ExxonMobil Corporation Revenue & Financials

ExxonMobil's financial performance over the past five years reflects the dramatic commodity cycle that has characterized global energy markets since the COVID-19 pandemic — and illustrates both the extraordinary profit potential and the inherent volatility of integrated oil and gas economics. In fiscal year 2020, the company reported a net loss of approximately 22.4 billion dollars as pandemic lockdowns crushed oil demand and crude prices briefly turned negative for the first time in market history. The company maintained its dividend through this stress, borrowing to do so — a decision that critics questioned but that ExxonMobil defended as consistent with its long history of dividend continuity and its confidence in a demand recovery. The recovery, when it came, was swift and spectacular. Fiscal year 2021 produced net income of approximately 23.0 billion dollars, fiscal year 2022 produced a record 55.7 billion dollars — more profit than Apple generated in the same year — and fiscal year 2023 settled at approximately 36.0 billion dollars as energy prices normalized. Fiscal year 2024 came in at approximately 33.7 billion dollars in net income on revenues of approximately 394 billion dollars, with earnings supported by growing Permian production volumes partially offset by lower oil prices averaging approximately 80 dollars per barrel for Brent crude. Capital expenditure in fiscal year 2024 was approximately 22 billion dollars, of which the structural cost reduction program initiated in 2019 has reduced the company's break-even oil price — management estimates the company is cash-flow positive at Brent prices as low as 45 dollars per barrel when factoring in capital expenditures and dividends. The company returned approximately 19.8 billion dollars to shareholders in fiscal year 2024 through dividends and share repurchases, including raising the quarterly dividend for the 42nd consecutive year, to 0.99 dollars per share. Total debt as of year-end 2024 stood at approximately 40.4 billion dollars against total assets of approximately 376 billion dollars.