Curious about Exxon Mobil net worth and its financial journey in 2024? Here at Ando Money, I break down the company’s financial highlights and in-depth performance.
From major revenue streams to its strategic growth, let’s explore Exxon Mobil’s current financial status and what’s driving its value.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | ExxonMobil |
| Full Name | Exxon Mobil Corporation |
| Website | https://corporate.exxonmobil.com |
| Industry | Oil & Gas |
| Traded as | NYSE: XOM |
| ISIN | US30231G1022 |
| Founded | November 30, 1999 |
| Founders | John D. Rockefeller (originally Standard Oil) |
| Country/Territory | United States |
| Headquarters | Irving, Texas, USA |
| Chief Executive Officer | Darren Woods |
| Number of Employees | 62,000 (2023) |
| Market Cap | $554.59 Billion |
| Total Assets | $460.7 Billion |
| Total Equity | $276.3 Billion |
| Revenue | $176.14 Billion (YTD 2024) |
| Net Income | $17.46 Billion (YTD 2024) |
What is the Net Worth/Market Cap Of Exxon Mobil in 2024?
As of October 2024, Exxon Mobil’s market cap stands at $554.59 billion. This makes it one of the most valuable companies globally, being a prominent player in the oil and gas sector.
The company’s financial growth and strategy have placed it among major industry leaders.
In comparison, the following companies also hold significant positions in related sectors:
- BP
- Chevron
- Shell
- TotalEnergies
- Pioneer Natural Resources
- SK On
- Air Liquide
- CF Industries
- Mobil (as a division)
Exxon Mobil is undeniably among the richest companies globally, showcasing its financial strength and continuous growth over the years.
Exxon Mobil Financial Performance Overview
Major Revenue Streams and Their Contributions
Exxon Mobil’s revenue streams are categorized into four segments: Upstream, Energy Products, Chemical Products, and Specialty Products. Each segment has its impact on the company’s overall performance.
- Upstream: This segment focuses on exploration and production of crude oil, natural gas liquids, bitumen, and synthetic oil. It contributed significantly, with a net production of 4.4 million oil-equivalent barrels per day in the second quarter of 2024.
- Energy Products: Contributing to refining and marketing fuels and lubricants, this segment added around $2.3 billion in year-to-date earnings in 2024.
- Chemical Products: These are derived from feedstocks and are essential in manufacturing plastics and other products. Year-to-date earnings for Chemical Products reached $1.56 billion, indicating steady growth.
- Specialty Products: Including finished lubricants, waxes, and other specialized products, the Specialty Products segment earned $1.51 billion.
Exploration and Production Growth Impact
Exxon Mobil’s financial performance has been bolstered by growth in its upstream production.
The completion of the merger with Pioneer Natural Resources contributed significantly, resulting in an additional $0.5 billion to consolidated earnings shortly after closing.
The focus on expanding operations in regions like Guyana and Permian played a key role, leading to record-high production.
Capital Expenditures and Their Returns
Capital and exploration expenditures for the second quarter of 2024 stood at $7.0 billion, with a total of $12.9 billion year-to-date.
Investments have primarily focused on upstream operations, enabling Exxon Mobil to optimize production capacities.
The return on these capital investments has strengthened the company’s financial health and ensured that its production growth aligns with market demand.
Profitability Across Business Segments
Profitability across Exxon Mobil’s segments showcases the balanced approach the company takes.
While Upstream remains the leading contributor to earnings with $12.7 billion year-to-date, Energy Products saw a decrease from the previous year due to lower refining margins, generating $2.3 billion in earnings.
However, Chemical Products and Specialty Products demonstrated stability, emphasizing the company’s diversified revenue sources.
Cash Flow and Its Effect on Financial Stability
Exxon Mobil’s cash flow from operations for the first half of 2024 reached $25.2 billion, with a free cash flow of $15.0 billion.
These figures underline the company’s financial robustness, enabling effective shareholder distributions and operational investments.
The cash flow strategy emphasizes meeting obligations while ensuring sufficient capital for business growth and potential debt repayment.
Shareholder Returns and Financial Strategy
Consistent with its financial strategy, Exxon Mobil has prioritized shareholder returns through dividends and share repurchases.
By distributing $16.3 billion in the first half of 2024, the company highlights its commitment to maximizing value for shareholders.
The dividend declared for the third quarter stands at $0.95 per share, reflecting a steady and reliable payout.
Operational Efficiencies and Cost Savings
Operational efficiency and cost-saving initiatives have been at the forefront of Exxon Mobil’s financial strategy.
Achieving a cumulative structural cost saving of $10.7 billion since 2019, the company has streamlined its operations, enabling better cost management and a stronger bottom line.
These savings have been instrumental in offsetting higher expenses and ensuring the company’s long-term financial sustainability.
Future Revenue Potential and Strategic Projects
Looking to the future, Exxon Mobil’s strategic projects include the development of low-carbon energy solutions, such as virtually carbon-free hydrogen and advanced recycling technologies.
These projects aim to align the company’s growth with global sustainability trends while tapping into emerging market opportunities.
The focus on expanding these businesses is expected to contribute to revenue growth in the coming years.
FAQs about Exxon Mobil
What Are Exxon Mobil’s Revenue Sources?
Exxon Mobil generates revenue from four main segments: Upstream, Energy Products, Chemical Products, and Specialty Products. Each segment has a distinct role in contributing to the company’s overall earnings.
How Has the Pioneer Merger Impacted Exxon Mobil’s Finances?
The merger with Pioneer Natural Resources closed in May 2024, five months faster than similar deals. It has already contributed an additional $0.5 billion to earnings, enhancing upstream production capabilities.
What Is the Status of Exxon Mobil’s Cash Flow in 2024?
For the first half of 2024, Exxon Mobil generated $25.2 billion in cash flow from operations and $15.0 billion in free cash flow, indicating strong financial health.
How Much Has Exxon Mobil Distributed in Shareholder Returns?
It distributed $16.3 billion to shareholders in the first half of 2024, which includes $8.1 billion in dividends and $8.3 billion in share repurchases.
What Are Exxon Mobil’s Future Financial Growth Prospects?
The company is focusing on expanding low-carbon technologies, such as virtually carbon-free hydrogen, advanced materials, and strategic investments to boost production, contributing to long-term growth and profitability.
Conclusion
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