Key Takeaways XOM's earnings rely heavily on upstream operations, leaving results sensitive to oil and gas price swings.XOM's 13.6% debt-to-capitalization provides flexibility to withstand downturns and pursue acquisitions.XOM trades at a 7.65X EV/EBITDA, above the industry average, with 2025 earnings estimates trending higher.Exxon Mobil Corporation (XOM) is an integrated energy giant, but generates the bulk of its earnings from its upstream operations. With a strong presence in the prolific Permian Basin ...