Oil market conditions shifted materially in the weeks surrounding this report. Brent crude fell 1% to $98.30 per barrel and WTI dropped 1.4% to $89.49 per barrel during European hours on 23 September, extending a sixth consecutive losing session [Brief - 2026-09-23]. Earlier in the month, WTI futures gained 11.01% week-on-week, trading between $90.87 and $104.46 per barrel before settling near $101.26, as simultaneous supply disruptions across the Middle East converged [Brief - 2026-09-13]. Houthi militants captured the Greater and Lesser Hanish islands in the Red Sea on 15 September, extending their control over the Bab al-Mandab strait, a key chokepoint for global seaborne oil flows [Brief - 2026-09-15]. US-China trade diplomacy also featured, with Treasury Secretary Bessent describing preliminary talks as "very successful" [Brief - 2026-09-21].
Exxon Mobil's trailing twelve-month revenue stood at $334.25 billion as of 31 March 2026, representing year-over-year growth of 2.4%. Net income over the same period was $25.31 billion, producing a net margin of 7.57% and a P/E ratio of 27.04 against a market capitalisation of approximately $665.6 billion. EPS declined 43.18% year-over-year, a notable compression relative to prior-period earnings. The company held $8.44 billion in cash against total debt of $37.63 billion [SEC 10-Q - XOM - 2026-03-31].
Institutional ownership saw significant movement in the most recent 13F reporting period. AQR Capital added 15% to its existing XOM position [SEC 13F - AQR Capital - Q2 2026]. Bridgewater opened a new position in the stock [SEC 13F - Bridgewater - Q2 2026]. Millennium reduced its position by 84%, representing a substantial reduction in one of the previously larger institutional holdings [SEC 13F - Millennium - Q2 2026]. No insider transaction data was available for inclusion in this report.
The 10-year US Treasury yield stood at 5.18% and the 2-year yield at 4.87% at the time of this report, producing a normal yield curve with a 31-basis-point spread between the two tenors [FRED DGS10] [FRED DGS2]. This interest rate environment frames the cost of capital context against which XOM's debt load of $37.63 billion and cash position of $8.44 billion are assessed [SEC 10-Q - XOM - 2026-03-31].
This report was generated following material institutional position changes identified across multiple 13F filers, including a new position initiation by Bridgewater, a significant reduction by Millennium, and a notable addition by AQR Capital, all disclosed in the most recent quarterly filing cycle.