ExxonMobil Holdings Corporation Overview
ExxonMobil is the largest investor-owned integrated energy and petrochemical company in the Western world by market value, earnings and cash flow. In 2025 it produced 4.7 million oil-equivalent barrels per day (the highest level in more than 40 years) and ran about 4.0 million barrels per day of refinery throughput. It is also one of the world's largest makers of polyolefins and synthetic lubricants (Mobil 1). The strategy rests on four ideas:
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concentrating capital in low-cost-of-supply "advantaged" assets: the Permian Basin, Guyana's Stabroek block, and LNG;
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integrating Upstream with Product Solutions (refining, chemicals, specialty products);
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deploying proprietary technology;
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pursuing structural cost reduction ($15.1 billion cumulative savings by end-2025 versus 2019, rising to $16.3 billion by mid-2026).
It has an AA-category balance sheet and has raised its dividend for 43 consecutive years. In 2025 it returned $37.2 billion to shareholders. Its December 2025 plan targets $25 billion of earnings growth by 2030 versus 2024 at constant prices. Its Low Carbon Solutions business (CCS, hydrogen, lithium, carbon materials) is a long-dated optionality platform rather than a core earnings driver.
Company's own description (10-K FY2025, Item 1, paraphrased). ExxonMobil says its principal business covers four activities:
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exploring for and producing crude oil and natural gas;
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manufacturing, trading, transporting and selling crude oil, natural gas, petroleum products, petrochemicals and a broad range of specialty products;
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pursuing lower-emission and other new businesses, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, Proxxima™ resin systems, carbon materials, low-carbon data centers and lithium;
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supporting all of these with extensive research.
The company says it held more than 8,000 active patents worldwide at end-2025. It adds that no business segment's profitability depends on any single patent, trademark, licence or concession.
Organisational model. Since 2022 the company has been run as three business lines:
- Upstream, through ExxonMobil Upstream Company;
Product Solutions: (Energy, Chemical and Specialty Products);
Low Carbon Solutions (LCS): These are supported by centralised service companies. ExxonMobil Global Operations (from 1 January 2026) brings together operations for all three businesses. Other service companies are Global Projects Company, Global Business Solutions, Supply Chain, and Technology & Engineering. External financial reporting uses four segments: Upstream, Energy Products, Chemical Products and Specialty Products, plus Corporate & Financing. (Source: 10-K FY2025; Nov 2025 leadership release.)
Business and revenue model. ExxonMobil earns almost all of its revenue from product sales: crude, natural gas and LNG, refined fuels, petrochemicals, lubricants and specialty products. These are priced off commodity benchmarks plus differentials. Services, subscriptions and licensing are immaterial to revenue; technology licensing exists but is not separately disclosed.
Value-chain position. ExxonMobil spans the full hydrocarbon chain:
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exploration and production (upstream);
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midstream logistics, including pipelines, Golden Pass LNG and the Denbury CO2 pipeline network;
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refining, the largest refining footprint of any IOC with about 4.1 Mb/d of capacity;
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base chemicals and polymers;
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specialty products such as lubricants, resins and synthetics;
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branded retail, mainly through third-party branded wholesalers.
Most retail sites in its main markets are owned by dealers or distributors rather than the company.
Customer types:
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refiners and traders (crude and NGLs);
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utilities and LNG buyers (gas and LNG);
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branded wholesalers, airlines, shipping lines and industrial users (fuels);
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converters and packaging, automotive, construction and consumer-goods manufacturers (chemicals);
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OEMs, fleets, industrial plants and DIY consumers (lubricants);
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heavy industrial emitters (CCS customers such as CF Industries, Linde, Nucor and Calpine, per company announcements).
End-markets served: transportation fuels; power generation and heating; industrial energy; petrochemical feedstocks; packaging; automotive; construction; agriculture (fertiliser via CCS customers); consumer goods; aviation; marine; and emerging markets in battery materials (lithium, synthetic graphite) and data-center power.
Independent characterisation. ExxonMobil remains a hydrocarbon "super-integrator" whose earnings are about 70% leveraged to upstream liquids prices. Upstream contributed $21.4 billion of FY2025 segment earnings before Corporate & Financing, about 66% of the $32.4 billion segment total. Two structural shifts since 2019 are changing the earnings profile:
Upstream mix shift to advantaged barrels: Permian, Guyana and LNG made up 59% of 2025 production, up about 7 percentage points in a year (4Q25 release).
Product Solutions mix shift to "high-value products": Performance chemicals, performance lubricants and lower-emission fuels are projected to exceed 40% of Product Solutions earnings by 2030 (Corporate Plan, Dec 2025).
The company's competitive edge is mostly cost and integration rather than technology licensing. The 2026 Middle East conflict showed that about 20% of production sits in a geopolitically exposed region with much lower earnings weight.
Strategy
Stated strategy (themes paraphrased from the 2025 10-K, 2026 Proxy letter and Dec 2025 Corporate Plan):
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Advantaged portfolio. Grow low-cost-of-supply, lower-emission-intensity production in the Permian, Guyana and LNG; divest non-strategic assets.
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Competitive advantages: scale, integration, technology, functional excellence and people, which management says compound over time.
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Structural cost leadership. $15.1 billion cumulative savings versus 2019 by end-2025 and $16.3 billion by mid-2026, with a target of $20 billion by 2030.
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High-value products. Performance chemicals, performance lubricants and lower-emission fuels, targeted at more than 40% of Product Solutions' 2030 earnings.
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New growth platforms. Proxxima resins, carbon materials, lithium, CCS and low-carbon data centers, paced by commercial milestones and return thresholds.
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Capital discipline and shareholder returns: a sustainable, growing dividend plus buybacks, with an AA-category balance sheet.
Products & Services
Pricing models are market-based (benchmark plus differential, or contract) unless noted. ExxonMobil does not publish list prices.
Upstream
| Product / asset | Description and capability | Target customer | Status / latest milestone |
|---|---|---|---|
| Permian Basin unconventional oil and gas | Largest Permian position following the Pioneer merger; production of 1.6 Mboe/d in 2025, 1.8 Mboe/d in 4Q25, and above 1.8 Mboe/d (record) in 2Q26. Plan: 9% CAGR to 2030, about 2.3 Mboe/d (secondary reports of company plan) | Refiners and traders (crude), Gulf Coast NGL and gas buyers | Producing |
| Guyana Stabroek block (operator, 45%) | Liza Destiny, Liza Unity, Prosperity, ONE GUYANA (Yellowtail) FPSOs. Gross output above 700 kbd in 2025, approaching 875 kbd in 4Q25. Uaru (5th FPSO, +250 kbd) sailed in 2Q26 with start-up on plan for 4Q26 | Global crude buyers | Yellowtail started 3Q25, four months early; Uaru 4Q26 |
| Qatar LNG (equity in QatarEnergy LNG ventures N(2), S(2), S(3), NFE(3)) | Share of Qatar's North Field LNG trains and North Field East expansion | Asian and European LNG buyers | Two trains damaged by Iranian strikes in 1Q26 (about 3% of 2025 upstream output); repair timing uncertain |
| PNG LNG (Papua New Guinea; operator) | About 8+ Mtpa LNG project; Papua LNG operatorship transfer reported Sep 2026 | Asian utilities | Producing; Papua LNG pre-FID |
| Gorgon / Jansz (Australia, non-operator 25%) and Bass Strait (Gippsland) | LNG and domestic gas | Asian LNG, Australian domestic market | Producing |
| Golden Pass LNG (Texas, 30%; QatarEnergy 70%) | 18 Mtpa, three trains; Train 1 first LNG 30 Mar 2026, first cargo 22 Apr 2026; Train 2 targeted 2H26, Train 3 1H27 (EIA) | Global LNG market (QatarEnergy Trading takes 70% of offtake) | Ramping |
| Mozambique Rovuma LNG (Area 4) | Onshore LNG development; McDermott letter of intent for engineering (Aug 2026); FID targeted 2026 | Asian and European LNG buyers | Pre-FID |
| Kazakhstan: Tengiz (25%) and Kashagan (about 16.8%) | Giant oil fields; equity production; Caspian Pipeline Consortium export route | Global crude | Producing; 2025 operational disruptions cited in 2Q26 comparisons |
| UAE Upper Zakum (28%, with ADNOC and INPEX) | Large offshore field; proved undeveloped reserves tied to continued drilling | Global crude | Disrupted from Mar 2026 |
| Canada oil sands (via Imperial Oil, about 69.6%): Kearl, Cold Lake, Syncrude | Bitumen 385 kbd and synthetic crude 68 kbd in 2025 | North American refiners | Producing |
| Brazil Bacalhau (non-operator, Equinor-operated) | First ExxonMobil offshore Brazil production | Global crude | Started 4Q25 |
| Other: Angola, Nigeria deepwater, Hebron and Hibernia (Canada East Coast), Malaysia, Sakhalin (exited) | Mature or base production | — | Varies |
Total proved reserves at YE2025: 19.3 billion oil-equivalent barrels, of which 36% (7.0 GOEB) are undeveloped (10-K FY2025).
Energy Products
| Product / brand | Description | Customer | Latest milestone |
|---|---|---|---|
| Exxon, Mobil, Esso branded fuels (Synergy™ fuels) | Gasoline and diesel sold through about 20,000+ branded sites globally (approximate), mostly dealer or distributor owned | Motorists, fleets | Ongoing brand licensing to wholesalers; Esso France and Singapore retail divested 2025 |
| Jet fuel (ExxonMobil Aviation) | Jet A/A-1 supply at airports | Airlines | 383 kbd aviation fuel sales in 2025 |
| Marine fuels | Low-sulphur fuels, bunkers | Shipping lines | — |
| Distillates and diesel | 1,791 kbd heating oil, kerosene and diesel sales in 2025; record 2Q26 diesel output | Wholesale, industrial | Fawley Hydrofiner (UK) started 2025 |
| Lower-emission fuels | Strathcona renewable diesel (about 20 kbd design; Imperial Oil) | Canadian fuel market (regulatory credit-driven) | Started 2025 |
| Resid upgrading | Singapore Resid Upgrade converts fuel oil into distillates and Group II basestocks | Asia-Pacific markets | Started 2025 |
| Trading and supply | Crude and product trading; London hub expansion | Counterparties | Trading timing effects material in 2026 |
Chemical Products
| Product line / brand | Description | Target customer | Notes |
|---|---|---|---|
| Polyethylene: Exceed™, Exceed™ XP, Enable™ mPE, Exact™ plastomers | Metallocene and conventional PE for films and packaging | Converters, packaging | Global production capacity of about 14.5 Mt/yr PE and PP (2023, per California AG complaint as reported by Argus) |
| Polypropylene: Achieve™ Advanced PP | High-performance PP | Automotive, appliances, hygiene | — |
| Vistamaxx™ performance polymers | Propylene-based elastomers | Film, adhesives, compounding | — |
| Butyl and halobutyl (Exxon™ butyl, Exxpro™) | Tyre inner liners | Tyre makers | — |
| Aromatics and olefins (paraxylene, benzene, ethylene, propylene) | Base chemicals | Chemical producers | Fife Ethylene Plant (UK) closure planned (reported Dec 2025) |
| Exxtend™ advanced recycling | Pyrolysis of plastic waste into feed; capacity above 250 million lb/yr after two 2025 start-ups | Brand owners seeking circular content | Subject of California AG litigation |
| China Chemical Complex (Huizhou, wholly owned) | World-scale steam cracker and performance polymers | Chinese domestic market | Ramp-up added costs in 2025 |
| Gulf Coast Growth Ventures (with SABIC) | Corpus Christi ethane cracker and derivatives | Export and domestic polymer markets | Producing |
Specialty Products
| Product / brand | Description | Target customer | Notes |
|---|---|---|---|
| Mobil 1™ | Synthetic passenger-vehicle engine oil, the flagship consumer brand | OEMs, DIY, installers | Long-running OEM factory-fill relationships |
| Mobil Delvac™ | Heavy-duty engine oils | Fleets, commercial vehicles | — |
| Mobil SHC™, Mobil DTE™, Mobilgear™, Mobilgard™, Mobil Jet™ Oil | Industrial, marine and aviation lubricants | Industrial plants, shipping, aviation | — |
| Basestocks: EHC™ Group II, SpectraSyn™ PAO, Esterex™ esters | Lubricant base oils | Lubricant blenders | Singapore Resid Upgrade adds Group II supply |
| Vistalon™ EPDM; Escorez™ tackifiers; Exxsol™ and Isopar™ fluids; Jayflex™ plasticisers | Specialty polymers, resins and fluids | Adhesives, automotive, coatings | — |
| Proxxima™ resin systems | Thermoset resins from refinery streams for rebar, coatings, automotive, and oil and gas; capacity more than tripled in 2025 | Construction, industrial | New growth platform |
| Carbon materials (synthetic graphite and advanced carbon) | Battery anode materials and high-value carbon; built partly on graphite assets acquired in 2025 (date approximate, company announcement) | EV and battery makers | Market development spend in 2025 |
| Infineum (50/50 JV with Shell) | Lubricant additives | Lubricant makers | Equity affiliate |
Low Carbon Solutions (reported mostly within Corporate & Financing and the segments)
| Offering | Description | Customer | Status |
|---|---|---|---|
| Carbon capture, transport and storage (CCS) | End-to-end network on the U.S. Gulf Coast using the Denbury CO2 pipelines (about 1,300 miles, per prior company disclosures) | Industrial emitters (contracts announced with CF Industries, Linde, Nucor, Calpine and others) | Contracts starting in 2025 per DEF 14A; subject to permits |
| Low-carbon hydrogen and ammonia (Baytown) | Proposed blue hydrogen plant; ADNOC agreed in 2024 to take a 35% stake (company announcement) | Industrial users, ammonia export | Investment pacing tied to policy (45V) and demand |
| Lithium (Mobil™ Lithium, Arkansas Smackover) | Direct lithium extraction from brine; supply MOUs with LG Chem and SK On (2024) | Battery makers | Development-stage |
| Low-carbon data centers | Gas-fired power with CCS for data centers (concept announced Dec 2024) | Hyperscalers | Concept and commercial development |
Financial Narrative
Notes:
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FY2024–FY2025 figures are verified against the 4Q25 release, which includes the condensed consolidated statements.
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FY2021–FY2023 net income, EPS, total assets and ROCE are verified against the same release's five-year tables.
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Other FY2021–FY2023 line items are taken from the respective 10-Ks as recalled for this compilation. These carry lower verification confidence and should be checked against the original filings before external use.
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ExxonMobil does not report "gross profit" or "operating income". Analyst proxies are defined below each table.
Margins (analyst-computed, % of total revenues and other income)
Revenue CAGR FY2021–FY2025 (total revenues and other income, analyst-computed): 3.8%. Peak-to-trough FY2022 to FY2025: −19.7%.
Balance sheet
Goodwill is not separately material on the face of the balance sheet. Pioneer was accounted for with fair-value step-up primarily to PP&E.
Return, leverage and efficiency ratios (analyst-computed unless noted)
Cash conversion cycle (analyst-computed approximation). Receivables days use sales; inventory and payables days use purchases. Accounts payable includes accrued liabilities, which overstates DPO.
Interim 2026 results
Sources: 1Q26 and 2Q26 releases; OGJ; Zacks/Nasdaq. 1Q26 cash capex is derived from the 1H total less 2Q.
1Q26 detail.
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Results included −$3.9 billion of unfavourable estimated timing effects (derivative mark-to-market).
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There was also a −$706 million identified item tied to hedged physical cargoes that could not be delivered because of Middle East disruption.
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Underlying earnings of $8.8 billion were up from $7.6 billion in 1Q25.
2Q26 detail.
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Results included $2.64 billion of unfavourable identified items, of which $1.08 billion were impairments, offset by $2.48 billion of favourable timing effects.
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Net debt fell by more than $7 billion in the quarter, and net-debt-to-capital ended at about 11%.
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Revenue was about $116 billion (Zacks).
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Adjusted EPS of $3.52 missed the Zacks consensus of $3.68.
Trend commentary
Revenue and earnings cycle. FY2022 was an extraordinary year: the Russia–Ukraine price shock pushed earnings to $55.7 billion and ROCE to 24.9%. FY2023–FY2025 show normalisation as Brent fell from about $99 (2022) to the mid-$60s/$70s and refining margins compressed from 2022 peaks. Despite this, FY2025 earnings excluding identified items of $30.1 billion were about 3x the 2019 equivalent ($9.6 billion), a 21% CAGR. The improvement comes from mix, volume and structural cost savings ($15.1 billion cumulative versus 2019), not price alone.
Margins. EBITDA margins have held in a 20–22% band since 2023 despite lower prices. This is consistent with the shift toward higher-margin advantaged barrels. However, Upstream unit earnings fell to about $12/boe in 2025 from $16/boe in 2024. The cause was lower realisations ($65.64/bbl consolidated crude in 2025 per the 10-K) and higher DD&A from the Pioneer step-up.
Balance sheet. Pioneer was acquired entirely in stock, so total assets rose $77 billion in 2024 without new debt. Net debt then rose in 2025 to $32.9 billion as buybacks and dividends ($37.5 billion together) exceeded free cash flow ($26.1 billion). Cash fell from $23.0 billion to $10.7 billion. This is a deliberate deployment of excess cash, not a stress signal. Leverage of 11% net-debt-to-capital and net debt/EBITDA of about 0.5x remain among the lowest of the majors. The 2Q26 windfall cut net debt by more than $7 billion.
Cash returns. Shareholder distributions have run at about $35–37 billion a year since 2023. Buybacks were steady at about $20 billion a year in 2024–2026, partly offsetting Pioneer share issuance. The diluted share count was flat at 4,298 million (2024) versus 4,305 million (2025) on an average basis, but year-end shares outstanding fell. The 10-K reports 4,167 million shares on 31 Jan 2026.
Inflections to monitor.
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Capex has stepped up to $27–29 billion a year from about $16.6 billion in 2021. This is the price of Permian, Guyana and LNG growth.
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Corporate & Financing drag widened as cash balances, and hence interest income, fell.
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The 2026 commodity spike linked to the Iran war temporarily reset earnings power upward. 2Q26 earnings of $14.5 billion annualise to about $58 billion.
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Segment Overview
| Segment | Contents | Representative products and assets |
|---|---|---|
Upstream | Exploration, development and production of crude, NGLs, bitumen, synthetic crude and natural gas; LNG; equity interests in producing companies | Permian (Midland and Delaware), Guyana Stabroek (operator, 45%), Qatar LNG (QatarEnergy LNG equity), PNG LNG, Gorgon (Australia), Tengiz and Kashagan (Kazakhstan), Upper Zakum (UAE), Kearl, Cold Lake and Syncrude (Canada, via Imperial Oil), Bacalhau (Brazil), Golden Pass LNG, Mozambique Rovuma |
Energy Products | Refining, fuels supply, trading and marketing; lower-emission fuels; aromatics, olefins and catalysts associated with refining | Gasoline, diesel, jet, marine and heavy fuels; Strathcona renewable diesel; Singapore Resid Upgrade; Beaumont expansion |
Chemical Products | Olefins, polyolefins, aromatics and intermediates | Polyethylene (Exceed, Enable), polypropylene (Achieve), China Chemical Complex (Huizhou), Gulf Coast Growth Ventures (with SABIC), advanced recycling (Exxtend) |
Specialty Products | Finished lubricants, basestocks, waxes, synthetics, elastomers, resins and specialty chemicals; Proxxima resins; carbon materials | Mobil 1, Mobil Delvac, Mobil SHC, Vistalon, Escorez, Proxxima |
Corporate & Financing | Interest, corporate costs, pensions, restructuring, LCS early-stage activity and other non-segment items | — |
Segment earnings (USD Mn)
| Segment earnings (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Upstream | 21,310 | 25,390 | 21,354 |
Energy Products | 12,142 | 4,033 | 7,423 |
Chemical Products | 1,626 | 2,577 | 800 |
Specialty Products | 2,714 | 3,052 | 2,857 |
Corporate & Financing | -1,782 | -1,372 | -3,590 |
Total net income attributable to XOM | 36,010 | 33,680 | 28,844 |
Segment earnings ex-identified items (USD Mn)
| Segment earnings ex-identified items (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Upstream | 25,175 | 22,247 |
Energy Products | 3,954 | 6,940 |
Chemical Products | 2,672 | 1,070 |
Specialty Products | 3,065 | 2,857 |
Corporate & Financing | -1,402 | -3,005 |
Total | 33,464 | 30,109 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric (%) | FY2024 | FY2025 |
|---|---|---|
Upstream YoY earnings growth (%) | 19.1 | -15.9 |
Energy Products YoY earnings growth (%) | -66.8 | 84.1 |
Chemical Products YoY earnings growth (%) | 58.5 | -69.0 |
Specialty Products YoY earnings growth (%) | 12.5 | -6.4 |
Upstream share of segment earnings (%) | 72.4 | 65.9 |
Energy Products share of segment earnings (%) | 11.5 | 22.9 |
Chemical Products share of segment earnings (%) | 7.4 | 2.5 |
Specialty Products share of segment earnings (%) | 8.7 | 8.8 |
Segment volume metric
| Segment volume metric | FY2024 | FY2025 |
|---|---|---|
Upstream net production (koebd) | 4,333 | 4,736 |
Energy Products sales (kbd) | 5,418 | 5,593 |
Chemical Products sales (kt) | 19,392 | 21,303 |
Specialty Products sales (kt) | 7,666 | 7,791 |
Refinery throughput (kbd) | 3,900 | 3,979 |
Unit earnings
| Unit earnings | FY2024 | FY2025 |
|---|---|---|
Upstream earnings per boe (USD) | 16.05 | 12.35 |
Energy Products earnings per bbl sold (USD) | 2.03 | 3.64 |
Chemical Products earnings per tonne (USD) | 133 | 38 |
Specialty Products earnings per tonne (USD) | 398 | 367 |
Cash capex (USD Mn)
| Cash capex (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Upstream | 20,261 | 24,659 |
Energy Products | 2,218 | 1,707 |
Chemical Products | 1,883 | 1,395 |
Specialty Products | 408 | 623 |
Other | 877 | 613 |
Total | 25,647 | 28,997 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total revenues and other income (USD Mn) | 285,640 | 413,680 | 344,582 | 349,585 | 332,238 |
Sales and other operating revenue (USD Mn) | 276,692 | 398,675 | 334,697 | 339,247 | 323,905 |
Crude oil and product purchases (USD Mn) | — | — | — | 199,454 | 184,248 |
Gross profit proxy: total revenues less purchases (USD Mn) | — | — | — | 150,131 | 147,990 |
Depreciation and depletion incl. impairments (USD Mn) | 20,607 | 24,040 | 20,641 | 23,442 | 25,993 |
Interest expense (USD Mn) | 947 | 798 | 849 | 996 | 603 |
Income before income taxes (USD Mn) | 31,234 | 77,753 | 52,783 | 48,873 | 41,268 |
EBIT proxy: pre-tax plus interest (USD Mn) | 32,181 | 78,551 | 53,632 | 49,869 | 41,871 |
EBITDA, analyst-computed: pre-tax + interest + D&D (USD Mn) | 52,788 | 102,591 | 74,273 | 73,311 | 67,864 |
Income tax expense (USD Mn) | 7,636 | 20,176 | 15,429 | 13,810 | 11,504 |
Net income attributable to ExxonMobil (USD Mn) | 23,040 | 55,740 | 36,010 | 33,680 | 28,844 |
Earnings excluding identified items (USD Mn) | — | — | — | 33,464 | 30,109 |
EPS basic (USD) | 5.39 | 13.26 | 8.89 | 7.84 | 6.70 |
EPS diluted (USD) | 5.39 | 13.26 | 8.89 | 7.84 | 6.70 |
Dividends per share declared (USD) | 3.49 | 3.55 | 3.68 | 3.84 | 4.00 |
Average diluted shares (millions) | — | — | — | 4,298 | 4,305 |
Margin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin proxy (%) | — | — | — | 42.9 | 44.5 |
EBIT margin proxy (%) | 11.3 | 19.0 | 15.6 | 14.3 | 12.6 |
EBITDA margin (%) | 18.5 | 24.8 | 21.6 | 21.0 | 20.4 |
Pre-tax margin (%) | 10.9 | 18.8 | 15.3 | 14.0 | 12.4 |
Net margin (%) | 8.1 | 13.5 | 10.5 | 9.6 | 8.7 |
Effective tax rate (%) | 24.4 | 25.9 | 29.2 | 28.3 | 27.9 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 338,923 | 369,067 | 376,317 | 453,475 | 448,980 |
Cash and cash equivalents, excl. restricted (USD Mn) | 6,802 | 29,640 | 31,539 | 23,029 | 10,681 |
Short-term debt: notes and loans payable (USD Mn) | 4,276 | 634 | 4,090 | 4,955 | 9,296 |
Long-term debt (USD Mn) | 43,428 | 40,559 | 37,483 | 36,755 | 34,241 |
Total debt (USD Mn) | 47,704 | 41,193 | 41,573 | 41,710 | 43,537 |
Net debt (USD Mn) | 40,902 | 11,553 | 10,034 | 18,681 | 32,856 |
ExxonMobil share of equity (USD Mn) | 168,577 | 195,049 | 204,802 | 263,705 | 259,386 |
Total equity incl. NCI (USD Mn) | 175,850 | 202,768 | 212,538 | 270,606 | 266,626 |
Other assets incl. intangibles, net (USD Mn) | — | — | — | 19,967 | 20,908 |
Working capital: current assets less current liabilities (USD Mn) | — | — | — | 21,683 | 11,052 |
Total capital employed, non-GAAP (USD Mn) | 218,642 | 238,166 | 248,714 | 307,489 | 304,061 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash flow from operating activities (USD Mn) | 48,129 | 76,797 | 55,369 | 55,022 | 51,970 |
Additions to PP&E (USD Mn) | 12,076 | 18,407 | 21,919 | 24,306 | 28,358 |
Total cash capex, non-GAAP (USD Mn) | 16,595 | 22,704 | 26,269 | 25,647 | 28,997 |
Simple FCF: CFO less additions to PP&E (USD Mn) | 36,053 | 58,390 | 33,450 | 30,716 | 23,612 |
Company-defined free cash flow (USD Mn) | — | — | — | 34,362 | 26,131 |
Cash dividends to XOM shareholders (USD Mn) | 14,924 | 14,939 | 14,941 | 16,704 | 17,231 |
Common stock acquired, buybacks (USD Mn) | 155 | 15,155 | 17,748 | 19,629 | 20,273 |
Proceeds from asset sales (USD Mn) | — | — | — | 4,987 | 3,158 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on average XOM equity (%) | 14.1 | 30.7 | 18.0 | 14.4 | 11.0 |
ROA on average total assets (%) | 6.9 | 15.7 | 9.7 | 8.1 | 6.4 |
ROCE, company-reported, ROIC proxy (%) | 10.9 | 24.9 | 15.0 | 12.7 | 9.3 |
Current ratio (x) | 1.04 | 1.41 | 1.48 | 1.31 | 1.15 |
Debt to total equity (x) | 0.27 | 0.20 | 0.20 | 0.15 | 0.16 |
Net debt to EBITDA (x) | 0.77 | 0.11 | 0.14 | 0.25 | 0.48 |
Interest coverage: EBIT / interest (x) | 34.0 | 98.4 | 63.2 | 50.1 | 69.4 |
Asset turnover: revenues / average assets (x) | 0.85 | 1.17 | 0.92 | 0.84 | 0.74 |
Company debt-to-capital (%) | — | — | — | — | 14.0 |
Company net-debt-to-capital (%) | — | — | — | — | 11.0 |
Working Capital (Days)
| Working-capital metric (days) | FY2024 | FY2025 |
|---|---|---|
Days sales outstanding | 47.0 | 50.2 |
Days inventory outstanding (crude and products) | 35.6 | 45.5 |
Days payables outstanding | 112.2 | 120.7 |
Cash conversion cycle | -29.6 | -25.0 |
Financial Analysis
| Metric | 1Q26 | 2Q26 | 1H26 |
|---|---|---|---|
Earnings, GAAP (USD Mn) | 4,180 | 14,500 | 18,680 |
EPS diluted (USD) | 1.00 | 3.48 | 4.48 |
Earnings ex identified items and timing effects (USD Mn) | 8,772 | 14,680 | 23,452 |
Upstream earnings (USD Mn) | 5,740 | 7,930 | 13,670 |
Cash flow from operations (USD Mn) | — | 23,600 | — |
Free cash flow (USD Mn) | — | 17,200 | — |
Cash capex (USD Mn) | 6,180 | 6,790 | 12,970 |
Net production (koebd) | 4,590 | 4,514 | — |
Segment × geography earnings (USD Mn)
| Segment × geography earnings (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Upstream – United States | 6,426 | 5,063 |
Upstream – Non-U.S. | 18,964 | 16,291 |
Energy Products – United States | 2,099 | 2,992 |
Energy Products – Non-U.S. | 1,934 | 4,431 |
Chemical Products – United States | 1,627 | 903 |
Chemical Products – Non-U.S. | 950 | -103 |
Specialty Products – United States | 1,576 | 1,200 |
Specialty Products – Non-U.S. | 1,476 | 1,657 |
Total segment earnings – United States | 11,728 | 10,158 |
Total segment earnings – Non-U.S. | 23,324 | 22,276 |
Production by region (koebd)
| Production by region (koebd) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States | 1,188 | 1,729 | 2,083 |
Canada / Other Americas (incl. Guyana, Brazil) | 680 | 801 | 840 |
Europe | 73 | 62 | 53 |
Africa | 242 | 234 | 161 |
Asia (incl. Qatar, Kazakhstan, UAE, PNG) | 1,303 | 1,267 | 1,359 |
Australia / Oceania | 252 | 241 | 239 |
Worldwide | 3,738 | 4,333 | 4,736 |
Production growth (%)
| Production growth (%) | FY2024 | FY2025 |
|---|---|---|
United States | 45.5 | 20.5 |
Canada / Other Americas | 17.8 | 4.9 |
Europe | -15.1 | -14.5 |
Africa | -3.3 | -31.2 |
Asia | -2.8 | 7.3 |
Australia / Oceania | -4.4 | -0.8 |
Geographic Revenue
| Refinery throughput (kbd) | FY2024 | FY2025 |
|---|---|---|
United States | 1,865 | 1,927 |
Canada | 399 | 402 |
Europe | 1,039 | 1,002 |
Asia Pacific | 432 | 460 |
Other | 165 | 188 |
Worldwide | 3,900 | 3,979 |
Product sales
| Product sales | FY2024 | FY2025 |
|---|---|---|
Energy Products sales – U.S. (kbd) | 2,722 | 2,852 |
Energy Products sales – Non-U.S. (kbd) | 2,696 | 2,740 |
Chemical Products sales – U.S. (kt) | 7,038 | 6,977 |
Chemical Products sales – Non-U.S. (kt) | 12,354 | 14,326 |
Specialty Products sales – U.S. (kt) | 1,922 | 1,894 |
Specialty Products sales – Non-U.S. (kt) | 5,745 | 5,897 |
Share price data point
| Share price data point | Sep 2021 | Sep 2023 | Sep 2024 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
XOM share price (USD) | 58.82 | 117.58 | 117.22 | 112.75 | 120.34 | 169.66 | 136.48 | 164.77 |
Base by Horizon
| Horizon | Base | Change (%) |
|---|---|---|
About 1-year (from Sep 2025) | 112.75 | 46 |
About 3-year (from Sep 2023) | 117.58 | 40 |
About 5-year (from Sep 2021) | 58.82 | 180 |
Valuation Multiples
| Multiple | Basis | Value |
|---|---|---|
P/E (FY2025 EPS $6.70) | Trailing fiscal year | 24.6x |
P/E (TTM EPS $7.77, 3Q25–2Q26) | Trailing twelve months | 21.2x |
EV/EBITDA (FY2025 EBITDA $67.9B) | Trailing fiscal year | 10.6x |
EV/Sales (FY2025 total revenues $332.2B) | Trailing fiscal year | 2.2x |
P/B (YE2025 XOM equity $259.4B) | Book | 2.6x |
Dividend yield ($4.12 annualised) | Forward | 2.5% |
Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends per share (USD) | 3.49 | 3.55 | 3.68 | 3.84 | 4.00 |
Credit Ratings
| Agency | Rating | Outlook | Source |
|---|---|---|---|
Moody's | Aa2 | — | FWP Sep 2026 |
S&P Global | AA- | Stable (affirmed Sep 2024 per secondary source) | FWP Sep 2026 |
Analyst Conclusions
Management guidance (latest):
-
FY2026 cash capex of $27–29 billion.
-
$20 billion of buybacks in 2026.
-
The 2030 plan: $25 billion of earnings growth, $35 billion of cash-flow growth, ROCE above 17%, and $20 billion of structural savings.
-
3Q26 considerations:
-
Upstream to reflect about 100 kbd lower Guyana net entitlement volumes as production-sharing terms adjust to higher prices;
-
lower scheduled maintenance in Product Solutions than in 2Q26;
-
Corporate & Financing expenses of $0.8–1.0 billion;
-
Middle East production impacts remain a key variable.
-
Consensus. Sell-side expectations cited by aggregators include about $39.7 billion of earnings and $338 billion of revenue by 2028 (Simply Wall St narrative). Price targets cluster around $165–170.
Bull case:
-
Structural earnings uplift. Underlying earnings were $8.8 billion in 1Q26 and $14.7 billion in 2Q26, ex items and timing. Advantaged volumes (Permian above 1.8 Mboe/d, Uaru adding 250 kbd gross from 4Q26, Golden Pass ramp) lift earnings power independent of price. This supports the 13% annual earnings growth plan.
-
Cash-return capacity. About $145 billion of cumulative surplus cash through 2030 at $65 Brent, plus a 2Q26 net-debt paydown of more than $7 billion, implies $20 billion-plus annual buybacks and continued dividend growth with AA-category ratings intact.
-
Strategic scarcity value. The 2026 Middle East crisis increased the value of Americas-weighted, low-cost supply and integrated U.S. Gulf Coast refining. This is reflected in record 2Q26 diesel output and an 84% rebound in FY2025 Energy Products earnings.
Bear case:
-
Valuation leaves little room. At about 21x TTM EPS and about 10.6x FY2025 EV/EBITDA, the shares already discount a sustained elevated price deck. Brent fell from about $120 to about $90 within months, and FY2025 GAAP EPS was only $6.70.
-
Middle East and portfolio risk. About 20% of production sits in the region and two Qatar LNG trains face potentially multi-year repairs. Guyana entitlement falls as prices rise, and chemicals remain structurally oversupplied (FY2025 Chemical earnings of $0.8 billion).
-
Rising capital intensity, legal and political overhang. Capex is $27–29 billion versus $16.6 billion in 2021, DD&A is rising, and 2025 distributions exceeded FCF by about $11 billion. Litigation (California plastics, climate suits) and windfall-tax rhetoric (Aug 2026) are additional overhangs.
Concluding analyst verdict.
ExxonMobil enters late 2026 as the strongest operating franchise among the Western majors. It is also, for the first time in several years, priced like it.
The evidence of structural improvement is hard to dispute. FY2025 earnings excluding identified items were roughly triple those of 2019 at broadly similar real oil prices. Cumulative structural savings have reached $16.3 billion. Ten of ten key projects were delivered in 2025. Advantaged barrels are approaching 60% of output.
The 2026 Middle East crisis acted as a live stress test. The company lost about 6% of production in a quarter and still generated $23.6 billion of operating cash flow in 2Q26. It cut net debt by more than $7 billion while funding a $20 billion buyback pace. The Texas redomiciliation, retail-voting programme and CFO succession were executed without disruption, though each carries governance trade-offs that investors should weigh.
The investment debate is therefore less about quality than about price and durability. At about 21x trailing earnings and an EV/EBITDA above 10x on FY2025 numbers, the market is capitalising a commodity windfall alongside the structural story. Brent has already retreated from about $120 to about $90.
Three issues will determine whether the 2030 plan's $25 billion of earnings growth translates into per-share value or is absorbed by a lower price deck:
-
the Qatar repair timeline;
-
Guyana entitlement erosion at high prices;
-
the persistent chemicals downturn.
Rising capital intensity and a growing legal surface (plastics and climate) are secondary but real drags.
Verdict. High-quality core holding with a balanced near-term risk/reward. The thesis is underpinned by best-in-class cost and balance-sheet resilience and the most visible volume growth among IOCs. The main constraint is valuation. Entry points tied to commodity pullbacks, rather than to the 2026 supply-shock peak, offer a more favourable asymmetry.
Key monitorables:
-
3Q26 underlying earnings excluding timing effects;
-
the December 2026 plan update, specifically whether $20 billion buybacks are sustained at a sub-$70 Brent deck;
-
evidence that chemicals have troughed.
FY2021–FY2023 line items other than net income, EPS, total assets and ROCE are drawn from the respective 10-Ks as recalled and should be re-checked against those filings. Analyst-computed ratios are derived from the stated inputs. The latest verified share price is from 19 August 2026; no live early-October 2026 quote was confirmed.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure in role | Prior roles / background |
|---|---|---|---|
Darren W. Woods (61) | Chairman & CEO | CEO since Jan 2017; President since 2016 | Joined 1992; SVP 2014–2015; President, ExxonMobil Refining & Supply 2012–2014; former Chair of API and NPC (DEF 14A) |
Neil A. Hansen (51) | SVP & CFO | Since 1 Feb 2026 | President, Global Business Solutions (May 2025); SVP Energy Products, Product Solutions (2022–2025); VP EAME Fuels (2020–2022); former VP Investor Relations and Corporate Secretary; salary $1.02M (8-K Dec 2025) |
Jack P. Williams | SVP (Management Committee) | Long-tenured SVP | — |
Neil W. Chapman | SVP (Management Committee) | 2025 Named Executive Officer | — |
Jon M. Gibbs | Senior President, ExxonMobil Global Operations | Since 1 Jan 2026 | Joined 1993; President, Global Projects Co. (2021–2025); President, Global Services Co. (2019) |
Dan Ammann | President, ExxonMobil Upstream Company; VP | Since Feb 2025 | President LCS (2022–2024); former CEO of Cruise and President of GM |
Matt Crocker | President, ExxonMobil Product Solutions; VP | Since 1 May 2025 | President, Global Business Solutions (2023–2025); joined 1995 at Fawley |
Barry L. Engle | President, Low Carbon Solutions; VP | Since 1 Jan 2025 | Joined Sep 2024; former President GM North America and GM International |
Staale Gjervik | President, ExxonMobil Global Projects Company | From 1 Jan 2026 | President, Supply Chain (2023–2025) |
Jeffrey A. Taylor | Secretary | — | — |
Directors' Remuneration
| NEO | Salary (USD) | Bonus (USD) | Stock awards (USD) | Change in pension (USD) | All other (USD) | Total (USD) |
|---|---|---|---|---|---|---|
D.W. Woods, Chairman & CEO | — | — | — | negative | — | 32998628 (SCT); 32556552 after negative-pension adjustment |
J.M. Gibbs, Senior President Global Operations | 849,500 | 2,393,000 | 11,827,140 | 2,095,214 | 73,418 | 17,238,272 |
N.W. Chapman, SVP | — | — | — | negative | — | — |
J.P. Williams, SVP | — | — | — | negative | — | — |
Board of Directors
| Director | Age | Since | Independent | Committees | Principal background |
|---|---|---|---|---|---|
Darren W. Woods | 61 | 2016 | No | Executive (Chair), Finance | Chairman & CEO |
Joseph L. Hooley | 69 | 2020 | Yes (Lead Independent Director) | Nominating & Governance (Chair), Compensation, Executive | Former Chair & CEO, State Street |
Michael J. Angelakis | 61 | 2021 | Yes | Finance (Chair), Audit, Executive | Chairman & CEO, Atairos; former CFO, Comcast |
Angela F. Braly | 64 | 2016 | Yes | Compensation (Chair), Environment, Safety & Public Policy | Former Chair & CEO, WellPoint |
Maria S. Dreyfus | 46 | 2024 | Yes | Audit (Chair), Compensation | CEO, Ardinall Investment Management; ex-Pioneer director |
Gregory C. Garland | 68 | Nov 2025 | Yes | Audit, Finance | Former Chair & CEO, Phillips 66 |
John D. Harris II | 64 | 2023 | Yes | Audit, Compensation | Former CEO, Raytheon International |
Kaisa H. Hietala | 55 | 2021 | Yes | Audit, Finance | Former EVP Renewable Products, Neste |
Steven A. Kandarian | 74 | 2018 | Yes | Compensation, Executive, Nominating & Governance | Former Chair & CEO, MetLife |
Alexander A. Karsner | 59 | 2021 | Yes | Environment, Safety & Public Policy; Nominating & Governance | Senior Strategist, X (Alphabet); former U.S. Assistant Secretary of Energy |
Lawrence W. Kellner | 67 | 2023 | Yes | Environment, Safety & Public Policy (Chair), Executive, Nominating & Governance | Former Chair & CEO, Continental Airlines; ex-Boeing Chair |
Dina Powell McCormick | 52 | 2024 | Yes | Environment, Safety & Public Policy; Nominating & Governance | President & Vice Chair, Meta (from Jan 2026); former Deputy National Security Advisor |
Jeffrey W. Ubben | — | 2021 | Yes | Finance; Environment, Safety & Public Policy | Not standing for re-election in 2026 |
Major Shareholders
| Holder | Stake (%) | As of | Source |
|---|---|---|---|
BlackRock Inc. | 7.79 | 31 Mar 2026 | 13F aggregator (StockHub) |
Vanguard Capital Management LLC | 6.54 | 31 Mar 2026 | 13F aggregator |
State Street Corporation | 5.16 | 31 Mar 2026 | 13F aggregator |
FMR LLC (Fidelity) | 3.38 | 31 Mar 2026 | 13F aggregator |
Vanguard Portfolio Management LLC | 2.79 | 31 Mar 2026 | 13F aggregator |
Geode Capital Management | 2.30 | 31 Mar 2026 | 13F aggregator |
JPMorgan Chase & Co. | 2.07 | 31 Mar 2026 | 13F aggregator |
Morgan Stanley | 1.73 | 31 Mar 2026 | 13F aggregator |
Competitive Landscape
Competitors by Segment
| Segment | Named competitors |
|---|---|
Integrated (global) | Chevron, Shell, TotalEnergies, BP, Saudi Aramco, PetroChina, Sinopec, Eni, Equinor |
Upstream – Permian / U.S. shale | Chevron, ConocoPhillips, Occidental, EOG Resources, Diamondback, Devon |
Upstream – LNG | QatarEnergy (also a partner), Shell, TotalEnergies, Cheniere, Woodside |
Refining | Marathon Petroleum, Valero, Phillips 66, Chevron, Shell, Reliance Industries, Sinopec |
Chemicals | Dow, LyondellBasell, SABIC (also a partner), Sinopec, INEOS, Chevron Phillips Chemical, BASF |
Lubricants | Shell, Castrol (BP), Chevron (Havoline/Delo), Valvoline, TotalEnergies, Fuchs |
CCS | Occidental (1PointFive), Shell, Chevron, Equinor (Northern Lights) |
Key Competitors
| Company | FY2025 net income / earnings | FY2025 revenue | FY2025 CFO / cash flow | Production (kboe/d) | Notes |
|---|---|---|---|---|---|
ExxonMobil | $28.8B GAAP; $30.1B ex-items | $332.2B total revenues | $52.0B CFO | 4736 (FY) | ROCE 9.3%; distributions $37.2B |
Chevron | $12.48B net income | $189.03B | 4Q CFO $10.8B; adjusted FCF about $20B | about 4050 (4Q25) | Distributions $27.1B; Hess integrated |
Shell | $18.5B adjusted earnings (attributable to shareholders) | — | — | — | Integrated Gas $8.0B, Upstream $7.4B adjusted |
TotalEnergies | $15.6B adjusted net income; $13.1B IFRS | — | $27.8B CFFO | 2529 (FY) | ROACE 12.6%; $7.5B buybacks |
Peer Comparison FY2025
| Metric | ExxonMobil | Chevron | Shell | TotalEnergies |
|---|---|---|---|---|
FY2025 earnings (USD Bn) | 28.8 | 12.48 | 18.5 | 15.6 |
