Exxon Mobil Corporation (XOM)

Outperform Recap: Q1 2026

Adjusted Earnings $8.8B (+$1.85B Q/Q) Through the Middle East Disruption — Underlying Franchise Stronger, Not Weaker: Maintaining Outperform

Outperform Recap: Q4 2025

Upgrading to Outperform: The December 9 Plan Re-Cut Is the Re-Rate Catalyst We Flagged in Q3, Q4 Confirms the Operational Setup, and Two of Three Original Hold-Anchors Are Now Resolved

Hold Recap: Q3 2025

Maintaining Hold: A Record Permian Print and an Early Yellowtail Are the Right Operational Story; the Chemical Drag and the Unresolved 45V Question Keep Us From Upgrading

Hold Recap: Q2 2025

Initiating Coverage at Hold: A Clean EPS Beat on a Record Upstream Print, Tempered by the Guyana Arbitration Loss and a Wobbling Baytown Hydrogen Project