ExxonMobil Holdings Corp

XOM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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We Lift Our Midcycle Oil Price by $5 to $65 Brent; Raising FVEs Across Our Energy Coverage

Allen Good

Sep 15, 2025

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which align with our revised, long-term take.

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ExxonMobil Holdings Corp

We Lift Our Midcycle Oil Price by $5 to $65 Brent; Raising FVEs Across Our Energy Coverage

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