ExxonMobil Holdings (XOM) Modestly Raising Target and See Differentiated Asset Base Execution

Equity Research 4 August 2026 | 6:44AM EDT

ExxonMobil Holdings (XOM) Modestly Raising Target and See Differentiated Asset Base/Execution; Neutral on Relative Valuation

XOM 12m Price Target: $168.00 Price: $155.06 Upside: 8.3% NEUTRAL Neil Mehta The Positives. ExxonMobil (XOM) continues to demonstrate strong | Goldman Sachs & Co. LLC operational execution across assets, delivering record quarterly Alexa Petrick Breno diesel volumes alongside the highest Upstream production in over | Goldman Sachs & Co. LLC two decades, excluding Middle East impacts. In the Permian, production reached a record ~1.8 MBOE/d, as management focuses Lydia Gould | Goldman Sachs & Co. LLC on leveraging advanced technologies to double recovery. In Guyana, gross production hit ~900 kbd, with a fifth FPSO on track for start-up later this year. Management also highlights strong financial Key Data _____________________________________ Market cap: $647.2bn results during the quarter, including $23.6 bn of cash flow from Enterprise value: $670.8bn 3m ADTV: $2.5bn operations, $9.4 bn in total returns to shareholders, and cumulative United States structural cost savings of $16.3 bn since 2019. Americas Integrated Oil and Refiners M&A Rank: 3

The Challenges. Key areas of investor pushback continue to include GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E expensive valuation, with shares trading at a 6% free cash flow yield Revenue ($ mn) New 332,238.0 399,085.6 493,376.4 503,243.9

in 2027/2028 at $75/b Brent, relative to CVX at 8%. Investors also Revenue ($ mn) Old 332,238.0 399,085.6 493,376.4 503,243.9 EBITDA ($ mn) 67,864.0 97,380.3 88,861.1 88,697.6 raise concerns around greater relative Middle East exposure, where EBIT ($ mn) 41,871.0 71,175.6 62,448.4 61,435.0

management expects a full 3Q26 closure of the Strait of Hormuz to EPS ($) New EPS ($) Old reduce regional production by ~750 kbd relative to 2025. Despite a P/E (X) Dividend yield (%) 3.6 2.6 2.7 2.8 large geographic footprint, strong U.S. Gulf Coast utilization, and Net debt/EBITDA (X) 0.5 0.2 0.1 0.1 record diesel production, we note refining earnings came in softer 6/26 9/26E 12/26E 3/27E than expected, due in part to scheduled maintenance. EPS ($)

Our View. We maintain our Neutral-rating on XOM, raising our price GS Factor Profile ______________________________ Growth target to $168 with 11% total return potential from current levels. While we continue to highlight advantaged Upstream assets, greater Financial Returns

refining exposure, and industry-leading cost reductions, our Multiple

cautious view reflects an expensive, relative valuation. Going Integrated forward, we look for updated commentary on (a) Permian production, (b) Guyana net entitlement, (c) LNG strategy, (d) Percentile 20th 40th 60th 80th 100th

structural cost reductions, and (e) M&A opportunities. Please see XOM relative to Americas Coverage

within for further details. XOM relative to Americas Integrated Oil and Refiners

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs ExxonMobil Holdings (XOM)

ExxonMobil Holdings (XOM) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since May 1, 2023 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 10,681.0 10,588.0 15,000.0 15,000.0 Accounts receivable 44,562.0 44,562.0 44,562.0 44,562.0 Inventory 26,302.0 26,302.0 26,302.0 26,302.0 Ratios & Valuation __________________________________________ Other current assets 1,837.0 1,837.0 1,837.0 1,837.0 12/25 12/26E 12/27E 12/28E Total current assets 83,382.0 83,289.0 87,701.0 87,701.0 P/E (X) Net PP&E 289,149.5 294,104.7 302,202.1…