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The majority of ExxonMobil's refinery capacity is concentrated in its home market, the United States. In 2024, the oil and gas supermajor had a total worldwide refinery capacity of 4.34 million barrels per day of which 1.96 million barrels per day was associated with refineries in the United States. ExxonMobil has slowly decreased refinery capacities in the period of consideration.

Refining activity declines despite peak crude production

While ExxonMobil has gradually reduced its refining capacity over recent years, the company continues to be a major player in oil and gas production. In 2024, ExxonMobil produced three million barrels of oil and natural gas liquids per day, along with 8.1 billion cubic feet of natural gas per day. Both liquid and gas production saw increases compared to the previous year, indicating the company's ongoing commitment to upstream operations. Meanwhile, ExxonMobil's proved reserves also rose to a three-year high that year.

Petroleum product sales in decline

Despite its strong production figures, ExxonMobil has experienced a decline in petroleum product sales. In 2024, the company sold nearly 5.4 million barrels of petroleum and other energy products per day. This represents a significant decrease of 2.5 million barrels compared to earlier years in the period examined. The majority of these sales consist of gasoline and naphtha, reflecting the continued importance of transportation fuels in ExxonMobil's product mix. This trend in sales, coupled with the company's decreasing refining capacity, are in part the result of lower refining margins and uncertainty over the long-term viability of refining investments amid greater electric vehicle adoption.