Exxon Mobil Corporation (ExxonMobil) stands as one of the world’s leading integrated energy and petrochemical companies, with operations spanning exploration, production, refining, chemical manufacturing, and emerging low-carbon solutions. With over 140 years of history, ExxonMobil leverages its competitive advantages—technology, scale, integration, and execution excellence—to deliver energy products and innovative solutions that meet society’s evolving needs while generating substantial shareholder value.
In this article, we delve into the highlights, strategic milestones, and financial performance. Our aim is to provide a comprehensive overview of ExxonMobil’s operations and achievements. We cover the company’s:
By the end of this post, readers will gain an in-depth understanding of ExxonMobil’s 2025 accomplishments and its roadmap for profitable growth and decarbonization.
Company Profile
Legal Incorporation and Corporate Structure Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Headquartered in Spring, Texas, the company operates through numerous divisions and affiliated entities under names including ExxonMobil, Exxon, Esso, Mobil, and XTO. Its principal subsidiary, ExxonMobil Upstream Company, leads exploration and production, while ExxonMobil Product Solutions Company and Low Carbon Solutions focus on refining, chemicals, specialty products, and emerging low‑carbon technologies.
Subsidiaries ExxonMobil’s key subsidiaries, each fully consolidated, include:
- ExxonMobil Upstream Company: Manages global exploration and production of crude oil, natural gas, and liquefied natural gas projects.
- ExxonMobil Development Company: Holds interests in international upstream joint ventures, including Guyana deepwater operations.
- ExxonMobil Product Solutions Company: Oversees refining, marketing, and distribution of fuels, lubricants, and petrochemical products.
- ExxonMobil Chemical Company: Produces and markets petrochemicals, polyolefins, and specialty chemical products worldwide.
- ExxonMobil Low Carbon Solutions LLC: Develops carbon capture and storage, low‑carbon hydrogen, and lithium extraction projects.
- XTO Energy Inc.: Focuses on U.S. unconventional gas and oil resources, primarily in the Permian Basin and Appalachian region.
Global Operations and Workforce The company’s operations span the United States and most other countries, with notable assets in the Permian Basin, Guyana deepwater, and LNG projects in the U.S. Gulf Coast and Qatar. At year‑end 2024, ExxonMobil employed approximately 60,900 regular employees globally, drawing from an average service tenure of 30 years and 160 nationalities. The company’s operations span the United States and most other countries, with notable assets in the Permian Basin, Guyana deepwater, and LNG projects in the U.S. Gulf Coast and Qatar. At year‑end 2024, ExxonMobil employed approximately 60,900 regular employees globally, drawing from an average service tenure of 30 years and 160 nationalities .
Business Segments and Product Portfolio
- Upstream: Exploration and production of crude oil and natural gas, delivering 4.3 million oil‑equivalent barrels per day in 2024. Key assets include the Permian Basin, Guyana, and a growing LNG portfolio targeting 40+ million metric tons per year by 2030 .
- Product Solutions: Refining of fuels and lubricants; chemical manufacturing with Energy Products, Chemical Products, and Specialty Products segments; and advanced recycling. Leading brands include Mobil™ fuels and Mobil 1™ lubricants, with high‑value products like Proxxima™ resin systems and carbon materials for batteries .
- Low Carbon Solutions: Development of carbon capture and storage (CCS), low‑carbon hydrogen, and lithium production via Mobil™ Lithium. The business has secured the largest offshore CO₂ storage lease in the U.S. and advanced projects such as the planned 1 Bcf/day hydrogen plant at Baytown .
Financial Markets and Shareholder Information ExxonMobil common stock (NYSE: XOM) trades primarily on the New York Stock Exchange. As of June 28, 2024, the aggregate market value of shares held by non‑affiliates exceeded $511 billion. The company maintains a Computershare‑sponsored Dividend Reinvestment Plan and has grown dividends for 42 consecutive years .
1. Competitive Advantages and 2024 Year in Review
ExxonMobil’s unique set of competitive advantages underpins its ability to create world-scale solutions:
- Technology Leadership: With over 8,000 active patents worldwide, ExxonMobil’s research and proprietary technology drive efficiency in exploration, production, refining, chemicals, and low‑carbon technologies .
- Scale and Integration: The company’s end-to-end integration—from exploration through products and emerging new businesses—enables cost synergies and risk mitigation across market cycles.
- Execution Excellence: Demonstrated by rapid completion of the Pioneer merger in half the industry average time, and consistent operational reliability.
- People and Culture: A strong talent pipeline, averaging 30 years’ service and 160 nationalities, fosters a performance-driven culture and long-term retention.
2024 Headlines
- $34 billion in annual earnings, the third-highest in a decade.
- $55 billion cash flow from operations enabling growth and shareholder returns.
- $19+ billion share repurchases, the highest in over a decade.
- 42 consecutive years of dividend per share growth.
- 13% return on capital employed and >$12 billion in structural cost savings vs. 2019.
- >$3 billion per year in annual synergies over the next decade from the Pioneer merger.
These achievements reflect ExxonMobil’s ability to deliver industry-leading safety, environmental performance, and financial results no other company can match.
2. Upstream: Delivering High Returns from Advantaged Assets
In 2024, ExxonMobil’s Upstream business produced 4.3 million oil-equivalent barrels per day, the highest rate in more than a decade, with more than 50% of volumes from advantaged assets such as the Permian Basin, LNG, and Guyana .
2.1 Pioneer Merger and Permian Expansion
- Pioneer Acquisition: Closed May 3, 2024, for 545 million shares plus $5 billion debt assumption, transforming ExxonMobil’s U.S. unconventional inventory position and adding 2 billion oil-equivalent barrels of resource to the Permian Basin.
- Synergies: Expected annual synergies of >$3 billion—50% ahead of original estimates—driven by integration of Cube development and lightweight proppant technology.
- Permian Production: On track to reach 2.3 million barrels per day by 2030, with current production driven by enhanced recovery technology.
2.2 Guyana Deepwater
- Resource Base: Over 11 billion barrels estimated on-block, with eight FPSOs planned by decade-end and capacity to 1.7 million barrels per day.
- Economic Impact: Delivering >650,000 barrels per day supporting growth in the Guyanese economy.
2.3 LNG Portfolio
- LNG Sales: Targeting 40+ million metric tons per year by 2030 through four new projects on the U.S. Gulf Coast and in Qatar, with first sales expected in 2025.
2.4 Emissions and Safety
- Methane Intensity: >60% reduction in operated methane emissions intensity since 2016.
- GHG Intensity: On pace to reduce total GHG emissions intensity by 40–50% by 2030 in Upstream.
- Safety: Continued industry leadership in safety performance.
3. Product Solutions: Innovation and Market Leadership
ExxonMobil’s Product Solutions segment encompasses fuels, lubricants, chemicals, and specialty products supporting modern living.
3.1 High-Value Products
- Record Sales: Highest-ever sales of high-value products, driven by advantaged projects.
- Mobil 1™: Maintained status as a top-selling fully synthetic motor oil brand.
3.2 Specialty Innovations
- Proxxima™ Resin Systems: Transform low-value gasoline components into high-strength, lightweight resins with life-cycle CO₂ emissions lower than steel, targeting a $100 billion market by 2030.
- Carbon Materials for Batteries: Feedstock for advanced graphite increasing EV range by 30%, charging 30% faster, and extending battery life, also part of the $100 billion TAM by 2030.
3.3 Advanced Recycling
- Baytown Facility: One of North America’s largest, converting 70+ million pounds of plastic since 2022 into raw materials for fuels and chemicals.
- Expansion: $200 million investment to reach 500 million pounds capacity—equivalent to the weight of 25 Eiffel Towers.
3.4 Detailed Products & Services Portfolio
ExxonMobil’s Product Solutions segment offers an extensive range of products and services, including:
Fuels & Lubricants
- Gasolines: Regular, midgrade, and premium grades under the Exxon, Esso, and Mobil brands, featuring proprietary detergents and octane enhancement.
- Diesel Fuels: Ultra-low sulfur diesel (ULSD) and high-performance marine diesel.
- Aviation Fuels: Jet A and Jet A-1, meeting stringent international specifications.
- Marine Fuels: Heavy Fuel Oil (HFO) and Marine Gas Oil (MGO) for global shipping fleets.
- Mobil™ Lubricants: Mobil 1™ full synthetic motor oils, Mobil Delvac™ heavy-duty engine oils, and Mobil SHC™ industrial lubricants.
- Base Oils & Additives: Group I–III base oils, performance booster additives, and tailored blending services.
Chemical Products
- Polyolefins: Linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), high-density polyethylene (HDPE), and polypropylene (PP) for packaging, automotive, and construction.
- Other Petrochemicals: Benzene, toluene, xylene, butadiene, BTX aromatics, and solvents.
- Specialty Chemicals: Ethylene oxide, ethylene glycol, isobutylene derivatives, and plasticizers.
- Resins & Polymers: Proxxima™ resin systems for advanced composites, and performance polymers for coatings and adhesives.
Advanced Services & Solutions
- Fuel Supply & Trading: Global crude oil and refined product trading, supply chain optimization, and risk management services.
- Lubricant Formulation: Co-development of custom lubricant formulations for automotive and industrial OEMs.
- Technical Services: Consulting on refinery and petrochemical plant design, process optimization, and maintenance support through ExxonMobil Engineering Co.
- Digital Solutions: Deployment of predictive analytics, field automation, and remote monitoring via the ExxonMobil Digital Platform™.
Low-Carbon & Emerging Solutions (Cross-Segment Services)
- CCS Services: End-to-end consulting, project development, and reservoir management for carbon capture and storage.
- Hydrogen Supply: Low-carbon hydrogen off-take agreements, distribution logistics, and fueling station partnerships.
- Lithium Supply: Mobil™ Lithium products and technical support for EV battery manufacturers.
4. Low Carbon Solutions
4. Low Carbon Solutions: Building the Energy of the Future
ExxonMobil’s LCS business focuses on carbon capture and storage (CCS), low-carbon hydrogen, and lithium production.
4.1 Carbon Capture and Storage
- End-to-End System: World’s only large-scale CCS system, with the largest offshore storage lease in the U.S. and 6.7 Mta CO₂ under contract.
- 270k+ Acre Lease: Secured along the U.S. Gulf Coast, the largest in the nation.
4.2 Low-Carbon Hydrogen
- Baytown Project: Advancing final investment decision for what will be the world’s largest low-carbon hydrogen plant, producing 1 Bcf/day, with ADNOC taking a 35% equity stake.
4.3 Lithium via Mobil™ Lithium
- Partnership: Agreement to supply LG Chem up to 100,000 metric tons of lithium carbonate for EV cathodes at their Tennessee plant.
- Environmental Advantage: Fewer impacts than traditional hard-rock mining.
5. Financial Performance and Shareholder Returns
5.1 Earnings and Cash Flow
- Earnings: $34 billion in 2024, the third-highest in a decade.
- Cash Flow: $55 billion from operations supporting growth and distributions.
5.2 Shareholder Distributions
- Dividends: 42nd consecutive year of dividend growth.
- Share Repurchases: >$19 billion in 2024, highest in over a decade.
- 5-Year Distributions: $125 billion returned to shareholders.
- TSR CAGR: 14% over five years, 600 basis points above nearest peer.
5.4 Consolidated Financial Statements
Below are summaries of ExxonMobil’s consolidated financial statements for 2024, 2023, and 2022, drawn directly from the Annual Report.
Consolidated Statement of Income (millions of dollars)
| Line Item | 2024 | 2023 | 2022 |
|---|---|---|---|
| Sales and other operating revenue | 339,247 | 334,697 | 398,675 |
| Income from equity affiliates | 6,194 | 6,385 | 11,463 |
| Total revenues and other income | 349,585 | 344,582 | 413,680 |
| Net income attributable to ExxonMobil | 33,680 | 36,010 | 55,740 |
| Earnings per common share (dollars) | 7.84 | 8.89 | 13.26 |
Source: Consolidated Statement of Income
Consolidated Balance Sheet (millions of dollars)
| Category | Dec 31, 2024 | Dec 31, 2023 |
| Assets | ||
| Total current assets | 91,990 | 96,609 |
| Property, plant & equipment, net | 294,318 | 214,940 |
| Total Assets | 453,475 | 376,317 |
| Liabilities | ||
| Total current liabilities | 70,307 | 65,316 |
| Total Liabilities | 182,869 | 163,779 |
| Equity | ||
| Total Equity | 270,606 | 212,538 |
Source: Consolidated Balance Sheet
Consolidated Statement of Cash Flows (millions of dollars)
| Activity | 2024 | 2023 | 2022 |
| Net cash provided by operating activities | 55,022 | 55,369 | 76,797 |
| Net cash used in investing activities | (19,938) | (19,274) | (14,742) |
| Net cash provided by/(used in) financing activities | (42,789) | (34,297) | (39,114) |
| Cash and cash equivalents, end of year | 23,187 | 31,568 | 29,665 |
Source: Consolidated Statement of Cash Flows
6. Sustainability and Governance
6.1 Environmental Management
- Methane and GHG Reductions: Ongoing facility upgrades, new operating practices, and cost-effective emissions controls.
- Advanced Recycling: Preventing plastic waste from landfills and environment.
6.2 Governance and Ethics
- Ethics and Compliance: Code of Ethics & Business Conduct available on exxonmobil.com.
- Board Oversight: Annual cyber security review by Audit Committee; robust enterprise risk management.
7. Risk Factors and Resilience
ExxonMobil faces risks inherent in global energy, including commodity price volatility, regulatory changes, and technology shifts. Key mitigations include:
- Diversified Portfolio: Balance across geographies, products, and emerging businesses.
- Strong Balance Sheet: Access to capital markets and disciplined cost management.
- Enterprise Risk Management: Integrated systems for safety, cybersecurity, and operational controls.
8. Outlook and Strategic Priorities
Looking ahead, ExxonMobil plans to:
- Grow High-Value Businesses: Expand advantaged assets in the Permian, Guyana, and LNG.
- Advance LCS: Scale CCS and low-carbon hydrogen with supportive policies.
- Innovate Products: Commercialize Proxxima™ and carbon materials at scale.
- Maintain Financial Discipline: Allocate capital for high-return projects while sustaining distributions.
With a firm plan to grow earnings potential by $20 billion and cash flow potential by $30 billion by 2030, ExxonMobil is well positioned to deliver profitable growth and support the energy transition.
