Tear Sheet: Exxon Mobil Corp.

The company has reduced its gross debt by about $26 billion since the end of 2020 and amassed a cash balance of almost $30 billion as of mid-2023, providing it with the financial flexibility to maintain its capital investment and shareholder returns programs through the commodity cycle. ExxonMobil noted that it was on track to meet its $9.0 billion structural cost reduction target by the end of 2023, with $8.3 billion already captured since with year-end 2019, which is a target we expect it will likely expand. This will likely enhance the company's overall profitability on a sustained basis. ExxonMobil's financial performance in the first half of 2023 was weaker year over year, primarily because of lower natural gas prices,

...August 17, 2023 We expect U.S.-based integrated oil company ExxonMobil Corp.'s cash flow and leverage metrics will remain very strong over our forecast period, supported by its solid balance sheet and cost-reduction efforts, despite its softer performance in the first half of the year relative to 2022. The company has reduced its gross debt by about $26 billion since the end of 2020 and amassed a cash balance of almost $30 billion as of mid-2023, providing it with the financial flexibility to maintain its capital investment and shareholder returns programs through the commodity cycle. ExxonMobil noted that it was on track to meet its $9.0 billion structural cost reduction target by the end of 2023, with $8.3 billion already captured since with year-end 2019, which is a target we expect it will likely expand. This will likely enhance the company's overall profitability on a sustained basis. ExxonMobil's financial performance in the first half of 2023 was weaker year over year, primarily...

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