ExxonMobil Corporation is one of the oldest and biggest oil companies in the world. Its primary business is the exploration for, and production of, crude oil and natural gas, as well as the manufacture, trade, transportation, and sale of of crude oil, natural gas, petroleum products, and petrochemicals.

As of the end of 2023, the company held more than 8,000 active patents. However, its profitability doesn't depend on any particular patent or other intellectual property.

ExxonMobil's reportable segments are Upstream, Energy Products, Chemical Products, and Specialty Products. Its Energy Products segment is the primary source of its sales and other revenue.

ExxonMobil's Industry

ExxonMobil (XOM) operates in the O🔯il𝄹 and Gas Integrated industry within the Energy sector.

In addition to the core business efforts mentioned above, the company actively seeks lower-emission business opportunities that include carbon capture and storage, hydrogen, lower-emission fuels, and lithium.

ExxonMobil encounters major competition from companies within its primary industry and various sub-industries, as well as from companies outside them. Moreover, it faces competition from private and state-owned companies around the world.

Some of 澳洲幸运5官方开奖结果体彩网:ExxonMobil's main competitors include Netherlands-based Royal Dutch Shell PLC (SHEL), Britain-based BP PLC (BP), France-based Total SE (TOT), Chevron Corp. (CVX)♎, and Saudi Arabia-based Saudi Arabian Oil Co., better known as Saudi Aramco.

Another ongoing challenge ExxonMo𒐪bil faces is the potential for damage to its reputation, which is a sign♑ificant corporate asset. Factors of concern include:

• Operating incidents
• Significant cybersecurity disruptions
• Changing consumer views of ExxonMobil and its products
• Investor impatience or disagreement with its progress toward energy transition and the possibility that capital allocation changes may lead to investments with reduced returns

ExxonMobil's Financials

As of May 2024, ExxonMobil's market capitalization was $509.73 billion.

ExxonMobil's 2023 annual report reported the company's financial results for the 2023 fiscal year (FY) ended De𒆙c. 31, 2023. Additionally, on April 26, 2024, the company announced financial resul𝔍ts for the quarter ended March 31, 2024.

ExxonMobil's revenues and other income is comprised of sales and other operating revenue, income from equity affiliates, and other income. Each represents 97.1%, 1.8%, and 1% respectively of total revenues.

The U.S. generated 38.1% of total sales and other operating revenue, while countries in the rest of the world generated 61.9% of the total, led by Canada, the U.K., and Singapore.

Revenues and Other Income

For FY 2023, total revenues and other income was $344.58 billion, a decrease of 16.7% from the previous year's $413.68 billion. For the first quarter of FY 2024, total revenues and other income was $83.08 billion, a decrease of 4% from the previous year's first quarter.

Comprehensive Net Income

For FY 2023, comprehensive net income was $37.29 billion, a decrease of 33.6% from the previous year's $56.23 billion. For the first quarter of FY 2024, comprehensive net income was $7.04 billion, a decrease of 39% from the previous year's first quarter.

Revenue From Business Segments

ExxonMobil divides its reportable business into four segments: Upstream, Energy Products, Chemical Products, and Specialty Products. It provides various data, including sales and other operating revenue, and earnings for each.

CEO and President Darren Woods stated, "Looking ahead, we’re making great progress on our plans to grow the earnings power of our existing businesses from investments in advantaged assets and higher-value products, and further reduce structural costs."

"We are investing in technology to transform the molecules derived from oil and natural gas into products that extend our reach into new, high-value, high-growth markets to capture even greater value from our core competitive advantages."

Upstream

For FY 2023, the Upstream segment generated $25.57 billion in total sales and other operating revenue, a decrease of 43% from the previous year. Earnings were $21.3 billion, a decrease of 41.5% from the previous year.

For the first quarter of 2024, total sales and other operating revenue were $5.71 billion, a decrease of about 30% from the previous year's first quarter. Earnings were $5.6 billion, a decrease of 12.3%.

ExxonMobil operates worldwide producing millions of oil-equivalent barrels of net oil and natural gas per day. For its Upstream segment, it continues to prioritize low cost-of-supply opportunities. It's seeing continued growth of development projects in Guyana and the Permian Basin. It is expanding opportunities in Qatar, Mozambique, Papua New Guinea, and the U.S.

ExxonMobil expects the location and type of production projects to shift over time. The amount of oil-equivalent production from the Americas should increase in the coming years. In addition, the amount of global production from unconventional, deepwater, and LNG (liquified natural gas) resources is projected to increase.

Energy Products

For FY 2023, the Energy Products segment generated $268.3 billion in total sales and other operating revenue, a decrease of 12.2% from the previous year. Earnings were $12.14 billion, a decrease of 18.8% from the previous year.

For the first quarter of 2024, total sales and other operating revenue were $64.21 billion, a decrease of 1% from the previous year's first quarter. Earnings were $1.37 billion, a decrease of 67%.

According to ExxonMobil's annual report, the Energy Products segment "is one of the largest, most integrated businesses of its kind among international oil companies, with significant representation across the entire fuels value chain including refining, logistics, trading, and marketing. This segment includes the fuels and aromatics value chains and catalysts and licensing."

In 2023, refining margins were strong and supported by a growth in demand for gasoline and distillate and low inventory levels. It's expected that these margins will remain volatile due to the nature of geopolitical developments, growth in demand, economic unknowns, including the potential for a recession, inventory levels, and refining capacity utilization.

Chemical Products

For FY 2023, the Chemical Products segment generated $22.26 billion in total sales and other operating revenue, a decrease of 19% from the previous year. Earnings were $1.63 billion, a decrease of 53% from the previous year.

For the first quarter of 2024, total sales and other operating revenue were $5.84 billion, an increase of 2% from the previous year's first quarter. Earnings were $785 million, an increase of 111%.

ExxonMobil is one of the world's largest chemical producers, selling millions of tonnes each year. The Chemical segment is comprised of a broad product portfolio that includes olefins, polyolefins, and intermediates.

The company expects that global demand for chemicals will experience strong growth over the long term, as populations increase and the middle class broadens along with better standards of living. This segment's integration with refineries, performance product mix, and project execution capability results in better returns on investments in a range of market environments.

Specialty Products

For FY 2023, the Specialty Products segment generated $18.4 billion in total sales and other operating revenue, a decrease of 7.4% from the previous year. Earnings were $2.71 billion, an increase of 12.3% from the previous year.

For the first quarter of 2024, total sales and other operating revenue were $4.61 billion, a decrease of about 5% from the previous year's first quarter. Earnings were $761 million, a decrease of 1.6%.

ExxonMobil's Specialty Products segment is comprised of businesses that make and market products that include high-quality lubricants, base stocks, waxes, eslatomers, synthetics, and resins.

The segment delivers performance products to customers in the transportation and industrial sectors. With its well-known, highly reputable brands, such as Mobil 1, and its ability to leverage the company's advanced technology, it is prepared to help meet the expected growth in demand for lubricants.

History and Leadership

ExxonMobil is directly descended from Standard Oil, the company founded by John D. Rockefeller and others in 1870. In 1911, as a result of a decision by the Supreme Court, the company broke up into separate and smaller companies. Among them was Jersey Standard and the Vacuum Oil Company (which would produce Mobiloil).

In 1966, Mobil became the Mobil Oil Company. In 1972, Jersey Standard became Exxon Corporation. And finally, in 1999, Exxon and Mobil merged. The company, ExxonMobil, is headquartered in Houston, Texas.

Darren Wood is the company's CEO and President. He is also chairman of the board of directors. Wood has been with ExxonMobil since 1992. His 30 years of industry experience involved various senior leadership roles and the management of safety-critical operations.

Recent Developments

• In May 2024, ExxonMobil announced its plans to enter the lithium supply business. Lithium is a major component of electric car batteries.

• In May 2024, ExxonMobil announced that it had acquired Pioneer Natural Resources Company (Pioneer), an independent oil and gas exploration and production company. The merger increases ExxonMobil's potential oil equivalent resources and is expected to benefit the economy and energy security of the U.S.

The Bottom Line

ExxonMobil is a global crude oil and natural gas exploration and production company that manufactures, trades, transports, and sells of oil, gas, petroleum products, petrochemicals, a💎nd specialty proꦏducts.

It also pursues lower- and zero-emission business opportunities in an effort to decarbonize manufacturing, transportation, and power generation.