ExxonMobil corporate report
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
ExxonMobil's upstream portfolio is in the best shape since the merger with Mobil.
Tom Ellacott
Senior Vice President, Corporate Research
Tom leads our corporate thought leadership, drawing on more than 20 years' industry knowledge.
Latest articles by Tom
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Opinion
Video | Venezuela in global portfolios: risk, restraint, and strategic optionality
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Opinion
Venezuela regime change: what it means for oil production, crude and product markets
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Featured
Corporate oil & gas 2026 outlook
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Opinion
Power moves: TotalEnergies’ Integrated Power strategy assessed
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The Edge
Majors' capital allocation in a stuttering energy transition
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Featured
Corporate oil & gas 2025 outlook
Why buy this report?
You’ll get a deep-dive analysis of ExxonMobil’s investment strategy.
We review ExxonMobil’s strengths and weaknesses, plus what we think are the key risks to future performance. We also scrutinise the SuperMajor’s financial performance, asset base and production profile.
What’s the key takeaway from this report?
ExxonMobil’s portfolio is geared for long-term outperformance. Its main growth projects are low cost, deliver double-digit returns at US$35/bbl and boost the Supermajor's resilience to low prices.
The strategy reinforces ExxonMobil's tried-and-tested focus on returns and long-term fundamentals. But it will have to sacrifice financial performance in the near-term to drive value growth out to 2025.
Report summary
These reports provide unsurpassed proprietary data and analysis, underpinned by our industry leading asset models to help you understand your peers and competitors, and make the best strategic choices.
Table of contents
- Overview
- Targets
- Long-term strategic outlook
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Recent market performance
- Strengths
- Weaknesses
- Outlook
- Sustainability
- Strengths
- Weaknesses
- Outlook
- ExxonMobil’s guidance and Wood Mackenzie’s take
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Current strategic positioning
- Overview
- Legacy portfolio
- Growth themes
- Non-core regions
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New Project Returns
- Overview
- US unconventionals
- Conventionals and oil sands
- Legacy production
- Growth regions
- Oil/gas split
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Portfolio renewal
- Overview
- Exploration
- Overview
- Conventional exploration performance
- Exploration outlook
- Business development and M&A
- LNG
- Overview
- Value and financials
- Refining
- 5 more item(s)...
Tables and charts
This report includes the following images and tables:
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Share price movement over the last five years (indexed to February 2021)Benchmarking: Market Premium/discount to Wood Mackenzie’s base case valuationResilience ratings: 1) IOC benchmarking; 2) ExxonMobil ratings weighted by Dimension
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Benchmark: Wood Mackenzie’s forecast of the Majors’ operating cash flowGearing versus cash flow breakeven pre-share buybacks between 2026 to 2028*ExxonMobil: annual cash flow sources & usesExxonMobil’s Contracted LNG supply by sellerDownstream: scale of business and exposure relative to other business lines*Benchmark: the Majors’ downstream operating cash flowNet refining capacity versus average net cash margins (2026)ExxonMobil emissions reduction commitmentsUpstream Scope 1 and 2 emissions intensity from equity production*
- 15 more item(s)...
What's included
This report contains:
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