Production and marketing focus

The daily production output of ExxonMobil’s Upstream division regularly exceeds five million barrels of oil and oil equivalent natural gas. Despite a net decline of roughly 40 percent since 2011, natural gas remains the company’s most heavily extracted fossil fuel type. In 2020, some 8.5 billion cubic feet were produced per day, compared with 2.5 million barrels of liquids. In the same time period, ExxonMobil’s proved reserves have also markedly declined, with natural gas reserves falling by roughly 50 percent. Unlike this decline in activity by the company’s Upstream division, ExxonMobil’s chemical prime product sales only noted slight fluctuations; figures actually increased between 2012 and 2018, before decreasing slightly in the following two years. Its operations contributed to net equity greenhouse gas emissions of around 120 million metric tons of carbon dioxide equivalent per year.

Company financials and performance during oil crisis

ExxonMobil has been among the leading energy companies in the world based on profits for many years. The energy sector has historically been dominated by oil and gas supermajors such as Saudi Aramco, Gazprom, and Royal Dutch Shell. However, the coronavirus pandemic and its effect on oil demand and oil prices in 2020 is likely to result in a shake up of that order. Each of the Big Oil companies already reported major losses for the year, with many, such as ExxonMobil weathering their most difficult financial year yet. ExxonMobil’s net income fell into negative numbers, the company making a net loss of over 22 billion U.S. dollars. This is especially significant as ExxonMobil had so far been able to turn a profit even in years of oil crisis such as in 2009 and between 2015 and 2016. The 2020 financial result has already incentivized ExxonMobil’s investors and critics to urge the company into divesting expensive exploration activities and push into the alternative energy market.

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