ExxonMobil Holdings Corp

ExxonMobil is one of the five large-cap stocks held in the portfolio, alongside Chevron, BP, Shell, and TotalEnergies. The portfolio's integrated and similar stock exposure is comprised of a mix of mid-cap, mid/large-cap, and large-cap stocks, with ExxonMobil representing 5.3% of the NAV. The median PE ratio of this group was 9.1x 2026 earnings, indicating a valuation context for ExxonMobil within the broader portfolio.

ExxonMobil is one of the five large-cap stocks held in the portfolio, alongside Chevron, BP, Shell, and TotalEnergies. The portfolio at the end of July 2026 shows ExxonMobil with a P/E ratio of 20.0x for 2025, decreasing to 13.3x for 2026. This indicates a valuation that is being monitored as part of the overall energy sector exposure.

ExxonMobil, as the largest private oil producer in the world, directly benefits from the events in the Persian Gulf. Higher oil prices will drive bumper earnings and cash flows, but that is not the only thing Exxon has going for it. Exxon’s robust production growth from low-cost basins will propel volume increases and margin expansion through the end of the decade. We have modestly trimmed our position as the stock has soared, but we maintain a significant investment in the company.

The letter mentions Exxon Mobil Corp as one of the strongest performers in the quarter, but does not provide a specific argument for its future performance or valuation. The manager notes a transition from XOM to COP but continues to hold XOM as it is viewed as attractively valued relative to peers.

Exxon Mobil Corp stands as a leader in the integrated energy sector, with a robust business model that spans the entire value chain from exploration to production and manufacturing. The company's Upstream portfolio is focused on low-cost, high-quality assets, particularly in the Permian Basin and Stabroek Block, which are crucial for production growth and cash flow generation. Exxon maintains a disciplined approach to capital allocation, prioritizing high-return projects and delivering strong free cash flow, which supports its commitment to shareholder returns through dividends and share repurchases. Additionally, Exxon is strategically investing in low-carbon technologies, positioning itself for future growth while addressing the energy transition.

Exxon Mobil Corp stands as a leader in the integrated energy sector, with a robust business model that spans the entire value chain from exploration to production and refining. The company's Upstream portfolio is focused on low-cost, high-quality assets, particularly in the Permian Basin and offshore Guyana, which are crucial for production growth and cash flow generation. Exxon maintains a disciplined approach to capital allocation, prioritizing high-return projects and delivering strong free cash flow, which supports its commitment to shareholder returns through dividends and share repurchases. Additionally, Exxon is strategically investing in low-carbon technologies, positioning itself for future growth while addressing the energy transition.