Ep 10  |  The Business Acumen Podcast

How to Sell with Business Acumen: ExxonMobil Case Study

Show Notes

Brent Barclay, Chief Operating Officer of Acumen Learning, joins host Stephen Cope on the Business Acumen Podcast to break down how sales professionals can effectively sell into energy giant ExxonMobil using the core principles from Business Acumen for Sales Success.

Rather than focusing on product features, the episode explores how sellers can analyze ExxonMobil's financial drivers, navigate its corporate restructuring, and tailor solutions to address the priorities of procurement, engineering, and operations leaders. Brent shares insights on how to leverage business research to ask high-impact questions, avoid costly assumptions, and position yourself as a trusted business partner.

Key Takeaways for Leaders

1.  Navigating ExxonMobil's Global Operations Restructuring 

Sellers must adapt to ExxonMobil's shift from a decentralized, regional sales model to a centralized global operations organization. This structural change aims to create global efficiencies and cross-regional synergies. Additionally, suppliers should keep in mind ExxonMobil's "design once, build many times" philosophy, ensuring that solutions pitched in one region can be scaled and applied across various global geographies. 

2.  Aligning with the $20 Billion Structural Cost Reduction Goal

ExxonMobil is actively executing a massive $20 billion structural cost reduction initiative running from 2024 to 2030, having already achieved over $16 billion in savings. Rather than cutting prices, successful sellers must demonstrate how their products or services drive operational efficiency, enabling ExxonMobil to produce higher output at lower costs or expand volume with minimal incremental spend. 

3.  Balancing Asset Utilization and "Value over Volume"

ExxonMobil heavily prioritizes its growth and asset drivers, focusing on adapting its global asset base to market and geopolitical shifts. Under its CEO's strategy of favoring "value over volume," the company allocates refining and production capacity toward high-demand, high-margin products like diesel. Sellers who can help increase asset productivity through technology and AI directly contribute to ExxonMobil's massive cash flow generation. rs. 

4.  Engaging Key Buyer Stakeholders

Different stakeholder groups within ExxonMobil require distinct value propositions:

• Procurement: Focuses on value and structural cost reduction, but will lock in long-term supply commitments early if supply chain constraints exist and the vendor has proven global scale.
• Engineering: Focuses on technological innovation, AI integration, and discovering ways to boost production while lowering operational expenses.
• Operations & Project Managers: Focus on local execution and meeting structural cost targets. They need compelling business cases that prove a vendor's solution can deliver higher operational volume without ballooning costs.

5.  Verifying Assumptions to Become a Trusted Advisor

A common mistake among sales professionals is relying on research or AI tools to make unverified assumptions about a client's needs. Sellers should use corporate financial data to frame clarifying questions that confirm the buyer's exact operational bottlenecks. Validating priorities before pitching transforms a vendor into a trusted business advisor. 

Featured Tools & Resources

• Business Acumen for Sales Success
  

  Explore Kevin Cope and Ben Cook's guide designed specifically for sales professionals looking to move beyond product pitching and connect with executive buyers as trusted business advisors.

• Acumen Intelligence AI Platform
  

  Fill out the waiting list form to get early access to Acumen Learning's specialized AI tool designed to automate company research, synthesize earnings calls, and generate strategic call plans for salespeople. 
  

• Monthly Earnings Call Breakdown Webinars
  Join Brent Barclay every month as he takes a live, real-time look at a major publicly traded company's earnings transcript to decode their financial strategy.
  

Additional podcast platforms

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How to Sell Using Business Acumen: An ExxonMobil Case Study

Host: Stephen H. Covey; Guests: Brent Barclay (COO of Acumen Learning)

Stephen (Host): 

Welcome back to the Business Acumen Podcast. One of the central ideas in our book, Business Acumen for Sales Success, is that top salespeople don't begin with their own product. Instead, they begin by trying to understand their customer's business. They learn how the company makes money, understand what executives are focused on, and identify the challenges leaders are trying to solve. Only then do they connect their solutions to those business priorities.

Today, we are going to apply that exact process to another real company. I am joined again by Brent Barclay, who recently led our earnings call debrief on ExxonMobil. Rather than simply discussing the earnings call, we are going to answer a practical question: if you were trying to sell into ExxonMobil today, what would you need to know? Brent, thanks for joining me again.

Brent Barclay:

It is always good to be with you, Stephen. I love the chance to take a deeper dive into how to think about this from a sales perspective, because things are changing and challenges exist, but there are also great opportunities in front of them. I am looking forward to this discussion.

Stephen:

Absolutely. Again, our purpose today is to take fifteen or twenty minutes to walk through this process. It is not meant to be comprehensive, but rather an application of our model for becoming a trusted advisor as a salesperson. Brent, before a seller ever talks about their solution, our book teaches that they first need to understand the customer's business. Based on ExxonMobil's latest earnings call and what you understand about them, what does a seller need to understand about ExxonMobil today?

Brent Barclay:

First of all, the basics include knowing where they are located, what their financial strategies are, and what they are focused on as an organization. Beyond that, the most recent earnings call highlighted several key points.

The primary takeaway is the shift from a regional sell to a global sell. In the last quarter, they focused on bringing their regional operations under one roof. They had previously been decentralized into different regions where you could sell to them on a standalone basis. Now, they see opportunities to bring operations under a centralized model to capture synergies in cost and efficiency, taking what works in one group and applying it to another region of the world. While regional differences still exist, sellers must recognize that ExxonMobil operates as a global organization. They have thirty-one thousand employees across one hundred fifty sites in forty-eight countries, all coming together to create internal synergies.

Another key point is their structural cost savings initiative. They have a major target to reduce costs by twenty billion dollars between 2024 and 2030, and they are currently at sixteen point three billion. As a salesperson, this does not mean you simply reduce your price. Instead, you must understand how your product or service helps them run more efficiently, driving greater cost reduction or helping them produce more output for every dollar spent.

This leads directly into their digital emphasis, where there is significant discussion about how AI is helping them manage that structural cost reduction.

Finally, they emphasize the concept of designing once and building many times. Because their operations are uniting, sellers should think about how a solution used in one geography can be structured to apply across different regions and opportunities within the organization. Those are the main elements that stand out.

Stephen:

That is well said, Brent. The next step in our process is looking at their business through the lens of the five business drivers: cash, profit, assets, growth, and people. When you look at ExxonMobil today, which of those drivers stand out the most and why?

Brent Barclay:

On the most recent call, growth, assets, profit, and cash were all discussed extensively, but I emphasized growth and assets. A key factor for them is how they adapt their assets as market conditions change. They are focused on how an asset in a specific region adapts to economic and geopolitical challenges, such as developments in the Middle East or choices made by refining groups regarding which products to produce.

When refining capacity is constrained or in high demand, they look for products that create value rather than just volume. Their CEO specifically referenced favoring value over volume. This means that when constrained, they focus on producing high-demand, higher-value items for their customers. For example, they are heavily focused on producing more diesel because it has high demand and lower production costs, which yields greater profitability and cash flow. They are evaluating how to adapt their upstream and downstream assets using AI and other technologies to increase productivity and drive growth.

Adapting and efficiently utilizing assets ultimately drives record profitability and cash generation. In a single quarter, they generated approximately fourteen billion dollars in EBITDA and twenty-three billion dollars in cash flow to reinvest in their business.

Growth remains a constant focus during these calls because executives are speaking directly to investors and analysts. Even if growth is down in a given area, executives will explain how they are restructuring, reorganizing, automating, or using AI to drive future growth. The core focus remains on adapting their asset base to maximize growth.

Stephen:

After a salesperson understands the business and analyzes the five drivers, the next step is understanding the buyer. Stakeholders view the business through different lenses. If you are selling into ExxonMobil, who are the key stakeholders, and what are they likely to care about?

Brent Barclay:

Before identifying specific groups, it is important to understand their new global operations organization, which was restructured in mid-2024. Sellers should ask their existing contacts how this restructuring impacts their specific roles, business goals, and vendor relationships.

In terms of specific buyer groups, three main stakeholders stand out.

First, procurement generally looks for the highest value at the lowest cost. However, given recent supply chain challenges, procurement may be willing to secure inventory or assets upfront to lock in supply when demand is high. They evaluate the value you can create, how you drive profitability, and whether you have the available scale and resources to meet their global demand compared to smaller field service competitors.

Second, the engineering group focuses on technological innovation, discovering how to produce more at a lower cost, and integrating AI technology into operations.

Third, operations managers, project managers, and superintendents govern specific geographies. They are heavily focused on the company's structural cost reduction initiative. Rather than offering lower-priced products, sellers should demonstrate how their offering helps these managers achieve higher volume at a lower cost, or significant growth with minimal incremental expense, enabling them to build a strong internal business case.

Stephen:

That makes sense. Connecting the buyer's perspective to the final steps involves aligning your value proposition and focusing on relevant business outcomes. If you were coaching a salesperson preparing for an ExxonMobil meeting, how should they connect their solution to ExxonMobil's priorities?

Brent Barclay:

My main piece of advice is a cautionary statement: be careful with your assumptions. Research and analysis tools, including our new AI platform, provide valuable information to inform you, but you must keep a human in the loop to verify the facts.

Instead of pitching immediately based on your research, enter the meeting with clarifying questions. It is easy to generate an AI analysis, walk in, and tell an executive what you think they need, only for them to tell you that structural cost reduction is not their primary issue and that their real challenge is inventory availability.

Use global business data to guide conversations with your contact. Ask how the structural cost reduction or the design-once-build-many strategy impacts their specific group, goals, and objectives. Once you understand their specific situation, validate it by summarizing their challenge and asking if you have understood it correctly. When they confirm, you can explain how your specific product or service addresses that challenge. Combining research with active clarification ensures you act as a trusted advisor rather than just a vendor.

Stephen:

That is the ultimate goal outlined in our book: moving beyond the vendor perception to become a trusted business partner. If you were sitting across the table from an ExxonMobil executive, what would a trusted advisor sound like?

Brent Barclay:

A trusted advisor sounds entirely focused on the customer rather than themselves. They do not lead with features, advantages, and benefits. Instead, they approach the executive like a respected colleague, focusing entirely on helping them become more successful. The natural outcome of this customer-focused approach is that you secure the sale, because the client feels you truly understand their business, priorities, and challenges, and are helping them implement the right solutions.

Stephen:

That is a great summary. While these brief case studies are not fully comprehensive, they illustrate how to apply our model to an individual company. We appreciate everyone listening. If you would like to improve your ability to understand your customer's business and connect your solutions to what leaders care about, check out our book, Business Acumen for Sales Success, which is linked in the show notes. We are also releasing our Acumen Intelligence AI tool soon to help automate this analysis, and a preview link is available in the show notes. Brent, do you have any final thoughts for someone trying to sell into ExxonMobil?

Brent Barclay:

Keep learning as much as you can and focus on becoming a trusted advisor. Consistently applying these principles will build your career, grow your company, and establish valuable professional relationships. Thank you, Stephen.

Stephen:

Thank you, Brent, and thanks to everyone for listening.