access.
Alternatively, the SEC could stay at eight, turn up its nose at rivalries, rebuff the prospect of a bigger payday from ESPN, protect the cupcake games, and maintain the daintier conference schedule that offers minimal resistance to the league's weaker members securing a Liberty Bowl bid.
At this point, there's not much left to debate. So, go on ahead, sonny, and call it to a vote.
Blake Toppmeyer is the USA TODAY Network's national college football columnist. Email him at BToppmeyer@gannett.com. Follow him on X @btoppmeyer.
This article originally appeared on USA TODAY: SEC football schedule expansion debate looms at spring meetings
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Relative to 2019, estimated cumulative Structural Cost Savings totaled $13.5 billion, which included an additional $1.4 billion in the first six months of 2025. The total change between periods in expenses above will reflect both Structural Cost Savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural Cost Savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative Structural Cost Savings. Estimates of cumulative annual Structural Cost Savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural Cost Savings are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize spending through disciplined expense management. ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on August 1, 2025. To listen to the event or access an archived replay, please visit Selected Earnings Driver Definitions Advantaged volume growth. Represents earnings impact from change in volume/mix from advantaged assets, advantaged projects, and high-value products. See frequently used terms on page 11 for definitions of advantaged assets, advantaged projects, and high-value products. Base volume. Represents and includes all volume/mix drivers not included in advantaged volume growth driver defined above. Structural cost savings. Represents after-tax earnings effect of Structural Cost Savings as defined on page 8, including cash operating expenses related to divestments. Expenses. Represents and includes all expenses otherwise not included in other earnings drivers. Timing effects. Represents timing effects that are primarily related to unsettled derivatives (mark-to-market) and other earnings impacts driven by timing differences between the settlement of derivatives and their offsetting physical commodity realizations (due to LIFO inventory accounting). Cautionary Statement Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions, future earnings power, potential addressable markets, or plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, discussion of future carbon capture, transportation and storage, as well as lower-emission fuels, hydrogen, ammonia, lithium, direct air capture, ProxximaTM systems, carbon materials, low-carbon data centers, and other low carbon and new business plans to reduce emissions of ExxonMobil, its affiliates, and third parties, are dependent on future market factors, such as continued technological progress, stable policy support and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, or rate of return; total capital expenditures and mix, including allocations of capital to low carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Permian Basin unconventional operated assets by 2030 and in Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operated assets and other methane initiatives, and to meet ExxonMobil's emission reduction goals and plans, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce lithium, produce ProxximaTM systems, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; resource recoveries and production rates; and planned Pioneer and Denbury integrated benefits, could differ materially due to a number of factors. These include global or regional changes or imbalances in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors, economic conditions and seasonal fluctuations that impact prices, differentials, and volume/mix for our products; changes in any part of the world in laws, taxes, or regulations including environmental and tax regulations, trade sanctions, and timely granting of governmental permits and certifications; developments or changes in government policies supporting lower carbon and new market investment opportunities or policies limiting the attractiveness of future investment such as the additional European taxes on the energy sector and unequal support for different methods of emissions reduction; variable impacts of trading activities on our margins and results each quarter; changes in interest and exchange rates; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of public health crises, including the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources, the success of new unconventional technologies, and the ability of new technologies to improve the recovery relative to competitors; the level and outcome of exploration projects and decisions to invest in future reserves; timely completion of development and other construction projects and commencement of start-up operations, including reliance on third-party suppliers and service providers; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; government regulation of our growth opportunities; war, civil unrest, attacks against the company or industry and other political or security disturbances; expropriations, seizure, or capacity, insurance, export, import or shipping limitations by foreign governments or laws; changes in market, national or regional tariffs or realignment of global trade and supply chain networks; opportunities for potential acquisitions, investments or divestments and satisfaction of applicable conditions to closing, including timely regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies without impairing our competitive positioning; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil's 2024 Form 10-K. Actions needed to advance ExxonMobil's 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on ExxonMobil's Global Outlook (Outlook) research and publication. The Outlook is reflective of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. Current trends for policy stringency and deployment of lower-emission solutions are not yet on a pathway to achieve net-zero by 2050. As such, the Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and ExxonMobil's business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by ExxonMobil or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emission investments is based on our corporate plan; however, actual investment levels will be subject to the availability of the opportunity set and public policy support, and focused on returns. Frequently Used Terms and Non-GAAP Measures This press release includes cash flow from operations and asset sales (non-GAAP). Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6. This press release also includes cash flow from operations excluding working capital (non-GAAP), and cash flow from operations and asset sales excluding working capital (non-GAAP). The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6. This press release also includes Earnings/(Loss) Excluding Identified Items (non-GAAP), which are earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings/(loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to each of corporate earnings and segment earnings are shown for 2025 and 2024 periods in Attachments II-a and II-b. Earnings per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP). This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the Corporation's products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities ("sales-based taxes"). It combines "Income taxes" and "Total other taxes and duties" with sales-based taxes, which are reported net in the income statement. The company believes it is useful for the Corporation and its investors to understand the total tax burden imposed on the Corporation's products and earnings. A reconciliation to total taxes is shown in Attachment I-a. This press release also references free cash flow (non-GAAP). Free cash flow is the sum of net cash provided by operating activities, net cash flow used in investing activities excluding cash acquired from mergers and acquisitions, and inflows from noncontrolling interests for major projects from financing activities. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities. A reconciliation to net cash provided by operating activities for the 2024 and 2025 periods is shown on page 6. This press release also references total cash capital expenditures (non-GAAP). Cash capital expenditures are the sum of additions to property, plant and equipment; additional investments and advances; and other investing activities including collection of advances; reduced by inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. The company believes it is a useful measure for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. A breakdown of cash capex is shown on page 7. References to resources or resource base may include quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term "resource base" or similar terms are not intended to correspond to SEC definitions such as "probable" or "possible" reserves. A reconciliation of production excluding divestments, entitlements, and government mandates to actual production is contained in the Supplement to this release included as Exhibit 99.2 to the Form 8-K filed the same day as this news release. The term "project" as used in this news release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer to these opportunities as projects in external disclosures at various stages throughout their progression. Advantaged assets (Advantaged growth projects) when used in reference to the Upstream business, includes Permian, Guyana, and LNG. Advantaged projects refers to capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher than average returns. Base portfolio (Base) in our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments refers to volumes other than high-value products volumes. Compound annual growth rate (CAGR) represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year. Debt-to-capital ratio is total debt divided by the sum of total debt and equity. Total debt is the sum of notes and loans payable and long-term debt, as reported in the Consolidated Balance Sheet. Government mandates (curtailments) are changes to ExxonMobil's sustainable production levels as a result of production limits or sanctions imposed by governments. High-value products includes performance products and lower-emission fuels. Lower-emission fuels are fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel and jet transport. Net-debt-to-capital ratio is net debt divided by the sum of net debt and total equity, where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of notes and loans payable and long-term debt, as reported in the consolidated balance sheet. Performance products (performance chemicals, performance lubricants) refers to products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. Total shareholder return (TSR) is defined by FactSet and measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. FactSet assumes dividends are reinvested in stock at market prices on the ex-dividend date. Unless stated otherwise, total shareholder return is quoted on an annualized basis. This press release also references Structural Cost Savings, for more details see page 8. Unless otherwise indicated, year-to-date ("YTD") means as of the last business day of the most recent fiscal quarter. Reference to Earnings References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Energy Products, Chemical Products, Specialty Products and Corporate and Financing earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests. Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. ExxonMobil's ambitions, plans and goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation's responsibility for those affiliates' actions and future performance, each affiliate of which manages its own affairs. Throughout this press release, both Exhibit 99.1 as well as Exhibit 99.2, due to rounding, numbers presented may not add up precisely to the totals indicated. ATTACHMENT I-a CONDENSED CONSOLIDATED STATEMENT OF INCOME (Preliminary) Dollars in millions (unless otherwise noted) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues and other income Sales and other operating revenue 79,477 89,986 160,535 170,397 Income from equity affiliates 1,462 1,744 2,831 3,586 Other income 567 1,330 1,270 2,160 Total revenues and other income 81,506 93,060 164,636 176,143 Costs and other deductions Crude oil and product purchases 45,327 54,199 92,115 101,800 Production and manufacturing expenses 10,102 9,804 20,185 18,895 Selling, general and administrative expenses 2,528 2,568 5,068 5,063 Depreciation and depletion (includes impairments) 6,101 5,787 11,803 10,599 Exploration expenses, including dry holes 251 153 315 301 Non-service pension and postretirement benefit expense 90 34 203 57 Interest expense 145 271 350 492 Other taxes and duties 6,257 6,579 12,292 12,902 Total costs and other deductions 70,801 79,395 142,331 150,109 Income/(Loss) before income taxes 10,705 13,665 22,305 26,034 Income tax expense/(benefit) 3,351 4,094 6,918 7,897 Net income/(loss) including noncontrolling interests 7,354 9,571 15,387 18,137 Net income/(loss) attributable to noncontrolling interests 272 331 592 677 Net income/(loss) attributable to ExxonMobil 7,082 9,240 14,795 17,460 OTHER FINANCIAL DATA Dollars in millions (unless otherwise noted) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Earnings per common share (U.S. dollars) 1.64 2.14 3.40 4.20 Earnings per common share - assuming dilution (U.S. dollars) 1.64 2.14 3.40 4.20 Dividends on common stock Total 4,288 4,285 8,623 8,093 Per common share (U.S. dollars) 0.99 0.95 1.98 1.90 Millions of common shares outstanding Average - assuming dilution 4,331 4,317 4,351 4,158 Taxes Income taxes 3,351 4,094 6,918 7,897 Total other taxes and duties 7,204 7,531 14,270 14,691 Total taxes 10,555 11,625 21,188 22,588 Sales-based taxes 5,289 6,339 10,759 11,888 Total taxes including sales-based taxes 15,844 17,964 31,947 34,476 ExxonMobil share of income taxes of equity companies (non-GAAP) 486 907 1,143 1,905 ATTACHMENT I-b CONDENSED CONSOLIDATED BALANCE SHEET (Preliminary) Dollars in millions (unless otherwise noted) June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 14,352 23,029 Cash and cash equivalents – restricted 1,359 158 Notes and accounts receivable – net 41,792 43,681 Inventories Crude oil, products and merchandise 21,364 19,444 Materials and supplies 4,007 4,080 Other current assets 2,234 1,598 Total current assets 85,108 91,990 Investments, advances and long-term receivables 46,092 47,200 Property, plant and equipment – net 295,356 294,318 Other assets, including intangibles – net 21,041 19,967 Total Assets 447,597 453,475 LIABILITIES Current liabilities Notes and loans payable 5,419 4,955 Accounts payable and accrued liabilities 59,725 61,297 Income taxes payable 3,017 4,055 Total current liabilities 68,161 70,307 Long-term debt 33,570 36,755 Postretirement benefits reserves 10,352 9,700 Deferred income tax liabilities 39,368 39,042 Long-term obligations to equity companies 1,113 1,346 Other long-term obligations 25,071 25,719 Total Liabilities 177,635 182,869 EQUITY Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) 46,629 46,238 Earnings reinvested 477,061 470,903 Accumulated other comprehensive income (12,436) (14,619) Common stock held in treasury (3,756 million shares at June 30, 2025, and 3,666 million shares at December 31, 2024) (248,661) (238,817) ExxonMobil share of equity 262,593 263,705 Noncontrolling interests 7,369 6,901 Total Equity 269,962 270,606 Total Liabilities and Equity 447,597 453,475 ATTACHMENT I-c CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Preliminary) Dollars in millions (unless otherwise noted) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income/(loss) including noncontrolling interests 15,387 18,137 Depreciation and depletion (includes impairments) 11,803 10,599 Changes in operational working capital, excluding cash and debt (4,848) (2,608) All other items – net 2,161 (904) Net cash provided by operating activities 24,503 25,224 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (12,181) (11,309) Proceeds from asset sales and returns of investments 1,999 1,629 Additional investments and advances (472) (744) Other investing activities including collection of advances 339 224 Cash acquired from mergers and acquisitions — 754 Net cash used in investing activities (10,315) (9,446) CASH FLOWS FROM FINANCING ACTIVITIES Additions to long-term debt 883 217 Reductions in long-term debt (13) (1,142) Additions to short-term debt 172 — Reductions in short-term debt (4,676) (2,771) Additions/(Reductions) in debt with three months or less maturity 257 (6) Contingent consideration payments (79) (27) Cash dividends to ExxonMobil shareholders (8,623) (8,093) Cash dividends to noncontrolling interests (452) (397) Changes in noncontrolling interests (10) 4 Inflows from noncontrolling interests for major projects 45 12 Common stock acquired (9,768) (8,337) Net cash provided by (used in) financing activities (22,264) (20,540) Effects of exchange rate changes on cash 600 (318) Increase/(Decrease) in cash and cash equivalents (including restricted) (7,476) (5,080) Cash and cash equivalents at beginning of period (including restricted) 23,187 31,568 Cash and cash equivalents at end of period (including restricted) 15,711 26,488 ATTACHMENT II-a KEY FIGURES: IDENTIFIED ITEMS 2Q25 1Q25 Dollars in millions (unless otherwise noted) YTD 2025 YTD 2024 7,082 7,713 Earnings/(Loss) (U.S. GAAP) 14,795 17,460 — — Total Identified Items — — 7,082 7,713 Earnings/(Loss) Excluding Identified Items (non-GAAP) 14,795 17,460 2Q25 1Q25 Dollars per common share YTD 2025 YTD 2024 1.64 1.76 Earnings/(Loss) Per Common Share (U.S. GAAP) ¹ 3.40 4.20 — — Total Identified Items Per Common Share ¹ — — 1.64 1.76 Earnings/(Loss) Excluding Identified Items Per Common Share (non-GAAP) ¹ 3.40 4.20 ¹ Assuming dilution. ATTACHMENT II-b KEY FIGURES: IDENTIFIED ITEMS BY SEGMENT Second Quarter 2025 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 1,212 4,190 825 541 255 38 291 489 (759) 7,082 Total Identified Items — — — — — — — — — — Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,212 4,190 825 541 255 38 291 489 (759) 7,082 First Quarter 2025 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 1,870 4,886 297 530 255 18 322 333 (798) 7,713 Total Identified Items — — — — — — — — — — Earnings/(Loss) Excl. Identified Items (non-GAAP) 1,870 4,886 297 530 255 18 322 333 (798) 7,713 YTD 2025 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 3,082 9,076 1,122 1,071 510 56 613 822 (1,557) 14,795 Total Identified Items — — — — — — — — — — Earnings/(Loss) Excl. Identified Items (non-GAAP) 3,082 9,076 1,122 1,071 510 56 613 822 (1,557) 14,795 YTD 2024 Upstream Energy Products Chemical Products Specialty Products Corporate & Financing Total Dollars in millions (unless otherwise noted) U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Earnings/(Loss) (U.S. GAAP) 3,484 9,250 1,286 1,036 1,030 534 851 661 (672) 17,460 Total Identified Items — — — — — — — — — — Earnings/(Loss) Excl. Identified Items (non-GAAP) 3,484 9,250 1,286 1,036 1,030 534 851 661 (672) 17,460 ATTACHMENT III KEY FIGURES: UPSTREAM VOLUMES 2Q25 1Q25 Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) YTD 2025 YTD 2024 1,494 1,418 United States 1,456 1,038 797 760 Canada/Other Americas 779 767 3 4 Europe 4 4 139 137 Africa 138 220 801 796 Asia 799 712 25 24 Australia/Oceania 25 30 3,259 3,139 Worldwide 3,201 2,771 2Q25 1Q25 Net natural gas production available for sale, million cubic feet per day (mcfd) YTD 2025 YTD 2024 3,313 3,266 United States 3,290 2,570 24 42 Canada/Other Americas 33 104 312 331 Europe 321 354 106 118 Africa 112 158 3,206 3,457 Asia 3,331 3,380 1,258 1,256 Australia/Oceania 1,257 1,236 8,219 8,470 Worldwide 8,344 7,802 4,630 4,551 Oil-equivalent production (koebd) ¹ 4,591 4,071 1 Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. ATTACHMENT IV KEY FIGURES: MANUFACTURING THROUGHPUT AND SALES 2Q25 1Q25 Refinery throughput, thousand barrels per day (kbd) YTD 2025 YTD 2024 1,969 1,789 United States 1,880 1,823 376 397 Canada 387 397 969 986 Europe 977 970 442 447 Asia Pacific 444 424 180 191 Other 185 177 3,936 3,810 Worldwide 3,873 3,791 2Q25 1Q25 Energy Products sales, thousand barrels per day (kbd) YTD 2025 YTD 2024 2,906 2,728 United States 2,817 2,607 2,682 2,555 Non-U.S. 2,619 2,669 5,588 5,283 Worldwide 5,436 5,276 2,294 2,162 Gasolines, naphthas 2,229 2,210 1,808 1,724 Heating oils, kerosene, diesel 1,766 1,730 387 366 Aviation fuels 376 342 247 158 Heavy fuels 203 197 852 873 Other energy products 862 797 5,588 5,283 Worldwide 5,436 5,276 2Q25 1Q25 Chemical Products sales, thousand metric tons (kt) YTD 2025 YTD 2024 1,771 1,706 United States 3,477 3,649 3,493 3,070 Non-U.S. 6,563 6,278 5,264 4,776 Worldwide 10,040 9,927 2Q25 1Q25 Specialty Products sales, thousand metric tons (kt) YTD 2025 YTD 2024 504 473 United States 977 1,001 1,500 1,463 Non-U.S. 2,963 2,892 2,004 1,936 Worldwide 3,940 3,893 ATTACHMENT V KEY FIGURES: EARNINGS/(LOSS) Results Summary 2Q25 1Q25 Changevs1Q25 Dollars in millions (except per share data) YTD 2025 YTD 2024 Changevs YTD2024 7,082 7,713 -631 Earnings (U.S. GAAP) 14,795 17,460 -2,665 7,082 7,713 -631 Earnings Excluding Identified Items (non-GAAP) 14,795 17,460 -2,665 1.64 1.76 -0.12 Earnings Per Common Share ¹ 3.40 4.20 -0.80 1.64 1.76 -0.12 Earnings Excluding Identified Items Per Common Share (non-GAAP) ¹ 3.40 4.20 -0.80 ¹ Assuming dilution. ATTACHMENT VI KEY FIGURES: EARNINGS/(LOSS) BY QUARTER Dollars in millions (unless otherwise noted) 2025 2024 2023 2022 2021 First Quarter 7,713 8,220 11,430 5,480 2,730 Second Quarter 7,082 9,240 7,880 17,850 4,690 Third Quarter — 8,610 9,070 19,660 6,750 Fourth Quarter — 7,610 7,630 12,750 8,870 Full Year — 33,680 36,010 55,740 23,040 Dollars per common share¹ 2025 2024 2023 2022 2021 First Quarter 1.76 2.06 2.79 1.28 0.64 Second Quarter 1.64 2.14 1.94 4.21 1.10 Third Quarter — 1.92 2.25 4.68 1.57 Fourth Quarter — 1.72 1.91 3.09 2.08 Full Year — 7.84 8.89 13.26 5.39 1 Computed using the average number of shares outstanding during each period; assuming dilution. View source version on Contacts Media Relations 737-272-1452
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Cinemark Holdings, Inc. Reports Second Quarter 2025 Earnings Results
PLANO, Texas, August 01, 2025--(BUSINESS WIRE)--Cinemark Holdings, Inc. ("Cinemark") (NYSE: CNK), one of the largest and most influential theatrical exhibition companies in the world, today reported results for the three and six months ended June 30, 2025. Cinemark issued a full detailed presentation of its second quarter results, which can be viewed on Cinemark's Investor Relations website at in the financial results section. Conference Call Cinemark will host a public audio webcast on Friday, August 1, 2025 at 8:30 a.m. Eastern Time. During the webcast, members of Cinemark's senior management team will review Cinemark's financial results for the second quarter. Interested parties can listen to the call via live access 5-10 minutes before the call: A replay of the call will be available at following the call and archived for a limited time. To automatically receive Cinemark financial news by email, please visit our Investor Relations website and subscribe to email alerts. About Cinemark Holdings, Inc. Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theater companies in the world. Cinemark's circuit, comprised of various brands that also include Century, Tinseltown and Rave, as of June 30, 2025 operated 497 theaters with 5,647 screens in 42 states domestically and 13 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to View source version on Contacts Investor Contact:Chanda Brashearscbrashears@ Media Contact:Caitlin Piperpr@
