ExxonMobil's net profit 2001-2023

ExxonMobil reported a net income of over 36 billion U.S. dollars in 2023. The only year in the period of consideration that ExxonMobil ended the year on a net loss was in 2020. This was the result of lower transportation fuel demand and a dramatic fall in oil prices following the spread of the coronavirus pandemic.

ExxonMobil's origin story

ExxonMobil is a United States-based oil and gas company founded in 1999 through the merger of two companies and is considered one of the Big Oil supermajors. Headquartered in Texas, it has been one of the world’s largest oil and gas companies based on net income. Like its competitors Marathon Petroleum and Chevron, ExxonMobil is derived from John D. Rockefeller’s Standard Oil Company, the first U.S. oil monopoly, which was declared illegal and subsequently dissolved in 1911.

ExxonMobil's net income by segment

ExxonMobil is made up of three divisions: upstream, product solutions (combining downstream and chemical), and low-carbon solutions. In previous years, more than half of the company's net income came from their upstream segment, which consists of oil exploration, shipping, extraction, and wholesale operations. By comparison, their product solutions segment consists of marketing, refining, and retail operations for petroleum, chemical, and specialty products.