Shares of ExxonMobil (NYSE: XOM) 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.

Oil and gas prices cooled off last year. Crude oil was down about 10% on the year, marking its first decline since the pandemic. Meanwhile, natural gas prices slumped over 40% as the market adjusted to changes caused by Russia's invasion of Ukraine.

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Source Fool.com