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Exxon Mobil Corp XOM

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Morningstar’s Analysis

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Economic Moat

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Capital Allocation

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Exxon's Latest Plan Maintains Capital Discipline; Earnings Growth, Cash Return Potential Unrivaled

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

ExxonMobil helped allay fears about capital discipline by extending its prior annual capital spending guidance of $20 billion-$25 billion another two years to 2027. The company refrained from giving precise 2022 spending guidance, but it will fall within that range, marking an increase from the anticipated $16 billion in 2021, given an increase in upstream development and resumption of downstream and chemical projects that were put on hold in 2020.  However, higher 2022 capital spending was largely expected, leaving the extension to 2027 the important takeaway.

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Company Profile

Business Description

ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2020, it produced 2.3 million barrels of liquids and 8.5 billion cubic feet of natural gas per day. At the end of 2019, reserves were 15.2 billion barrels of oil equivalent, 58% of which were liquids. The company is the world's largest refiner with a total global refining capacity of 4.8 million barrels of oil per day and one of the world's largest manufacturers of commodity and specialty chemicals.

Contact
5959 Las Colinas Boulevard
Irving, TX, 75039-2298
T +1 972 940-6000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 72,000

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