Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
Doing some research...
Over 2021–2024 Exxon Mobil’s balance sheet shows meaningful growth in scale and a clear shift toward equity financing. Total assets rose from $338.9B in 2021 to $453.5B in 2024 (an increase of about $114.6B or ~33.8%). Liabilities increased more modestly, from $163.2B to $182.9B (+$19.6B, ~12.0%), while stockholders’ equity expanded from $168.6B to $263.7B (+$95.1B, ~56.5%). As a result the company’s leverage declined: the liabilities-to-assets ratio fell from ~48.2% in 2021 to ~40.3% in 2024, and the equity-to-assets ratio rose from ~49.8% to ~58.2%, reflecting that asset growth has been financed disproportionately by retained earnings or other equity increases rather than new debt. This pattern points to an increasingly conservative and flexible capital structure heading into 2024 — equity growth outpaced both asset and liability increases, improving solvency metrics and likely supporting stronger credit metrics. The large jump in assets and equity in 2024 could reflect higher commodity-driven valuations, sizable capital investment or M&A activity, or substantial retained earnings; without the detailed notes or 2025 figures (the provided 2025 year contains zeroes) it’s not possible to pinpoint the drivers. In the context of the cyclical oil & gas industry, readers should remember that reserve valuations, inventory and decommissioning liabilities can vary materially with prices and accounting treatments, so assessing performance alongside cash flow, capex and note disclosures is important.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.