Why ExxonMobil Stock Tumbled Nearly 10% in 2023

Shares of ExxonMobil (XOM 1.30%) slumped 9.4% in 2023, according to data provided by S&P Global Market Intelligence. Because of that, the oil giant significantly underperformed the S&P 500, which rallied 24.2% in 2023. The main factor weighing on the oil stock was slumping crude oil prices. ExxonMobil tried to capitalize on that situation by going on a shopping spree. Going shoppingOil and gas prices cooled off last year. Crude oil was down about 10% on the year, marking its first decline since the pandemic ...