ExxonMobil's R&D costs 2001-2023
ExxonMobil spent 879 million U.S. dollars on research and development in 2023. This was an increase compared to the previous year, when spending amounted to 824 million U.S. dollars. Research and development expenditure in the oil and gas industry is not as high as in some other major industries. For example, the chemical industry spends around three percent of its revenue for R&D purposes. Pharmaceutical companies spend even more – often between 15 and 20 percent. Meanwhile, ExxonMobil's revenue was roughly 344.6 billion U.S. dollars in 2023, a value much higher than its R&D spending. However, exploration expenses are often counted separately, which are usually greater than R&D costs.
ExxonMobil is also continuously counted among the largest oil and gas companies worldwide based on market capitalization. Among its competitors are Chevron, which was similarly born of the Standard Oil dissolution, European majors such as Shell and BP, and state-owned giants like Saudi Arabia's Saudi Aramco and China's Sinopec.
ExxonMobil: key facts
ExxonMobil is a U.S. oil and gas corporation, headquartered in Irving, Texas. It was formed in 1999 through the merger of Exxon and Mobil. The company traces its roots back to John D. Rockefeller’s Standard Oil Company, which was founded in 1870 and dissolved in 1911. Today, ExxonMobil is one of the largest companies in the world.ExxonMobil is also continuously counted among the largest oil and gas companies worldwide based on market capitalization. Among its competitors are Chevron, which was similarly born of the Standard Oil dissolution, European majors such as Shell and BP, and state-owned giants like Saudi Arabia's Saudi Aramco and China's Sinopec.
