ExxonMobil anchors the top of the sample on nearly every quality measure and, correspondingly, on price. FY2025 production of 4.74 million boe/d was its highest in over 40 years, led by ‘advantaged assets’ — Permian, Guyana and LNG — that now make up roughly 59% of output. Reserves of 19.3 billion boe are the largest in the group, with reserve replacement consistently above 100%.
The balance sheet is the strongest here at ~0.6x net debt/EBITDA, funding 43 consecutive years of dividend increases and ~$20bn of buybacks in 2025. The trade-off is valuation: at ~11.6x EV/EBITDA and ~$36/boe of reserves, the market pays a premium for scale, diversification and Guyana growth, leaving the lowest FCF yield (~3.5%) in the sample. It is effectively too large to be acquired — more relevant as an acquirer (Pioneer, ~$60bn, 2024) and as the quality yardstick for cheaper names.
Its EV/EBITDA of 9.7x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 3.6% is lower than the 6.5% median, and at $35.72/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, ExxonMobil scores 42/100, strongest on safety (65/100). Sub-scores: value 21, quality 45, growth 51, risk 35 (higher = riskier).
ExxonMobil holds approximately 19.31 billion boe of proved (1P) reserves with FY2025 production of about 4,736 thousand boe/d (69% liquids), a reserve life of roughly 11.2 years. Break-even: ~$35/bbl (Corporate cash break-even (Brent, analyst est.)) — Upstream cost-of-supply target ~$30/bbl by 2030 (asset-level). Corporate cash break-even (capex + dividend) is analyst-estimated at ~$35–45/bbl Brent — Exxon does not disclose a single figure.
Using ExxonMobil's SEC-disclosed after-tax standardized measure of proved reserves ($149bn) less net debt ($32.9bn) gives an equity-NAV floor of about $116bn — the current market capitalisation sits +460% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Excludes all Downstream (refining), Chemical & Specialty Products value — a large share of Exxon's worth. Proved-reserve NAV captures upstream only.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 45% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Guyana | 15% | 60 | World-class offshore; Venezuela Essequibo claim, capacity risk. |
| Other | 13% | 50 | diversified/unspecified exposure — universe-average proxy |
| Canada | 8% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
| Qatar | 6% | 26 | Stable; NOC-dominated LNG, limited foreign equity share. |
| Brazil | 5% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
| Papua New Guinea | 4% | 79 | Landowner disputes, LNG delays, weak institutions. |
| Nigeria | 4% | 89 | Theft/sabotage, subsidy reform, PIA transition, security. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Permian Basin | United States | Shale oil | ~1.6 mmboe/d (2025); largest Permian producer after Pioneer; targeting ~2.3 mmboe/d by 2030 |
| Guyana — Stabroek | Guyana | Deepwater oil | Operator ~45%; >700 kbd gross, ~875 kbd in Q4-25; 8 FPSOs targeted by 2030 |
| Golden Pass LNG | United States | LNG export | JV with QatarEnergy (~30%); first cargoes ~Q1 2026; ~18 mtpa |
| Kearl | Canada | Oil sands | Via Imperial Oil (~69.6%); long-life ~220–280 kbd gross |
| Bacalhau | Brazil | Deepwater oil | Started Q4-2025; FPSO ~220 kbd capacity |
| North Field expansion | Qatar | LNG | Partner in Qatar's North Field East/South LNG expansion |
| PNG LNG | Papua New Guinea | LNG | Operator ~33%; ~8 mtpa, long-life producing asset |
| Block 15 | Angola | Deepwater oil | Operator ~40%; mature deepwater hub with infill |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 3712 | 3737 | 3738 | 4333 | 4736 |
| Proved reserves (bnboe) | 18.50 | 17.70 | 16.90 | 18.30 | 19.31 |
| Revenue ($bn) | 285.6 | 413.7 | 344.6 | 349.6 | 323.9 |
| EBITDA ($bn) | 43.8 | 87.6 | 64.4 | 63.0 | 71.0 |
| Net income ($bn) | 23.0 | 55.7 | 36.0 | 33.7 | 28.8 |
| Free cash flow ($bn) | 36.0 | 58.4 | 33.5 | 29.4 | 23.6 |
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✓ FY2025 figures verified against primary sources: