Exxon Was Booted From the Dow in 2020. Since Then, It Has Nearly Doubled the S&P 500's Return

June 7, 2026 - 19:38

Ten years ago, Exxon Mobil was an aging supermajor coasting on legacy assets and a sleepy dividend. The decade that followed was brutal before it got good. CEO Darren Woods kicked off a transformation in 2018 built around advantaged barrels, cost cuts, and capital discipline. Then came the pandemic, which gutted crude demand and sent the stock into a tailspin. In August 2020, Exxon was removed from the Dow Jones Industrial Average, a symbolic blow that seemed to confirm the oil giant had lost its place among America's blue chips.

But the story did not end there. Since being kicked out of the Dow, Exxon has delivered a total return that nearly doubles the S&P 500 over the same period. The company doubled down on its core strengths, slashed operating costs by billions, and focused on high-margin projects in the Permian Basin and Guyana. When oil prices rebounded faster than most analysts expected, Exxon was leaner and more efficient than it had been in years.

The result has been a remarkable comeback. While the broader market posted solid gains, Exxon's disciplined strategy and rising cash flows pushed its stock far ahead. The company also restored its reputation with investors by boosting dividends and buying back shares. Today, Exxon is worth more than it was before the pandemic, and its post-Dow performance stands as one of the most dramatic turnarounds in recent market history.