| Metric | Details |
|---|---|
| Parent Company | Exxon Mobil Corporation |
| S&P / Moody’s Rating | AA‑ / Aa2 |
| Investment Grade Status | HIGH GRADE |
| Sector | Energy / Convenience & Gas |
| US Branded Sites | ~11,000 (Exxon and Mobil branded) |
| Cap Rate Range | 5.0–6.0% |
| Typical Lease Term | 10–20 years (NNN / Ground Lease) |
| Guarantee Type | Corporate (ExxonMobil Oil Corp.) or Dealer |
| Stock Ticker | XOM (NYSE) |
| Annual Revenue | ~$398B (FY2024) |
| Typical Price Range | $2,500,000–$7,000,000 |
ExxonMobil Business Overview & NNN Investment Profile
Exxon Mobil Corporation is one of the world’s largest publicly traded energy companies by market capitalization and revenue, operating across oil and gas exploration, production, refining, chemicals, and retail fuel marketing. In the United States, ExxonMobil markets fuel under both the Exxon and Mobil brands across approximately 11,000 branded retail sites — the largest branded fuel network of any major oil company in the country. S&P affirmed ExxonMobil’s AA‑ rating with stable outlook in September 2024, and Moody’s maintained Aa2 with stable outlook, placing ExxonMobil alongside Chevron at the top of the investment grade fuel sector.
ExxonMobil’s 2024 acquisition of Pioneer Natural Resources for approximately $60 billion significantly expanded its Permian Basin footprint and reinforced the cash flow generation capacity that supports its high-grade credit profile. This scale increase strengthens the already robust credit case for ExxonMobil-guaranteed NNN leases.
ExxonMobil Credit Rating Analysis
ExxonMobil’s credit strength reflects its massive scale as a fully integrated energy company, its low-cost Permian Basin and Guyana production base, and a management philosophy that has prioritized balance sheet resilience through commodity cycles. The Pioneer acquisition added over 1.3 million net acres in the Permian and is expected to generate over $2 billion in annual synergies, further strengthening the cash flow foundation that supports the AA‑ rating.
Investors should independently verify current ratings prior to acquisition and confirm that the specific lease under consideration carries a direct ExxonMobil Oil Corporation corporate guarantee rather than a dealer or distributor guarantee. High-grade investment ratings at AA‑/Aa2 represent strong capacity to honor financial commitments through commodity and economic cycles.
ExxonMobil NNN Lease Structure
ExxonMobil NNN and ground leases on corporate-operated sites carry 10 to 20 year initial terms structured as NNN or absolute ground leases. As with all major oil company fuel properties, the ground lease structure is particularly attractive, as ExxonMobil owns all improvements and assumes full environmental compliance responsibility — eliminating the landlord’s exposure to underground storage tank liability, which is a critical risk management consideration for fuel property investors.
Rent escalations are typically 1.0% to 2.0% annually or periodic bumps at option renewal periods. The critical underwriting step is confirming the guarantor entity as ExxonMobil Oil Corporation versus an independent branded dealer, as these represent materially different credit quality and risk profiles.
ExxonMobil NNN Cap Rate & Pricing Trends
ExxonMobil corporate-guaranteed NNN and ground lease properties trade at cap rates between 5.0% and 6.0% as of Q1 2026, consistent with Chevron given their equivalent AA‑/Aa2 ratings. Corporate ground leases at premium high-traffic locations transact at 5.0% to 5.25%. Dealer-operated Exxon or Mobil branded sites carry wider spreads reflecting the individual dealer credit rather than ExxonMobil’s corporate rating.
Typical acquisition prices range from $2,500,000 to $7,000,000, making these accessible for individual investors and ideal for 1031 exchange buyers seeking maximum credit quality with passive income structure. ExxonMobil properties in California, Texas, and the Northeast command premium pricing given the company’s strong brand presence in those markets.
ExxonMobil Real Estate Footprint
ExxonMobil operates approximately 11,000 US branded retail sites under the Exxon and Mobil brands — the largest branded fuel retail network in the country. The Exxon brand has historically been stronger in the Northeast and Southeast, while Mobil dominates the West Coast and Midwest following the 1999 merger. On-the-Run convenience stores operate at many ExxonMobil corporate locations, providing incremental c-store revenue alongside fuel sales.
ExxonMobil Growth & Expansion Outlook
ExxonMobil’s capital allocation strategy prioritizes upstream production growth through the Permian Basin and Guyana, where the company’s low-cost assets generate strong returns across a wide range of oil prices. The Pioneer acquisition positions ExxonMobil to grow Permian output to 2.3 million barrels per day by 2030, materially strengthening the cash flow engine that supports both the AA‑ credit rating and dividend growth commitments.
On the retail side, ExxonMobil has been selectively rationalizing its owned corporate network while maintaining the branded dealer footprint. The company’s EV charging investments under the Mobil brand at select locations reflect a measured approach to fleet transition without disrupting core fuel retail economics.
ExxonMobil NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| AA‑/Aa2 high-grade credit — world’s largest energy company | Corporate vs. dealer guarantee is critical to verify |
| Pioneer acquisition strengthened Permian cash flow base | Environmental liability requires standard fuel property diligence |
| Largest branded US fuel network (~11,000 sites) | Tight cap rates (5–6%) mean lower current yield vs. lower-rated tenants |
| Ground lease eliminates structural and environmental landlord exposure | Long-term EV transition creates secular demand uncertainty |
Comparable NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| Chevron | AA‑ / Aa2 | 5.0–6.0% |
| BP / AMOCO | A‑ / A2 | 5.0–6.5% |
| 7-Eleven | A / Baa2 | 5.0–6.0% |
What is ExxonMobil’s credit rating?
ExxonMobil Corporation carries an AA‑ rating from S&P (affirmed September 2024, stable outlook) and Aa2 from Moody’s (affirmed May 2024, stable outlook). This high-grade profile places ExxonMobil among the most creditworthy NNN tenants available in the US market.
What cap rates are ExxonMobil NNN properties trading at?
ExxonMobil corporate-guaranteed NNN and ground leases trade between 5.0% and 6.0% as of Q1 2026. Corporate ground leases at high-traffic premium locations transact at 5.0–5.25%. Dealer-operated branded sites carry wider spreads.
Is ExxonMobil a good NNN investment?
Corporate-guaranteed ExxonMobil NNN and ground leases represent among the highest credit quality available in any NNN sector. The AA‑ rating, ground lease structure eliminating environmental liability, and passive income profile make these highly sought assets. The primary due diligence steps are confirming the corporate guarantee and conducting standard fuel property environmental review.
What is the difference between Exxon and Mobil NNN properties?
Exxon and Mobil are both owned by Exxon Mobil Corporation and backed by ExxonMobil Oil Corporation where the lease is directly guaranteed. The brands have different geographic strengths — Exxon is stronger in the Northeast and Southeast, Mobil on the West Coast — but both represent equivalent credit quality under a corporate guarantee.
Convenience store and fuel station properties carry significant accelerated depreciation potential. Under IRS rules, qualifying gas station and c-store buildings can be classified as 15-year property rather than 39-year, making the entire structure eligible for 100% bonus depreciation in Year 1. Underground storage tanks, fuel dispensing systems, canopy structures, and refrigeration equipment add further reclassification value. See our full analysis: Gas Station and C-Store NNN Bonus Depreciation Guide.
The Only ExxonMobil NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker pays the cooperating commission. That means you get a dedicated ExxonMobil NNN advisor handling sourcing, underwriting, financing, and closing — and on the majority of transactions, there is no separate fee to you as the buyer.
Find It — Corporate-guaranteed Exxon and Mobil NNN and ground leases sourced and verified before you spend due diligence dollars.
Fund It — Life companies compete aggressively for AA‑ energy credit. We deliver the best terms available.
Exit It — Selling an ExxonMobil asset through a 1031? Deep institutional demand for high-grade energy credit. We run a quiet, targeted process.
Not committed to ExxonMobil? Tell us your criteria — the tenant is a variable. Your criteria is the constant.
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Related NNN Tenants
Own a Exxon / Mobil Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Exxon / Mobil NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Exxon / Mobil NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Exxon / Mobil properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Exxon / Mobil portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Exxon / Mobil buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
