Exxon Mobil is one of the largest publicly traded oil and gas companies globally, and one of the largest refiners and marketers of petroleum products with upstream production of 3.7MOEBD (2023). Exxon forecasts production of 3.8 million barrels of oil equivalent per day (boepd) in 2024. Exxon posted full-year net income of $36bn for 2023, down from $55.7bn the previous year, but otherwise its biggest profit since 2012.
Exxon Mobil Corporation is engaged in energy business. The Company’s principal business involves exploration for, and production of, crude oil and natural gas, and the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a range of specialty products. The Company's segments include Upstream, Downstream and Chemical. The Upstream segment is organized and operates to explore for and produce crude oil and natural gas. The Downstream segment manufactures, trades and sells petroleum products. The refining and supply operations encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a rang... Exxon Mobil Corporation is engaged in energy business. The Company’s principal business involves exploration for, and production of, crude oil and natural gas, and the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a range of specialty products. The Company's segments include Upstream, Downstream and Chemical. The Upstream segment is organized and operates to explore for and produce crude oil and natural gas. The Downstream segment manufactures, trades and sells petroleum products. The refining and supply operations encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a range of fuels, lubricants and other products and feedstocks to its customers around the world. The Chemical segment is organized and operates to manufacture and sell petrochemicals. The Chemical business supplies olefins, polyolefins, aromatics, and a variety of other petrochemicals.
World oil demand is is estimated at 101.7 mb/d in 2023. The largest oil producing regions are OPEC countries (33% ), USA (20%), Russia (11%), Canada (6%), China and Brazil. The energy markets stabilised in 2023 with the oil price staying between 75 and 90$/bbl throughout the year. Medium-term trends will be affected by the transition to low-carbon energy. Companies of the energy sector are targeting potentially large markets of Carbon Capture and Storage ($4 trln by 2050), Hydrogen ($1.5 trln) and Biofuelds ($1 trln). The traditional Oil and Gas market is estimated at $6.5trln in 2050 and the Chemicals market is estimated at $5trln in 2050.
Company | RIC | Market Capitalization, $mn | Last reporting year | P/E Fwd 1Y | P/E Fwd 2Y | EV/EBITDA 1Y fwd | EV/EBITDA 2Y fwd | EV/Revenues 1y fwd | EV/Revenues 2y fwd |
---|---|---|---|---|---|---|---|---|---|
Exxon Mobil Corp | XOM.N | 461,222 | 2023-12-31 | 13.0 | 11.9 | 6.4 | 6.0 | 1.5 | 1.5 |
Chevron Corp | CVX.N | 292,966 | 2023-12-31 | 12.8 | 11.0 | 6.1 | 5.3 | 1.6 | 1.6 |
BP PLC | BP.L | 105,831 | 2023-12-31 | 7.6 | 6.9 | 3.7 | 3.7 | 0.8 | 0.8 |
TotalEnergies SE | TTEF.PA | 164,007 | 2023-12-31 | 7.7 | 7.7 | 4.1 | 4.2 | 0.8 | 0.8 |
Shell PLC | SHEL.L | 213,564 | 2023-12-31 | 8.2 | 8.1 | 4.0 | 4.2 | 0.8 | 0.8 |
Saudi Basic Industries Corporation SJSC | 2010.SE | 62,470 | 2023-12-31 | 32.0 | 16.9 | 9.7 | 7.2 | 1.7 | 1.6 |
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
---|---|---|---|---|---|---|---|---|---|---|
Revenue | 237,162 | 279,332 | 255,583 | 178,574 | 276,692 | 398,675 | 334,697 | 330,976 | 343,918 | 329,545 |
Growth | 18% | -9% | -30% | 55% | 44% | -16% | -1% | 4% | -4% | |
EBITDA | 31,967 | 40,013 | 30,788 | 17,002 | 45,912 | 92,042 | 67,783 | 72,814 | 79,620 | 77,466 |
EBITDA margin | 13.5% | 14.3% | 12.0% | 9.5% | 16.6% | 23.1% | 20.3% | 22.0% | 23.2% | 23.5% |
Net income | 19,710 | 20,840 | 14,340 | -22,440 | 23,040 | 55,740 | 36,010 | 36,552 | 39,481 | 39,359 |
Net margin | 8.3% | 7.5% | 5.6% | -12.6% | 8.3% | 14.0% | 10.8% | 11.0% | 11.5% | 11.9% |
Net debt | 39,159 | 34,754 | 43,985 | 63,415 | 41,037 | 41,038 | 41,039 | 41,039 | 41,039 | 41,039 |
MktCap | 295,658 | 174,525 | 259,017 | 492,044 | 492,044 | 492,044 | 492,044 | 492,044 |
Historical Multiples
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
---|---|---|---|---|---|---|---|---|
EV/Revenue | 1.3 | 1.3 | 1.1 | 1.3 | 1.6 | 1.6 | 1.6 | 1.6 |
EV/EBITDA | 11.0 | 14.0 | 6.5 | 5.8 | 7.9 | 7.3 | 6.7 | 6.9 |
P/E | 20.6 | -7.8 | 11.2 | 8.8 | 13.7 | 13.5 | 12.5 | 12.5 |