Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>ExxonMobil has outperformed Chevron through larger scale, stronger execution, and diversified earnings, turning operational advantages into consistently higher profits and cash flows.</li>
<li>Despite Chevron’s lower breakeven costs, ExxonMobil continues to lead through faster growth, better project execution, stronger downstream earnings, and ownership of some of the industry’s most profitable assets.</li>
<li>The contrasting outcomes of Exxon’s Pioneer acquisition and Chevron’s delayed Hess deal highlight how execution, integration speed, and operational control have widened the gap between the two companies.</li>
</ul>


ExxonMobil has outperformed Chevron through larger scale, stronger execution, and diversified earnings, turning operational advantages into consistently higher profits and cash flows.
Despite Chevron’s lower breakeven costs, ExxonMobil continues to lead through faster growth, better project execution, stronger downstream earnings, and ownership of some of the industry’s most profitable assets.
The contrasting outcomes of Exxon’s Pioneer acquisition and Chevron’s delayed Hess deal highlight how execution, integration speed, and operational control have widened the gap between the two companies.


Why ExxonMobil Leads Despite Chevron’s Lower Breakeven

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Several cargoes of Group II base oils loaded from Taiwan at end-August and early September, with all of them heading to Southeast Asia and one likely bound for India.</li><li>A cargo of Group II base oils loaded from Taiwan in late July was set to reach East Coast South America at the end of this week.</li><li>Singapore took delivery of more base oils from the Netherlands, adding to a shipment from the same country last week.</li></ul>

Several cargoes of Group II base oils loaded from Taiwan at end-August and early September, with all of them heading to Southeast Asia and one likely bound for India.A cargo of Group II base oils loaded from Taiwan in late July was set to reach East Coast South America at the end of this week.Singapore took delivery of more base oils from the Netherlands, adding to a shipment from the same country last week.

Global Base Oils Cargo Flows: Week To 11 September

<ul><li>The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave less supply available to absorb further disruptions</li></ul><ul><li>The base oils market is approaching the fourth quarter with less surplus than usual, after the third-quarter slowdown failed to produce the usual supply build.</li><li>China and India are putting more pressure on available barrels, with China's Group II balance tightening as India's demand extends its recovery.</li></ul>

The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave less supply available to absorb further disruptionsThe base oils market is approaching the fourth quarter with less surplus than usual, after the third-quarter slowdown failed to produce the usual supply build.China and India are putting more pressure on available barrels, with China's Group II balance tightening as India's demand extends its recovery.

Base Oils and Lubricants: Weekly Global Market Review - 11 Sep '26

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>ExxonMobil reported operational resilience and financial improvement in the first quarter of 2026 amid significant global disruptions, including the ongoing conflict in the Middle East and other geopolitical and weather-related challenges.</li><li>The company highlighted the resilience of its integrated global portfolio, which allowed it to maintain strong production levels and supply reliability despite external pressures such as the closure of the Strait of Hormuz and damage to certain facilities.</li><li>Operationally, ExxonMobil achieved year-over-year production growth driven by its Permian Basin and Guyana assets, while the newly commissioned Golden Pass LNG facility reached first LNG export in March, contributing to the company’s expanding LNG footprint.</li></ul>

ExxonMobil reported operational resilience and financial improvement in the first quarter of 2026 amid significant global disruptions, including the ongoing conflict in the Middle East and other geopolitical and weather-related challenges.The company highlighted the resilience of its integrated global portfolio, which allowed it to maintain strong production levels and supply reliability despite external pressures such as the closure of the Strait of Hormuz and damage to certain facilities.Operationally, ExxonMobil achieved year-over-year production growth driven by its Permian Basin and Guyana assets, while the newly commissioned Golden Pass LNG facility reached first LNG export in March, contributing to the company’s expanding LNG footprint.

Exxon Mobil: The Deep Portfolio Strategy Driving Resilience Across Oil, LNG, & Low-Carbon Energy!

<ul><li>Demand across the Americas rose 4%, as a rebound in US consumption offset a 7% drop in Latin America.</li><li>Europe's lubricants demand fell 4% in June, a second straight monthly decline, after rising for three straight months to April.</li><li>Asia's lubricants demand outside China fell 2% in June, a second straight monthly decline.</li></ul>

Demand across the Americas rose 4%, as a rebound in US consumption offset a 7% drop in Latin America.Europe's lubricants demand fell 4% in June, a second straight monthly decline, after rising for three straight months to April.Asia's lubricants demand outside China fell 2% in June, a second straight monthly decline.

Global Base Oils Supply Surplus Shrinks In June

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

Why ExxonMobil Leads Despite Chevron’s Lower Breakeven

ExxonMobil's operational advantages and diversified earnings have allowed them to consistently outperform Chevron in profits and cash flows,...

Mint Finance

Global Base Oils Cargo Flows: Week To 11 September

Several cargoes of Group II base oils loaded from Taiwan at end-August and early September, with all of them heading to Southeast Asia and one...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 11 Sep '26

The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave...

Base Oil News

Exxon Mobil: The Deep Portfolio Strategy Driving Resilience Across Oil, LNG, & Low-Carbon Energy!

ExxonMobil reported operational resilience and financial improvement in the first quarter of 2026 amid significant global disruptions, including...

Baptista Research

Global Base Oils Supply Surplus Shrinks In June

Demand across the Americas rose 4%, as a rebound in US consumption offset a 7% drop in Latin America. Europe's lubricants demand fell 4% in June,...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Why ExxonMobil Leads Despite Chevron’s Lower Breakeven

​ExxonMobil's operational advantages and diversified earnings have allowed them to consistently outperform Chevron in profits and cash flows,...

Mint Finance

Global Base Oils Cargo Flows: Week To 11 September

Several cargoes of Group II base oils loaded from Taiwan at end-August and early September, with all of them heading to Southeast Asia and one...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 11 Sep '26

The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave...

Base Oil News

Exxon Mobil: The Deep Portfolio Strategy Driving Resilience Across Oil, LNG, & Low-Carbon Energy!

ExxonMobil reported operational resilience and financial improvement in the first quarter of 2026 amid significant global disruptions, including...

Baptista Research

Global Base Oils Supply Surplus Shrinks In June

Demand across the Americas rose 4%, as a rebound in US consumption offset a 7% drop in Latin America. Europe's lubricants demand fell 4% in June,...

Base Oil News

ExxonMobil's operational advantages and diversified earnings have allowed them to consistently outperform Chevron in profits and cash flows,...