Exxon Mobil Corporation
Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States, Canada, and internationally. The company operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products segment offers fuels, aromatics, and catalysts, as well as licensing services. Its Chemical Products segment manufactures and sells olefins, polyolefins, and intermediates. The Specialty Products segment offers finished lubricants, basestocks, waxes, synthetics, elastomers, and resins. It is also involved in the manufacture, trade, transport, and sale of crude oil, natural gas, petroleum products, petrochemicals, and other specialty products; and pursuit of lower-emission and business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima resin systems, carbon materials, low-carbon data center, and lithium. In addition, the company offers aviation fuel. It sells its products under the Exxon, Esso, and Mobil brands. Exxon Mobil Corporation was founded in 1870 and is headquartered in Spring, Texas.
What does it do?
Exxon Mobil is one of the largest oil and gas companies on the planet. They drill for oil and natural gas, refine that oil into the gasoline you pump at the station, and turn chemicals into plastics used in everyday products. Think of them as a company that touches energy at every step — from pulling it out of the ground in places like Texas and Guyana, all the way to the fuel in your car. They operate in dozens of countries and employ around 60,000 people worldwide.
Exxon is essentially a barometer for global energy — when oil prices move, Exxon's profits move with them, making it a stock that investors watch closely during any geopolitical crisis or economic shift. At $609 billion in market value, it's one of the most valuable companies in the US, meaning it carries significant weight in major stock indexes that millions of people's retirement funds track. With the energy transition debate intensifying, Exxon sits right at the center of one of the biggest questions in investing: how long does oil stay king?
How does it make money?
Exxon makes money through four main segments. Its Upstream business — drilling for oil and gas — is the profit engine, and with oil prices above $70 a barrel, that engine runs hot. The Energy Products segment refines crude oil into fuels like gasoline and jet fuel, selling to consumers and businesses worldwide. Chemical Products turns oil derivatives into plastics and industrial materials, while Specialty Products covers lubricants and other high-margin items. In their latest annual report, they generated $332.2 billion in revenue and kept $28.8 billion as net income — meaning roughly 9 cents of profit for every dollar of sales.
Why do investors care?
Exxon's growth story right now centers on two things: low-cost oil production and massive new discoveries. Their Guyana operations are producing oil at extremely low cost — under $35 a barrel to extract — meaning they profit even if oil prices drop significantly. The $60 billion acquisition of Pioneer Natural Resources in 2024 doubled down on the Permian Basin in Texas, one of the most productive oil fields in the world, adding roughly 1.3 million barrels per day of production capacity. For this thesis to work, oil prices need to stay elevated, the Pioneer integration needs to go smoothly, and their bet that oil demand won't collapse anytime soon has to prove correct.
Deep Dive
MemberA full investor briefing on Exxon Mobil Corporation — history, leadership, risks, and outlook.