Exxon Mobil Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to ExxonMobil	33,680)	36,010)	55,740)	23,040)	(22,440)
Net (income) loss attributable to noncontrolling interests	1,383)	1,344)	1,837)	558)	(811)
Net noncash charges	21,785)	22,270)	19,414)	20,369)	39,572)
Changes in operational working capital, excluding cash and debt	(1,826)	(4,255)	(194)	4,162)	(1,653)
Net cash provided by operating activities	55,022)	55,369)	76,797)	48,129)	14,668)
Additions to property, plant and equipment	(24,306)	(21,919)	(18,407)	(12,076)	(17,282)
Additions to long-term debt	899)	939)	637)	46)	23,186)
Reductions in long-term debt	(1,150)	(15)	(5)	(8)	(8)
Additions to short-term debt	—)	—)	198)	12,687)	35,396)
Reductions in short-term debt	(4,743)	(879)	(8,075)	(29,396)	(28,742)
Additions (reductions) in debt with three months or less maturity	(18)	(284)	25)	(2,983)	(9,691)
Free cash flow to equity (FCFE)	25,704)	33,211)	51,170)	16,399)	17,527)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Exxon Mobil Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Exxon Mobil Corp. FCFE decreased from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	4,339,143,313
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	25,704)
FCFE per share	5.92
Current share price (P)	117.73
Valuation Ratio
P/FCFE	19.87
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	15.71
ConocoPhillips	15.12
Occidental Petroleum Corp.	4.67
P/FCFE, Sector
Oil, Gas & Consumable Fuels	15.61
P/FCFE, Industry
Energy	15.46

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Exxon Mobil Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
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
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	25,704)	33,211)	51,170)	16,399)	17,527)
FCFE per share³	5.92	8.37	12.57	3.87	4.14
Share price^1, 4	110.30	104.32	109.73	76.77	56.70
Valuation Ratio
P/FCFE⁵	18.62	12.46	8.73	19.82	13.70
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	14.84	18.24	10.59	32.05	21.61
ConocoPhillips	14.39	11.74	8.93	10.61	497.58
Occidental Petroleum Corp.	4.67	8.44	18.76	66.22	—
P/FCFE, Sector
Oil, Gas & Consumable Fuels	14.74	13.35	9.60	20.45	20.23
P/FCFE, Industry
Energy	14.64	13.75	10.44	21.48	19.69

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 25,704,000,000 ÷ 4,339,143,313 = 5.92

⁴ Closing price as at the filing date of Exxon Mobil Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 110.30 ÷ 5.92 = 18.62

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Exxon Mobil Corp. P/FCFE ratio increased from 2022 to 2023 and from 2023 to 2024.

Exxon Mobil Corp. (NYSE:XOM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical