Exxon Mobil Corp., current enterprise value calculation

Current share price (P)	$117.73
No. shares of common stock outstanding	4,339,143,313
US$ in millions
Common equity (market value)¹	510,847)
Add: Noncontrolling interests (per books)	6,901)
Total equity	517,748)
Add: Notes and loans payable (per books)	4,955)
Add: Long-term debt, excluding due within one year (per books)	36,755)
Total equity and debt	559,458)
Less: Cash and cash equivalents	23,029)
Enterprise value (EV)	536,429)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 117.73 × 4,339,143,313

Exxon Mobil Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$110.30	$104.32	$109.73	$76.77	$56.70
No. shares of common stock outstanding¹	4,339,143,313	3,967,844,307	4,070,984,988	4,233,592,429	4,233,483,160
US$ in millions
Common equity (market value)³	478,608)	413,926)	446,709)	325,013)	240,038)
Add: Noncontrolling interests (book value)	6,901)	7,736)	7,424)	7,106)	6,980)
Total equity	485,509)	421,662)	454,133)	332,119)	247,018)
Add: Notes and loans payable (book value)	4,955)	4,090)	634)	4,276)	20,458)
Add: Long-term debt, excluding due within one year (book value)	36,755)	37,483)	40,559)	43,428)	47,182)
Total equity and debt	527,219)	463,235)	495,326)	379,823)	314,658)
Less: Cash and cash equivalents	23,029)	31,539)	29,640)	6,802)	4,364)
Enterprise value (EV)	504,190)	431,696)	465,686)	373,021)	310,294)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Exxon Mobil Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 110.30 × 4,339,143,313

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Exxon Mobil Corp. EV decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Exxon Mobil Corp. (NYSE:XOM)

Enterprise Value (EV)