Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Debt to equity
- The debt to equity ratio initially increased from 0.33 in March 2020, peaking at 0.43 in December 2020, indicating a moderately higher reliance on debt relative to equity during that period. From 2021 onward, there is a clear downward trend, steadily declining to 0.14 by March 2025, suggesting a consistent reduction in the use of debt financing and a strengthening equity position over time.
- Debt to capital
- This ratio follows a similar pattern to debt to equity. It rose from 0.25 in March 2020 to 0.30 in December 2020, after which it gradually decreased each quarter, reaching 0.13 by March 2025. This decline reflects an improved capital structure with reduced debt proportion relative to total capital.
- Debt to assets
- The debt to assets ratio increased from 0.17 in March 2020 to a high of 0.20 in December 2020, indicating a slightly higher portion of assets financed by debt. Subsequent quarters exhibit a steady decline in this ratio, ending at 0.08 in March 2025. The reduction signifies an increased asset base possibly funded more through equity or retained earnings rather than debt.
- Financial leverage
- Financial leverage showed a slight upward movement from 1.95 in March 2020 to a peak of 2.13 during the first half of 2021. After that, it trended gradually downward to stabilize around 1.72 by March 2025. This suggests that while the company initially increased its leverage, it later took measures to limit leverage, maintaining a more balanced capital structure.
- Interest coverage
- The interest coverage ratio displays significant volatility and a strong recovery. It was negative and deeply below zero in late 2020 (e.g., -23.94 in September 2020), reflecting financial distress or insufficient earnings to cover interest expenses during that period. From early 2021, the ratio improved dramatically, turning positive and increasing consistently to reach values around 50 by 2024 and 2025. This indicates a substantial recovery in earnings sufficient to comfortably cover interest obligations, reflecting strengthened financial health.
Debt Ratios
Coverage Ratios
Debt to Equity
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Notes and loans payable | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | 4,276) | 12,966) | 15,293) | 18,185) | 20,458) | 21,911) | 22,952) | 27,755) | |||||||
Long-term debt, excluding due within one year | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | 43,428) | 43,639) | 45,319) | 45,137) | 47,182) | 46,888) | 46,563) | 31,857) | |||||||
Total debt | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | 47,704) | 56,605) | 60,612) | 63,322) | 67,640) | 68,799) | 69,515) | 59,612) | |||||||
Total ExxonMobil share of equity | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | 168,577) | 160,589) | 158,571) | 156,974) | 157,150) | 177,400) | 180,183) | 182,079) | |||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to equity1 | 0.14 | 0.16 | 0.16 | 0.16 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.24 | 0.26 | 0.28 | 0.28 | 0.35 | 0.38 | 0.40 | 0.43 | 0.39 | 0.39 | 0.33 | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | 0.20 | 0.16 | 0.17 | 0.15 | 0.14 | 0.13 | 0.12 | 0.14 | 0.15 | 0.15 | 0.15 | 0.17 | 0.20 | 0.23 | 0.27 | 0.32 | 0.34 | 0.34 | 0.26 | 0.25 | 0.22 | |||||||
ConocoPhillips | 0.36 | 0.38 | 0.37 | 0.37 | 0.37 | 0.38 | 0.40 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.38 | 0.44 | 0.45 | 0.45 | 0.46 | 0.51 | 0.50 | 0.48 | 0.48 | |||||||
Occidental Petroleum Corp. | 0.74 | 0.76 | 0.77 | 0.62 | 0.64 | 0.65 | 0.68 | 0.68 | 0.67 | 0.66 | 0.73 | 0.80 | 1.06 | 1.46 | 1.68 | 1.97 | 1.97 | 1.95 | 1.94 | 1.65 | 1.23 |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Debt to equity = Total debt ÷ Total ExxonMobil share of equity
= 37,551 ÷ 262,720 = 0.14
2 Click competitor name to see calculations.
- Total Debt
-
The total debt exhibited a general declining trend over the examined periods. Starting at $59,612 million in March 2020, it increased to a peak of $69,515 million in June 2020, then gradually decreased to $41,193 million by December 2022. Subsequently, total debt remained relatively stable around the $41,000 million level through 2023 and early 2024, before further declining to $37,551 million by March 2025. This pattern suggests active debt reduction efforts after mid-2020.
- Total ExxonMobil Share of Equity
-
The equity value showed moderate variability with an overall upward trend. Beginning at $182,079 million in March 2020, equity declined to approximately $157,150 million by December 2020. Afterward, it steadily increased through 2021 and 2022, reaching about $195,049 million by December 2022. The growth accelerated in 2024, with equity values rising significantly to peak near $268,592 million by September 2024, before ending slightly lower at $262,720 million in March 2025. This progression indicates strengthening equity capital, particularly notable from 2023 onward.
- Debt to Equity Ratio
-
The debt to equity ratio demonstrated a consistent decline throughout the period under review. Starting from 0.33 in March 2020, it surged to 0.43 by December 2020, correlating with the increase in debt and drop in equity. However, there was a clear reversal post-2020, with the ratio decreasing steadily to 0.21 by December 2022. The downward trend continued into 2023 and early 2024, progressing to a low ratio of 0.14 by March 2025. This decrease indicates improved capitalization and lower financial leverage over time.
- Summary and Insights
-
The financial data highlight a period of elevated debt and reduced equity in 2020, likely reflective of external economic pressures. Following this period, a pronounced deleveraging effort is evident, characterized by a steady reduction in total debt and a concurrent increase in equity. The resulting contraction in the debt to equity ratio suggests enhanced financial stability and lower risk profile. The significant equity growth in 2024 may indicate robust operational performance or capital market activities. Overall, these trends point to improved balance sheet strength and more conservative financial management in recent years.
Debt to Capital
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Notes and loans payable | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | 4,276) | 12,966) | 15,293) | 18,185) | 20,458) | 21,911) | 22,952) | 27,755) | |||||||
Long-term debt, excluding due within one year | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | 43,428) | 43,639) | 45,319) | 45,137) | 47,182) | 46,888) | 46,563) | 31,857) | |||||||
Total debt | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | 47,704) | 56,605) | 60,612) | 63,322) | 67,640) | 68,799) | 69,515) | 59,612) | |||||||
Total ExxonMobil share of equity | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | 168,577) | 160,589) | 158,571) | 156,974) | 157,150) | 177,400) | 180,183) | 182,079) | |||||||
Total capital | 300,271) | 305,415) | 311,142) | 311,591) | 245,690) | 246,375) | 240,956) | 240,542) | 240,131) | 236,242) | 231,528) | 224,199) | 216,752) | 216,281) | 217,194) | 219,183) | 220,296) | 224,790) | 246,199) | 249,698) | 241,691) | |||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to capital1 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.20 | 0.21 | 0.22 | 0.22 | 0.26 | 0.28 | 0.29 | 0.30 | 0.28 | 0.28 | 0.25 | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | 0.17 | 0.14 | 0.14 | 0.13 | 0.12 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.13 | 0.15 | 0.17 | 0.18 | 0.22 | 0.24 | 0.26 | 0.25 | 0.21 | 0.20 | 0.18 | |||||||
ConocoPhillips | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 | 0.26 | 0.26 | 0.26 | 0.26 | 0.25 | 0.28 | 0.31 | 0.31 | 0.31 | 0.32 | 0.34 | 0.33 | 0.32 | 0.32 | |||||||
Occidental Petroleum Corp. | 0.42 | 0.43 | 0.43 | 0.38 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.40 | 0.42 | 0.44 | 0.51 | 0.59 | 0.63 | 0.66 | 0.66 | 0.66 | 0.66 | 0.62 | 0.55 |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 37,551 ÷ 300,271 = 0.13
2 Click competitor name to see calculations.
The financial data reveals notable trends in the company's capital structure and total debt over the period analyzed. Overall, the company shows a significant decrease in total debt from March 31, 2020, through March 31, 2025, indicating a consistent effort to reduce leverage. Total debt declined from approximately $59.6 billion to $37.6 billion, reflecting a reduction of roughly 37% over this time frame.
Conversely, total capital exhibited fluctuation with a general increase over the years. Starting at around $241.7 billion at the beginning of 2020, total capital moved upward, reaching a peak near $311.6 billion around mid-2024 before slightly tapering down towards $300.3 billion by March 31, 2025. This increase in total capital, together with the reduction in debt, suggests strengthening equity or retained earnings components during this timeframe.
The debt-to-capital ratio displays a clear downward trend, declining from 0.25 in March 2020 to approximately 0.13 by the end of the first quarter of 2025. This diminishing ratio indicates a substantial reduction in financial leverage and a more conservative capital structure. It reflects the company’s apparent focus on deleveraging and possibly improving credit quality and financial stability.
In summary, the patterns highlight an ongoing deleveraging strategy, with steady reductions in debt levels outpacing growth in total capital. The decreasing debt-to-capital ratio underlines the company's progress toward a stronger balance sheet and lower financial risk over the review period.
- Total Debt
- Decreased consistently from $59.6 billion to $37.6 billion, representing a significant reduction in leverage.
- Total Capital
- Generally increased from $241.7 billion to approximately $300.3 billion, peaking mid-2024 before slight decline.
- Debt to Capital Ratio
- Declined steadily from 0.25 to 0.13, indicating improved leverage position and reduced financial risk.
Debt to Assets
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Notes and loans payable | 4,728) | 4,955) | 5,632) | 6,621) | 8,227) | 4,090) | 4,743) | 3,929) | 2,296) | 634) | 6,182) | 7,367) | 4,886) | 4,276) | 12,966) | 15,293) | 18,185) | 20,458) | 21,911) | 22,952) | 27,755) | |||||||
Long-term debt, excluding due within one year | 32,823) | 36,755) | 36,918) | 36,565) | 32,213) | 37,483) | 36,510) | 37,567) | 39,150) | 40,559) | 39,246) | 39,516) | 42,651) | 43,428) | 43,639) | 45,319) | 45,137) | 47,182) | 46,888) | 46,563) | 31,857) | |||||||
Total debt | 37,551) | 41,710) | 42,550) | 43,186) | 40,440) | 41,573) | 41,253) | 41,496) | 41,446) | 41,193) | 45,428) | 46,883) | 47,537) | 47,704) | 56,605) | 60,612) | 63,322) | 67,640) | 68,799) | 69,515) | 59,612) | |||||||
Total assets | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | 338,923) | 336,688) | 337,289) | 333,770) | 332,750) | 358,043) | 361,495) | 355,804) | |||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Debt to assets1 | 0.08 | 0.09 | 0.09 | 0.09 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.17 | 0.18 | 0.19 | 0.20 | 0.19 | 0.19 | 0.17 | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | 0.12 | 0.10 | 0.10 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.12 | 0.13 | 0.16 | 0.18 | 0.19 | 0.18 | 0.16 | 0.15 | 0.14 | |||||||
ConocoPhillips | 0.19 | 0.20 | 0.19 | 0.19 | 0.19 | 0.20 | 0.20 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.20 | 0.22 | 0.23 | 0.23 | 0.24 | 0.25 | 0.24 | 0.24 | 0.23 | |||||||
Occidental Petroleum Corp. | 0.30 | 0.31 | 0.31 | 0.26 | 0.27 | 0.27 | 0.28 | 0.28 | 0.28 | 0.27 | 0.29 | 0.30 | 0.36 | 0.39 | 0.42 | 0.45 | 0.45 | 0.45 | 0.46 | 0.43 | 0.38 |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 37,551 ÷ 451,908 = 0.08
2 Click competitor name to see calculations.
- Total Debt
-
Total debt showed an initial increase from 59,612 million USD at the end of Q1 2020 to a peak of 69,515 million USD in Q2 2020. Subsequently, a steady decline is observed, with total debt falling consistently over the following quarters. Notably, the decrease accelerates after Q4 2021, dropping from 47,704 million USD to 37,551 million USD by Q1 2025. This indicates a significant reduction in the company’s leverage position over the period.
- Total Assets
-
Total assets remained relatively stable from Q1 2020 through Q4 2021, fluctuating modestly around the 330,000 to 370,000 million USD range. Beginning in Q1 2022, a notable increase appears, pushing total assets upward to over 460,000 million USD by mid-2024. However, this peak is followed by a slight decline by Q1 2025, settling just below 452,000 million USD. Overall, the period reflects asset growth primarily concentrated in the latter years.
- Debt to Assets Ratio
-
The debt to assets ratio started at 0.17 in Q1 2020, rising to 0.20 by Q4 2020, indicating a temporary increase in leverage relative to the asset base during the early pandemic-related disruptions. After this peak, the ratio steadily declined, reaching 0.11 by the end of 2021 and stabilizing at this level through 2023. From 2024 onwards, the ratio further decreased, reaching 0.08 by Q1 2025. This downward trend aligns with the reduction in total debt and the asset growth, signifying improved financial leverage.
- Overall Insights
-
The company demonstrates a clear deleveraging trend, reducing its total debt substantially over nearly five years while growing its asset base, particularly from 2022 onwards. The reduction in the debt to assets ratio from 0.20 to 0.08 suggests improved financial stability and a stronger balance sheet position. The initial spike in debt and leverage in 2020 may be attributable to external economic conditions, followed by disciplined debt management and asset expansion. This pattern indicates a strategic emphasis on strengthening capital structure and potentially increasing financial flexibility.
Financial Leverage
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Total assets | 451,908) | 453,475) | 461,916) | 460,707) | 377,918) | 376,317) | 372,259) | 363,248) | 369,371) | 369,067) | 370,152) | 367,774) | 354,771) | 338,923) | 336,688) | 337,289) | 333,770) | 332,750) | 358,043) | 361,495) | 355,804) | |||||||
Total ExxonMobil share of equity | 262,720) | 263,705) | 268,592) | 268,405) | 205,250) | 204,802) | 199,703) | 199,046) | 198,685) | 195,049) | 186,100) | 177,316) | 169,215) | 168,577) | 160,589) | 158,571) | 156,974) | 157,150) | 177,400) | 180,183) | 182,079) | |||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Financial leverage1 | 1.72 | 1.72 | 1.72 | 1.72 | 1.84 | 1.84 | 1.86 | 1.82 | 1.86 | 1.89 | 1.99 | 2.07 | 2.10 | 2.01 | 2.10 | 2.13 | 2.13 | 2.12 | 2.02 | 2.01 | 1.95 | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | 1.72 | 1.69 | 1.66 | 1.64 | 1.63 | 1.63 | 1.60 | 1.59 | 1.60 | 1.62 | 1.64 | 1.68 | 1.70 | 1.72 | 1.77 | 1.82 | 1.83 | 1.82 | 1.69 | 1.67 | 1.64 | |||||||
ConocoPhillips | 1.90 | 1.89 | 1.94 | 1.93 | 1.93 | 1.95 | 1.96 | 1.89 | 1.91 | 1.95 | 1.93 | 1.87 | 1.90 | 2.00 | 1.98 | 1.93 | 1.94 | 2.10 | 2.05 | 2.00 | 2.08 | |||||||
Occidental Petroleum Corp. | 2.45 | 2.50 | 2.47 | 2.38 | 2.41 | 2.45 | 2.45 | 2.45 | 2.42 | 2.41 | 2.51 | 2.67 | 2.98 | 3.69 | 4.01 | 4.38 | 4.34 | 4.31 | 4.25 | 3.83 | 3.25 |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= 451,908 ÷ 262,720 = 1.72
2 Click competitor name to see calculations.
The data exhibits the quarterly trends for total assets, ExxonMobil share of equity, and financial leverage ratios over a period extending from March 31, 2020, to March 31, 2025.
- Total Assets
- Total assets initially show a slight decline from 355,804 million US dollars in March 2020 to 332,750 million US dollars by December 2020. From early 2021 onwards, assets generally recover and increase steadily, reaching 376,317 million by December 2023. A more pronounced rise is seen starting in March 2024, where assets jump significantly to 460,707 million and remain elevated through 2025, ending at 451,908 million. This suggests substantial asset growth or acquisitions took place during the 2024 period, marking a strong expansion phase.
- Total ExxonMobil Share of Equity
- Equity shows a downward trend from 182,079 million in March 2020 to 157,150 million in December 2020. Thereafter, equity increases steadily, surpassing pre-pandemic levels by mid-2022, reaching 195,049 million by December 2022. From 2023 to early 2024, equity continues moderate gains, peaking near 205,250 million by mid-2024. A sharp and significant increase occurs in the same period as asset growth from March 2024, with equity surging to 268,405 million and holding this elevated level through the following periods into 2025. This pattern indicates improved retained earnings or equity injections during this timeframe.
- Financial Leverage Ratio
- The financial leverage ratio begins at 1.95 in March 2020 and trends slightly upward to peak at 2.13 during mid to late 2020 and early 2021. From late 2021 onwards, leverage decreases steadily, falling to 1.82 by December 2023. The lower leverage levels persist through early 2024 and stabilize around 1.72 from March 2024 through March 2025. The decline in financial leverage while both assets and equity are growing significantly indicates a stronger equity base relative to debt, reflecting reduced reliance on external financing or effective debt management.
In summary, the company experienced an initial downturn in asset and equity values during 2020, likely reflecting challenging market conditions. However, this was followed by a rebound and steady growth in equity and assets through 2023. A marked increase in both assets and equity occurred around early 2024, accompanied by a consistent reduction in financial leverage, suggesting strategic expansion supported by stronger equity financing and improved financial stability in recent periods.
Interest Coverage
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Net income (loss) attributable to ExxonMobil | 7,713) | 7,610) | 8,610) | 9,240) | 8,220) | 7,630) | 9,070) | 7,880) | 11,430) | 9,750) | 19,660) | 17,850) | 5,480) | 8,870) | 6,750) | 4,690) | 2,730) | (20,070) | (680) | (1,080) | (610) | |||||||
Add: Net income attributable to noncontrolling interest | 320) | 345) | 361) | 331) | 346) | 382) | 276) | 273) | 413) | 305) | 538) | 724) | 270) | 209) | 192) | 91) | 66) | (533) | (29) | (89) | (160) | |||||||
Add: Income tax expense | 3,567) | 1,858) | 4,055) | 4,094) | 3,803) | 2,613) | 4,353) | 3,503) | 4,960) | 5,787) | 5,224) | 6,359) | 2,806) | 2,650) | 2,664) | 1,526) | 796) | (6,010) | 337) | (471) | 512) | |||||||
Add: Interest expense | 205) | 297) | 207) | 271) | 221) | 272) | 169) | 249) | 159) | 207) | 209) | 194) | 188) | 221) | 214) | 254) | 258) | 313) | 279) | 317) | 249) | |||||||
Earnings before interest and tax (EBIT) | 11,805) | 10,110) | 13,233) | 13,936) | 12,590) | 10,897) | 13,868) | 11,905) | 16,962) | 16,049) | 25,631) | 25,127) | 8,744) | 11,950) | 9,820) | 6,561) | 3,850) | (26,300) | (93) | (1,323) | (9) | |||||||
Solvency Ratio | ||||||||||||||||||||||||||||
Interest coverage1 | 50.09 | 50.07 | 52.17 | 54.97 | 54.07 | 63.17 | 74.98 | 85.62 | 108.93 | 94.68 | 88.00 | 68.10 | 42.27 | 33.98 | -5.84 | -14.48 | -20.45 | -23.94 | — | — | — | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||
Chevron Corp. | 37.58 | 47.31 | 49.42 | 59.46 | 60.29 | 64.08 | 77.06 | 87.36 | 102.29 | 97.27 | 86.49 | 68.50 | 44.87 | 31.39 | 19.12 | 8.50 | -11.85 | -9.69 | — | — | — | |||||||
ConocoPhillips | 19.30 | 18.46 | 19.45 | 20.40 | 20.49 | 21.88 | 24.35 | 28.69 | 33.08 | 36.07 | 33.30 | 28.10 | 22.60 | 15.38 | 9.41 | 4.77 | 1.17 | -2.90 | — | — | — | |||||||
Occidental Petroleum Corp. | 4.63 | 4.46 | 6.29 | 6.94 | 6.76 | 7.80 | 8.59 | 9.99 | 15.23 | 14.71 | 12.90 | 9.58 | 5.07 | 3.30 | 1.15 | -2.26 | -8.10 | -10.03 | — | — | — |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Interest coverage
= (EBITQ1 2025
+ EBITQ4 2024
+ EBITQ3 2024
+ EBITQ2 2024)
÷ (Interest expenseQ1 2025
+ Interest expenseQ4 2024
+ Interest expenseQ3 2024
+ Interest expenseQ2 2024)
= (11,805 + 10,110 + 13,233 + 13,936)
÷ (205 + 297 + 207 + 271)
= 50.09
2 Click competitor name to see calculations.
The data reveals distinct developments in the financial performance and interest management over the observed quarters.
- Earnings before interest and tax (EBIT)
- EBIT shows a significant fluctuation from a negative start in early 2020, with a deep trough notably in December 2020 reaching -26,300 million US dollars. Thereafter, a substantial turnaround is evident starting from Q1 2021, where EBIT moves into positive territory and continues an upward trend through 2021 and 2022, reaching peaks above 25,000 million US dollars in mid and late 2022. However, a moderate decline occurs in late 2022 and fluctuates moderately through 2023 and into 2024, maintaining positive levels but not reaching prior peak highs again. This suggests recovery and stabilization following the sharp downturn experienced in early 2020.
- Interest Expense
- The interest expense remains relatively stable over the entire period, fluctuating mostly in a narrow range between approximately 150 and 320 million US dollars. Some small variations occur but no major trends or spikes are observed, indicating consistent borrowing costs or debt servicing obligations throughout the period.
- Interest Coverage Ratio
- The interest coverage ratio data begins in late 2020 with severely negative values, reflecting the negative EBIT during that period and indicating difficulty covering interest expenses through operating earnings. From early 2021 onward, the ratio improves dramatically, transitioning into large positive figures, peaking above 100 times in early 2023. This indicates a strong capacity to meet interest obligations comfortably during the recovery phase. However, a gradual decline in the interest coverage ratio occurs throughout 2023 and 2024, albeit remaining at solid levels above 50 times. This trend suggests a slight reduction in margin of safety for interest payment but still represents a financially sound position overall.
In summary, the company experienced a challenging period in early 2020, marked by negative operating earnings and poor coverage of interest expenses. Subsequently, a strong recovery in EBIT was accompanied by improved interest coverage, signaling enhanced profitability and stronger financial health. Despite some moderation in EBIT and interest coverage ratio in recent quarters, the figures remain robust relative to the earlier downturn. Interest expenses have remained relatively stable, which may reflect prudent debt management amidst fluctuating earnings.