Key Takeaways XOM's upstream earnings are under pressure due to a more than 7% drop in WTI crude prices this year. Despite falling oil prices, XOM's low-cost Permian operations help shield it from outright upstream losses. XOM trades at a 6.65X EV/EBITDA, higher than the industry average, with shares up 1.5% year to date.Exxon Mobil Corporation (XOM) generates a significant portion of its earnings from the upstream business, which is positively correlated with oil prices. Given that the price of West Texa ...