Exxon Mobil Corp. (NYSE:XOM)

Sales and other operating revenue exhibited a significant drop from the first quarter of 2020 through mid-2020, reaching a low in June 2020. Following this, there was a steady recovery and growth trajectory through 2021 and 2022, peaking in the second quarter of 2022. However, from the third quarter of 2022 onwards, the revenue showed a fluctuating but generally downward trend through mid-2025. Income from equity affiliates showed variability, with a notable increase from 2020 through 2022, peaking in the third quarter of 2022, followed by fluctuations and a moderate decline towards 2025. Other income followed a similar pattern, with peaks in late 2021 and fluctuating values thereafter.

Crude oil and product purchases fluctuated significantly, with expenditures dropping in mid-2020, then generally increasing through 2022, reaching a high in mid-2022, and subsequently trending downward through 2025. Production and manufacturing expenses followed a similar pattern, initially declining in mid-2020 but then increasing toward the end of 2020 and into 2021 before showing some volatility and a rising trend towards 2022 and beyond. Selling, general and administrative expenses remained relatively stable with minor quarter-to-quarter variations. Depreciation and depletion showed a notable spike in the fourth quarter of 2020, followed by variability with peaks in late 2021 and 2023, indicating periods of higher asset write-downs or impairment charges.

Operating income displayed a marked decline in 2020, reaching a significant loss in the fourth quarter. Recovery commenced in early 2021, with consistent gains through 2022, though some quarters showed reduced profit margins. Operating income remained positive but fluctuated from 2023 through mid-2025. Net income attributable to the company reflected a similar pattern, with substantial losses in 2020, followed by positive net income starting in 2021 with peaks in mid to late 2022. There was a decrease in net income across 2023 into 2025, though it remained positive overall.

Income tax expense varied considerably, with a tax benefit recorded in the early quarters of 2020 during losses, then shifting to substantial expenses from 2021 onward, correlating with income recovery. Interest expense remained relatively stable throughout the period, with minor fluctuations but no significant trends upward or downward. Non-service pension and postretirement benefit expenses showed minor variability without significant impact on overall financial performance.

Exploration expenses were generally low and stable, with some minor increases at isolated points. Other taxes and duties showed fluctuations but no clear trend, maintaining impact on overall expenses. The relationship between revenues, operating income, and net income indicates sensitivity to market conditions, with pronounced impacts in 2020 followed by recovery and stabilization phases. Fluctuations in depreciation and impairments suggest periodic reassessments of asset values.

The data indicate that the company experienced significant operational and financial challenges in 2020, likely due to external economic factors, followed by a recovery phase through 2021 and 2022. Revenue and income streams showed strong resilience but were subject to volatility in costs and expenses, particularly related to crude oil purchases and depreciation charges. Post-2022, the financial metrics suggest a more cautious environment with lower but stable profitability. The analysis underscores the cyclical and capital-intensive nature of the business, with income variability tightly linked to commodity price movements and associated expenses.