ExxonMobil's bellwether status in the energy space, optimal integrated capital structure that has historically produced industry-leading returns and management's track record of capex discipline across the commodity price cycle make it a relatively lower-risk energy sector play.

The company's upstream portfolio has not generated much production growth in 2019 and the trend isn't expected to change at least in the near term. It nevertheless owns some of the most prolific upstream assets globally. Other aspects of the company's story include the largest global refining operations, substantial chemicals assets and a dividend history and credit profile that are second to none in the space.

As compared to other energy giants, ExxonMobil's capital spending discipline is quite aggressive. The company has a plan in place to allocate significant proportion of its budget to key oil and gas projects that include offshore Guyana resources and Permian - the most prolific shale play in the United States.

Needless to say, the company's business perspective looks different from most peers since big oil rivals have pledged to lower carbon emissions to tackle climate change.

To improve the efficiency of operations, the company formed ExxonMobil Product Solutions combining the Downstream and Chemical businesses. It also centralized Technology & Engineering and Operations & Sustainability groups to capture the benefits of technology, scale and integration. The compan changed its segment reporting to reflect the new structure.

ExxonMobil divides its operations into three main segments: Upstream (exploration & production), Downstream (refining) and Chemical (manufacturing & marketing petrochemicals). In 2021, Upstream and Downstream units generated a profit of $15.8 billion and $2.1 billion, respectively. The Chemical segment generated a profit of $7.8 billion in 2021..