Exxon Mobil Corporation (XOM) Bundle
A Brief History of Exxon Mobil Corporation
Exxon Mobil Corporation, commonly known as ExxonMobil, is a multinational oil and gas corporation headquartered in Irving, Texas. As of 2024, the company continues to be a dominant player in the energy sector, engaging in the exploration, production, refining, and marketing of oil and natural gas.
Financial Performance Overview
In the third quarter of 2024, ExxonMobil reported earnings of $8.6 billion, a decrease of $630 million compared to the previous quarter. Year-to-date earnings stood at $26.1 billion, down from $28.4 billion in the same period of 2023.
| Period | Earnings (U.S. GAAP) | Earnings Excluding Identified Items (non-GAAP) | Earnings Per Share (EPS) | Dividends |
|---|---|---|---|---|
| Q3 2024 | $8.610 billion | $8.610 billion | $1.92 | $4.240 billion |
| YTD 2024 | $26.070 billion | $26.070 billion | $6.12 | $12.333 billion |
| YTD 2023 | $28.380 billion | $28.609 billion | $6.98 | $11.102 billion |
Production and Operations
ExxonMobil's net production of crude oil and natural gas liquids reached 4.6 million oil-equivalent barrels per day (koebd) in Q3 2024, reflecting a 5% increase from the previous quarter. This increase is attributed to the highest liquids volumes in 40 years, bolstered by a full quarter of Pioneer volumes.
| Region | Q3 2024 Production (kbd) | YTD 2024 Production (kbd) | YTD 2023 Production (kbd) |
|---|---|---|---|
| United States | 1,444 | 1,174 | 787 |
| Canada/Other Americas | 772 | 770 | 648 |
| Worldwide | 3,187 | 2,911 | 2,415 |
Capital Expenditures
ExxonMobil's capital and exploration expenditures for the year have totaled $20.037 billion as of September 30, 2024, compared to $18.568 billion in 2023. This includes significant investments in both upstream and downstream operations.
| Segment | Q3 2024 Expenditures (millions) | YTD 2024 Expenditures (millions) | YTD 2023 Expenditures (millions) |
|---|---|---|---|
| Upstream | $5,748 | $16,077 | $13,991 |
| Energy Products | $581 | $1,660 | $2,063 |
| Chemical Products | $525 | $1,460 | $1,861 |
Shareholder Returns
ExxonMobil has consistently prioritized shareholder returns, declaring a fourth-quarter dividend of $0.99 per share in 2024, marking a 4% increase and continuing its trend of annual dividend increases for 42 consecutive years. The company has also repurchased $13.8 billion worth of shares year-to-date and plans to repurchase over $19 billion in total for 2024.
Strategic Initiatives
ExxonMobil is advancing its climate solutions through projects like the Baytown hydrogen production facility, which aims to produce carbon-free hydrogen. The company has also signed agreements for carbon capture and storage (CCS) projects, emphasizing its commitment to sustainability while maintaining its leadership in the energy sector.
A Who Owns Exxon Mobil Corporation (XOM)
Shareholder Structure
As of 2024, Exxon Mobil Corporation (XOM) has a diverse shareholder structure, including institutional investors, mutual funds, and individual shareholders. The largest shareholders include:
| Shareholder Type | Ownership Percentage | Notable Shareholders |
|---|---|---|
| Institutional Investors | 59.4% | Vanguard Group, BlackRock, State Street Corporation |
| Mutual Funds | 20.1% | Fidelity Investments, T. Rowe Price |
| Individual Investors | 11.5% | General public and retail investors |
| Insider Ownership | 0.2% | Executives and board members |
| Other | 9.8% | Private equity and hedge funds |
Top Institutional Investors
The leading institutional investors as of 2024 are:
| Institution | Ownership Shares | Ownership Percentage |
|---|---|---|
| Vanguard Group | 541 million | 8.5% |
| BlackRock | 490 million | 7.7% |
| State Street Corporation | 352 million | 5.6% |
| Fidelity Investments | 245 million | 3.9% |
| T. Rowe Price | 210 million | 3.3% |
Recent Stock Performance
Exxon Mobil's stock performance has shown resilience, with key financial metrics reflecting its current standing:
| Metric | Value |
|---|---|
| Current Share Price | $108.25 |
| Market Capitalization | $463 billion |
| Dividend Yield | 3.7% |
| Year-to-Date Total Return | 20.5% |
| P/E Ratio | 12.4 |
Ownership Changes and Trends
In 2024, Exxon Mobil has seen significant changes in its shareholder base, particularly due to the acquisition of Pioneer Natural Resources, which was completed on May 3, 2024, resulting in the issuance of 545 million shares valued at $63 billion. This transaction has influenced both stock performance and ownership distribution.
Additionally, the company has maintained a consistent dividend policy, increasing dividends for 42 consecutive years, which appeals to both institutional and retail investors alike.
Insider Ownership and Management
Insider ownership remains modest, with top executives holding approximately 0.2% of total shares. Key executives include:
| Name | Position | Insider Shares Owned |
|---|---|---|
| Darren W. Woods | Chairman and CEO | 1.5 million |
| Jack P. Williams | Senior Vice President | 0.9 million |
| Andrew Swiger | Senior Vice President | 0.7 million |
Conclusion on Ownership Dynamics
The ownership structure of Exxon Mobil Corporation remains robust with a strong institutional backing, reflecting the confidence of major investors in its long-term strategies and operational performance.
Exxon Mobil Corporation (XOM) Mission Statement
Overview of Mission Statement
The mission statement of Exxon Mobil Corporation emphasizes a commitment to providing reliable energy and chemical products while maintaining operational excellence and environmental stewardship. The company aims to deliver sustainable solutions that meet the world's energy needs.
Financial Performance Metrics
As of the third quarter of 2024, Exxon Mobil reported substantial financial figures that reflect its operational effectiveness and market position. Below are key financial metrics:
| Financial Metric | Q3 2024 | Q2 2024 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Earnings (U.S. GAAP) | $8.61 billion | $9.24 billion | $26.07 billion | $28.38 billion |
| Earnings Per Share (EPS) | $1.92 | $2.14 | $6.12 | $6.98 |
| Cash Flow from Operating Activities | $17.57 billion | $10.56 billion | $42.79 billion | $41.69 billion |
| Free Cash Flow | $11.33 billion | $4.94 billion | $26.35 billion | $28.13 billion |
| Capital and Exploration Expenditures | $7.16 billion | $7.04 billion | $20.04 billion | $18.57 billion |
Operational Highlights
Exxon Mobil has achieved notable operational milestones that align with its mission. The following highlights are significant:
- Highest liquids production in 40 years, averaging 4.6 million oil-equivalent barrels per day in Q3 2024.
- Increased high-value product sales by 10% year-over-year in the Product Solutions segment.
- Structural cost savings totaling $11.3 billion since 2019.
- Maintained a strong dividend policy with a fourth-quarter dividend increase of 4%, marking 42 consecutive years of dividend growth.
Sustainability Initiatives
Exxon Mobil is committed to advancing sustainable solutions, including:
- Carbon capture and storage projects with a contracted capacity of 6.7 million metric tons of CO2 per year.
- Investment in low-carbon hydrogen production facilities, expected to be the world's largest upon completion.
- Continued focus on reducing operational emissions and enhancing energy efficiency across all segments.
Market Position
Exxon Mobil's strategic initiatives have positioned it as a leader in the energy sector. Key market statistics include:
| Market Position Metric | Value |
|---|---|
| Debt-to-Capital Ratio | 13% |
| Net-Debt-to-Capital Ratio | 5% |
| Shareholder Returns (YTD 2024) | 20% |
| Total Shareholder Distributions (YTD 2024) | $26.1 billion |
Conclusion
Exxon Mobil Corporation's mission statement reflects its dedication to operational excellence, financial performance, and sustainability. The company's strategic initiatives and financial metrics underscore its commitment to meeting the energy needs of the future while maintaining corporate responsibility.
How Exxon Mobil Corporation (XOM) Works
Company Overview
Exxon Mobil Corporation operates in the oil and gas industry, engaging in exploration, production, refining, and marketing of oil and natural gas. As of 2024, the company has seen significant transformations and financial performance improvements.
Financial Performance
In the third quarter of 2024, Exxon reported earnings of $8.6 billion, a decrease from $9.2 billion in the previous quarter. Year-to-date earnings reached $26.1 billion compared to $28.4 billion in the same period of 2023.
| Financial Metrics | Q3 2024 | Q2 2024 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Earnings (GAAP) | $8.6 billion | $9.2 billion | $26.1 billion | $28.4 billion |
| Earnings Per Share | $1.92 | $2.14 | $6.12 | $6.98 |
| Free Cash Flow | $11.3 billion | $10.6 billion | $26.4 billion | $28.1 billion |
| Capital and Exploration Expenditures | $7.2 billion | $7.0 billion | $20.0 billion | $18.6 billion |
Operational Highlights
Exxon Mobil's net production in Q3 2024 was 4.6 million oil-equivalent barrels per day, an increase of 5% from the previous quarter. The company achieved its highest liquids production in over 40 years with 3.2 million barrels per day.
Segment Performance
The company operates through various segments including Upstream, Energy Products, Chemical Products, and Specialty Products. Each segment contributed differently to the overall financial performance in 2024.
| Segment | Q3 2024 Earnings (GAAP) | YTD 2024 Earnings (GAAP) |
|---|---|---|
| Upstream | $6.2 billion | $18.9 billion |
| Energy Products | $1.3 billion | $3.6 billion |
| Chemical Products | $893 million | $2.5 billion |
| Specialty Products | $794 million | $2.3 billion |
Cash Flow and Investments
Exxon Mobil generated significant cash flow from operations amounting to $42.8 billion year-to-date. The company also reported a debt-to-capital ratio of 13% and a net-debt-to-capital ratio of 5% as of September 30, 2024.
Shareholder Returns
Year-to-date, Exxon returned $26.1 billion to shareholders, which included $12.3 billion in dividends and $13.8 billion in share repurchases. The company announced a fourth-quarter dividend of $0.99 per share, marking a 4% increase.
Environmental Initiatives
Exxon Mobil is also focusing on advancing climate solutions, including carbon capture and storage projects. The company has contracts to store up to 6.7 million metric tons of CO2 per year, leading the industry in this regard.
Current Assets and Liabilities
As of September 30, 2024, Exxon Mobil reported total assets of $461.9 billion and total liabilities of $185.5 billion.
| Balance Sheet Metrics | As of September 30, 2024 |
|---|---|
| Total Assets | $461.9 billion |
| Total Liabilities | $185.5 billion |
| Cash and Cash Equivalents | $26.9 billion |
| Long-term Debt | $36.9 billion |
Conclusion
Exxon Mobil Corporation continues to demonstrate robust financial performance, operational efficiency, and commitment to shareholder returns while advancing its sustainability initiatives.
How Exxon Mobil Corporation (XOM) Makes Money
Upstream Operations
Exxon Mobil's Upstream segment is responsible for exploration and production of oil and natural gas. In the third quarter of 2024, the segment reported earnings of $6.2 billion, a decrease from $7.1 billion in the previous quarter. This decline was attributed to lower crude realizations and higher exploration expenses. However, net production increased to 4.6 million oil-equivalent barrels per day, marking a 5% increase from the prior period.
Financial Performance by Segment
| Segment | 3Q24 Earnings (in millions) | 2Q24 Earnings (in millions) | YTD 2024 Earnings (in millions) | YTD 2023 Earnings (in millions) |
|---|---|---|---|---|
| Upstream | 6,158 | 7,074 | 18,892 | 17,159 |
| Energy Products | 1,309 | 946 | 3,631 | 8,935 |
| Chemical Products | 893 | 779 | 2,457 | 1,448 |
| Specialty Products | 794 | 751 | 2,306 | 2,064 | Corporate and Financing | (544) | (310) | (1,216) | (1,226) |
Energy Products
The Energy Products segment, which includes refining and marketing of petroleum products, generated earnings of $1.3 billion in the third quarter of 2024. This was an increase from $946 million in the previous quarter, driven by structural cost savings and improved operational efficiencies despite lower refining margins.
Chemical Products
Exxon Mobil's Chemical Products segment reported earnings of $893 million in the third quarter of 2024, up from $779 million in the second quarter. Year-to-date earnings reached $2.5 billion, a significant increase compared to $1.4 billion in the same period last year.
Specialty Products
The Specialty Products segment also showed strong performance with earnings of $794 million in the third quarter of 2024, compared to $751 million in the previous quarter. Year-to-date earnings were $2.3 billion, an increase from $2.1 billion in the same period last year.
Cash Flow and Capital Expenditures
In the third quarter of 2024, Exxon Mobil reported cash flow from operating activities of $17.6 billion and free cash flow of $11.3 billion. Capital and exploration expenditures were $7.2 billion for the quarter, totaling $20 billion year-to-date.
Shareholder Returns
Exxon Mobil returned $9.8 billion to shareholders in the third quarter of 2024, which included $12.3 billion in dividends and $13.8 billion in share repurchases. The company announced a fourth-quarter dividend of $0.99 per share, reflecting a 4% increase.
Structural Cost Savings
Since 2019, Exxon Mobil has achieved cumulative structural cost savings of $11.3 billion, with an additional $1.6 billion in savings reported during 2024. The company aims to reach $15 billion in cumulative savings by the end of 2027.
Future Outlook
Exxon Mobil continues to focus on expanding its production capabilities, particularly in high-value products and carbon capture initiatives. The company has contracts to store up to 6.7 million metric tons of CO2 per year, positioning itself as a leader in climate solutions.
Exxon Mobil Corporation (XOM) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Exxon Mobil Corporation (XOM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Exxon Mobil Corporation (XOM)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Exxon Mobil Corporation (XOM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.