Exxon Mobil Corporation
Exxon Mobil Corp. is a U.S.-based integrated energy and petrochemical company that explores for and produces crude oil and natural gas, then refines, transports, trades, and sells petroleum products, chemicals, and specialty products worldwide. It also invests in lower-emission businesses such as carbon capture and storage, hydrogen, ammonia, lower-emission fuels, carbon materials, low-carbon data centers, and lithium.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueExploration, development, and production of crude oil and natural gas.
Refining, trading, transport, and sale of fuels and other petroleum products.
Basic petrochemicals and feedstocks used in industrial and consumer applications.
Higher-value lubricants, performance chemicals, and differentiated product lines.
Carbon capture, hydrogen, ammonia, lower-emission fuels, and other emerging opportunities.
Customers
ExxonMobil sells to a broad mix of industrial, commercial, and institutional customers rather than end consumers alone. Its buyers include refiners, airlines, shipping and logistics operators, chemical manufacturers, utilities, fuel distributors, and large industrial users that need reliable energy, feedstocks, and performance materials.
Buy feedstocks, chemicals, and specialty products for manufacturing and processing.
Buy gasoline, diesel, jet fuel, marine fuels, and lubricants for operations.
Buy natural gas, LNG-related products, and other energy supply solutions.
Buy refined products through distribution and trading channels for resale or use.
Buy or partner on carbon capture, hydrogen, ammonia, and lower-emission fuels.
Strategy
ExxonMobil’s strategy centers on maintaining scale in core oil, gas, refining, and chemicals while improving portfolio quality through advantaged assets, structural cost savings, and selective divestments. At the same time, it is building optionality in lower-emission businesses, but management emphasizes that these investments must be supported by policy, technology, and commercial returns.
Higher-quality oil and gas barrels improve resilience and support cash generation.
Downstream and chemicals help balance commodity cycles when margins are favorable.
These create future growth options but require supportive policy and commercial scale.
Lower fixed costs improve competitiveness across commodity cycles.
Geography
ExxonMobil operates and markets products in the United States and most other countries, with a business footprint that is inherently global across upstream assets, refining, chemicals, and trading. Its results are exposed to regional price differentials, OPEC/OPEC+ supply actions, sanctions, shipping disruptions, and local regulatory regimes, so geography affects both margins and operating continuity.
Risks
ExxonMobil is exposed to commodity price swings, refining and petrochemical margin volatility, and geopolitical disruptions because its earnings are tied to global oil, gas, and product markets. It also faces regulatory, climate-policy, and execution risks as it invests in lower-emission businesses and manages a large international asset base with cybersecurity and supply-chain exposure.
- Commodity price volatilityImpact: HighLikelihood: Medium
Upstream earnings and reserve values depend heavily on crude oil and gas prices.
Exposure: Upstream and global trading
- Refining and petrochemical margin compressionImpact: HighLikelihood: Medium
Downstream profitability falls when industry capacity grows faster than demand.
Exposure: Energy Products and Chemical Products
- Geopolitical and sanctions disruptionImpact: HighLikelihood: Medium
Global operations depend on transport routes, sovereign policies, and market access.
Exposure: International upstream and logistics
- Climate and regulatory transition riskImpact: HighLikelihood: Medium
Taxes, emissions rules, and permitting can raise costs or delay projects.
Exposure: Core hydrocarbon business and low-emission investments
- Cybersecurity disruptionImpact: MediumLikelihood: Medium
Attacks could interrupt operations, damage assets, or compromise sensitive data.
Exposure: Enterprise systems and third-party providers
Accounting
Judgemental itemsUnsettled derivatives and physical commodity timing can move earnings between periods.
Impact: Affects quarterly comparability in Energy Products and trading-related results
Inventory cost flow assumptions can distort reported margins when prices change quickly.
Impact: Impacts downstream earnings and gross margin interpretation
Oil and gas reserve values depend on long-term price and production assumptions.
Impact: Can affect asset carrying values and future depreciation/depletion
Portfolio changes alter production, expenses, and gains/losses on sale.
Impact: Can create non-recurring items and comparability issues
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Last updated: 24/09/2026