LSV Asset Management reduced its stake in ExxonMobil Corporation (NYSE: XOM) by 2.3% during the fourth quarter of 2025, according to the firm’s most recent Form 13F disclosure filed with the Securities and Exchange Commission.
The Chicago-based institutional investor sold 48,340 shares of the oil and gas giant during the period, leaving it with a remaining position of 2,090,919 shares in NYSE: XOM.
LSV Asset Management is a quantitative value investing firm, backed in part by SEI Investments Company, which manages assets across global equity markets using systematic, model-driven approaches to identify undervalued securities.
The trimming of the XOM position reflects a modest reduction rather than a material exit, with the firm retaining a holding of over two million shares, indicating continued institutional confidence in the energy major at the broad level.
ExxonMobil is one of the world’s largest publicly traded integrated energy companies, operating across upstream exploration and production, downstream refining and fuels, chemicals, and speciality products, with assets spanning the United States, Guyana, the Permian Basin, and internationally.
The company reported first-quarter 2026 earnings of $4.2 billion, or $1.00 per diluted share, on May 1, a decline from $7.7 billion in the same period a year earlier, with the shortfall attributed primarily to disruptions from the ongoing US-Iran conflict and the effective closure of the Strait of Hormuz to normal commercial shipping.
Excluding identified items and unfavourable estimated timing effects tied to derivative settlements, ExxonMobil’s adjusted earnings were considerably stronger at $8.8 billion, or $2.09 per share, beating the consensus estimate of $0.98 per share on an adjusted basis.
Revenue of $85.14 billion for the quarter also exceeded analyst expectations of $81.13 billion, with the company noting that roughly 15% of its global output has been affected by Middle East supply disruption.
Despite the headline earnings decline, ExxonMobil returned $9.2 billion to shareholders in the first quarter through a combination of $4.3 billion in dividends and $4.9 billion in share repurchases, maintaining a pace consistent with its previously announced capital return programme.
The company declared a second-quarter 2026 dividend of $1.03 per share, payable on June 10, 2026, with a record date of May 15, providing income-focused investors with a continued distribution even as upstream earnings face geopolitical headwinds.
ExxonMobil reported cumulative structural cost savings of $15.6 billion since 2019, including $0.6 billion achieved in the first quarter of 2026, highlighting the operational efficiency programme that management has positioned as a buffer against commodity price cycles.
The company also logged record production in Guyana during the quarter and commenced first LNG output at Golden Pass Train 1, two milestones that analysts have identified as supporting the medium-term earnings case for XOM.
UBS maintained a buy rating on NYSE: XOM following the results and raised its price target to $174 from $171, implying upside of over 10% from levels seen in mid-May, with the bank citing the company’s Guyana and Permian assets as structural advantages in a disrupted energy market.
Institutional investors collectively own approximately 61.8% of ExxonMobil’s outstanding shares, reflecting the stock’s entrenched position in pension, endowment, and wealth management portfolios globally, with LSV’s Q4 trim representing a routine portfolio adjustment rather than a directional shift in sentiment toward the company.
