How Exxon Mobil Makes Money

Revenues derived from the sale of crude oil, natural gas, and natural gas liquids produced from ExxonMobil's operated and non-operated upstream assets globally. This stream is the highest-margin component of the business, with segment earnings of approximately 23.4 billion dollars in fiscal year 2024. The Upstream segment's profitability is leveraged to global oil and gas prices, with a 10-dollar-per-barrel change in Brent crude oil prices estimated to affect annual earnings by approximately 4 to 5 billion dollars. Production volumes of approximately 3.7 million barrels of oil equivalent per day in fiscal year 2024 are expected to grow to approximately 5 million barrels per day by 2030 driven by the Permian Basin, Guyana, and Gulf of Mexico.

Revenues from the sale of gasoline, diesel, jet fuel, heating oil, heavy fuel oil, and other refined petroleum products processed at ExxonMobil's 20 refineries worldwide. While this revenue stream is the largest in dollar terms, reflecting the volume of refined product sold through retail, commercial, and industrial channels, refining margins are thinner and more volatile than upstream margins and are subject to the refining crack spread, the difference between crude oil input cost and refined product output prices. The Energy Products segment earned approximately 6.7 billion dollars in fiscal year 2024, reflecting a normalization from the exceptional refining margins of 2022.

Revenues from the sale of petrochemical products including polyethylene, polypropylene, aromatics, specialty elastomers, performance polymers, and other chemical products manufactured at ExxonMobil's integrated chemical and refining complexes globally. The Baytown, Texas complex and Mont Belvieu, Texas chemical operations are the primary U.S. Production sites, while Singapore, Rotterdam, and Antwerp host major international chemical manufacturing. Chemical segment earnings of approximately 1.1 billion dollars in fiscal year 2024 were below historical norms due to global overcapacity driven by new Chinese and Middle Eastern polyolefin capacity additions.

Revenues from Mobil 1 synthetic motor oil, Mobil-branded commercial lubricants, and ExxonMobil specialty products including transformer oils, process fluids, and industrial lubricants. Mobil 1 is the world's leading synthetic motor oil brand, distributed through automotive retailers, quick lube chains, dealerships, and industrial distributors in more than 100 countries. Lubricants generate significantly higher margins than commodity refined fuels, reflecting the brand equity, proprietary formulation technology, and application engineering services that support Mobil 1's price premium. This revenue stream is included within the Energy Products segment.

Emerging revenues from ExxonMobil's carbon capture and storage services, low-carbon hydrogen, advanced biofuels, and other new energy businesses. As of fiscal year 2024, this segment was primarily in development and capital deployment phase, with binding commercial agreements signed but revenue generation limited. Initial CCS revenue is expected to commence in the 2025 to 2026 timeframe as the first Houston Ship Channel facilities reach commercial operation. Management has articulated a vision of Low Carbon Solutions contributing earnings comparable to the existing Chemical Products segment by the early 2030s, contingent on policy support for carbon pricing and the 45Q tax credit framework.