Exxon / Mobil Credit Rating & NNN Cap Rate

ExxonMobil Business Overview & NNN Investment Profile

ExxonMobil, whose publicly traded parent has been ExxonMobil Holdings Corporation (a Texas corporation) since July 1, 2026, reports Upstream, Energy Products, Chemical Products and Specialty Products segments (2025 Form 10-K). In the United States, ExxonMobil reported 10,206 retail fuel sites at year-end 2025, in its distributor and reseller category, with none owned or leased by ExxonMobil (2025 Form 10-K). The pricing term sheet for notes Exxon Mobil Corporation priced on September 23, 2026 listed anticipated Moody’s and S&P ratings, and the term sheet for notes Chevron U.S.A. Inc. priced on December 4, 2025, guaranteed by Chevron Corporation, listed the same grades as expected ratings. Neither term sheet states an outlook or a final rating.

ExxonMobil completed its all-stock acquisition of Pioneer Natural Resources on May 3, 2024. The deal was valued at $59.5 billion when announced in October 2023; at closing ExxonMobil issued 545 million shares with a fair value of $63 billion and assumed about $5 billion of debt. The acquisition significantly expanded its Permian Basin position. ExxonMobil’s ratings support a station lease only if the rated legal entity, such as Exxon Mobil Corporation, is itself the tenant or has signed an enforceable guarantee of that lease, and then only within the guarantee’s terms and limits; affiliation or branding alone does not carry the rating.

ExxonMobil Credit Rating Analysis

Rating dates and sources: S&P Global Ratings AA-, as of June 3, 2026; Moody’s Aa2, as of October 8, 2026. Ratings checked October 8, 2026. The September 23, 2026 pricing term sheet for Exxon Mobil Corporation floating rate notes due 2076, guaranteed by ExxonMobil Holdings Corporation, lists anticipated Moody’s and S&P ratings for those notes; anticipated ratings are not final rating actions.

The Pioneer acquisition combined Pioneer’s more than 850,000 net acres in the Midland Basin with ExxonMobil’s 570,000 net acres in the Delaware and Midland Basins, according to the October 2023 merger announcement.

Investors should verify current ratings and confirm who signs and guarantees the lease. ExxonMobil reported no company-owned or leased U.S. retail fuel sites at year-end 2025, but that does not show who the tenant of a given station is or whether a guarantee exists. The Exxon or Mobil brand alone does not establish ExxonMobil support for the rent, so require the executed lease and any guaranty. Agency ratings describe the rated entity, not a station operator; see our investment grade credit tenant ratings.

ExxonMobil NNN Lease Structure

ExxonMobil reported no owned or leased U.S. retail fuel sites at year-end 2025; its 10,206 U.S. sites were in its distributor and reseller category (2025 Form 10-K). Lease terms, rent increases and environmental obligations on a branded station are set by that property’s lease, so review them property by property. A lease covenant allocates responsibility between the parties but does not make a landowner immune from statutory or third-party environmental liability, so fuel property buyers still need Phase I and, where warranted, Phase II environmental work, plus review of indemnities and insurance.

A critical underwriting step is identifying the tenant and any guarantor and reviewing their financial strength, because the Exxon or Mobil brand on a station does not by itself establish an ExxonMobil lease guarantee.

ExxonMobil NNN Cap Rate & Pricing Trends

Median asking cap rates in the listings InvestmentGrade.com tracks, for Exxon / Mobil and, where at least three listings exist, other fuel and convenience brands. These are asking figures, not closed sales. Cap rates are as stated in, or calculated from the price and income stated in, each offering; listings are grouped by the brand in the offering, which can include co-branded sites, so confirm each property’s tenant, lease and the interest being sold.

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: BP.

Price a branded site on the actual tenant’s and any guarantor’s credit, the lease and the real estate. ExxonMobil’s corporate rating is relevant only if the rated entity is contractually obligated on that lease.

ExxonMobil Real Estate Footprint

ExxonMobil reported 10,206 U.S. retail fuel sites at year-end 2025, none owned or leased by ExxonMobil (2025 Form 10-K). Who runs any convenience store at a branded site, and who signs the lease, must be confirmed property by property.

ExxonMobil Growth & Expansion Outlook

At the October 2023 announcement, ExxonMobil said the Pioneer deal would more than double its Permian production to 1.3 million oil-equivalent barrels per day (based on 2023 volumes) and expected about 2 million oil-equivalent barrels per day in 2027.

On the retail side, ExxonMobil reported its U.S. retail fuel sites in its distributor and reseller category rather than as owned or leased sites (2025 Form 10-K).

ExxonMobil NNN Investment: Pros & Cons

Comparable NNN Tenants