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26 Pages

ExxonMobil corporate report


ExxonMobil corporate report

Report summary

Three counter-cyclical acquisitions totalling around US$11 billion have moved the portfolio lower down the cost curve and built optionality in both gas and oil. The asset base now has potential to sustain modest growth for most of next decade. Returns on discretionary future investment are also set to rise above all peers bar Chevron. But it has also been a bumpy ride through the downturn. 

What's included?

This report includes 2 file(s)

  • ExxonMobil corporate report PDF - 2.43 MB 26 Pages, 9 Tables, 32 Figures
  • ExxonMobil Corporate Report.xls XLS - 3.62 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
    • Recent strategic moves
    • Current strategic positioning
    • Strategic priorities
      • 1. Exploiting a portfolio revitalised by M&A and exploration success
      • 2. Delivering on the aggressive tight oil growth agenda
      • 3. Managing risks to long-term growth in unconventional gas
      • 4. Consolidating recent LNG-led acquisitions
      • 5. Addressing an underweight deepwater position
      • 6. Revitalising the exploration programme
  • Financial health
  • Investment
    • Legacy assets
    • Development pipeline
    • Assets under development
    • Yet-to-be sanctioned projects
    • Onshore North American investment
  • Resources, reserves and production
    • Resources and reserves overview
    • Production overview
  • Key success factors
  • Economic assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions

In this report there are 41 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Strategy
    • Benchmarking: share price performance
    • Benchmarking: market premium / discount to WM upstream NPV,10
    • Strategic fit of upstream regions
    • Benchmarking: NPV,10 by resource theme
    • ExxonMobil’s change in NPV,10 by resource theme discounting from 2017 and 2022
    • Benchmark: production growth
    • Benchmark: free cash flow generation
    • ExxonMobil’s M&A during the oil price downturn*
    • Benchmarking: Committed and discretionary spend
    • Benchmarking: breakdown of capex in discretionary projects by IRR tranche
    • Wood Mackenzie North American onshore liquids commercial reserves by NPV,10 breakeven
    • Production from NA tight oil assets
    • ExxonMobil Permian Basin NPV,10 sensitivity
    • Production from unconventional gas assets
    • NA yet-to-drill gas commercial reserves by NPV,10 breakeven
    • Gas supply into LNG projects
    • NPV,12 breakeven prices for pre-FID projects
    • Majors’ deepwater NPV,10 by country
    • Majors’ deepwater production
    • Full cycle conventional exploration returns (06-15)
    • Net exploration acreage breakdown
  • Financial health
    • Cash flow breakevens
    • Benchmarking: cash flow breakevens
    • Net debt outlook
    • Upstream cash flow outlook
  • Investment
    • Development investment
    • Top ten pre-FID projects by projected capex (to 2030)
  • Resources, reserves and production
    • Reserves and resource detail
    • Benchmarking: reserves and resources detail
    • Benchmarking: reserves and resource life
    • Production outlook
  • Key success factors
    • Top legacy assets by value
    • Key growth assets by value
  • Economic assumptions
    • Base price assumptions
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Economic assumptions: Table 4
    • Economic assumptions: Table 5
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