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Exxon Mobil Corporation, now named ExxonMobil Holdings Corp, supplies energy and materials to customers worldwide. It explores for and develops oil and gas fields, sells their output, and operates refineries that turn crude oil into fuels. Its refining, logistics, trading and marketing business is its largest revenue line. It also manufactures petrochemicals and specialty products, including lubricants and resins, for transportation and industrial customers.
The business earns money from selling commodities and manufactured products. Oil and gas prices shape production earnings, while refining earnings depend on the gap between raw-material costs and fuel selling prices. Keeping production going requires developing new fields and investing in existing ones as their output declines. Government permits and resource-access rules limit where it can develop fields; applicable laws and sanctions also restrict some countries, counterparties and trade.
Its Low Carbon Solutions business is still commercializing and deploying technologies such as carbon capture and storage. These emerging businesses depend on viable markets, supportive government policies and technologies that can operate economically at commercial scale.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Chevron and ExxonMobil compete to sell oil, gas, fuels and chemicals, with both exposed to Permian production economics and refining margins. Watch Chevron’s Permian productivity and costs as a benchmark for ExxonMobil’s large production business there.
Shell shares ExxonMobil’s exposure to oil and gas prices and competes for buyers of fuels and chemicals. Shell’s business turning gas into liquid for shipment—LNG—and selling it offers a comparison for ExxonMobil’s growing LNG portfolio.
TotalEnergies competes with ExxonMobil in producing oil and gas, selling LNG, and making and marketing fuels and chemicals. Watch how quickly its fuel selling prices adjust to crude costs: that also matters to ExxonMobil’s refining earnings, rather than higher oil prices alone.
BP and ExxonMobil both earn money producing oil and gas and refining and selling transportation fuels, so oil prices and fuel demand reach both. BP’s customer-facing fuel business and refining results provide a comparison for ExxonMobil’s Energy Products business.
ConocoPhillips competes with ExxonMobil to sell crude oil, natural gas and LNG worldwide, sharing its exposure to commodity prices and production costs. Its achieved selling prices are worth watching because sales generally follow market prices, with crude contracts adjusted for location, quality and transport.
Imperial Oil both shares the Kearl oil-sands project with ExxonMobil and buys crude and petroleum products from it at negotiated market prices; both also produce oil and sell refined products. Watch Kearl’s production, whose blended oil supplies both companies’ refineries as well as outside buyers.
Occidental and ExxonMobil both sell oil and gas and have substantial Permian operations, so crude prices and local production costs matter to both. Watch Occidental’s Permian development costs and output growth as a comparison for ExxonMobil’s expansion there.
EOG Resources shares ExxonMobil’s U.S. oil and gas production exposure, selling crude, natural gas and liquids separated from gas to buyers. EOG’s emphasis on low-cost reserves and efficient drilling makes its development costs a useful comparison for ExxonMobil’s low-cost production plans.
Diamondback Energy and ExxonMobil both develop large Permian oil and gas businesses, sharing exposure to crude prices and drilling costs. Watch Diamondback’s costs and development pace: its contiguous acreage and control of operations support efficient production there.
Valero and ExxonMobil compete to sell refined transportation fuels to wholesale and bulk buyers, so fuel demand and the gap between feedstock costs and fuel prices affect both. Valero’s refining results offer a focused comparison for ExxonMobil’s Energy Products earnings.
Marathon Petroleum shares ExxonMobil’s exposure to refining margins, selling gasoline, diesel and other petroleum products to retailers, wholesalers and export customers. Watch its gasoline and distillate sales and refinery operations for a comparison with ExxonMobil’s large U.S. refining business.
Phillips 66 competes with ExxonMobil in refining, fuel sales and chemicals, sharing exposure to fuel demand and petrochemical conditions. Its gasoline, diesel and aviation-fuel sales through retail outlets and wholesalers give a concrete view of the fuel markets ExxonMobil also serves.
Suncor competes with ExxonMobil’s Canadian operations in producing oil from oil sands and selling refined products, sharing Canadian crude-price and refining-margin exposure. Watch its sales of oil-sands crude to refineries in North America and Asia for a view of demand for this refinery feedstock.
Cenovus and ExxonMobil both produce Canadian crude and sell fuels in North America, so crude prices and refining margins reach both businesses. Cenovus’s heavy-oil refining results show how cheaper heavy crude can partly offset pressure on production earnings, a useful comparison for ExxonMobil’s Canadian oil and refining exposure.
Devon and ExxonMobil both produce oil and gas in the Permian’s Delaware Basin, sharing its drilling economics. Watch Devon’s Delaware program—its largest and best-funded—and its selling prices, since most of its oil, gas and gas liquids are sold to outside buyers at market-sensitive prices.
Equinor competes with ExxonMobil to supply energy buyers with natural gas and gas liquefied for shipment, or LNG. Its gas sales to the UK and mainland Europe and LNG shipments worldwide offer a view of demand in markets relevant to ExxonMobil’s gas business.
Petrobras and ExxonMobil both produce oil and refine fuels for buyers, but also share exploration interests in Brazil’s Foz do Amazonas Basin. Watch exploration progress in those shared blocks, where each company operates five of the ten blocks acquired in 2025.
Woodside and ExxonMobil sell LNG, pipeline gas and crude oil into overlapping markets, sharing exposure to oil and gas prices. Woodside’s LNG revenue is worth watching alongside ExxonMobil’s LNG expansion: it fell in 2025 while Woodside’s crude-oil and condensate revenue rose.
Permian Resources Corporation and ExxonMobil both develop Permian production and sell oil, gas and gas liquids to commodity buyers. Watch Permian Resources Corporation’s achieved prices in the Delaware Basin: most sales contracts last more than a year, but prices generally still follow the market.
LyondellBasell competes with ExxonMobil to sell petrochemical customers olefins and plastics such as polyethylene and polypropylene, sharing pressure from excess capacity and feedstock costs. Its Americas and international olefins-and-plastics results offer a comparison for ExxonMobil’s chemical margins and North American feedstock advantage.
Dow names ExxonMobil as a rival in basic hydrocarbon chemicals and packaging and specialty plastics, putting both in the path of polyethylene demand and petrochemical oversupply. Watch Dow’s Packaging & Specialty Plastics results, including sales to food-packaging and health-and-hygiene markets, for a comparison with ExxonMobil’s chemicals business.
ExxonMobil relies on TechnipFMC for subsea projects and equipment at its Whiptail and Hammerhead developments, while TechnipFMC earns money supplying offshore oil and gas producers. Watch delivery progress on those projects rather than its total order book to assess this part of ExxonMobil’s Guyana development execution.
Noble depends on ExxonMobil’s offshore drilling work: ExxonMobil supplied 19.7% of its 2025 revenue and 23.7% of its year-end contracted work awaiting completion. Noble’s rig contracts and activity for ExxonMobil are worth watching for signs of its offshore development pace.
Plains All American Pipeline supplies crude to ExxonMobil, whose purchases accounted for approximately 31% of Plains’ 2025 revenue, mostly from buying and reselling crude rather than transport fees. Watch those crude sales for a view of ExxonMobil’s procurement activity, not as a measure of its total refining demand.
EIA Crude Oil Stocks Change (Oct/16)
ExxonMobil’s weekly US crude-oil and gasoline stock readings track how much oil and fuel is stored, signaling supply and demand that can affect what Upstream earns for crude and the refining margins Energy Products earns on fuels.
If stocks build, read that as looser oil and fuel supply, which can weigh on Upstream crude realizations and ease Energy Products’ feedstock costs; if stocks draw, read it as tighter supply, which can support crude realizations but raise feedstock costs, with refining margins depending on the relative price moves.
Dow Inc. earningsDOW
Dow’s Packaging & Specialty Plastics results will show whether food-packaging and health-and-hygiene demand is absorbing capacity, a signal for margins in ExxonMobil’s chemicals business.
Watch Dow’s Packaging & Specialty Plastics sales, especially to food-packaging and health-and-hygiene markets. Stronger sales would suggest customers are taking more products such as polyethylene, easing oversupply pressure and supporting ExxonMobil’s chemical margins; weaker sales would suggest demand is still not absorbing capacity.
Valero Energy Corporation earningsVLO
Valero’s refining results will show whether fuel demand and the gap between crude costs and fuel prices are also supporting ExxonMobil’s Energy Products business.
Watch Valero’s refining margins and operating performance. Stronger margins would mean fuel prices are holding up better relative to crude costs, pointing to a more supportive market for ExxonMobil’s large refining business; weaker margins would mean less support for refiners.
Equinor ASA earningsEQNR
Equinor’s gas sales to the UK and mainland Europe and its global LNG shipments will show how demand in those markets bears on ExxonMobil’s gas business.
Watch Equinor’s gas sales to the UK and mainland Europe alongside its LNG shipments worldwide. Strength in both would show that these markets are absorbing supply and supporting demand relevant to ExxonMobil’s gas business; weakness would mean less demand support.
TechnipFMC plc earningsFTI
TechnipFMC’s report will show how delivery of subsea equipment and services for ExxonMobil’s Whiptail and Hammerhead projects in Guyana is progressing.
Watch TechnipFMC’s delivery progress on Whiptail and Hammerhead, not just its total order book. On-schedule work would show that equipment and project execution for ExxonMobil’s two Guyana developments are advancing; delays would signal execution risk for ExxonMobil’s offshore growth plans.
ExxonMobil Holdings Corporation earningsThis company
ExxonMobil’s report will show how crude prices, refining margins and production together shape its upstream and Energy Products businesses.
Read upstream realized prices and production alongside Energy Products’ refining margins and operating performance. Lower realizations offset by production growth and steady refining margins would show those businesses cushioning oil-price pressure; weaker production or refining would mean less ability to offset it.
Chevron Corporation earningsCVX
Chevron’s Permian productivity and costs will provide a direct benchmark for ExxonMobil’s large production business in the basin.
Read Chevron’s Permian productivity alongside development costs. Improving productivity with controlled costs would show that the basin can add output with favorable per-unit economics, a useful comparison for ExxonMobil’s expansion; weaker productivity or rising costs would signal pressure on Permian development economics.
Imperial Oil Limited earningsIMO
Imperial Oil’s Kearl oil-sands production will show whether the shared crude supply is reaching both companies’ refineries and outside buyers.
Watch Kearl production and blended crude supply. Higher output would mean more feedstock from the shared project is available to ExxonMobil’s and Imperial Oil’s refineries and outside buyers; lower output would tighten that supply and could constrain both companies’ refineries.
