Tearsheet

Exxon Mobil (XOM)

Market Price (12/22/2025): $117.33 | Market Cap: $502.8 Bil
Sector: Energy | Industry: Integrated Oil & Gas

Exxon Mobil (XOM)

Market Price (12/22/2025): $117.33
Market Cap: $502.8 Bil
Sector: Energy
Industry: Integrated Oil & Gas

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 3.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2%	Trading close to highs Dist 52W High is -2.6%, Dist 3Y High is -2.7%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -5.1%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 52 Bil, FCF LTM is 24 Bil	Weak multi-year price returns 2Y Excs Rtn is -21%, 3Y Excs Rtn is -50%	Key risks XOM key risks include [1] growing regulatory, Show more.
2	Low stock price volatility Vol 12M is 23%
3	Megatrend and thematic drivers Megatrends include US Energy Independence, Energy Transition & Decarbonization, Hydrogen Economy, and Circular Economy & Recycling. Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 3.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 52 Bil, FCF LTM is 24 Bil
2	Low stock price volatility Vol 12M is 23%
3	Megatrend and thematic drivers Megatrends include US Energy Independence, Energy Transition & Decarbonization, Hydrogen Economy, and Circular Economy & Recycling. Show more.
4	Trading close to highs Dist 52W High is -2.6%, Dist 3Y High is -2.7%
5	Weak multi-year price returns 2Y Excs Rtn is -21%, 3Y Excs Rtn is -50%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.6%, Rev Chg QQuarterly Revenue Change % is -5.1%
7	Key risks XOM key risks include [1] growing regulatory, Show more.

Valuation, Metrics & Events

	12/22/25	2024	2023	2022	2021
Share Price CYE	$117.33	$103.76	$93.26	$99.49	$53.09
Market Cap CYE ($ Bil)	502.8	457.8	374.5	411.8	226.9
Total Debt ($ Bil)	42.0	41.7	41.6	41.2	47.7
Total Cash ($ Bil)	13.8	23.0	31.5	29.6	6.8
Enterprise Value ($ Bil)	531.0	499.5	416.1	453.0	274.6
Valuation Ratios
P/S TTM	1.5	1.4	1.2	1.2	0.9
P/EBIT TTM	11.5	9.3	7.6	5.9	8.1
P/E TTM	16.8	13.7	11.3	8.3	11.4
P/FCF TTM	21.1	15.1	12.1	7.9	7.3
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.5	6.7	5.6	4.0	4.4
P/E TTM (Sector)	11.0	10.3	8.3	5.2	4.1
P/FCF TTM (Sector)	6.9	6.9	7.3	4.8	5.2

	12/22/25	2024	2023
Share Price CYE	$117.33	$103.76	$93.26
Market Cap CYE ($ Bil)	502.8	457.8	374.5
Total Debt ($ Bil)	42.0	41.7	41.6
Total Cash ($ Bil)	13.8	23.0	31.5
Enterprise Value ($ Bil)	531.0	499.5	416.1
Valuation Ratios
P/S TTM	1.5	1.4	1.2
P/EBIT TTM	11.5	9.3	7.6
P/E TTM	16.8	13.7	11.3
P/FCF TTM	21.1	15.1	12.1
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.5	6.7	5.6
P/E TTM (Sector)	11.0	10.3	8.3
P/FCF TTM (Sector)	6.9	6.9	7.3

	XOM	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	324.9
Rev Chg Q	-5.1%	7.3%
Rev Chg LTM	-4.4%	6.0%
Rev Chg 3Y Avg	-5.6%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	35.7
CFO LTM ($ Bil)	51.5
Net Inc LTM ($ Bil)	30.0
Op Mgn LTM	11.0%	18.8%
CFO/Rev LTM	15.9%	20.4%
Net Inc Mgn	9.2%	13.1%
VALUATION	MODERATE
P/S	1.5	3.2
P/CFO	9.8	15.5
P/FCF	21.1	20.7
P/E	16.8	23.5
STABILITY	GOOD
Debt/Equity	0.08	0.21
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Upstream Production	4.8 million oil-equivalent barrels per day	11032025	Link
Energy Products Sales	5,692 thousand barrels per day	11032025	Link
Chemical Prime Product Sales	5,520 thousand metric tons	10312025	Link
Refinery Throughput	4,106 thousand barrels per day	10312025	Link
Proved Reserves	19.9 billion barrels of oil equivalent	12312024	Link
Reserves Replacement Ratio	1.2	11022024	Link
Worldwide Net Natural Gas Production Available for Sale	8.334 billion cubic feet per day	11052025	Link

Upcoming
1/30/2026	Earnings Release	Rev: $77 Bil (E) EPS: $1.63 (E)
4/01/2026	Earnings Release	Rev: - EPS: -

XOM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Exxon Mobil (XOM) experienced a positive stock movement of approximately 3% from late November to mid-December 2025. This increase can be attributed to several key factors that bolstered investor confidence and improved the company's financial outlook. 1. ExxonMobil's Increased Shareholder Returns.

ExxonMobil demonstrated a strong commitment to shareholder returns by increasing its dividend by 4%, extending its streak of dividend growth to 43 consecutive years. Additionally, the company outlined plans for approximately $20 billion in share buybacks during 2025, which helps to underpin shareholder yield and capital return even in potentially softer commodity price environments. 2. Upward Revision of 2030 Corporate Plan.

In December 2025, Exxon Mobil updated its long-term corporate plan for 2030. The revised plan projects an increase in expected earnings by an additional $25 billion and cash flow by an additional $35 billion, notably without necessitating an increase in capital spending. This signals improved efficiency and stronger future profitability to investors. 3. Favorable Analyst Ratings and Price Targets.

Wall Street analysts showed positive sentiment towards Exxon Mobil, with several firms recently raising their price targets or reaffirming "buy" and "overweight" ratings. This strong backing from the analyst community contributes to positive investor sentiment and can help to mitigate downside risks. 4. Robust Production Growth Outlook.

ExxonMobil presented a strong production outlook, anticipating an increase in total production from its upstream operations to 5.5 million oil equivalent barrels per day by the end of the decade. This growth is expected to be driven by advantageous assets in the Permian Basin, Guyana, and liquefied natural gas (LNG), which are projected to contribute 65% of the total volumes. 5. Resilient Refining and Prudent Capital Management.

The company highlighted its resilient refining operations, which provide stability even when oil prices are low and upstream business faces challenges. Furthermore, ExxonMobil maintains a conservative capital spending strategy while forecasting improved earnings and cash flows without increasing its capital expenditures, indicating disciplined financial management.

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Stock Movement Drivers

Fundamental Drivers

The 4.3% change in XOM stock from 9/21/2025 to 12/21/2025 was primarily driven by a 6.9% change in the company's P/E Multiple.

	9212025	12212025	Change
Stock Price ($)	111.84	116.69	4.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	329385.00	324924.00	-1.35%
Net Income Margin (%)	9.42%	9.22%	-2.10%
P/E Multiple	15.62	16.69	6.89%
Shares Outstanding (Mil)	4331.00	4285.00	1.06%
Cumulative Contribution			4.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/21/2025 to 12/21/2025

	Return	Correlation
XOM	4.3%
Market (SPY)	2.5%	8.9%
Sector (XLE)	0.6%	86.4%

Fundamental Drivers

The 3.6% change in XOM stock from 6/22/2025 to 12/21/2025 was primarily driven by a 12.4% change in the company's P/E Multiple.

	6222025	12212025	Change
Stock Price ($)	112.66	116.69	3.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	339894.00	324924.00	-4.40%
Net Income Margin (%)	9.76%	9.22%	-5.55%
P/E Multiple	14.85	16.69	12.43%
Shares Outstanding (Mil)	4372.00	4285.00	1.99%
Cumulative Contribution			3.54%

LTM = Last Twelve Months as of date shown

Market Drivers

6/22/2025 to 12/21/2025

	Return	Correlation
XOM	3.6%
Market (SPY)	14.8%	5.2%
Sector (XLE)	0.9%	85.8%

Fundamental Drivers

The 14.3% change in XOM stock from 12/21/2024 to 12/21/2025 was primarily driven by a 23.5% change in the company's P/E Multiple.

	12212024	12212025	Change
Stock Price ($)	102.12	116.69	14.27%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	339877.00	324924.00	-4.40%
Net Income Margin (%)	9.92%	9.22%	-7.03%
P/E Multiple	13.52	16.69	23.46%
Shares Outstanding (Mil)	4462.00	4285.00	3.97%
Cumulative Contribution			14.09%

LTM = Last Twelve Months as of date shown

Market Drivers

12/21/2024 to 12/21/2025

	Return	Correlation
XOM	14.3%
Market (SPY)	16.1%	42.7%
Sector (XLE)	8.4%	89.9%

Fundamental Drivers

The 22.2% change in XOM stock from 12/22/2022 to 12/21/2025 was primarily driven by a 116.6% change in the company's P/E Multiple.

	12222022	12212025	Change
Stock Price ($)	95.50	116.69	22.19%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	386816.00	324924.00	-16.00%
Net Income Margin (%)	13.41%	9.22%	-31.24%
P/E Multiple	7.71	16.69	116.60%
Shares Outstanding (Mil)	4185.00	4285.00	-2.39%
Cumulative Contribution			22.12%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2023 to 12/21/2025

	Return	Correlation
XOM	22.8%
Market (SPY)	46.8%	32.0%
Sector (XLE)	10.0%	89.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
XOM Return	-36%	58%	87%	-6%	11%	12%	121%
Peers Return	-36%	60%	83%	4%	-7%	9%	97%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
XOM Win Rate	25%	75%	67%	42%	58%	67%
Peers Win Rate	40%	63%	65%	53%	45%	63%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
XOM Max Drawdown	-54%	0%	0%	-9%	-3%	-6%
Peers Max Drawdown	-67%	-1%	0%	-15%	-12%	-16%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CVX, COP, OXY, MPC, VLO. See XOM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)

How Low Can It Go

Unique Key	Event	XOM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-20.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	25.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	99 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-55.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	125.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	659 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,169 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-34.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	51.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,738 days	1,480 days

Compare to CVX, COP, MPC, DEC, XOM

In The Past

Exxon Mobil's stock fell -20.5% during the 2022 Inflation Shock from a high on 6/8/2022. A -20.5% loss requires a 25.8% gain to breakeven.

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About Exxon Mobil (XOM)

Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States and internationally. It operates through Upstream, Downstream, and Chemical segments. The company is also involved in the manufacture, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, and other specialty products; manufactures and sells petrochemicals, including olefins, polyolefins, aromatics, and various other petrochemicals; and captures and stores carbon, hydrogen, and biofuels. As of December 31, 2021, it had approximately 20,528 net operated wells with proved reserves. The company was founded in 1870 and is headquartered in Irving, Texas.

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Here are 1-3 brief analogies for Exxon Mobil:

The Amazon of fossil fuels
The Coca-Cola of oil and gas
The Microsoft of energy

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Crude Oil and Natural Gas: Exploration, production, and sale of crude oil and natural gas, which serve as primary energy sources.
Refined Petroleum Products: Manufacturing and marketing a wide range of fuels, lubricants, and other refined products like gasoline, diesel, and jet fuel.
Chemical Products: Production and sale of petrochemicals, including olefins, polyolefins, and aromatics, used in various industrial and consumer goods.

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Exxon Mobil (symbol: XOM) sells primarily to other companies rather than directly to individuals. Due to the commodity nature and global scale of its business, Exxon Mobil typically does not disclose specific 'major customers' in its financial reports, as its sales are highly diversified across numerous industrial, commercial, and energy sector buyers. However, its primary customers fall into the following categories of companies:

Airlines: Major airlines purchase significant quantities of jet fuel from ExxonMobil.
- Example customer company: Delta Air Lines (NYSE: DAL)
Chemical Manufacturers and Plastic Fabricators: Companies that produce various plastics, packaging, and other industrial products utilize petrochemical feedstocks and polymers from ExxonMobil Chemical.
- Example customer company: Berry Global Group (NYSE: BERY)
Utility and Industrial Companies: These companies purchase natural gas, lubricants, and other specialized fuels for power generation, manufacturing, and other industrial operations.
- Example customer company: Southern Company (NYSE: SO)

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Schlumberger (SLB)
Halliburton (HAL)
Baker Hughes (BKR)
TechnipFMC (FTI)
Fluor Corporation (FLR)

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Darren W. Woods

Chairman and Chief Executive Officer

Darren W. Woods has served as Chairman and Chief Executive Officer of ExxonMobil since January 1, 2017. He joined Exxon Company International in 1992 as a planning analyst. Throughout his career, he advanced through various domestic and international assignments within ExxonMobil Chemical Company and ExxonMobil Refining and Supply Company. Key roles included Vice President of ExxonMobil Chemical Company (2005), Director of Refining for Europe, Africa and the Middle East (2008), and Vice President of Supply and Transportation (2010). He became President of ExxonMobil Refining and Supply Company and a Vice President of Exxon Mobil Corporation in 2012, followed by Senior Vice President in 2014, and President and a board member in 2016. Prior to his CEO role, Mr. Woods was a veteran of the refining side of the oil business, having led the company's refining and chemical divisions.

Kathryn A. Mikells

Senior Vice President and Chief Financial Officer

Kathryn A. Mikells assumed the role of Senior Vice President and Chief Financial Officer for Exxon Mobil Corporation in August 2021. Notably, she is the first woman and first external hire to join ExxonMobil's management committee. Before joining ExxonMobil, Ms. Mikells spent six years as Chief Financial Officer for Diageo, Plc. Her extensive experience includes CFO positions at several other major companies such as Xerox, ADT Security, Nalco, and United Airlines. At United Airlines, she started as a financial analyst in 1994 and progressed to various posts, eventually becoming CFO in 2008. During her tenure as CFO at Diageo, she was credited with cost reduction and reshaping the company’s portfolio, including the acquisition of Casamigos tequila and Aviation American Gin, and the sale of various rum and vodka brands.

Neil A. Chapman

Senior Vice President

Neil A. Chapman joined the Exxon Mobil Corporation Management Committee as Senior Vice President in 2018. His career at ExxonMobil has included responsibilities for aviation fuels marketing, industrial and wholesale fuels, and serving as Vice President of ExxonMobil Chemical Company's global polyethylene business. He also held positions as executive assistant to the chairman of Exxon Mobil Corporation, President of ExxonMobil Global Services Company, Senior Vice President of the company’s global polymers businesses, and President of ExxonMobil Chemical Company before taking on his current role.

Jack P. Williams Jr.

Senior Vice President

Jack P. Williams Jr. was elected Senior Vice President of Exxon Mobil Corporation in 2014.

Dan L. Ammann

President, ExxonMobil Upstream Company (effective February 1, 2025) and Vice President, Exxon Mobil Corporation

Dan L. Ammann is appointed President of ExxonMobil Upstream Company and Vice President of Exxon Mobil Corporation, effective February 1, 2025. He joined ExxonMobil in 2022 as President of Low Carbon Solutions. Prior to his time at ExxonMobil, Mr. Ammann served as CEO of Cruise, a company majority-owned by General Motors, and as President of General Motors. He also held positions as a managing director at Morgan Stanley.

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Exxon Mobil (XOM) faces several key risks to its business, primarily driven by the evolving global energy landscape and inherent industry volatility.

The most significant risks include:

Energy Transition and Climate Change Risks: Exxon Mobil's business is highly susceptible to the accelerating global shift from fossil fuels to lower-carbon energy sources, known as the energy transition. This encompasses increasing regulatory pressure on emissions, which can adversely affect operations and financial results. The company also faces market risks as demand gradually transitions to less carbon-intensive fuels. Furthermore, there are physical risks to assets from climate change, such as changes in weather patterns, sea-level fluctuations, and increased storm activity. Reputational risks also arise from criticism regarding its environmental record and contributions to global warming.
Commodity Price Volatility: As a fundamentally commodity-based business, Exxon Mobil's operations and earnings are significantly affected by fluctuations in oil, gas, and petrochemical prices, as well as refining margins. These prices are highly dependent on unpredictable local, regional, and global events that influence supply and demand for these commodities.
Global Chemical Market Oversupply: The chemical segment of Exxon Mobil's business has experienced substantial earnings reductions due to a worldwide oversupply of products and resulting "bottom-of-cycle" margins. This oversupply acts as a significant drag on diversified earnings, even when other segments perform well.

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The accelerating global transition to renewable energy and the widespread electrification of transportation, which directly threatens the long-term demand for fossil fuels and could diminish Exxon Mobil's core product revenue streams.

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Exxon Mobil (XOM) participates in several large addressable markets through its main products and services, which include crude oil, natural gas, refined petroleum products, and a variety of chemical products. The company is also expanding into low-carbon solutions.

Upstream (Crude Oil and Natural Gas)

Crude Oil: The global crude oil market was valued at approximately $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033. Another estimate indicates the global crude oil market size was valued at USD 739.88 billion in 2023 and is poised to grow to USD 853.5 billion by 2032. Global oil demand is projected to reach 104.4 million barrels per day in 2025.
Natural Gas: The global natural gas market size was valued at USD 1,127.09 billion in 2023 and is projected to grow to USD 2,142.88 billion by 2032.

Product Solutions (Refined Petroleum Products and Chemical Products)

Refined Petroleum Products: The global refined petroleum products market size was estimated at USD 3,061.03 billion in 2024 and is expected to reach USD 3,816.1 billion by 2033. Other estimates for the global market include a valuation of USD 1,454.8 billion in 2023, projected to reach USD 1,878.37 billion by 2032, and approximately $2,518.45 billion in 2022, with a projection to reach $3,795.85 billion in 2032. ExxonMobil's global average refining capacity was 4.6 million barrels per day.
Chemical Products (Petrochemicals): The global petrochemicals market size was valued at USD 623.83 billion in 2023 and is projected to reach USD 900.91 billion by 2032. Another report estimates the global petrochemical market size at USD 700.10 billion in 2025, forecasted to reach around USD 1,193.26 billion by 2034. The Asia Pacific region held a significant market share of 52.16% in the petrochemicals market in 2023, and the U.S. petrochemicals market is projected to reach USD 105.76 billion by 2032.

Low Carbon Solutions

ExxonMobil is developing products like the Proxxima™ resin system and advanced carbon materials (for applications such as energy storage and structural composites), which represent a potential market of $100 billion by 2030. Additionally, the market for battery anode materials, which ExxonMobil is targeting, is estimated to be up to $40 billion.

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Exxon Mobil (XOM) Expected Drivers of Future Revenue Growth

Over the next 2-3 years, Exxon Mobil (XOM) is anticipated to drive future revenue growth through a combination of increased upstream production from advantaged assets, expansion in high-value product solutions, and the realization of significant structural cost savings and operational efficiencies. The company's strategic investments in low-carbon solutions and the ramp-up of key projects are also poised to contribute to its financial performance.

1. Upstream Production Growth from Advantaged Assets

A primary driver of future revenue growth for Exxon Mobil is the substantial increase in upstream production, particularly from its advantaged assets in the Permian Basin and Guyana. The company aims to ramp up its upstream production to 5.4 million oil-equivalent barrels per day by 2030, with over 60% originating from these high-profitability regions. ExxonMobil's Permian Basin assets are projected to double production to 2.3 million barrels per day by 2030, supported by advanced technology, including a proprietary lightweight proppant expected to be used in approximately 50% of new wells by late 2026, improving well recoveries by up to 20%. Similarly, Guyana is expected to see eight operational developments, boosting production capacity to 1.3 million barrels per day. The acquisition of Pioneer Natural Resources has also significantly expanded ExxonMobil's Permian position, contributing to this growth. These efforts are expected to increase per-barrel profit from $10 a barrel in 2024 to $13 a barrel in 2030.

2. Expansion in Product Solutions and High-Value Products

Exxon Mobil is strategically expanding its Product Solutions segment, focusing on high-value products to contribute significantly to future earnings. The company plans to expand its high-value product sales by 80% compared with 2024, aiming for these products to contribute over 40% of its 2030 earnings potential. This growth is partly driven by innovative projects such as advanced plastics recycling, renewable diesel, and Proxxima thermoset resin manufacturing. ExxonMobil is also venturing into the battery anode market, introducing advanced graphite materials designed to enhance electric vehicle performance, including faster charging times (30%) and increased range (30%). Production capacity for Proxima-based products has already tripled.

3. Realization of Structural Cost Savings and Operational Efficiencies

Significant structural cost savings and enhanced operational efficiencies are expected to bolster Exxon Mobil's revenue growth by improving profitability. The company aims to achieve more than $18 billion in cumulative structural cost savings by the end of 2030, having already surpassed $14 billion in cumulative savings since 2019. These savings are being realized through process simplification, supply chain optimization, and the adoption of advanced IT systems. Such efficiencies contribute to a lower cost of supply, with plans to improve break-evens to $35 per barrel by 2027 and $30 per barrel by 2030. This disciplined cost management has helped maintain profitability despite fluctuations in commodity prices.

4. Strategic Investments in Low-Carbon Solutions

Exxon Mobil is committing substantial capital to lower-emission opportunities, which, while perhaps not generating immediate significant revenue, position the company for long-term growth in evolving energy markets. The company plans to allocate up to $30 billion to these initiatives between 2025 and 2030. Key projects include the development of the world's largest carbon capture and storage system and the construction of a hydrogen facility in Baytown with an annual capacity of 1 billion cubic feet of carbon-free hydrogen. These investments align with ExxonMobil's strategy to address global climate challenges while simultaneously driving economic value and expanding into new, sustainability-focused markets.

5. Contribution from Key Project Start-ups

A series of key project startups in 2025 are anticipated to provide a substantial boost to Exxon Mobil's earnings and, consequently, revenue. The company expects more than $3 billion in earnings contributions next year at constant prices and margins from these projects. By the end of 2025, ExxonMobil aims to have started up eight of ten key projects, with the remaining two on track. One notable example is the Yellowtail project in Guyana, which came online four months ahead of schedule and under budget, adding 250,000 barrels per day of production capacity. Other successful startups include a resid upgrade in Singapore and advancements in battery performance-related technologies.

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Share Repurchases

Exxon Mobil's share repurchase pace accelerated from $305 million in 2020 to $5.78 billion annually by 2025, contributing to a reduction of over 10% in outstanding shares during this period.
The company has committed to an annual share repurchase program of $20 billion for both 2025 and 2026.
In December 2022, Exxon Mobil announced an expansion of its share repurchase program to a total of $50 billion through 2024, building on a previous plan of $30 billion through 2023.

Share Issuance

In 2024, Exxon Mobil issued 545 million shares of common stock, valued at $63 billion, to complete the acquisition of Pioneer Natural Resources Company.
In 2023, the company issued 46 million shares of common stock, valued at $4.8 billion, for the acquisition of Denbury Inc.
Exxon Mobil has repurchased approximately 40% of the shares issued for the Pioneer Natural Resources acquisition since May 2024.

Outbound Investments

Exxon Mobil completed the acquisition of Pioneer Natural Resources Company for nearly $60 billion in an all-stock merger in May 2024.
In 2023, Exxon Mobil acquired Denbury Inc. for $4.8 billion in common stock.
In Q1 2025, Exxon Mobil sold stakes in certain onshore blocks in Thailand to Horizon Oil for approximately $30 million plus contingent payments.

Capital Expenditures

Exxon Mobil's capital expenditures averaged $18.798 billion annually from fiscal years ending December 2020 to 2024, increasing from $12.076 billion in 2021 to $24.306 billion in 2024.
The company anticipates annual capital expenditures of $27 billion to $29 billion in 2025, and $28 billion to $33 billion annually from 2026 through 2030.
The primary focus of capital expenditures includes advantaged assets in Guyana and the U.S. Permian Basin, targeted exploration in Brazil, Chemicals projects, and pursuing up to $30 billion in lower emissions investment opportunities between 2025 and 2030.

Interactive Breakdown

Exxon Mobil Interactive Breakdown Analysis

Better Bets than Exxon Mobil (XOM)

	XOM	Better Performance than XOM
Metric	Value	INDUSTRY: Integrated Oil & Gas
Rev Chg LTM	-4.4%	VIVK (101.8%), SLNG (-2.4%), SU (-2.8%), CVX (-3.6%)
Rev Chg 3Y Avg	-5.6%	VIVK (175.7%), SU (-3.4%)
Op Mgn LTM	11.0%	SU (14.9%)
CFO/Rev LTM	15.9%	SU (26.2%), CVX (17.0%)
FCF/Rev LTM	7.3%	SU (15.1%), IMO (10.3%), CVX (8.2%)
Total Yield	9.4%	SU (15.6%), CVE (12.7%), IMO (12.6%)
P/S	1.5	CVE (0.5), IMO (0.9), SU (1.0), SLNG (1.2), CVX (1.5)
P/Op Inc	14.0	SU (6.5), CVE (6.9), IMO (8.4)

	XOM	Better Performance than XOM
Metric	Value	SECTOR: Energy
Rev Chg LTM	-4.4%	ENB (32.3%), WMB (9.0%), CNQ (8.3%), COP (8.2%), CVX (-3.6%)
Rev Chg 3Y Avg	-5.6%	ENB (8.6%), TRP (1.5%), WMB (0.8%), CNQ (-2.4%), KMI (-4.3%)
Op Mgn LTM	11.0%	WMB (34.3%), KMI (27.2%), COP (21.0%), CNQ (20.3%), ENB (17.4%)
CFO/Rev LTM	15.9%	WMB (48.2%), COP (33.3%), CNQ (33.2%), ENB (20.0%), CVX (17.0%)
FCF/Rev LTM	7.3%	CNQ (18.2%), KMI (16.8%), WMB (15.0%), COP (11.9%), CVX (8.2%)
Total Yield	9.4%	CNQ (17.1%), ENB (13.9%), EOG (13.9%), TRP (12.6%), COP (11.1%)
P/S	1.5	MPC (0.4), PSX (0.4), SU (1.0), CNQ (1.5), CVX (1.5)
P/Op Inc	14.0	CNQ (7.4), TRP (9.0), ENB (9.1), COP (9.1), KMI (13.2)

	XOM	Better Performance than XOM
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-4.4%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-5.6%	NVDA (91.6%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	11.0%	NVDA (58.8%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	15.9%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	7.3%	NVDA (41.3%), MSFT (26.6%), META (23.7%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	9.4%	VZ (18.6%), TD (13.0%), T (12.9%), MRK (10.8%), UBER (10.1%)
P/S	1.5	UNH (0.7), VZ (1.2), WMT (1.3), COST (1.4), T (1.4)
P/Op Inc	14.0	VZ (5.3), T (7.1), UNH (11.3), MRK (11.3), TMUS (11.4)

		Best Bets In Energy Sector
	XOM	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	16.7	43.4	17.7	11.7	11.0	29.8	11.8	18.1	18.9	30.0	10.0
P/EBIT	11.4	35.3	10.0	8.7	9.4	16.7	8.6	12.2	10.8	15.4	7.6
What You Get
Rev Chg Q	-5.1%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-4.4%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	-5.6%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	9.3%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can Exxon Mobil Stock Really Go?	Return
2	Exxon Mobil vs Merck: Which Is A Better Investment?	Counter-Intuitive Comparisons
3	Exxon Mobil vs ConocoPhillips: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	How Does Exxon Mobil Stock Stack Up Against Its Peers?	Peer Comparison
5	Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From MRK, CCL
6	Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From PR, AROC
7	Day 6 of Loss Streak for Exxon Mobil Stock with -5.6% Return (vs. 0.8% YTD) [8/6/2025]	Notification
8	Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From YPF	Actionable
9	Day 5 of Loss Streak for Exxon Mobil Stock with -6.6% Return (vs. 2% YTD) [7/18/2025]	Notification
10	[7/15/2025] Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From Industry Peer YPF	Better Bets
11	ARTICLES
12	XOM Stock Down -5.6% after 6-Day Loss Streak		August 7th, 2025
13	Better Bet Than Exxon Mobil Stock: Pay Less To Get More From YPF		August 5th, 2025
14	Better Bet Than Exxon Mobil Stock: Pay Less To Get More From YPF		July 26th, 2025
15	XOM Stock Down -6.6% after 5-Day Loss Streak		July 19th, 2025
16	XOM Stock Up 12% after 8-Day Win Streak		June 18th, 2025

	Title
0	DASHBOARDS
1	How Low Can Exxon Mobil Stock Really Go?
2	Exxon Mobil vs Merck: Which Is A Better Investment?
3	Exxon Mobil vs ConocoPhillips: Which Is A Better Investment?
4	How Does Exxon Mobil Stock Stack Up Against Its Peers?
5	Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From MRK, CCL
6	Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From PR, AROC
7	Day 6 of Loss Streak for Exxon Mobil Stock with -5.6% Return (vs. 0.8% YTD) [8/6/2025]
8	Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From YPF
9	Day 5 of Loss Streak for Exxon Mobil Stock with -6.6% Return (vs. 2% YTD) [7/18/2025]
10	[7/15/2025] Better Bet Than XOM Stock: Pay Less Than Exxon Mobil To Get More From Industry Peer YPF
11	ARTICLES
12	XOM Stock Down -5.6% after 6-Day Loss Streak
13	Better Bet Than Exxon Mobil Stock: Pay Less To Get More From YPF
14	Better Bet Than Exxon Mobil Stock: Pay Less To Get More From YPF
15	XOM Stock Down -6.6% after 5-Day Loss Streak
16	XOM Stock Up 12% after 8-Day Win Streak

Trade Ideas

Select past ideas related to XOM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	11.2%	11.2%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.7%	4.7%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.9%	5.9%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	27.0%	27.0%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.5%	-5.5%	-7.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	11.2%	11.2%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.7%	4.7%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.9%	5.9%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	27.0%	27.0%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.5%	-5.5%	-7.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LUNR	Intuitive Machines	1.8	37.7%	-17.7%
GTN-A	Gray Media	1.1	30.9%	55.5%
FOLD	Amicus Therapeutics	4.4	30.2%	50.5%
FLY	Firefly Aerospace	3.5	22.8%
CRWV	CoreWeave	40.4	22.6%
EVMN	Evommune	0.5	21.6%
EWTX	Edgewise Therapeutics	2.7	20.8%	-4.3%
FBYD	Falcons Beyond Global	0.7	19.9%	125.4%
ONDS	Ondas	1.4	18.2%	260.2%
BMRN	BioMarin Pharmaceutical	11.7	17.7%	-7.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LW	Lamb Weston	6.2	-25.9%	-32.5%
BB	BlackBerry	2.2	-12.9%	-0.3%
IRON	Disc Medicine	2.8	-11.5%	26.2%
NKE	Nike	86.7	-10.5%	-20.6%
TLRY	Tilray Brands	11.8	-9.6%	-16.1%
OLMA	Olema Pharmaceuticals	2.4	-9.3%	379.1%
KBH	KB Home	3.8	-8.5%	-11.2%
PAHC	Phibro Animal Health	1.5	-7.8%	80.2%
EEX	Emerald	0.9	-7.7%	-1.3%
GETY	Getty Images	0.5	-7.4%	-41.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.7	60.2%	125.4%
DJT	Trump Media & Technology	4.5	51.1%	-52.8%
GTN-A	Gray Media	1.1	40.6%	55.5%
FOLD	Amicus Therapeutics	4.4	34.4%	50.5%
EEX	Emerald	0.9	27.4%	-1.3%
LUNR	Intuitive Machines	1.8	24.8%	-17.7%
QURE	uniQure	1.3	23.0%	35.8%
RIVN	Rivian Automotive	27.4	21.9%	68.8%
PHAT	Phathom Pharmaceuticals	1.3	20.4%	115.9%
TE	T1 Energy	1.0	20.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.2	-82.0%	-26.7%
LWLG	Lightwave Logic	0.4	-28.0%	42.4%
LW	Lamb Weston	6.2	-26.3%	-32.5%
INSP	Inspire Medical Systems	2.8	-26.1%	-47.9%
BETR	Better Home & Finance	0.5	-21.1%	269.6%
FDMT	4D Molecular Therapeutics	0.5	-19.9%	55.8%
VSTM	Verastem	0.6	-19.3%	50.1%
CGEM	Cullinan Therapeutics	0.6	-18.8%	-20.5%
USAR	USA Rare Earth	1.4	-18.8%	46343.0%
BW	Babcock & Wilcox Enterprises	0.5	-17.6%	198.8%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.6	132.3%	29.2%
TE	T1 Energy	1.0	122.5%
VERA	Vera Therapeutics	3.3	79.4%	21.1%
FTRE	Fortrea	1.6	76.7%	-4.9%
ARWR	Arrowhead Pharmaceuticals	9.5	74.9%	262.6%
ANF	Abercrombie & Fitch	5.8	73.7%	-19.0%
ALMS	Alumis	0.9	71.8%	43.6%
LUNR	Intuitive Machines	1.8	70.5%	-17.7%
VSCO	Victoria's Secret	4.5	63.0%	36.9%
PL	Planet Labs PBC	5.8	62.7%	374.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.6%	-63.9%
JANX	Janux Therapeutics	0.9	-52.1%	-74.2%
FRMI	Fermi	5.9	-50.1%
LENZ	LENZ Therapeutics	0.5	-36.6%	-37.7%
GOGO	Gogo	0.6	-34.9%	-44.0%
LWLG	Lightwave Logic	0.4	-34.0%	42.4%
BETR	Better Home & Finance	0.5	-32.1%	269.6%
IMSR	Terrestrial Energy	0.7	-30.8%
ORIC	ORIC Pharmaceuticals	0.6	-30.0%	-0.4%
PBF	PBF Energy	3.0	-29.7%	3.7%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LUNR	Intuitive Machines	1.8	37.7%	-17.7%
GTN-A	Gray Media	1.1	30.9%	55.5%
FOLD	Amicus Therapeutics	4.4	30.2%	50.5%
FLY	Firefly Aerospace	3.5	22.8%
CRWV	CoreWeave	40.4	22.6%
EVMN	Evommune	0.5	21.6%
EWTX	Edgewise Therapeutics	2.7	20.8%	-4.3%
FBYD	Falcons Beyond Global	0.7	19.9%	125.4%
ONDS	Ondas	1.4	18.2%	260.2%
BMRN	BioMarin Pharmaceutical	11.7	17.7%	-7.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LW	Lamb Weston	6.2	-25.9%	-32.5%
BB	BlackBerry	2.2	-12.9%	-0.3%
IRON	Disc Medicine	2.8	-11.5%	26.2%
NKE	Nike	86.7	-10.5%	-20.6%
TLRY	Tilray Brands	11.8	-9.6%	-16.1%
OLMA	Olema Pharmaceuticals	2.4	-9.3%	379.1%
KBH	KB Home	3.8	-8.5%	-11.2%
PAHC	Phibro Animal Health	1.5	-7.8%	80.2%
EEX	Emerald	0.9	-7.7%	-1.3%
GETY	Getty Images	0.5	-7.4%	-41.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.7	60.2%	125.4%
DJT	Trump Media & Technology	4.5	51.1%	-52.8%
GTN-A	Gray Media	1.1	40.6%	55.5%
FOLD	Amicus Therapeutics	4.4	34.4%	50.5%
EEX	Emerald	0.9	27.4%	-1.3%
LUNR	Intuitive Machines	1.8	24.8%	-17.7%
QURE	uniQure	1.3	23.0%	35.8%
RIVN	Rivian Automotive	27.4	21.9%	68.8%
PHAT	Phathom Pharmaceuticals	1.3	20.4%	115.9%
TE	T1 Energy	1.0	20.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.2	-82.0%	-26.7%
LWLG	Lightwave Logic	0.4	-28.0%	42.4%
LW	Lamb Weston	6.2	-26.3%	-32.5%
INSP	Inspire Medical Systems	2.8	-26.1%	-47.9%
BETR	Better Home & Finance	0.5	-21.1%	269.6%
FDMT	4D Molecular Therapeutics	0.5	-19.9%	55.8%
VSTM	Verastem	0.6	-19.3%	50.1%
CGEM	Cullinan Therapeutics	0.6	-18.8%	-20.5%
USAR	USA Rare Earth	1.4	-18.8%	46343.0%
BW	Babcock & Wilcox Enterprises	0.5	-17.6%	198.8%

Peer Comparisons for Exxon Mobil

Peers to compare with:

Financials

	XOM	CVX	COP	OXY	MPC	VLO	Median
Name	Exxon Mo.	Chevron	ConocoPh.	Occident.	Marathon.	Valero E.
Mkt Price	116.69	147.75	91.94	39.62	168.32	162.71	132.22
Mkt Cap	500.0	286.5	114.5	39.1	51.0	50.3	82.7
Rev LTM	324,924	186,979	59,788	26,601	133,262	123,071	128,166
Op Inc LTM	35,708	15,067	12,549	4,802	4,734	3,085	8,676
FCF LTM	23,775	15,424	7,088	3,799	4,276	3,960	5,682
FCF 3Y Avg	31,462	18,185	8,910	5,046	8,298	6,989	8,604
CFO LTM	51,520	31,845	19,935	11,254	7,391	4,839	15,594
CFO 3Y Avg	55,768	34,250	20,720	11,873	10,783	7,926	16,296

Growth & Margins

	XOM	CVX	COP	OXY	MPC	VLO	Median
Name	Exxon Mo.	Chevron	ConocoPh.	Occident.	Marathon.	Valero E.
Rev Chg LTM	-4.4%	-3.6%	8.2%	-2.0%	-6.1%	-8.5%	-4.0%
Rev Chg 3Y Avg	-5.6%	-6.2%	-6.6%	-9.6%	-8.3%	-10.3%	-7.4%
Rev Chg Q	-5.1%	-1.5%	15.3%	-7.7%	-0.8%	-2.2%	-1.9%
QoQ Delta Rev Chg LTM	-1.4%	-0.4%	3.4%	-2.0%	-0.2%	-0.6%	-0.5%
Op Mgn LTM	11.0%	8.1%	21.0%	18.1%	3.6%	2.5%	9.5%
Op Mgn 3Y Avg	12.7%	11.2%	24.1%	21.5%	6.0%	5.3%	12.0%
QoQ Delta Op Mgn LTM	-0.4%	-0.3%	-1.0%	-2.0%	0.4%	0.8%	-0.4%
CFO/Rev LTM	15.9%	17.0%	33.3%	42.3%	5.5%	3.9%	16.4%
CFO/Rev 3Y Avg	16.5%	17.6%	35.6%	42.8%	7.4%	5.7%	17.1%
FCF/Rev LTM	7.3%	8.2%	11.9%	14.3%	3.2%	3.2%	7.8%
FCF/Rev 3Y Avg	9.3%	9.3%	15.3%	18.1%	5.7%	5.0%	9.3%

Valuation

	XOM	CVX	COP	OXY	MPC	VLO	Median
Name	Exxon Mo.	Chevron	ConocoPh.	Occident.	Marathon.	Valero E.
Mkt Cap	500.0	286.5	114.5	39.1	51.0	50.3	82.7
P/S	1.5	1.5	1.9	1.5	0.4	0.4	1.5
P/EBIT	11.4	12.9	7.8	9.2	7.4	21.3	10.3
P/E	16.7	22.4	12.9	18.6	17.7	33.6	18.2
P/CFO	9.7	9.0	5.7	3.5	6.9	10.4	7.9
Total Yield	9.4%	8.7%	11.1%	5.4%	7.9%	5.8%	8.3%
Dividend Yield	3.4%	4.3%	3.4%	0.0%	2.2%	2.8%	3.1%
FCF Yield 3Y Avg	6.4%	6.2%	6.9%	9.8%	14.3%	14.6%	8.4%
D/E	0.1	0.1	0.2	0.6	0.7	0.2	0.2
Net D/E	0.1	0.1	0.2	0.5	0.6	0.1	0.1

Returns

	XOM	CVX	COP	OXY	MPC	VLO	Median
Name	Exxon Mo.	Chevron	ConocoPh.	Occident.	Marathon.	Valero E.
1M Rtn	-0.3%	-1.5%	5.2%	-3.8%	-11.7%	-6.2%	-2.7%
3M Rtn	4.3%	-4.4%	0.9%	-13.6%	-8.8%	0.7%	-1.8%
6M Rtn	3.6%	1.0%	-1.2%	-12.2%	0.6%	17.0%	0.8%
12M Rtn	14.3%	8.2%	0.0%	-14.1%	29.0%	41.5%	11.2%
3Y Rtn	22.2%	-2.6%	-9.5%	-32.6%	60.9%	49.2%	9.8%
1M Excs Rtn	-3.5%	-5.5%	1.6%	-6.8%	-16.8%	-12.7%	-6.1%
3M Excs Rtn	3.0%	-6.4%	-1.3%	-15.0%	-11.8%	-3.7%	-5.0%
6M Excs Rtn	-7.1%	-10.6%	-11.4%	-22.3%	-11.3%	7.0%	-11.0%
12M Excs Rtn	-1.0%	-8.6%	-16.2%	-26.0%	11.7%	21.4%	-4.8%
3Y Excs Rtn	-49.5%	-73.8%	-80.5%	-105.7%	-9.1%	-22.0%	-61.7%

Comparison Analyses

	Title
0	How Does Exxon Mobil Stock Stack Up Against Its Peers?
1	Exxon Mobil vs. Hess: With Return Forecast Of 25%, Hess Is A Better Bet
2	Exxon Mobil vs. ConocoPhillips: With Return Forecast Of 15%, Exxon Mobil Is A Better Bet
3	Exxon Mobil vs. Chevron: With Return Forecast Of 15%, Exxon Mobil Is A Better Bet
4	Exxon Mobil vs. Marathon Petroleum: With Return Forecast Of 15%, Exxon Mobil Is A Better Bet
5	Exxon Mobil vs. Alphabet: With Return Forecast Of 31%, Alphabet Is A Better Bet
6	Exxon Mobil vs. McKesson: With Return Forecast Of 28%, McKesson Is A Better Bet
7	Exxon Mobil vs. CVS Health: With Return Forecast Of 25%, CVS Health Is A Better Bet
8	Exxon Mobil vs. UnitedHealth: With Return Forecast Of 31%, UnitedHealth Is A Better Bet
9	Exxon Mobil vs. Procter & Gamble: With Return Forecast Of 13%, Exxon Mobil Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	2/19/2025	2/28/2024	2/22/2023	2/23/2022	2/24/2021	2/26/2020
Key Financials
Total Revenue	324,924	339,247	334,697	398,675	276,692	178,574	255,583
EBITDA	68,650	73,311	74,273	102,591	52,788	18,284	39,884
Operating Income	35,708	39,652	44,461	64,028	24,019	-29,448	12,766
Net Income	29,953	33,680	36,010	55,740	23,040	-22,440	14,340
EPS	6.88	7.84	8.89	13.26	5.39	-5.25	3.36
Growth Rates
Total Revenue Growth	-4.4%	1.4%	-16.0%	44.1%	54.9%	-30.1%	-8.5%
EBITDA Growth	-8.8%	-1.3%	-27.6%	94.3%	188.7%	-54.2%	-21.0%
Operating Income Growth	-11.5%	-10.8%	-30.6%	166.6%	181.6%	-330.7%	-42.3%
Net Income Growth	-11.1%	-6.5%	-35.4%	141.9%	202.7%	-256.5%	-31.2%
Margins
EBITDA Margin	21.1%	21.6%	22.2%	25.7%	19.1%	10.2%	15.6%
Operating Income Margin	11.0%	11.7%	13.3%	16.1%	8.7%	-16.5%	5.0%
Net Income Margin	9.2%	9.9%	10.8%	14.0%	8.3%	-12.6%	5.6%
Cash & Debt
Total Cash	13,814	23,029	31,539	29,640	6,802	4,364	3,089
Total Debt	42,036	41,710	41,573	41,193	47,704	67,640	46,920
Net Debt / (Cash)	28,222	18,681	10,034	11,553	40,902	63,276	43,831
Cash Flows
Net Cash from Operations	51,520	55,022	55,369	76,797	48,129	14,668	29,716
Free Cash from Operations	23,775	30,716	33,450	58,390	36,053	-2,614	5,355
Returns to Shareholders
Dividends	17,236	16,704	14,941	14,939	14,924	14,865	14,652
Share Repurchases	20,674	19,629	17,748	15,155	155	405	594

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/4/2025	5/5/2025	2/19/2025	11/4/2024	8/5/2024	4/29/2024	2/28/2024	10/31/2023	8/1/2023	5/2/2023	2/22/2023
Key Financials Quarterly
Total Revenue	83,331	79,477	81,058	81,058	87,792	89,986	80,411	81,688	88,570	80,795	83,644	93,164
Ebitda	17,497	16,951	17,507	16,695	19,491	19,723	17,402	18,637	18,283	16,147	21,206	24,113
Operating Income	9,178	8,911	9,846	7,773	11,042	10,896	9,941	8,458	11,844	9,950	14,209	16,884
Net Income	7,548	7,082	7,713	7,610	8,610	9,240	8,220	7,630	9,070	7,880	11,430	12,750
EPS	1.76	1.64	1.76	1.72	1.92	2.14	2.06	1.91	2.25	1.94	2.79	3.09
Key Financials TTM
Total Revenue TTM	324,924	329,385	339,894	339,247	339,877	340,655	331,464	334,697	346,173	364,115	394,585	398,675
Ebitda TTM	68,650	70,644	73,416	73,311	75,253	74,045	70,469	74,273	79,749	92,739	106,170	102,591
Operating Income TTM	35,708	37,572	39,557	39,652	40,337	41,139	40,193	44,461	52,887	61,270	72,151	64,028
Net Income TTM	29,953	31,015	33,173	33,680	33,700	34,160	32,800	36,010	41,130	51,720	61,690	55,740
Growth Rates Quarterly
Total Revenue Growth	-5.1%	-11.7%	0.8%	-0.8%	-0.9%	11.4%	-3.9%	-12.3%	-16.8%	-27.4%	-4.7%	14.6%
EBITDA Growth	-10.2%	-14.1%	0.6%	-10.4%	6.6%	22.1%	-17.9%	-22.7%	-41.5%	-45.4%	20.3%	36.9%
Operating Income Growth	-16.9%	-18.2%	-1.0%	-8.1%	-6.8%	9.5%	-30.0%	-49.9%	-41.4%	-52.2%	133.5%	101.2%
Net Income Growth	-12.3%	-23.4%	-6.2%	-0.3%	-5.1%	17.3%	-28.1%	-40.2%	-53.9%	-55.9%	108.6%	43.7%
Margins Quarterly
EBITDA Margin	21.0%	21.3%	21.6%	20.6%	22.2%	21.9%	21.6%	22.8%	20.6%	20.0%	25.4%	25.9%
Operating Income Margin	11.0%	11.2%	12.1%	9.6%	12.6%	12.1%	12.4%	10.4%	13.4%	12.3%	17.0%	18.1%
Net Income Margin	9.1%	8.9%	9.5%	9.4%	9.8%	10.3%	10.2%	9.3%	10.2%	9.8%	13.7%	13.7%
Cash & Debt
Total Cash	13,814	14,352	17,036	23,029	26,926	26,460	33,320	31,539	32,944	29,528	32,651	29,640
Total Debt	42,036	38,989	37,551	41,710	42,550	43,186	40,440	41,573	41,253	41,496	41,446	41,193
Net Debt / (Cash)	28,222	24,637	20,515	18,681	15,624	16,726	7,120	10,034	8,309	11,968	8,795	11,553
Cash Flows Quarterly
FCF from Operations	14,788	11,550	12,953	12,229	17,569	10,560	14,664	13,682	15,963	9,383	16,341	17,621
Cash Flows TTM
FCF from Operations TTM	51,520	54,301	53,311	55,022	56,475	54,869	53,692	55,369	59,308	67,770	78,350	76,797
Returns to Shareholders Quarterly
Dividends	4,242	4,288	4,335	4,371	4,240	4,285	3,808	3,839	3,663	3,701	3,738	3,767
Share Repurchases	5,126	4,964	4,804	5,780	5,512	5,326	3,011	4,656	4,412	4,340	4,340	4,675
Return on Invested Capital (ROIC) Quarterly
ROIC	92.4%	99.4%	132.9%	134.9%	194.7%	182.5%	386.8%	254.3%	389.0%	232.6%	455.5%	405.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	91.4%	109.2%	138.4%	152.3%	182.5%	173.4%	397.9%	313.6%	442.4%	374.9%	607.4%	410.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Energy Products	320,122	371,872	208,906
Upstream	85,527	116,898	21,797	14,549	23,143
Chemical Products	33,899	41,901	28,628
Specialty Products	21,532	23,291	17,331
Intersegment revenue	-126,451	-155,564
Corporate and Financing		277	30	38	41
Chemical				23,091	27,416
Downstream				140,896	204,983
Total	334,629	398,675	276,692	178,574	255,583

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Upstream	21,308	36,479	15,775	-20,030	14,442
Energy Products	12,142	14,966	-346
Specialty Products	2,714	2,415	3,259
Chemical Products	1,637	3,543	6,989
Corporate and Financing	-1,791	-1,663	-2,636	-3,296	-3,017
Chemical				1,963	592
Downstream				-1,077	2,323
Total	36,010	55,740	23,041	-22,440	14,340

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Upstream	206,366	206,459	209,272	216,017	246,931
Energy Products	74,460	73,565	64,630
Corporate and Financing	49,817	44,671	22,863	20,072	18,171
Chemical Products	34,675	33,217	31,250
Specialty Products	10,999	11,155	10,908
Chemical				38,059	36,920
Downstream				58,602	60,575
Total	376,317	369,067	338,923	332,750	362,597

Price Behavior

Price Behavior

Market Price	$116.69
Market Cap ($ Bil)	505.4
First Trading Date	01/02/1970
Distance from 52W High	-2.6%
	50 Days	200 Days
DMA Price	$115.47	$109.73
DMA Trend	up	up
Distance from DMA	1.1%	6.3%
	3M	1YR
Volatility	19.0%	23.6%
Downside Capture	-18.18	26.23
Upside Capture	4.90	35.37
Correlation (SPY)	7.5%	42.7%

XOM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.17	0.23	0.12	0.05	0.51	0.48
Up Beta	-0.36	0.08	0.21	-0.07	0.51	0.45
Down Beta	0.12	0.66	0.64	0.45	0.82	0.66
Up Capture	-8%	17%	-8%	11%	18%	12%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	22	35	73	133	389
Down Capture	-22%	1%	-21%	-36%	40%	68%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	19	27	52	115	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of XOM With Other Asset Classes (Last 1Y)
	XOM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	11.5%	4.5%	13.5%	62.9%	2.8%	-2.4%	-16.9%
Annualized Volatility	23.4%	24.6%	19.7%	19.2%	16.0%	17.7%	35.4%
Sharpe Ratio	0.40	0.13	0.52	2.42	-0.01	-0.29	-0.26
Correlation With Other Assets		89.9%	43.1%	3.4%	58.8%	41.0%	18.8%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of XOM With Other Asset Classes (Last 5Y)
	XOM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	26.7%	21.1%	14.8%	18.3%	11.1%	4.7%	35.7%
Annualized Volatility	27.1%	26.8%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.89	0.73	0.70	0.95	0.48	0.16	0.63
Correlation With Other Assets		93.1%	34.2%	14.7%	62.0%	26.1%	14.6%

Based On 10-Year Data

		Comparison of XOM With Other Asset Classes (Last 10Y)
	XOM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.3%	8.2%	14.8%	14.5%	6.3%	5.4%	69.5%
Annualized Volatility	27.9%	29.8%	18.0%	14.7%	17.7%	20.8%	55.8%
Sharpe Ratio	0.36	0.32	0.71	0.81	0.28	0.23	0.90
Correlation With Other Assets		91.5%	52.5%	4.3%	57.4%	42.3%	12.4%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	44,457,065
Short Interest: % Change Since 11152025	-8.6%
Average Daily Volume	14,354,681
Days-to-Cover Short Interest	3.10
Basic Shares Quantity	4,285,000,000
Short % of Basic Shares	1.0%

Returns Analyses

	Title
0	How Low Can Exxon Mobil Stock Really Go?
1	XOM YTD Stock Return Of 15% Outperforms COP by 16% and Outperforms MPC by 1.5%
2	Exxon Mobil Stock Return Comparison
3	Exxon Mobil Total Shareholder Return (TSR): 86.1% in 2022 and 23.2% 3-yr returns (below peer average)

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8042025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	2192025	10-K 12/31/2024
9302024	11042024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	4292024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021
9302021	11032021	10-Q 9/30/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Exxon Mobil (XOM)

Market Price (12/22/2025): $117.33 | Market Cap: $502.8 BilSector: Energy | Industry: Integrated Oil & Gas

Exxon Mobil (XOM)

Market Price (12/22/2025): $117.33Market Cap: $502.8 BilSector: EnergyIndustry: Integrated Oil & Gas

Valuation, Metrics & Events

XOM Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Exxon Mobil (XOM)

Darren W. Woods

Chairman and Chief Executive Officer

Kathryn A. Mikells

Senior Vice President and Chief Financial Officer

Neil A. Chapman

Senior Vice President

Jack P. Williams Jr.

Senior Vice President

Dan L. Ammann

President, ExxonMobil Upstream Company (effective February 1, 2025) and Vice President, Exxon Mobil Corporation

Upstream (Crude Oil and Natural Gas)

Product Solutions (Refined Petroleum Products and Chemical Products)

Low Carbon Solutions

Exxon Mobil (XOM) Expected Drivers of Future Revenue Growth

1. Upstream Production Growth from Advantaged Assets

2. Expansion in Product Solutions and High-Value Products

3. Realization of Structural Cost Savings and Operational Efficiencies

4. Strategic Investments in Low-Carbon Solutions

5. Contribution from Key Project Start-ups

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Market Price (12/22/2025): $117.33 | Market Cap: $502.8 Bil
Sector: Energy | Industry: Integrated Oil & Gas

Market Price (12/22/2025): $117.33
Market Cap: $502.8 Bil
Sector: Energy
Industry: Integrated Oil & Gas