Why Exxon Mobil Stock Just Hit a New 52-Week High While Oil Prices Tanked 20%

Rich Duprey

Exxon Mobil (NYSE:XOM) shares reached a new 52-week high yesterday, closing amid a resurgence in investor confidence. In April, the oil and gas giant succumbed to significant pressure after President Trump's sweeping tariff announcements triggered a sharp decline in the market as a whole, and in oil prices specifically, sending Brent and West Texas Intermediate (WTI) crude plunging over 15% to multi-year lows. This led Exxon Mobil shares to drop 16%, hitting an intraday 52-week low of $97.80 per share.

However, the stock has staged a steady recovery over the ensuing eight months, climbing consistently despite ongoing volatility in commodity prices. Yesterday's close positions Exxon stock just 4% below its all-time high of $126.34 per share reached in October 2024, but the question is, should investors buy this oil and gas giant today?

Why XOM Is Rising as Oil Prices Plunge

WTI crude oil prices have fallen nearly 20% year-to-date in 2025, hovering around $58 per barrel as the year comes to a close during global oversupply concerns and economic slowdown fears tied to trade tensions. Some of the factors weighing on oil include abundant supply from non-OPEC producers, OPEC+ production increases, and softer demand expectations from potential recession risks. Despite this headwind, Exxon Mobil's stock has gained ground, supported by its integrated business model that extends beyond upstream production.

Moreover, natural gas prices at Henry Hub have shown exceptional strength, with spot prices averaging higher this winter due to cold snaps and rising liquefied natural gas (LNG) export demand, providing a partial offset. AI data centers are also providing a tailwind because of the technology's insatiable appetite for more energy.

In short, Exxon Mobil is benefiting from its diversified operations across the full energy value chain.

Here Is What Fuels Exxon's Resilience

Exxon Mobil operates through upstream (exploration and production), energy products (refining and marketing, formerly its downstream segment), and chemical products. In 2024, total revenue reached $349.6 billion, with the upstream business delivering $25.4 billion in earnings -- the largest contributor -- driven by high-margin assets in the Permian Basin and Guyana.