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XOM · Forward model · Corporate and Financing · Guyana case

What has to happen in Corporate and Financing

Model as of

This page changes Corporate and Financing inside the complete XOM model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

XOM forward model
Horizon
Consolidated fair value $171.03 all other verticals held in this portfolio case
Final-quarter revenue $24M 0% of company revenue
Explicit segment contribution $0 EBITDA less segment capex, before corporate items

The only asset-level economics disclosed this quarter, applied to the Upstream vertical alone. Co-venturers have invested more than $55B since 2014 and recovered it about two years ahead of the investment basis, generating more than $13B of incremental revenue and cost savings; the first four FPSOs run roughly 100 kbd above their original basis at about 98% reliability, the fifth sailed in June for 4Q26 startup with 250 kbd of capacity, and the company expects its share of Guyana free cash flow to more than double between 2025 and 2030. What this case does not achieve is the rest of the plan: Chemical and Specialty tonnage, the refining margin and the cost-savings target are all left exactly where the base case puts them, and the ~100 kbd entitlement step still lands in the first projected quarter.

Corporate and Financing

Basis quarter$24M
Final quarter$24M
Implied CAGR0%
Final revenue mix0%

Not an operating business. It carries interest and other corporate revenue, which has fallen from $581M a quarter in 2024 Q1 to $24M in the basis quarter as the cash balance went from $23.2B to $10.6B. It exists in this model for one reason: so the five verticals add exactly to reported Total revenues and other income.

Last four quarters
2025 Q3 $194M Reported
2025 Q4 $235M Estimated
2026 Q1 $170M Reported
2026 Q2 $24M Reported
Interest and other corporate income
Sequential growth 0.0%/qtr decaying toward 0.0% Flat at the disclosed $24M. Interest income on a falling cash balance, with no operating driver behind it.
Corporate and Financing

Latest: $24M (2031Q2E)

Period Value
2024Q1 $581M
2024Q2 $551M
2024Q3 $413M
2024Q4 $308M
2025Q1 $316M
2025Q2 $289M
2025Q3 $194M
2025Q4 $235M
2026Q1 $170M
2026Q2 $24M
2026Q3E $24M
2026Q4E $24M
2027Q1E $24M
2027Q2E $24M
2027Q3E $24M
2027Q4E $24M
2028Q1E $24M
2028Q2E $24M
2028Q3E $24M
2028Q4E $24M
2029Q1E $24M
2029Q2E $24M
2029Q3E $24M
2029Q4E $24M
2030Q1E $24M
2030Q2E $24M
2030Q3E $24M
2030Q4E $24M
2031Q1E $24M
2031Q2E $24M

Assumptions & reasoning

  • Held flat at the disclosed $24M rather than extrapolated. The line is 0.02% of consolidated revenue in the basis quarter and any growth rate placed on it would be an invention.
  • Low Carbon Solutions - carbon capture, hydrogen, lithium, Proxxima and low-carbon data centres - has no disclosed revenue line anywhere and is deliberately not given one here. It is scenario evidence, not a sixth vertical.
  • The $90M a quarter of Other cash capital expenditures is carried as a corporate programme rather than as an intensity on this line, because it belongs to no vertical: $90M against $24M of revenue is a 375% ratio with no economic meaning, and the programme keeps the spend in free cash flow where it belongs.
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