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Exxon Mobil Corp XOM

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Exxon Mobil Trims Spending, Defends Dividend, but Sticks With Oil and Gas in Latest Update

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Exxon Mobil held its annual analyst day and as is typical, it held little new news, in large part because most strategic guidance items, including a reduction in long-term spending, were updated previously. But also, because Exxon did not announce a pivot away from its core oil and gas business as many peers have. While this might leave activist investors disappointed, we think it’s the right move and should lead to near-term outperformance, if not longer. Our fair value estimate and narrow moat rating are unchanged, leaving Exxon as our Best Idea in the sector.

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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 2019, it produced 2.4 million barrels of liquids and 9.4 billion cubic feet of natural gas per day. At the end of 2019, reserves were 22.4 billion barrels of oil equivalent (including 3.8 billion for equity companies), 65% of which are liquids. The company is the world's largest refiner with a total global refining capacity of 4.7 million barrels of oil per day and one of the world's largest manufacturers of commodity and specialty chemicals. It operates its business divisions in North and South America, Europe, the Middle East, North and sub-Saharan Africa, and Asia-Pacific.

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

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