Exxon Mobil Corp. (NYSE:XOM)

Segment Net Income (Loss)

The segment net income demonstrates a significant recovery and growth over the analyzed period. Starting with a substantial loss of US$ -20,030 million at the end of 2020, the figures turned positive in 2021, reaching US$ 15,775 million. This upward momentum continued with further increases to US$ 36,479 million in 2022. Although there was a decline to US$ 21,308 million in 2023, the income rebounded again in 2024 to US$ 25,390 million. The fluctuations indicate volatility likely tied to external market conditions but overall a transition from loss to sustained profitability.

Sales and Other Operating Revenue

Sales and other operating revenue exhibited a strong growth trajectory from 2020 to 2022, starting at US$ 14,549 million and nearly tripling to US$ 45,164 million by the end of 2022. This rapid increase was followed by a marked decrease to US$ 25,574 million in 2023, suggesting a contraction in revenues for that year. However, revenues rebounded again in 2024, reaching US$ 37,131 million, indicating some recovery though not reaching the peak levels of 2022. These changes suggest sensitivity to market demand or pricing fluctuations.

Segment Profit Margin

The segment profit margin shows a dramatic turnaround over the period. The margin was deeply negative at -137.67% in 2020, reflecting the substantial loss relative to revenue. A sharp improvement occurred in 2021, with the margin jumping to 72.37%, and further increases followed in 2022 and 2023, reaching 80.77% and 83.32% respectively. In 2024, there was a slight contraction to 68.38%, though the margin remained robust and significantly positive. This pattern indicates improved operational efficiency or favorable market conditions contributing to profitability.

Segment Net Income (Loss)

The net income for the segment showed significant volatility over the analyzed period. In 2020, the segment reported a substantial loss amounting to -2,572 million US dollars. This loss decreased considerably in 2021 to -346 million US dollars, indicating an improvement. A sharp positive turnaround occurred in 2022 with net income rising to 14,966 million US dollars. Although the profit declined somewhat in the subsequent years, it remained positive, with 12,142 million US dollars in 2023 and 4,033 million US dollars in 2024. Overall, the data indicates a strong recovery from losses in the early period to profitability, followed by a downward trend in earnings after peaking in 2022.

Sales and Other Operating Revenue

Sales revenue displayed a consistent upward trend from 2020 to 2022. It increased from 133,367 million US dollars in 2020 to 208,906 million in 2021, and further to 305,977 million in 2022, showing rapid revenue growth during this time. However, in 2023 and 2024, revenues declined to 268,383 million and 260,856 million US dollars respectively, suggesting some contraction in sales after the peak year 2022. Despite the decline, revenue in 2024 remains substantially higher than in 2020 and 2021.

Segment Profit Margin

The profit margin trend mirrors the segment net income results. Negative margins were observed in 2020 and 2021, with -1.93% and -0.17% respectively, indicating unprofitability in these years. In 2022, the margin improved sharply to 4.89%, reflecting the substantial profit gain. This positive margin was maintained but decreased to 4.52% in 2023 and further declined to 1.55% in 2024. The margin contraction in the last two years correlates with the decrease in segment net income and sales revenue.

The analysis of the "Chemical Products" segment over the five-year period reveals notable fluctuations in financial performance and profitability margins.

Segment Net Income (Loss)

The net income demonstrated significant volatility. It started at $2,257 million in 2020 and rose sharply to a peak of $6,989 million in 2021. This was followed by a decline to $3,543 million in 2022 and a further drop to $1,637 million in 2023. In 2024, net income recovered somewhat, increasing to $2,577 million, but it remained below levels observed in 2020 and 2021.

Sales and Other Operating Revenue

Revenue showed a generally increasing trend until 2022, rising from $17,634 million in 2020 to $28,628 million in 2021 and slightly decreasing to $27,619 million in 2022. There was a considerable decline in 2023 to $22,265 million, followed by a modest increase in 2024 to $22,896 million. Despite the dips in later years, revenue remained higher than the 2020 baseline except for 2023.

Segment Profit Margin

The profit margin followed a similar trend to net income. It advanced significantly from 12.8% in 2020 to a high of 24.41% in 2021, reflecting improved profitability. Subsequent years saw a decline in margin to 12.83% in 2022 and further to 7.35% in 2023, indicating eroding profitability relative to sales. The margin partially recovered in 2024 to 11.26%, yet it did not return to the peak levels of 2021.

Overall, the segment experienced peak financial performance in 2021, with strong net income growth and high profit margins. This was followed by a period of contraction, with both net income and profit margins declining sharply by 2023. Despite some recovery in 2024, profitability metrics remained below peak levels, suggesting ongoing challenges in maintaining previous gains. Revenue trends also reflected volatility but maintained a generally higher level compared to the 2020 starting point.

The analysis of the Specialty Products segment over the five-year period reveals several notable trends in its financial performance.

Segment Net Income

The segment net income experienced a significant increase from US$1,201 million in 2020 to a peak of US$3,259 million in 2021. However, the following year saw a decline to US$2,415 million in 2022, before rebounding to US$2,714 million in 2023 and further rising to US$3,052 million in 2024. Despite fluctuations, the overall trend points to a substantial growth compared to the starting point in 2020.

Sales and Other Operating Revenue

Sales revenue increased substantially from US$12,986 million in 2020 to US$19,879 million in 2022, reflecting robust market demand or pricing improvements. However, it decreased in subsequent years to US$18,407 million in 2023 and further to US$18,253 million in 2024. This suggests a potential market saturation or pricing pressures, although revenues remain significantly higher than the initial year.

Segment Profit Margin

Profit margins exhibited a similar pattern of growth and moderation. The margin rose sharply from 9.25% in 2020 to 18.8% in 2021, indicating improved profitability or cost management. This was followed by a decrease to 12.15% in 2022, then a steady recovery to 14.74% in 2023 and 16.72% in 2024. The margin values suggest that although profitability was volatile, it remained consistently higher than in 2020.

In summary, the segment demonstrated strong growth especially between 2020 and 2021, with subsequent years showing some variability in both income and revenue. The profit margin trends similarly indicate improved profitability relative to 2020, despite some fluctuations. These patterns may reflect changes in market conditions, operational efficiencies, or cost structures affecting the segment over the reviewed period.

Segment net income (loss)

The segment net income experienced a significant turnaround over the period analyzed. It began with a substantial loss of -20,030 million US dollars as of December 31, 2020. The figure shifted positively in 2021, reporting a net income of 15,775 million US dollars. This positive trend continued sharply upward in 2022, reaching a peak net income of 36,479 million US dollars. However, a decline followed in the subsequent years, with net income decreasing to 21,308 million in 2023, and then modestly increasing to 25,390 million in 2024. Overall, the segment moved from a pronounced loss to consistent profitability, although with some volatility in recent years.

Total assets

Total assets showed a slight downtrend from 216,017 million US dollars in 2020 to 206,366 million in 2023. Notably, there was a significant increase in 2024, where assets rose sharply to 289,523 million US dollars. This suggests a substantial investment or acquisition occurred in the final year, considerably expanding the asset base.

Segment return on assets (ROA)

The segment ROA mirrored the pattern observed in net income, starting from a negative return of -9.27% in 2020. Following this, there was a marked improvement, with ROA rising to 7.54% in 2021 and peaking at 17.67% in 2022, indicating enhanced profitability relative to asset base. Subsequently, ROA declined to 10.33% in 2023 and further to 8.77% in 2024, though it remained positive. This decline after 2022 may reflect the impact of the asset increase or changes in operational efficiency.

Segment Net Income (Loss)

The segment reported a significant turnaround from a loss position in the first two years to substantial profitability in the subsequent years. Specifically, net income was negative in 2020 and 2021, with losses decreasing sharply from -2572 million USD in 2020 to -346 million USD in 2021. In 2022, the segment recorded a remarkable recovery, achieving a net income of 14,966 million USD. Although net income decreased in 2023 to 12,142 million USD and further declined to 4,033 million USD in 2024, the segment remained profitable during these years.

Total Assets

Total assets showed a consistent upward trend throughout the period. The asset base increased from 56,758 million USD in 2020 to 75,542 million USD in 2024. This steady growth suggests ongoing investment or asset accumulation in the segment over the five-year span, with the most significant increments occurring between 2020 and 2022.

Segment Return on Assets (ROA)

The segment's ROA closely reflected the net income patterns, starting with negative returns in 2020 and 2021 at -4.53% and -0.54%, respectively. In 2022, the ROA peaked at 20.34%, indicating highly efficient use of assets during this year. Following this peak, the ROA declined to 16.31% in 2023 and further to 5.34% in 2024, although it remained positive, reflecting ongoing profitability albeit at reduced efficiency compared to the peak year.

Segment Net Income (Loss)

The segment net income displayed a significant increase from 2,257 million US dollars in 2020 to a peak of 6,989 million US dollars in 2021. Subsequently, it experienced a notable decline to 3,543 million US dollars in 2022 and continued to decrease to 1,637 million US dollars in 2023. In 2024, net income rebounded moderately to 2,577 million US dollars, though it remained below the peak value observed in 2021.

Total Assets

Total assets demonstrated a consistent upward trend over the entire period. Starting at 29,182 million US dollars in 2020, assets grew steadily each year, reaching 35,137 million US dollars by 2024. This represents an approximate increase of 20.4% over the five-year span.

Segment Return on Assets (ROA)

Return on assets followed a pattern closely aligned with net income trends. ROA rose from 7.73% in 2020 to a peak of 22.36% in 2021, indicating heightened profitability relative to assets. Thereafter, ROA declined to 10.67% in 2022 and further dropped to 4.72% in 2023, representing a substantial reduction in asset efficiency. A partial recovery occurred in 2024 when ROA increased to 7.33%, though it did not approach the peak levels of 2021.

The analysis of the Specialty Products segment reveals several notable trends over the five-year period from 2020 to 2024. The segment net income demonstrates overall growth with some fluctuations. Beginning at 1,201 million US dollars in 2020, the net income peaked sharply in 2021 at 3,259 million US dollars, followed by a decline to 2,415 million in 2022. Subsequently, net income increased again to 2,714 million in 2023 and further to 3,052 million in 2024, indicating a recovery and an upward trend in profitability.

The total assets of the segment exhibit relative stability throughout the period. Starting at 10,721 million US dollars in 2020, the assets slightly increased to 10,908 million in 2021 and to 11,155 million in 2022. Afterward, the asset base marginally declined to 10,999 million in 2023 and further to 10,922 million in 2024. Overall, the asset levels do not show significant growth or contraction, suggesting that asset investment was largely consistent.

Segment return on assets (ROA) shows a significant improvement and strong profitability relative to assets over the period. ROA increased markedly from 11.2% in 2020 to a peak of 29.88% in 2021, aligning with the net income surge. Although ROA declined to 21.65% in 2022, it rebounded to 24.67% in 2023 and further improved to 27.94% in 2024. This pattern indicates that while profitability relative to assets fluctuated, it remained at a relatively high level after the sharp initial increase.

Summary

The segment achieved strong profitability growth, especially notable in 2021, followed by some variability but general upward trends in earnings and ROA in later years.

Total assets remained relatively stable, indicating that growth in net income and return on assets was not driven by significant asset expansion.

The improvement in ROA reflects enhanced efficiency or profitability in asset utilization within the segment over the period.

Sales and Other Operating Revenue

The sales and other operating revenue exhibited significant fluctuations over the analyzed period. Starting at $14,549 million at the end of 2020, there was a substantial increase to $21,797 million in 2021, followed by a sharp rise to $45,164 million in 2022. However, revenue declined to $25,574 million in 2023 before rebounding to $37,131 million in 2024. This pattern suggests volatility in revenue generation, characterized by a peak in 2022, a subsequent drop, and a partial recovery.

Total Assets

Total assets demonstrated a relatively stable trend from 2020 through 2023, with values close to the $206 billion mark, decreasing slightly from $216,017 million in 2020 to $206,366 million in 2023. A notable change occurred in 2024, with total assets increasing significantly to $289,523 million, indicating possible asset acquisitions, revaluations, or other balance sheet adjustments that substantially increased the asset base.

Segment Asset Turnover

The segment asset turnover ratio, indicating the efficiency of asset utilization to generate revenue, showed a general pattern of growth followed by stabilization. It improved from 0.07 in 2020 to 0.10 in 2021 and further peaked at 0.22 in 2022, correlating with the peak in revenue during that year. The ratio then decreased to 0.12 in 2023 and slightly increased to 0.13 in 2024, reflecting a decrease in efficiency relative to the asset base in the latter years compared to the 2022 peak.

Overall Observations

The data reflects a period of volatility and adjustment within the upstream segment. Revenue experienced notable swings, peaking in 2022, while total assets remained stable before a major increase in 2024. Asset turnover trends suggest that the peak efficiency in generating revenue per asset occurred in 2022, with a decline in subsequent years despite asset growth. This could imply that the recent asset increase has not yet translated into proportional revenue growth, indicating potential underutilization or a lag in realizing returns from new or revalued assets.

The analysis of the energy products segment over a five-year period reveals notable trends in sales, asset levels, and operational efficiency.

Sales and Other Operating Revenue

The revenue exhibited a general upward trend from 2020 through 2022, increasing significantly from approximately 133 billion US dollars to nearly 306 billion US dollars. Following this peak in 2022, revenues decreased in the subsequent years, reaching about 260.9 billion US dollars by the end of 2024. This pattern suggests a period of strong growth interrupted by a decline starting in 2023, potentially due to market or operational factors impacting sales volume or pricing.

Total Assets

Total assets demonstrated a consistent upward trajectory throughout the entire period, growing from around 56.8 billion US dollars at the end of 2020 to approximately 75.5 billion US dollars by the end of 2024. The continuous asset build-up suggests ongoing investments or acquisitions within the segment, contributing to asset base expansion.

Segment Asset Turnover

The asset turnover ratio, a measure of how efficiently assets generate revenue, improved notably from 2.35 in 2020 to a peak of 4.16 in 2022. After this peak, the ratio declined to 3.45 by 2024. The initial increase suggests enhanced efficiency in utilizing assets to drive sales through 2022, while the subsequent decline may indicate decreased operational efficiency or the impact of the reduced revenue in 2023 and 2024 relative to asset growth.

In summary, the period through 2022 was characterized by rapid sales growth and improved asset utilization, supported by steady asset increases. However, the decline in revenue and asset turnover after 2022 points to emerging challenges in maintaining sales volumes or pricing power relative to expanded asset bases. This dynamic suggests a need for reviewing operational strategies to optimize asset use in the face of shifting market conditions.

Sales and other operating revenue

The sales and other operating revenue displayed an upward trajectory from 2020 to 2021, increasing significantly from 17,634 million US dollars to 28,628 million US dollars. However, this was followed by a slight decline in 2022 to 27,619 million US dollars and a more marked decrease in 2023 to 22,265 million US dollars. In 2024, revenue rebounded marginally to 22,896 million US dollars but remained below the peak observed in 2021.

Total assets

Total assets showed consistent growth over the entire period. Starting at 29,182 million US dollars in 2020, assets rose steadily each year, reaching 35,137 million US dollars by 2024. This steady increase indicates ongoing asset accumulation or investment within the segment.

Segment asset turnover

The segment asset turnover ratio experienced fluctuations during the observed years. It increased from 0.60 in 2020 to 0.92 in 2021, suggesting improved efficiency in using assets to generate sales. Subsequently, the ratio decreased to 0.83 in 2022, then declined further to 0.64 in 2023. In 2024, it slightly improved to 0.65, however remaining significantly below the 2021 level. This trend implies a decline in asset utilization efficiency after 2021.

The analysis of the Specialty Products segment over the presented periods reveals discernible fluctuations in financial performance and asset utilization.

Sales and other operating revenue

Sales and other operating revenue showed a consistent upward trend from 2020 through 2022, increasing from US$12,986 million to a peak of US$19,879 million in 2022. This indicates a strong growth phase during these years. However, in the subsequent years, 2023 and 2024, there is a noticeable decline in revenue, falling to US$18,407 million and then slightly further to US$18,253 million respectively. This suggests a moderation or slight contraction in sales activity after the peak year.

Total assets

Total assets remained relatively stable across the five-year span, starting at US$10,721 million in 2020 and showing minor fluctuations with a slight increase to US$11,155 million in 2022 followed by marginal decreases to US$10,999 million in 2023 and US$10,922 million in 2024. The relatively flat asset base indicates that asset levels were maintained without significant expansion or reduction.

Segment asset turnover

The segment asset turnover ratio, which measures the efficiency of asset use in generating revenue, increased notably from 1.21 in 2020 to a peak of 1.78 in 2022, reflecting improving asset productivity aligned with rising revenue during this period. However, in 2023, the ratio declined to 1.67 and remained steady at 1.67 in 2024. This trend mirrors the revenue slowdown seen in the later years and suggests a decrease in the rate at which assets generate sales revenue compared to the peak year.

Overall, the segment experienced growth in revenue and asset efficiency through 2022, followed by a period of stabilization or slight decline through 2024, while maintaining a consistent asset base. These patterns may indicate market or operational challenges impacting sales growth and asset productivity after a period of strong performance.

Additions to Property, Plant and Equipment

The capital investment in property, plant, and equipment demonstrates a fluctuating pattern over the analyzed period. Initially, there was a decline from US$10,144 million in 2020 to US$8,616 million in 2021. This was followed by a moderate increase to US$12,381 million in 2022 and a more pronounced rise to US$18,589 million in 2023. The most significant change occurred in 2024, with a sharp surge to US$103,020 million, indicating a substantial increase in capital investment during that year.

Depreciation and Depletion, Including Impairments

Depreciation and depletion expenses exhibited a considerable decrease from US$41,350 million in 2020 to US$16,749 million in 2021. Subsequently, the expenses increased moderately to US$19,804 million in 2022, before declining again to US$16,600 million in 2023. In 2024, a slight increase to US$19,524 million is observed. These fluctuations suggest variations in asset base valuation and impairment considerations over the years.

Segment Capital Expenditures to Depreciation Ratio

The ratio of segment capital expenditures to depreciation reveals a progressive upward trend across the reported years. Starting at 0.25 in 2020, the ratio doubled to 0.51 in 2021, followed by a further increase to 0.63 in 2022. The ratio more than doubled to 1.12 in 2023, indicating capital expenditures beginning to exceed depreciation expenses. A dramatic increase to 5.28 in 2024 highlights an exceptional rise in capital spending relative to asset depreciation, signaling an aggressive investment phase within the segment.

Additions to property, plant and equipment

The capital investment in property, plant, and equipment exhibited a notable decline from 4,383 million US dollars in 2020 to 1,853 million US dollars in 2021. Following this decrease, the investment experienced a moderate recovery to 2,105 million in 2022 and continued increasing to 2,561 million in 2023, before dropping again to 2,039 million in 2024. Overall, the trend shows variability with a peak at the beginning of the period and fluctuating lower investment levels thereafter.

Depreciation and depletion, includes impairments

Depreciation and depletion expenses, inclusive of impairments, declined from 2,201 million US dollars in 2020 to 1,736 million in 2021. Afterward, these expenses rose to 1,987 million in 2022 but decreased significantly to 1,562 million in 2023 and slightly further to 1,533 million in 2024. This pattern suggests a reduction in depreciation charges following a peak, aligning partially with the capital investment trends observed.

Segment capital expenditures to depreciation ratio

The ratio of segment capital expenditures to depreciation started at a high of 1.99 in 2020, indicating that capital expenditures substantially exceeded depreciation charges that year. This ratio declined sharply to just above 1.0 in 2021 and 2022, reflecting nearly balanced capital spending relative to depreciation. In 2023, the ratio rose to 1.64, showing increased investment compared to depreciation, before decreasing again to 1.33 in 2024. These fluctuations underline periods of intensified capital investment contrasted with times where capital spending was just slightly above or near the level of depreciation.

Additions to property, plant and equipment

The investment in property, plant, and equipment experienced fluctuations over the observed years. Starting at a high level in 2020 with US$1,704 million, it declined in 2021 to US$1,250 million. The year 2022 saw a significant increase to US$2,718 million, representing the peak in the period analyzed. Subsequently, the expenditures decreased to US$2,375 million in 2023 and further to US$1,635 million in 2024, indicating a downward trend after the 2022 peak.

Depreciation and depletion, includes impairments

Depreciation and depletion expenses showed moderate variation across the period. Beginning at US$1,068 million in 2020, these expenses decreased slightly to US$955 million in 2021. Following this, there was a gradual increase to US$988 million in 2022, peaking at US$1,311 million in 2023, before dropping again to US$1,096 million in 2024. This pattern suggests some fluctuation in asset base aging and/or impairment charges.

Segment capital expenditures to depreciation (ratio)

The capital expenditures to depreciation ratio displayed notable variability, reflecting changes in investment relative to asset consumption. The ratio started at 1.6 in 2020, decreased to 1.31 in 2021, then sharply increased to 2.75 in 2022, indicating substantial capital investments relative to depreciation that year. This was followed by a decline to 1.81 in 2023 and further to 1.49 in 2024, suggesting a reduction in relative capital spending intensity following the 2022 peak.

Additions to property, plant and equipment

The capital investments fluctuated over the five-year period, with a significant decrease from 440 million USD in 2020 to 164 million USD in 2021. This was followed by a moderate rise to 237 million USD in 2022, and a marked increase in 2023 to 451 million USD, remaining relatively stable at 457 million USD in 2024. The data indicates a resurgence in investment activity starting in 2023 after a lull in the years prior.

Depreciation and depletion, includes impairments

Depreciation charges showed a downward trend overall, starting from 498 million USD in 2020 and decreasing to 237 million USD by 2024. The most notable drop occurred between 2020 and 2021, with a reduction from 498 million USD to 292 million USD. After a slight stabilization around the upper 200s until 2023, depreciation further declined in 2024. This trend may reflect asset aging, reduced impairment charges, or changes in asset base composition.

Segment capital expenditures to depreciation

The ratio of capital expenditures to depreciation exhibited considerable variability, which implies changing investment intensity relative to asset consumption or depreciation expense. The ratio started below parity at 0.88 in 2020, declined to its lowest point of 0.56 in 2021, before increasing notably to 0.82 in 2022. Thereafter, the ratio surged past 1.0 in 2023 (1.43) and further increased to 1.93 in 2024, indicating that capital investments grew substantially faster than depreciation in the most recent years. This suggests a strategic focus on asset renewal or expansion, surpassing the rate at which assets are being depreciated or depleted.