stockrowWhat it does
ExxonMobil explores for and produces crude oil and natural gas. It also manufactures, trades, transports and sells crude oil, natural gas, petroleum products, petrochemicals and specialty products. These activities cover the path from finding oil and gas underground through processing, moving and selling energy and chemical products.
The company serves the energy, fuel and chemical needs of industrial and individual consumers. Its divisions and affiliated companies operate or market products in the United States and most other countries of the world. ExxonMobil, Exxon, Esso, Mobil and XTO are names used by divisions, affiliates or groups of affiliates.
The company is also pursuing lower-emission and other new business opportunities. These include carbon capture and storage, hydrogen and ammonia, lower-emission fuels, ProxximaTM resin systems, carbon materials, low-carbon data centers and lithium. Its affiliates conduct research programs supporting these businesses.
Exxon Mobil Corporation was founded in 1882. Its headquarters is in Spring, and Darren Woods is chief executive. The company had 58,000 regular employees at year-end 2025. Regular employees include full-time and part-time executive, management, professional, technical, administrative and wage employees covered by company benefit plans and programs.
How it makes money
ExxonMobil makes money principally by selling products produced, manufactured, traded and transported across its oil, natural-gas, petroleum-product, petrochemical and specialty-product activities. Sales can occur at different points in that chain: crude oil and natural gas can be sold; petroleum products can be manufactured and sold; and petrochemicals and specialty products can be made and sold. Trading and transportation are also part of the company’s business activities.
In FY2025, sales and other operating revenue was $323.9 billion, income from equity affiliates was $5.1 billion, and other income was $3.3 billion. Sales and other operating revenue represented 97.5% of FY2025 revenue. Income from equity affiliates represented 1.52%, while other income represented 0.98%.
Sales and other operating revenue was $339.2 billion in FY2024. Income from equity affiliates was $6.2 billion in FY2024, and other income was $4.1 billion. The company’s FY2025 sales and other operating revenue growth was −4.52%; income from equity affiliates revenue growth was −18.2%; and other income revenue growth was −21.1%.
Oil, gas and petrochemical businesses are commodity businesses. The prices and commercial terms realized for oil, gas, fuels and chemical products therefore form an important part of how the company generates sales. The business also earns income from equity affiliates, which are investments accounted for separately from sales and other operating revenue. Its lower-emission and other new-business pursuits add activities in carbon capture and storage, hydrogen and ammonia, lower-emission fuels, carbon materials, low-carbon data centers and lithium.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Sales and other operating revenue | $323.9 billion | 97.5% | −4.52% |
| Income from equity affiliates | $5.1 billion | 1.52% | −18.2% |
| Other income | $3.3 billion | 0.98% | −21.1% |
Customers and how it sells
ExxonMobil supplies the energy, fuel and chemical needs of industrial and individual consumers. Its customer markets therefore include businesses that need energy or chemical products for industrial use and consumers who need fuel and other energy-related products. The company sells crude oil, natural gas, petroleum products, petrochemicals and specialty products.
Its divisions and affiliated companies operate or market products in the United States and most other countries of the world. The company competes in many national and international markets in both the sale and purchase of needed goods and services. Its operations span exploration and production, manufacturing, trade, transportation and sales, allowing products to be moved through several commercial activities before sale.
The company uses several names in its operations, including ExxonMobil, Exxon, Esso, Mobil and XTO. Those names can refer to specific affiliates or groups of affiliates, depending on the context. More than 59 percent of the company’s global employees are outside the United States, and more than 160 nationalities are represented across the company. The company had 58,000 regular employees at year-end 2025.
Suppliers and costs
ExxonMobil’s business uses raw materials, and the source and availability of those materials can affect operations. The company purchases and sells needed goods and services in national and international markets. It also manufactures petroleum products, petrochemicals and specialty products, while transporting and trading crude oil, natural gas and other products.
The oil, gas and petrochemical businesses are commodity businesses. Costs and capital requirements can be affected by government taxes, duties and royalty rates, including changes in those charges. Environmental and other regulations can increase operating or compliance costs, reduce or delay business opportunities, and affect capital expenditures, earnings and competitive position.
The company’s business can also be affected by rules covering offshore drilling, decommissioning, water use or availability, emissions, hydraulic fracturing, plastics, trading, carbon capture and storage, hydrogen and ammonia, lower-emission fuels, carbon materials, low-carbon data centers and lithium. Foreign operations can involve risks related to contract termination or profit renegotiation at the election of governments.
- Revenue$332.2B
- Cost of revenue−$251.8B
- Research and development−$1.0B
- Selling, general and administrative−$11.1B
- Other operating costs−$27.0B
- Operating income$41.3B
Competitive position
ExxonMobil operates in highly competitive energy and petrochemical industries. It competes both with other energy and petrochemical businesses and with other industries that supply energy, fuel and chemical needs to industrial and individual consumers. It competes with other firms in the sale or purchase of needed goods and services across many national and international markets.
Competition applies to the company’s established oil, gas, fuel and chemical activities and to investments in lower-emission energy and emission-reduction services and technologies. Certain industry participants, including ExxonMobil, are expanding investments in those areas. No individual competitor is named.
ExxonMobil has a long-standing commitment to proprietary technology and maintains research programs designed to meet needs identified in each business. It held over 8 thousand active patents worldwide at the end of 2025. The company states that technology contributes to overall operations and results, but that no individual patent, trade secret, trademark, license, franchise or concession is required for the profitability of each business segment.
Our reading: The company’s technology and research programs are a limited competitive moat because the business does not depend on any individual intellectual-property right. (item1)
Our reading: Its operations across the United States and most other countries provide geographic breadth, but the company describes the markets as highly competitive. (item1)
Growth opportunities
ExxonMobil is pursuing lower-emission and other new business opportunities alongside its established oil, natural-gas, petroleum-product, petrochemical and specialty-product activities. The company identifies carbon capture and storage, hydrogen and ammonia, lower-emission fuels, ProxximaTM resin systems, carbon materials, low-carbon data centers and lithium as part of those pursuits.
The company is also expanding investments in lower-emission energy and emission-reduction services and technologies. These investments take place in an energy business environment where decisions and risks can play out over periods that are often decades long. The company states that its long-term orientation underpins its approach to talent development.
Research supports both existing and newer activities. ExxonMobil maintains a wide array of research programs designed to meet needs identified in each business, and its affiliates conduct extensive research programs in support of its businesses. The company held over 8 thousand active patents worldwide at the end of 2025.
Future business results depend in part on the company’s ability to manage investment in existing and new businesses. Policy and regulatory conditions can affect newer activities, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, carbon materials, low-carbon data centers and lithium. Regulations can also reduce or delay available business opportunities in those areas.
- $285.6BFY2021
- $413.7BFY2022
- $344.6BFY2023
- $349.6BFY2024
- $332.2BFY2025
Structural risks
-
Commodity markets. The oil, gas and petrochemical businesses are fundamentally commodity businesses. Supply and demand conditions are therefore a structural factor for the company’s oil, gas, fuel and chemical activities.
-
Government and political developments. Political or regulatory developments affecting ExxonMobil’s businesses or operations can adversely affect results. Relevant actions include changes in taxes, duties, royalty rates, punitive taxes, windfall-profit taxes and global minimum taxes.
-
Environmental and operating regulation. Environmental and other laws can increase operating or compliance costs or reduce or delay business opportunities. The company identifies rules affecting offshore drilling, decommissioning, water, emissions, hydraulic fracturing, plastics, trading and newer businesses as relevant.
-
Climate change and energy transition. The company identifies net-zero scenarios, policy development and market development as risk areas. Regulations can mandate efficiency standards, emission standards, procurement standards, alternative fuels or fuel components.
-
Foreign operations and contracts. The company identifies risks attendant to foreign operations, including the possibility of renegotiation of profits or termination of contracts at the election of governments.
-
Execution and controls. Future business results depend in part on successfully managing investment in existing and new businesses, as well as safety, business controls and risk management.
Bottom line
Our reading
Our reading: ExxonMobil is a global oil, gas, fuels, chemicals and specialty-products business whose sales are led by commodity-linked operating revenue, alongside income from equity affiliates and other income. (item1; product.sales_and_other_operating_revenue.fy2025; product.income_from_equity_affiliates.fy2025)
Our reading: Its research, patents and geographic reach support a broad operating platform, while commodity markets, government action, environmental regulation and foreign-operating risks remain central constraints. (item1; item1a)