N O T E : S P I N E W I D T H ( X ) T O B E D E T E R M I N E D B Y P R I N T E R , T E X T T O C E N T E R O N X . S P I N E T E X T M AY N O T B E P O S S I B L E I F T H I N B O O K .
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Summary Annual Report
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(by printer)
Exxon Mobil Corporation
Corporate Headquarters
5959 Las Colinas Blvd.
Irving, Texas 75039-2298
exxonmobil.com
Summary Annual Report 002CSN61B4
Printed in U.S.A.
2015
2 To Our Shareholders
4 2015 Financial & Operating Summary
6 The Outlook for Energy
8 Operational Excellence
12 Upstream: Capital-Efficient Resource Developments
16 Upstream: Unlocking Resource Value
20 Downstream: Growing the Advantage
24 Chemical: Progressing Strategic Investments
28 Global Operations
30 Upstream
32 Downstream
34 Chemical
36 Corporate Citizenship
39 Financial Information
44 Frequently Used Terms
46 Board of Directors, Officers, and Affiliated Companies
48
Investor Information
49 General Information
COVER PHOTO: The Kizomba B floating production, storage,
and offloading (FPSO) vessel offshore Angola has a production
capacity of 270 thousand oil-equivalent barrels per day and
can store 2.2 million barrels of oil at one time.
Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are
forward-looking statements. Actual future financial and operating results, including demand growth and energy mix; capacity growth;
the impact of new technologies; capital expenditures; production growth; project plans, dates, costs, and capacities; resource additions,
production rates, and resource recoveries; efficiency gains; cost savings; and product sales could differ materially due to, for example,
changes in oil and gas prices or other market conditions affecting the oil and gas industry; reservoir performance; timely completion of
development projects; war and other political or security disturbances; changes in law or government regulation, including environmental
regulations and political sanctions; the actions of competitors and customers; unexpected technological developments; general economic
conditions, including the occurrence and duration of economic recessions; the outcome of commercial negotiations; the impact of fiscal
and commercial terms; unforeseen technical difficulties; unanticipated operational disruptions; and other factors discussed in this
report and in Item 1A of ExxonMobil’s most recent Form 10-K.
Definitions of “resources” and “resource base,” as well as certain financial and operating measures and other terms used in this report,
are contained in the section titled “Frequently Used Terms” on pages 44 and 45. In the case of financial measures, such as “Return on
Average Capital Employed” and “Free Cash Flow,” the definitions also include information required by SEC Regulation G.
“Factors Affecting Future Results” and “Frequently Used Terms” are also available on the “Investors” section of our website.
Prior years’ data have been reclassified in certain cases to conform to the 2015 presentation basis.
The term “project” as used in this publication can refer to a variety of different activities and does not necessarily have the same meaning
as in any government payment transparency reports.
1
Energy is vital for modern life. It forms the foundation for economic
prosperity: powering our homes, fueling transportation, and enabling
communities to thrive. Recent investments and technological
innovations have unlocked extensive sources of energy supply,
and development of these sources has enriched global social and
economic conditions while providing jobs for tens of thousands.
But more than one billion people still lack access to reliable and
affordable energy, meaning they live without basic essentials such as
running water and electricity. It remains incumbent upon us to
improve energy access and help eliminate poverty, while protecting
the environment for future generations.
Energy fuels global prosperity.
As the world’s population continues to grow and the middle class
expands, demand for energy will substantially increase. Further
investments and technological advances are necessary to add
new supply and improve energy efficiency, which will ultimately
enhance living conditions for all.
ExxonMobil provides industry leadership to meet the world’s growing
energy needs. We continue to innovate and selectively invest across
our integrated portfolio, creating long-term shareholder value by
increasing energy supply in a safe, affordable, and environmentally
responsible way.
To Our Shareholders
ExxonMobil creates shareholder value by providing industry leadership to meet one of the world’s greatest challenges –
supplying the energy needed to advance global economic prosperity in a safe, secure, and environmentally responsible way.
The oil and gas business is cyclical, driven by the supply-and-demand balance. Technological innovations and significant
investments have unlocked an abundance of energy supply, including North America’s unconventional resources. At the same
time, global economic growth has slowed, leading to a market that is oversupplied, resulting in today’s lower energy prices.
Yet, even in the midst of these short-term challenges, we maintain a longer-term view for our strategic decisions and
business plans, underpinned by our Outlook for Energy, an annual assessment that is shared publicly. A rising world
population and burgeoning middle class, along with anticipated economic progress, will drive 25-percent growth in energy
demand from 2014 to 2040. Fueling this global expansion will require substantial new sources of energy across all resource
types along with further advances in technology and continued capture of ever-improving energy efficiency. By improving
access to reliable and affordable energy, we can help reduce poverty and advance living standards for billions of people.
Therefore, ExxonMobil continues to innovate and selectively invest through the cycle to supply these long-term growth
markets and create value for our shareholders.
Our longer-term view also helps us meet another important aspect of the energy challenge: doing our part to minimize
impacts to the environment. ExxonMobil views climate change as a serious risk. As with every aspect of our business,
we approach these risks with the highest level of integrity and thoughtful action. ExxonMobil has studied climate change
for almost 40 years. We were among the first to seriously
study the possibility of links between the use of fossil
fuels and impacts to the environment, and we have and
continue to collaborate and share our research with
leading scientific institutions, both governmental and
nongovernmental; top universities; the United Nations;
and other public stakeholders.
opportunities in today’s challenging market.
ExxonMobil is uniquely suited to compete
balance sheet positions us to pursue new
effectively throughout the cycle, and our strong
ExxonMobil continues to support advanced research to progress climate science and develop breakthrough technologies
as well as participate in constructive dialogue on policy options with nongovernmental organizations, industry, and
policymakers. In our operations, we remain focused on increasing energy efficiency and minimizing flaring, venting,
and fugitive emissions, and we are implementing reduction technologies, such as cogeneration and carbon sequestration.
Products we produce, such as cleaner-burning natural gas, also help to reduce global emissions.
Our 2015 results demonstrate the capabilities of our world-class workforce and the resilience of our integrated businesses.
We achieved strong safety and environmental performance, reflecting an unwavering commitment to operational
excellence and effective risk management. Despite a volatile and challenging energy landscape, we delivered solid financial
results, highlighted by earnings of $16.2 billion and a return on capital employed that, while reflecting bottom-of-cycle
conditions, nonetheless consistently leads competition.
The scale and integrated nature of our cash flows along with diligent cash management provide unparalleled financial
strength, allowing us to confidently and prudently invest through the business cycle while paying a reliable and growing
dividend to our shareholders. Capital and exploration expenditures were $31.1 billion, $7.4 billion below 2014, reflecting cost
savings in a rapidly changing market, capital efficiencies, and timely completion of several major projects. By continuing our
disciplined investment programs at levels appropriate to the current environment, we capture significant savings and position
our assets for better financial performance. Shareholder distributions were $15.1 billion, in the form of dividends and share
purchases to reduce shares outstanding, and included a 5.8-percent increase in quarterly dividends per share. This marked
the 33rd consecutive year ExxonMobil has increased the dividend, further differentiating ourselves from competitors.
Our Upstream business continues to demonstrate exceptional project development capabilities. Production volumes of
4.1 million oil-equivalent barrels per day were up 3 percent from 2014, reflecting investments in new development growth.
We started up six major projects in 2015, adding nearly 300 thousand barrels per day of working interest production
capacity. These include two capital-efficient subsea tiebacks offshore West Africa – Kizomba Satellites Phase 2 in Angola
and Erha North Phase 2 in Nigeria – as well as an expansion of the Kearl oil sands development in Canada. These projects
started up ahead of schedule and on or below budget.
3
Looking forward, we continue to highgrade and selectively develop our industry-leading 91 billion oil-equivalent barrel
resource base. The size and diversity of the project inventory, along with our financial strength, provide the flexibility to
advance the most attractive investments at the right time. We plan to complete and start up 10 projects in 2016 and
2017, including the Upper Zakum 750 offshore development in the United Arab Emirates and the Hebron project offshore
energy, we can help reduce poverty and
By improving access to reliable and affordable
Canada. Our exploration program continues to add
valuable new resource development opportunities to the
resource base. Offshore Guyana, we made a significant oil
discovery with the Liza-1 exploration well. Further activities
are under way to evaluate the full resource potential of
the acreage, including the largest 3D seismic acquisition in
the Corporation’s history. We are also progressing our large inventory of short-cycle opportunities, primarily onshore United
States in the Bakken, Permian Basin, and Ardmore/Marietta unconventional plays, and have added attractive acreage.
advance living standards for billions of people.
Strong Downstream and Chemical results for the year highlight the value of our integrated business model. These businesses
play an important, counter-cyclical role in contributing to our financial commitments, generating superior returns and solid
cash flow. We are progressing strategic investments to grow our advantage, focused on improving feedstock flexibility,
increasing production of higher-value products, expanding and diversifying logistics
gressed
capabilities, and enhancing operating efficiency. In 2015, we progressed
udi Arabia
construction of a joint venture specialty elastomers facility in Saudi Arabia
also
that will produce higher-margin synthetic rubber products. We also
erlands,
announced an expansion at our Rotterdam Refinery in the Netherlands,
ies will
which is one of the most efficient sites in Europe. The new facilities will
h-quality
utilize our proprietary hydrocracking technology to produce high-quality
mand.
lube basestocks and ultra-low sulfur diesel to meet growing demand.
or
While recent market changes have created notable challenges for
ss.
our industry, they also present new opportunities for our business.
The Corporation is uniquely suited to compete effectively
throughout the cycle, and our strong balance sheet positions
us to pursue these opportunities. ExxonMobil is a proven
leader in financial performance, project execution, and
technology, and we uphold our reputation as a safe,
responsible, and reliable operator. Thanks to our strong
track record, we remain the partner of choice for many
resource owners.
As you review this year’s Summary Annual Report, you will
see how our diverse assets work together to build a resilient,
integrated business. Regardless of commodity prices, we
are relentlessly focused on the business fundamentals –
the factors we can control. Our continuous drive to
operate safely and responsibly, reduce costs, increase
productivity, highgrade assets, and maximize value –
particularly in today’s challenging environment –
has once again set us apart. ExxonMobil is well
positioned for further success, and we will continue
to deliver on our commitment to create long-term
shareholder value.
Rex W. Tillerson, Chairman and CEO
4
4
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Global Upstream Por tfolio, continued
2015 Financial & Operating Summary
ExxonMobil’s Management Committee establishes our long-term strategies as well as an unwavering
commitment to the highest standards of integrity in everything we do. Their leadership provides the
framework for the organization to deliver on our commitments and create shareholder value regardless
of commodity prices.
Management Committee
Seated:
Darren W. Woods
– President
Rex W. Tillerson
– Chairman and CEO
Standing:
Mark W. Albers
– Senior Vice President
Andrew P. Swiger
– Senior Vice President
Jack P. Williams
– Senior Vice President
Michael J. Dolan
– Senior Vice President
Results & Highlights
• Strong environmental results and leading safety performance supported by effective risk management
• Earnings of $16.2 billion and industry-leading return on average capital employed(1) of 7.9 percent
• Cash flow from operations and asset sales(1) of $32.7 billion, demonstrating the resilience of our
integrated business
• Dividends per share increased 5.8 percent in the second quarter of 2015, the 33rd consecutive year
of dividend-per-share increases
• Total shareholder distributions(1) of $15.1 billion
• Capital and exploration expenditures(1) of $31.1 billion
• Proved oil and natural gas reserves(1) additions of 1.0 billion oil-equivalent barrels
• Completed six major Upstream projects with working interest production capacity of almost
300 thousand oil-equivalent barrels per day, highlighted by two deepwater projects offshore West Africa
and an expansion of the Kearl development in Canada
• Progressed construction of a 400-thousand-tonnes-per-year specialty elastomers project in Saudi Arabia
with our joint venture partner to supply a broad range of synthetic rubber and related products to meet
growing demand in the Middle East and Asia Pacific
• Approved funding to expand the hydrocracker at our refinery in Rotterdam, Netherlands, utilizing
proprietary technology to produce ultra-low sulfur diesel and Group II lube basestocks
• Made a significant oil discovery offshore Guyana, with additional exploration planned in 2016
(1) See Frequently Used Terms on pages 44 and 45.
5
Functional Earnings and Net Income(1)
Return on Average Capital Employed (2)(3)
Upstream
Downstream
Chemical
(billions of dollars)
Corporate
and Financing
Net
Income(1)
2015
2011–2015 Average
(percent)
50
40
30
20
10
0
–3
2011
2012
2013
2014
2015
20
15
10
5
0
–5
ExxonMobil
Chevron
Shell
Total
BP
33rd Consecutive Year of Dividend Growth(4)
Total Shareholder Returns (2)
ExxonMobil
S&P 500
Consumer Price Index(5)
ExxonMobil
Integrated Oil Competitor Average(6)
S&P 500
(dollars per share)
(percent per year)
3.00
2.50
2.00
1.50
1.00
0.50
0
1982
1995
2005
2015
15
10
5
0
–5
3 Years
5 Years
10 Years
20 Years
Financial Highlights
(millions of dollars, unless noted)
Upstream
Downstream
Chemical
Corporate and Financing
Total
Operating Highlights
Earnings after
Income Taxes
7,101
6,557
4,418
(1,926)
Average
Capital
Employed(2)
169,954
23,253
23,750
(8,202)
16,150
208,755
Liquids production (net, thousands of barrels per day)
Natural gas production available for sale (net, millions of cubic feet per day)
Oil-equivalent production(7) (net, thousands of oil-equivalent barrels per day)
Refinery throughput (thousands of barrels per day)
Petroleum product sales (thousands of barrels per day)
Chemical prime product sales(2) (thousands of tonnes)
Return on
Average Capital
Employed (%)(2)
Capital and
Exploration
Expenditures (2)
4.2
28.2
18.6
N.A.
7.9
25,407
2,613
2,843
188
31,051
2,345
10,515
4,097
4,432
5,754
24,713
(1) Net income attributable to ExxonMobil.
(2) See Frequently Used Terms on pages 44 and 45.
(3) Competitor data estimated on a consistent basis with ExxonMobil and based on public information.
(4) S&P 500 and CPI indexed to 1982 Exxon dividend.
(5) CPI based on historical yearly average from the U.S. Bureau of Labor Statistics.
(6) BP, Chevron, Royal Dutch Shell, and Total. Competitor data estimated on a consistent basis with ExxonMobil and based on public information.
(7) Natural gas converted to oil-equivalent at 6 million cubic feet per 1 thousand barrels.
6
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
The Outlook for Energy: A View to 2040
ExxonMobil’s Outlook for Energy provides a long-term global view of energy demand and supply, and its findings
underpin our business strategy and investment program. At the core of our analysis is a simple fact: Energy is integral
to our lives. As population grows and standards of living increase, energy demand is expected to rise 25 percent
between 2014 and 2040, even with significant improvements in energy efficiency. Serving the world’s energy needs
will require technological innovation and substantial investments across all economic sources of supply.
Energy and Human Progress
Population is growing, and life spans are increasing. Incomes are rising, and poverty is on the decline. In non-OECD
(Organisation for Economic Co-operation and Development) countries, where seven-eighths of the world lives, billions
are poised to join the middle class. This extraordinary human progress is propelled by greater access to affordable, reliable,
secure, and environmentally responsible energy supplies.
Energy Demand is Rising
Between 2014 and 2040, global GDP is expected to more than double, and energy demand is projected to rise 25 percent.
However, ongoing improvements in energy efficiency and changes in the world’s energy mix will slow the pace of energy-
related carbon dioxide (CO2) emissions growth. Global energy-related CO2 emissions are expected to peak around 2030,
and the CO2 intensity of the global economy is likely to be cut in half by 2040.
We expect energy needs will vary greatly by nation, reflecting broad differences in several key demand drivers such as
population, demographics, economic growth, and income levels. In general, many OECD nations, such as the United States
and Germany, will actually see net declines in energy demand through 2040, led by energy-efficiency gains across these
mature economies. Conversely, energy requirements in developing countries will rapidly increase due to strong economic
growth. China and India alone account for almost half of the projected increase in global energy demand.
Technology Drives Liquids and Natural Gas Supply Growth
As the energy landscape evolves, energy choices must continue to meet a range of consumer requirements in terms of
affordability, performance, and convenience, while also managing potential associated effects on the environment. Recent
technological advances have ushered in a new era of energy abundance and diversity. Improvements in exploration and
production technologies continue to help us identify oil and gas reservoirs, increase productivity, and lower costs.
For the next few decades, oil is expected to remain the largest global energy source as supplies increase from deepwater,
tight oil, and oil sands resources. Natural gas supply represents the largest component of growth in aggregate energy
supply, driven by unconventional resources. Nuclear and renewable sources will likely have the highest growth rates,
becoming more prominent sources of energy in many countries.
Energy Growth Driven by Developing Countries
Oil and Gas: Largest Energy Sources in the Future
OECD(1)
Non-OECD
(quadrillion BTUs or Quads)
2014
2040
(quadrillion BTUs or Quads)
1,200
1,000
800
600
400
200
0
Energy Savings
2000
2010
2020
2030
2040
Source: ExxonMobil, 2016 The Outlook for Energy: A View to 2040
(1) OECD = Organisation for Economic Co-operation and Development.
250
200
150
100
50
0
0.7%
Average annual growth rate
1.6%
–0.2%
0.3%
2.9%
Oil
Gas
Coal
Biomass
Nuclear
4.8%
1.3%
Wind/
Solar/
Biofuels
Hydro/
Geo
7
Highlight: Expanding Natural Gas Production
Natural gas has long been a staple of global energy supply. Today, it is rising to a new level of prominence on the world
energy stage as a result of its relatively low carbon content and an abundance of unconventional production. Natural gas is
popular as a fuel for power generation as well as a variety of other uses such as petrochemicals, home heating and cooking,
and heavy-duty commercial transportation. Through 2040, we expect natural gas supply to meet 40 percent of the growth
in global energy demand, more than any other energy type. In addition, natural gas is projected to surpass coal as the
world’s second largest energy source around 2025.
Global trade also supports the rise of natural gas. The last decade has seen significant growth in liquefied natural gas (LNG)
demand as well as investments in LNG import and export capacity. With LNG demand expected to triple by 2040, the world
will need further LNG facility additions, expansions of market capabilities, and free trade. In the decades ahead, North
America and the Russia/Caspian region are expected to see the greatest increases in natural gas pipeline and LNG exports,
as their abundant natural gas resources help fuel anticipated economic development in Asia Pacific.
PHOTO: Demand for LNG in Asia Pacific is expected to rise considerably through 2040, driven by an expanding middle class
and growing population.
Operational Excellence
PHOTO: Operational excellence begins with effective risk management. Proven management
systems implemented by a talented workforce form the foundation for safe, efficient, and
environmentally sound operations in places such as our integrated site in Baton Rouge, Louisiana.
9
75%
reduction in Lost-Time Injuries and Illnesses Rate
for employees and contractors since 2000
10
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Operational Excellence
Maximizing shareholder value requires a relentless
focus on operational excellence and effective risk
management. ExxonMobil’s highly skilled and dedicated
workforce rigorously employs proven management
systems to all work processes, at all levels, with focus
on eliminating high-consequence events. These systems
enable continuous improvement in safety, security,
health, and environmental performance.
Our Commitment to Safety, Security,
Health, and the Environment
ExxonMobil is committed to conducting business in a
manner that is compatible with both the environmental
and the economic needs of the communities in which we
operate, while protecting the safety, security, and health of
our employees, contractors, and the public. Demonstrated
through our actions, operational excellence underpins
everything we do.
Comprehensive management systems help us achieve
The safety, security, and health of our workforce is
fundamental to the company’s success. We are relentless
in our efforts, so each employee and contractor comes
home from work each day safely and in good health.
As a result, we have significantly reduced injuries over the last decade. We will never stop working toward our goal
of Nobody Gets Hurt.
around the world, including our Joliet Refinery in Illinois
operational excellence and are applied in our businesses
(above) and our Kearl facilities in Canada (following page).
Strong environmental management is essential not only to protect the world in which we live and operate, it is crucial
for our business. Our Protect Tomorrow. Today. program underscores our dedication to improving environmental
performance, including lower emissions and increased energy efficiency.
Culture of Excellence
Achieving strong performance begins with leadership, which is found throughout our organization. This inherent leadership
drives our culture of excellence and encourages the behaviors that sustain high operational standards. We are proud of the
culture reflected in our employees’ daily accomplishments around the globe. Our culture has been built over decades by
men and women dedicated to doing the right things in the right way, without any compromises to our values. This culture
also extends to our contractors as we partner and share our vision with them.
Highlight: OIMS Execution
At ExxonMobil, risk management means:
• Know the major hazards
Major asset-specific hazards are known
• Understand the barriers
Barriers are defined and individual responsibilities
are assigned to protect from and mitigate risks
• Maintain barrier health
Barrier effectiveness is assessed and
regularly discussed
PHOTO: ExxonMobil employees participate in oil-spill
response training near Baton Rouge, Louisiana.
11
Highlight: OIMS Framework
ExxonMobil’s Operations Integrity Management System (OIMS) framework provides a disciplined and structured approach.
1
Management
Leadership,
Commitment,
and Accountability
11
Operations
Integrity
Assessment and
Improvement
2
Risk Assessment
and Management
5
Personnel
and Training
8
Third-Party
Services
3
Facilities Design
and Construction
6
Operations
and Maintenance
9
Incident
Investigation
and Analysis
4
Information/
Documentation
7
Management
of Change
10
Community
Awareness and
Emergency
Preparedness
Systematic Approach
ExxonMobil’s Operations Integrity Management System (OIMS) is a cornerstone of our approach to managing safety,
security, health, and environmental risks, as well as to achieving excellence in performance. The OIMS framework includes
11 elements. Each element contains an underlying principle and set of expectations. Application of OIMS is required across
all of ExxonMobil, with particular emphasis on facility design, construction, and operations. Management is responsible for
ensuring appropriate systems satisfying the OIMS framework are in place, and compliance testing is performed on a regular
basis. OIMS also provides the structure to help us meet or exceed applicable regulations and relevant industry standards.
Our management systems enable us to maintain high operational standards by providing a framework of proven processes
and best practices.
Everything we do contains an element of risk, whether technical, operational, financial, or environmental. We identify the
hazards inherent in our endeavors, look to understand the consequences associated with these hazards, and implement
barriers to eliminate, mitigate, or manage them to an acceptable level. We focus our efforts on understanding the root
cause and potential consequence of each injury, spill, or process safety event. We also assess the effectiveness of our
protective and mitigative barriers, including equipment,
procedures, personnel training, and execution discipline.
We gain insight from actual, near-miss, or potential events
and then share our learnings across our business. Through
analysis of actual or potential events, including industry
events, we aim to prevent incidents, especially those with
significant consequences.
Our thoughtful change management approach enables
us to effectively identify, plan for, and mitigate changing
conditions and risks. As a result, management of change is
a key component of our OIMS framework. Our approach
to risk management is supported by well-developed and
clearly defined policies and procedures to ensure that we
have a structured, globally consistent system with the
highest risk-based standards in place.
OIMS, implemented by our highly competent workforce,
helps us sustain superior operational performance,
achieve continuous improvement, and, ultimately, maintain
our license to operate.
Upstream: Capital-Efficient
Resource Developments
PHOTO: Artistic rendering of the Kizomba Satellites Phase 2 project, a subsea development tied
back to existing floating production, storage, and offloading (FPSO) vessels by 35 miles of flowlines.
13
20
major projects were started up in Angola
and Nigeria between 2003 and 2015
14
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Upstream: Capital-Efficient Resource Developments
ExxonMobil continues to add higher-value production
capacity through major project start-ups. Our selective
and paced investment approach, coupled with superior
project execution capabilities, delivers capital-efficient
resource developments on time and on budget better
than peers. Offshore West Africa, recent deepwater
start-ups utilize existing facilities to maximize the
value of installed capacity and contribute to leading
financial performance.
Strategically Investing in
Deepwater Opportunities
Drawing from ExxonMobil’s extensive experience with
deepwater project design, construction, and operations,
we delivered another set of capital-efficient developments
in 2015 – Kizomba Satellites Phase 2 in Angola and Erha North Phase 2 in Nigeria. These projects started up months early
and below budget, adding higher-value production capacity to our portfolio.
Kizomba Satellites Phase 2 subsea equipment was installed
in 2,200 to 4,000 feet of water.
Structured project management systems facilitate efficient resource development and promote safe, reliable, on-time,
on-budget start-ups. These systems include an integrated planning and concept selection process, such as our “design one,
build multiple” approach. We consistently apply the same equipment designs, execution strategies, and contractors from
one development to the next, lowering costs and construction times. We also incorporate lessons learned from previous
developments to enhance future project design and execution.
Angola: Block 15
ExxonMobil has operated Block 15 offshore Angola for more than 20 years. In that time, we have produced more than
1.8 billion gross oil-equivalent barrels from approximately 5 billion barrels of discovered resource. We have started up seven
major projects on Block 15, from Xikomba in 2003 to Kizomba Satellites Phase 2 in 2015.
A phased development strategy has proved fundamental to our success on Block 15. Initial projects established central
hubs, allowing us to gather information from early developments and grow the capabilities of local suppliers. We fully
incorporated those learnings into the design and construction of later projects, consistently reducing capital costs and
construction times.
Highlight: Developing a World-Class Resource
We have produced 1.8 billion oil-equivalent barrels from Angola’s Block 15 since 2003, driven by seven major project start-ups.
Cumulative Block 15 Production
(billions of oil-equivalent barrels, gross)
Saxi-Batuque
Kizomba Satellites
Phase 1
Kizomba Satellites
Phase 2
2.0
1.5
1.0
0.5
0
Kizomba B
Mondo
Kizomba A
Xikomba
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
15
Kizomba Satellites Phase 2 is a subsea development
located 90 miles offshore in 2,200 to 4,000 feet of water.
It is capital efficient, fully leveraging the benefits of our
phased Block 15 development as well as our “design one,
build multiple” approach. The project’s 22 subsea wells
from three drill centers tie back to floating production,
storage, and offloading (FPSO) vessels used on other
Block 15 developments. Our phased approach maximizes
the value of existing FPSO vessels by using production
from new projects to replace natural field decline from
other developments.
We utilized the same equipment designs, execution
strategies, and contractors from Kizomba Satellites
Phase 1, which started up in 2012. As a result of these
efficiencies, Phase 2 achieved first oil with no lost-time
incidents, 20-percent under budget, and eight months
ahead of schedule.
Nigeria: Erha
Erha North Phase 2 is another recent deepwater start-up
and is 60 miles offshore in 3,300 feet of water. Four miles
of flowlines connect the project’s three drill centers to
the existing Erha FPSO vessel, avoiding the capital
required for a new vessel. Similar to our strategy with
Angola Block 15, we applied our vast deepwater expertise and learnings from Erha and Erha North Phase 1 to Erha North
Phase 2. As a result, the project started up five months ahead of schedule and $400 million below budget.
from the Erha North field to 90 thousand barrels per day.
Erha North Phase 2 will boost gross daily production
ExxonMobil’s local content strategy is core to our business. Wherever we conduct business, we pursue enduring and
shared goals with our partners, focusing on building workforce and supplier capabilities in conjunction with our strategic
investments in the local community. Our workforces in Angola and Nigeria are 82-percent and 94-percent nationals,
respectively, translating to jobs and skills for thousands. We invested more than $2 billion with local contractors for
Erha North Phase 2, and strong performance of the local workforce helped drive our ahead-of-schedule start-up. This
achievement demonstrates that building local capacity is a win-win, delivering superior project execution and improving
living standards in the communities where we operate.
Being a Good Neighbor
We are committed to being good citizens, with a focus on improving health, education, and economic opportunities.
Malaria continues to have a significant impact on local communities in West Africa despite the fact that the disease is
preventable, treatable, and curable. To prevent malaria, we help deliver treated bed nets and other health care commodities
directly to homes and hospitals. ExxonMobil Foundation is among the largest corporate foundation donors to the fight
against malaria, having invested more than $145 million since 2000.
Education and economic opportunities are vital for the success of our communities and our industry. We support
education programs in Angola and Nigeria at primary, secondary, and collegiate levels, investing in the future workforce
and leadership of our host nations. In addition, we are helping expand access to vital resources such as clean water.
In Angola, we partner with KickStart International through a local nongovernmental organization to provide water pumps
and irrigation to female farmers, enabling them to increase their yields and sell excess produce commercially.
Overall, our presence in Angola and Nigeria has made a significant positive contribution to the economic and social
development of these nations. Moving forward, we will continue our efforts as we advance capital-efficient resource
developments offshore West Africa, in the Gulf of Mexico, and elsewhere around the world.
Upstream: Unlocking
Resource Value
50%increase in Upper Zakum production targeted
with completion of the UZ750 Project
17
PHOTO: Upper Zakum South is one of four artificial
islands constructed for the UZ750 project.
18
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Upstream: Unlocking Resource Value
Offshore Abu Dhabi, ExxonMobil and our joint venture partners are deploying innovative techniques to unlock
additional resource value from the historic Upper Zakum field. A combination of artificial islands, extended-reach
drilling, and maximum reservoir contact well technologies will increase daily production to 750 thousand barrels
of oil per day as we build upon our legacy in the United Arab Emirates.
Redeveloping a Historic Field
Discovered in 1963, the Upper Zakum oil field offshore
Abu Dhabi, United Arab Emirates (U.A.E.), is the second
largest offshore oil field in the world. The field is operated
by Zakum Development Company (ZADCO) on behalf
of its shareholders, including Abu Dhabi National Oil
Company (ADNOC) and ExxonMobil. ZADCO originally
developed the field using traditional offshore platforms,
ultimately installing nearly 100 of these platforms in the
Arabian Gulf.
Highlight: Upper Zakum by the Numbers
• Redevelopment program uses four artificial islands,
the largest of which is equivalent in size to 135
American football fields
• 750 thousand barrels per day of oil production
anticipated in 2018
• Targeting 1 million barrels per day by 2024
• 14 million tons of rock and 13.5 million cubic feet of
concrete used to build the islands
• More than 1,000 well slots located on four islands,
ExxonMobil’s technology leadership and project
development capabilities afforded us entry into Upper
Zakum in 2006. Upon joining ZADCO, ExxonMobil and
our partners began studying options to increase Upper
Zakum’s production from about 500 thousand barrels per
day to 750 thousand barrels per day for at least 25 years.
We started by accurately characterizing the subsurface
to identify the optimal drilling and completions strategy,
then we developed, evaluated, and refined design alternatives. Ultimately, the partners funded a plan to reach
750 thousand barrels per day in 2018, and we are currently considering options to increase production to 1 million barrels
per day by 2024.
• Installed 32 new pipelines and 300 pipeline crossings
• Permanent accommodations for 2,500 personnel
with well lengths up to 35,000 feet
Building Up and Drilling Down
The new development plan, called UZ750, incorporates a unique combination of technologies to increase recovery and
minimize infrastructure. The project utilizes four artificial islands, the largest of which is the size of 135 American football
fields. The artificial island design included extensive hydrodynamic modeling to incorporate the specific tidal and wave
conditions in the region. Construction of the islands began in 2010 and was completed in 2014.
The island concept offers significant advantages. It supports higher-capacity land-based drilling rigs and also
addresses inefficiencies in existing processing facilities and the intra-field pipeline network. In addition, the island-based
infrastructure and wells are more durable, reliable, and capital-efficient than the legacy platforms. Over the life of the
field, the island-based project could save more than $40 billion in capital and operating costs relative to a traditional
development approach.
The UZ750 development plan was designed using state-of-the-art reservoir characterization and modeling techniques.
It also employs the first combination of artificial islands, extended-reach drilling, and maximum reservoir contact
well technologies. Some of the wells drilled from the islands will be more than six miles long. Computational well modeling
ensures maximum reservoir contact to effectively manage production from these long-reach horizontal wells, and reservoir
stimulation improves productivity. These advances generate higher production rates from fewer wells and fewer drilling
locations, improving recovery, reducing capital requirements, and minimizing our environmental footprint.
To enable production from the islands before completion of permanent facilities, the joint venture installed temporary
piping and facilities to process oil on the existing steel platforms. Production from the South Island began in 2014,
and production from the North Island began in 2015. Today, the UZ750 team is steadily increasing production
from new wells.
19
A Collaborative Relationship
The UZ750 development
demonstrates effective collaboration
by teams comprised of U.A.E.
staff, shareholders’ secondees, and
industry specialists. Approximately
80 ExxonMobil employees are
currently working in ZADCO,
supporting ZADCO employees in the
areas of field development planning,
drilling, and project execution.
In 2007, ExxonMobil established a
Technology Center in Abu Dhabi to
provide training and resources to
ZADCO. The Technology Center
shares knowledge of reservoir
management, drilling, and well operations. It also provides
U.A.E. nationals opportunities to work with ExxonMobil
proprietary tools and technology, participate in advanced technical training, and collaborate with ExxonMobil experts
around the world. Through the Technology Center, we have provided more than 5,400 training days to almost 750 ZADCO
and ADNOC employees.
Shuttle boats taxi workers to and from the project’s
four artificial islands.
Contributing to the United Arab Emirates
Since 1939, our affiliates in the U.A.E. have supported community programs. A recent example is our involvement with
the local Junior Achievement chapter, INJAZ U.A.E., which aims to increase the entrepreneurship and business skills
of Emirati youth. ExxonMobil is among the largest corporate donors to INJAZ U.A.E. and has provided approximately
50 volunteers as teachers for programs in Abu Dhabi and Dubai, benefiting approximately 850 students.
ExxonMobil also provides Emirati women the opportunity to attend the Global Women in Management program,
which focuses on enhancing the leadership and management skills of women who have roles in the not-for-profit sector
or who contribute to civil society. Twenty-two Emirati female leaders have attended the program in Abu Dhabi and
Washington, D.C., since 2008.
Our ongoing community involvement and relationship with ZADCO through the UZ750 project builds upon a legacy
in the U.A.E. that has spanned three quarters of a century.
IRAN
Strait
of Hormuz
OMAN
BAHRAIN
Upper Zakum
QATAR
UNITED ARAB
EMIRATES
SAUDI
ARABIA
Upper
Zakum
Arabian Gulf
Dubai
Abu
Dhabi
UNITED ARAB EMIRATES
Downstream: Growing
the Advantage
26%average return on capital employed in
the Downstream over the past 10 years
21
PHOTO: We are expanding the hydrocracker at our refinery in
Rotterdam, Netherlands, to meet growing demand for higher-value
products, including lube basestocks and ultra-low sulfur diesel.
22
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Downstream: Growing the Advantage
ExxonMobil’s Downstream business generates superior returns through the business cycle, underpinned by an
advantaged portfolio of highly integrated sites and world-class brands, a relentless focus on operational excellence,
and a selective investment approach. New investments across the value chain are improving feedstock flexibility,
increasing higher-margin product capacity, expanding logistics capabilities, maximizing operating efficiency, and
enhancing marketing effectiveness.
Proven Approach
Our Downstream business results highlight the value
of integration. Our global asset portfolio and product
mix are capturing the benefits of increased demand
for transportation fuels in the lower crude oil price
environment and generating solid cash flow to support
shareholder distributions and our investment program.
We focus on operational excellence and business
integration to lower costs and maximize profitability,
while remaining disciplined in our approach to investments
and portfolio optimization. As a result, the cash operating
cost for our portfolio of refineries remains well below the
industry average, and we are a leader in return on capital
employed through the business cycle. To build upon our
success, we are selectively investing across the value
chain in projects and marketing programs that provide
advantaged returns.
North America
ExxonMobil North America Domestic Crude Processing(1)
(percent of total throughput)
80
60
40
20
0
2011
2012
2013
2014
2015
(1) Mid-continent and U.S. Gulf Coast refineries.
We continue to increase our capability to process
advantaged U.S. tight oil and heavy Canadian crude oils.
With the largest combined mid-continent and Gulf Coast refining footprint of any company, we are well positioned to
benefit from proximity to lower-cost crude oil supplies made available from unconventional production growth. Over the
past five years, we have increased our capability to process domestic crude oil by around 70 percent.
We continue to selectively invest in advantaged sites and logistics to increase feedstock flexibility and production of higher-
value products. For example, at our refinery in Baton Rouge, Louisiana, we are expanding sulfur-handling capacity by
40 percent, enabling an increase in sour crude oil processing capability upon start-up in 2016. The site is also implementing
multiple lower-cost debottleneck opportunities to improve access to attractive North American crude oils and increase
high-value product yields, including a 20-percent increase in diesel production.
Europe
Industry fundamentals are challenging in the European
market, but we have a diverse and cost-competitive
portfolio of refineries that are optimized as a circuit
across the fuels, lubes, and chemical value chains. Capital
investments under way at key sites will further enhance
our competitive position.
Our Antwerp and Rotterdam refineries have the lowest
unit cash operating costs in Europe, and Antwerp is one
of the most energy efficient in the region. The Antwerp
Coker project, with start-up planned in 2017, will upgrade
We are increasing capacity to process light crude oils
by 20 thousand barrels per day in Beaumont, Texas.
23
fuel oil from our northwest Europe
refineries into higher-value ultra-low
sulfur diesel. At Rotterdam, we are
expanding the hydrocracking unit to
upgrade lower-value hydrocarbons
into cleaner, higher-value products,
including premium lube basestocks
and ultra-low sulfur diesel. The
hydrocracker will use proprietary
technology and be the first to
produce EHC Group II basestocks in
Europe upon start-up in 2018.
Asia Pacific
Asia Pacific continues to be the
highest-growth region globally
for both clean transportation fuels
and finished lubricants, driven
by commercial transportation
and industrial activity. Industry capacity additions
are expected to keep pace with fuels demand. Our
investments in the region are focused on supply chain and operating efficiency, as well as growing higher-value products
and optimizing marketing channels.
(above) to serve continued growth in key regions.
We recently expanded lubricant plants in China and Finland
Investments that support the Singapore Refinery, our largest in the region, will improve competitiveness. For example, we
are constructing a cogeneration unit that will increase energy efficiency and reduce emissions. In lubes, we are capturing
value from the recent expansion of higher-value Group II basestock capacity. Over the next two years, we will start up
expanded grease and lubricant plant facilities that will allow us to optimize raw material and shipping costs across the
ExxonMobil global manufacturing circuit. The Singapore lubricant plant will be the only facility in Asia to blend Mobil 1
motor oil. Within fuels, we are investing in diesel and gasoline export logistics as well as enhanced marketing of the
Mobil brand in countries such as Australia.
Global Marketing
ExxonMobil markets fuels and lubricants around the world
to provide secure and ratable outlets for our refining
production while delivering value to our customers
through our world-class brands. We continue to invest in
innovative brand marketing and technology, such as our
loyalty programs with leading retailers and our Synergy-
branded fuels program that includes new premium
products. As a result, we are growing volumes and value
captured through our marketing channels.
Our global presence in crude supply, refining, logistics,
and marketing allows us to maximize the value of every
molecule we produce as industry conditions change
over time. Capturing the highest value for our products
combined with our relentless focus on operational
excellence, disciplined cost management, selective
investments, and portfolio optimization generates superior
shareholder returns.
Downstream Return on Average Capital Employed (1)(2)
(10-year average, 2006–2015, percent)
30
25
20
15
10
5
0
ExxonMobil
Chevron
Total
Shell
BP
(1) See Frequently Used Terms on pages 44 and 45.
(2) Competitor data estimated on a consistent basis with ExxonMobil and based
on public information. Due to data availability, Downstream and Chemical are
combined beginning with 2012 for Total and in all years for BP and Chevron.
24
PHOTO: At our Kemya joint venture in Saudi Arabia, we have added facilities
to produce a broad range of synthetic rubber and related products.
Chemical: Progressing
Strategic Investments
45%chemical demand growth
expected over the next 10 years
26
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Chemical: Progressing Strategic Investments
In our Chemical business, we are progressing strategic investments that will capture low-cost feedstocks and increase
premium product capacity to supply growing markets. These world-scale projects utilize proprietary technologies,
leverage existing facilities, and enhance our global portfolio, positioning the company to continue delivering superior
financial returns across a variety of market conditions.
Superior Results
A relentless focus on business fundamentals, such
as operating efficiency, feedstock optimization,
product development, and disciplined investing, has
enabled our Chemical business to maximize value
capture through the business cycle. Our portfolio
of assets is geographically diverse and highly
integrated with our refining network, and it yields a
wide range of commodity and specialty products.
This provides flexibility to shift our mix of feedstock
supply and production as market conditions change.
The success of this approach is demonstrated by
our ability to consistently deliver attractive returns
relative to competition.
New projects will further enhance our competitive
position. These capital-efficient investments are
strategically positioned at existing facilities with
advantaged feedstocks and will supply higher-value
products globally, with a focus on growing economies
in Asia Pacific and Latin America.
Selective Investments
In 2015, we advanced construction of facilities in Baytown and
Mont Belvieu, Texas, that will capitalize on advantaged North
American feedstocks to supply growing polyethylene demand in
emerging markets.
Together with our joint venture partner, Saudi Basic Industries Corporation, we are commissioning the first specialty
elastomers facility in Saudi Arabia. This project builds on existing world-scale commodity assets that benefit from lower
feedstock and energy costs. The new facilities utilize proprietary ExxonMobil technologies that enable lower-cost production
of halobutyl and ethylene propylene diene monomer (EPDM) rubbers. The project was mechanically completed in 2015 and
will help meet growing synthetic rubber demand for automotive products.
In the United States, we are constructing a multibillion dollar ethane steam cracker and associated polyethylene facilities in
Texas. This expansion is ExxonMobil’s largest-ever chemical investment in the United States. It is designed to be one of the
world’s most competitive new petrochemical projects through its scale, integration into existing manufacturing facilities, and
production of premium metallocene polyethylene. With start-up planned for 2017, ExxonMobil is an early mover in adding
grassroots capacity to capture abundant, affordable supplies of feedstock and energy in North America, supported by
integration with our Upstream business.
At our Singapore petrochemical hub, we are constructing a
project to add production of halobutyl rubber and premium
resins for adhesive applications. These facilities will be the
largest units we have ever built for these polymers. The
project will use proprietary technologies and benefit from
feed-flexible steam crackers, integration within the large
complex, and efficient supply chain access to meet growing
demand in Asia Pacific. Start-up is planned for 2017.
Demand for hydrogenated resins used in adhesive
applications, such as diapers, is expected to double
over the next 15 years.
Supplying Global Growth
As a result of megatrends, such as an expanding
middle class, urbanization, and sustainability,
chemical demand is growing faster than the broader
ader
economy. When individuals enter the middle class,
ss,
their discretionary spending increases, and their buying
buying
habits change. People who once shopped at local
al
markets begin to shop at grocery stores, where
food is sold in plastic-based packaging. They start
rt
to buy appliances and cars, which have significant
t
plastic content. In addition, the movement of
people from rural to urban settings produces
a net increase in households because city
households tend to have fewer people. More
households equates to increased demand for energy
ergy
and chemicals. Finally, chemical products are essential
ential
for reducing the environmental impact of human
progress. As examples, lighter plastic components
ts
in vehicles increase fuel efficiency, and plastic
packaging extends the life of food products,
reducing spoilage and waste. In addition, many plastic
lastic
products can also be reused or recycled.
27
Halobutyl and EPDM rubbers
are used to make automotive
l
d
These megatrends are most pronounced in emerging economies,
rging economies,
resulting in increased global trade to meet demand. With the volume
h h
of chemical products traded between regions expanding, we plan to build
on our existing global supply chain and commercial and technical resources
to further penetrate growth markets. For example, we recently enhanced our global supply chain by updating our
enterprise management system to improve both our systems capabilities and business processes. The upgraded system
delivers enhanced data visibility, improved user interfaces, and new tools for optimization. These advances will make global
product flows to customers more robust through dynamic coordination among manufacturing, supply chain, and customer
service organizations. We are also continuing to expand our sales and marketing workforces in Asia Pacific, Latin America,
and the Middle East to better serve growing demand in these regions.
fan belts, and radiator hoses.
window and door seals,
products, such as tire innerliners,
Chemical: Industry-Leading Returns (1)
(10-year average, 2006–2015)
Revenue
(billions of dollars)
Earnings
(billions of dollars)
Return on Average Capital Employed (2)
(percent)
60
50
40
30
20
10
0
ExxonMobil
Dow
Total
Shell (3)
4
3
2
1
0
ExxonMobil
Dow
Total
Shell
25
20
15
10
5
0
ExxonMobil
Dow
Total
Shell
(1) Competitor data estimated on a consistent basis with ExxonMobil and based on public information. Chemical segments only: Royal Dutch Shell and Total
(Total data only available through 2011). Dow Chemical shown on a corporate total basis.
(2) See Frequently Used Terms on pages 44 and 45.
(3) Royal Dutch Shell revenue data only available through 2014.
Kearl, Canada
28
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Global Operations
As the world’s largest publicly held oil and gas company,
ExxonMobil has a diverse and balanced portfolio of
high-quality operations, projects, and new opportunities
across our Upstream, Downstream, and Chemical businesses.
Upstream Our Upstream business encompasses
attractive exploration opportunities across all development
types and geographies, an industry-leading resource base,
a portfolio of world-class projects, and a diverse set of
profitable producing assets. We have
an active exploration or production
presence in 36 countries.
Downstream Our balanced
Downstream portfolio includes refining facilities
in 14 countries. We are one of the world’s largest integrated
refiners and manufacturers of lube basestocks, as well as
a leading marketer of petroleum products and finished
lubricants. Our high-quality products, combined with a strong
global refining and distribution network, position us as a
premier supplier around the world.
Chemical ExxonMobil Chemical is one of the largest
chemical companies in the world. Our unique portfolio of
commodity and specialty businesses delivers superior returns
across the business cycle. We manufacture
high-quality chemical products in
Baytown, United States
16 countries. With a major presence
in Asia Pacific, we are well positioned to
competitively supply chemical demand
growth in the region.
Locations as of December 31, 2015
29
Antwerp, Belgium
Fujian, China
Yanpet, Saudi Arabia
Kipper Tuna, Australia
Upstream
Upstream
2015 Results & Highlights
Strategies
• Achieved strong safety and operational performance
• Apply effective risk management and safety standards
• Delivered earnings of $7.1 billion and leading
return on average capital employed of 4.2 percent,
averaging 27.4 percent over the past 10 years
• Proved oil and natural gas reserves additions of
1.0 billion oil-equivalent barrels
to achieve operational excellence
• Capture significant and accretive resources to
highgrade the portfolio of opportunities
• Exercise a disciplined approach to investing
and cost management
• Develop and apply high-impact technologies
• Added 1.4 billion oil-equivalent barrels of new resource
and maintained a total resource base of 91 billion
• Pursue productivity and efficiency gains to reduce cost
oil-equivalent barrels
• Grow profitable oil and gas production
• Completed six major Upstream projects, which added
almost 300 thousand oil-equivalent barrels per day of
• Capitalize on growing natural gas and power markets
working interest production capacity, highlighted by two deepwater projects offshore West Africa and an
expansion of the Kearl development in Canada
• Made a significant oil discovery offshore Guyana, with additional exploration activities planned in 2016
• Progressed a large and diverse portfolio of LNG opportunities by advancing concept selection and engineering
work on opportunities in North America, Australia, and Africa
Upstream Statistical Recap
2015
2014
2013
2012
2011
Earnings (millions of dollars)
Liquids production (net, thousands of barrels per day)
Natural gas production available for sale
(net, millions of cubic feet per day)
Oil-equivalent production(1) (net, thousands of barrels per day)
Proved reserves replacement ratio(2)(3) (percent)
Resource additions(2) (millions of oil-equivalent barrels)
Average capital employed(2) (millions of dollars)
Return on average capital employed(2) (percent)
Capital and exploration expenditures(2) (millions of dollars)
7,101
2,345
27,548
2,111
26,841
2,202
29,895
2,185
34,439
2,312
10,515
4,097
69
1,378
169,954
4.2
25,407
11,145
3,969
111
3,206
164,965
16.7
32,727
11,836
4,175
106
6,595
152,969
17.5
38,231
12,322
4,239
124
4,012
139,442
21.4
36,084
13,162
4,506
116
4,086
129,807
26.5
33,091
(1) Natural gas converted to oil-equivalent at 6 million cubic feet per 1 thousand barrels.
(2) See Frequently Used Terms on pages 44 and 45.
(3) Proved reserves exclude asset sales.
31
Business Overview
Our Upstream business includes exploration, development, production, natural gas marketing, and research activities.
ExxonMobil is driven to deliver industry-leading returns through the business cycle. We do this by capturing significant
and accretive opportunities to continually highgrade our resource portfolio. We maintain a large, diverse, and balanced
portfolio of opportunities to enable selective and profitable growth through a wide range of investment and geopolitical
environments. We create value through capital discipline by progressing attractive opportunities. Proven project
management systems incorporate best practices developed from our experience of rigorously managing a global
project portfolio, from initial discovery phase to production start-up.
Technology is vital to meeting growing global demand for oil and gas. We have a long-standing commitment to apply
research and technology to efficiently find, develop, and produce resources from some of the most challenging reservoirs.
We benefit from an integrated model, as technology advances in the Upstream, Downstream, and Chemical businesses
are used to address challenges across the company.
We focus on improving long-term profitability by investing in higher-margin barrels, maximizing the value of installed
capacity, and reducing costs through productivity and efficiency gains. When appropriate, we engage resource owners
to develop mutually beneficial fiscal and contractual terms to promote resource development.
Our Upstream strategies, supported by a relentless focus on effective risk management and safety to achieve operational
excellence, are designed to generate superior results over the long term.
Business Environment
Over the coming decades, energy sources will continue to evolve and diversify, driven by changes in technology, consumer
needs, and public policies. Crude oil is projected to remain the single biggest source of energy, while natural gas will play an
increasingly important role in meeting global energy needs. Demand for oil is projected to rise by approximately 20 percent
from 2014 to 2040, led by increased commercial transportation activity. A growing share of this demand will be met by
sources such as deep water, tight oil, and oil sands as a result of advances in technology. Natural gas will be the fastest-
growing major energy source through 2040. Global demand for natural gas is projected to rise by close to 50 percent from
2014 to 2040, and gas supplies from unconventional sources are projected to account for about 60 percent of that growth.
Liquefied natural gas volumes are expected to triple by 2040, contributing almost 20 percent of global gas supply.
Meeting the world’s growing demand for energy presents a tremendous challenge that requires a long-term view,
significant investment, and continued innovation to develop conventional and unconventional resources. ExxonMobil is
well positioned to meet this challenge.
Global Liquids Supply by Type
Global Natural Gas Supply by Type
Conventional Crude and Condensate
Deep Water
Conventional
Unconventional
Oil Sands
Tight Oil
NGLs
Other Liquids
Biofuels
(millions of oil-equivalent barrels per day)
(billions of cubic feet per day)
120
100
80
60
40
20
0
600
500
400
300
200
100
2000
2010
2020
2030
2040
0
2000
2010
2020
2030
2040
Source: ExxonMobil, 2016 The Outlook for Energy: A View to 2040
Downstream
2015 Results & Highlights
Strategies
• Achieved strong safety results and improved
• Maintain best-in-class operations
environmental performance
• Lead industry in efficiency and effectiveness
• Delivered earnings of $6.6 billion and return on
• Provide quality, valued products and services to
average capital employed of 28.2 percent, averaging
our customers
25.6 percent over the past 10 years
• Capitalize on integration across ExxonMobil businesses
• Invested $2.6 billion, focused on higher-value products,
• Maintain capital discipline
feedstock flexibility, logistics, and energy efficiency
• Achieved record sales of our industry-leading synthetic
lubricants, including Mobil 1
• Maximize value from leading-edge technologies
• Strengthened the branded retail site network and progressed conversion to a branded wholesaler model in many
European markets
• Completed a lube basestock unit expansion in Baytown, Texas, and lubricant plant expansions in China and Finland
to support increased demand for higher-performance lubricants
• Started up the Edmonton Rail Terminal, facilitating delivery of equity crude oil to ExxonMobil and industry refineries
• Progressed construction of a new delayed coker unit at our refinery in Antwerp, Belgium, to convert lower-value
bunker fuel oil into higher-value diesel products
• Approved funding to expand the hydrocracker at our refinery in Rotterdam, Netherlands, utilizing proprietary
technology to produce ultra-low sulfur diesel and Group II lube basestocks
Downstream Statistical Recap
Earnings (millions of dollars)
Refinery throughput (thousands of barrels per day)
Petroleum product sales (thousands of barrels per day)
2015
2014
2013
2012
2011
6,557
4,432
5,754
3,045
3,449
13,190
4,459
4,476
4,585
5,014
5,214
5,875
5,887
6,174
6,413
Average capital employed(1) (millions of dollars)
23,253
23,977
24,430
24,031
23,388
Return on average capital employed(1) (percent)
28.2
12.7
14.1
54.9
19.1
Capital expenditures(1) (millions of dollars)
2,613
3,034
2,413
2,262
2,120
(1) See Frequently Used Terms on pages 44 and 45.
33
Business Overview
ExxonMobil’s Downstream business has a diverse global portfolio of refining and distribution facilities, lubricant plants,
marketing operations, and brands, supported by a world-class research and engineering organization. We are one of
the world’s largest refiners and lube basestock manufacturers.
ExxonMobil’s operating results reflect 23 refineries with distillation capacity of more than 5 million barrels per day
and lube basestock capacity of 136 thousand barrels per day. Our business model leads the industry with approximately
80 percent of our refining capacity integrated with chemical or lube basestock manufacturing facilities, providing unique
optimization capabilities across the entire value chain.
Our fuels and lubricants marketing businesses have a global reach, supported by world-renowned brands, including
Exxon, Mobil, and Esso. Our long-standing record of technology leadership underpins the innovative products and services
that deliver superior performance for consumers and long-term value for shareholders.
Business Environment
By 2040, demand for transportation fuel is expected to increase by almost 30 percent versus 2014. This increase will be driven
by commercial transportation, primarily in developing countries. The resulting fuel mix will continue to shift from gasoline to
diesel. In fact, global transportation demand for diesel is expected to increase by about 45 percent over the period, with more
than half of the growth in Asia Pacific. At the same time, worldwide gasoline demand is expected to be essentially flat, as
declining demand from fuel economy improvements in developed countries is offset by growth in developing nations. Stricter
emissions standards will lower demand for high-sulfur fuel oil as the marine sector shifts to cleaner fuels over the coming
decade. Natural gas is likely to grow in use as a transportation fuel, particularly for heavy-duty vehicles and marine vessels,
due to its low emissions and cost-competitiveness relative to liquid fuels in many parts of the world.
Lubricant demand is also expected to grow on increased economic activity, particularly in Asia Pacific. Within the
high-value synthetic lubricants sector, where ExxonMobil has a leading market position, demand is expected to significantly
outpace industry growth.
Growth in global demand, stimulated by lower commodity prices, resulted in higher industry refinery utilization and margins
in 2015, particularly in Europe and Asia Pacific. Refineries in North America continue to benefit from cost-competitive
feedstock and energy supplies, allowing them to meet domestic product needs and economically export to markets
throughout the Atlantic Basin. Over the next five years, the addition of new refining capacity is expected to outpace
demand growth. Regardless of the industry environment, our integrated business model, world-class assets, and feedstock
flexibility position us to be a leader in return on capital employed across the business cycle.
Transportation Fuel Demand
By Fuel Type
By Region
Gasoline
Fuel Oil
Ethanol
Jet Fuel
Diesel
Biodiesel
Natural Gas
Other
(millions of oil-equivalent barrels per day)
North America
Europe
Latin America
Russia/Caspian
Middle East
Africa
Asia Pacific
(millions of oil-equivalent barrels per day)
70
60
50
40
30
20
10
0
2000
2010
2020
2030
2040
Source: ExxonMobil, 2016 The Outlook for Energy: A View to 2040
70
60
50
40
30
20
10
0
2000
2010
2020
2030
2040
Chemical
Chemical
2015 Results & Highlights
Strategies
• Achieved best-ever safety performance
• Consistently deliver best-in-class operational
• Delivered earnings of $4.4 billion and return on average
capital employed of 18.6 percent, averaging 22.6 percent
over the past 10 years
• Sold 24.7 million tonnes of prime products, including
performance
• Focus on commodity and specialty businesses
that capitalize on our core competencies
• Build proprietary technology positions
record sales of metallocene products that provide value-
• Capture full benefits of integration across
added performance advantages for our customers
ExxonMobil operations
• Invested $2.8 billion, with selective investments in
specialty business growth, advantaged feedstock capture,
• Selectively invest in advantaged projects
high-return efficiency projects, and low-cost capacity debottlenecks
• Mechanically completed a 400-thousand-tonnes-per-year specialty elastomers project in Saudi Arabia with
our joint venture partner to supply a broad range of synthetic rubber and related products to meet growing
demand in the Middle East and Asia Pacific
• Continued construction of major expansions at our Texas facilities, including a new world-scale ethane steam
cracker and polyethylene units to meet rapidly growing demand for premium polymers
• Progressed construction of a new 230-thousand-tonnes-per-year specialty polymers project in Singapore
to meet growing demand for synthetic rubber and adhesives in Asia Pacific
Chemical Statistical Recap
2015
2014
2013
2012
2011
Earnings (millions of dollars)
4,418
4,315
3,828
3,898
4,383
Prime product sales(1) (thousands of tonnes)
24,713
24,235
24,063
24,157
25,006
Average capital employed(1) (millions of dollars)
23,750
22,197
20,665
20,148
19,798
Return on average capital employed(1) (percent)
18.6
19.4
18.5
19.3
22.1
Capital expenditures(1) (millions of dollars)
2,843
2,741
1,832
1,418
1,450
(1) See Frequently Used Terms on pages 44 and 45.
35
Business Overview
ExxonMobil Chemical is one of the largest chemical companies in the world. Our unique portfolio of commodity
and specialty businesses generates annual sales of nearly 25 million tonnes of prime products. We have world-scale
manufacturing facilities in all major regions, and our products serve as the building blocks for a wide variety of everyday
consumer and industrial products.
We process feedstocks from ExxonMobil’s Upstream and Downstream operations, supplemented with market sources,
to manufacture chemical products for higher-value end uses. We focus on product lines that capitalize on scale and
technology advantages, building on our strengths in advantaged feedstocks, lower-cost processes, and premium
products. As a result, we have strong positions in the markets we serve and generate advantaged returns through
the business cycle.
Business Environment
Worldwide chemical demand growth remained strong in 2015, supported by growth of the broader economy. Over the
next decade, we expect global demand to grow nearly 45 percent, or about 4 percent per year, which is a faster pace than
energy demand and economic growth.
Nearly two-thirds of the increased demand is expected to be in Asia Pacific with rising prosperity and a growing middle
class. As middle-class consumers seek higher standards of living and move to cities, they are projected to purchase more
packaged goods, appliances, cars, and clothing, many of which are manufactured from the chemicals produced
by ExxonMobil.
While chemical demand growth is mainly driven by developing economies, regions with advantaged feedstocks are
participating in supply growth. For example, unconventional natural gas development in the United States has brought
significant benefits to domestic chemical producers by providing both lower-cost feedstocks and energy, driving
increased investment.
For decades, chemical markets have been supplied from within the regions, but global trade is increasing. Ten years ago,
the volume of chemicals traded between regions totaled about 10 percent of global production. Today, trade volumes have
grown to about 15 percent, and by 2020, they will approach 20 percent. ExxonMobil projects that by 2025, North America
could more than double its exports of major petrochemical products.
ExxonMobil Chemical is well positioned to meet the needs of Asia Pacific, Africa, Latin America, and other growth markets
through our world-scale facilities, strategic investments, and commercial and technical resources around the globe. While
the relative attractiveness of feedstocks changes over time, our feed flexibility, global supply capability, and integration
across ExxonMobil’s operations allow us to adapt to changing market conditions and outperform competition.
Global Industry Demand Growth
Global Chemical Industry Demand (1)
Chemical Demand(1)
GDP
Energy Demand
(indexed)
Rest of World
Asia Pacific
(millions of tonnes per year)
225
200
175
150
125
100
75
2005
2010
2015
2020
2025
300
250
200
150
100
50
0
2005
2015
2025
Sources: ExxonMobil, 2016 The Outlook for Energy: A View to 2040; IHS Chemical; and ExxonMobil estimates.
(1) Includes polyethylene, polypropylene, and paraxylene.
PHOTO: Over the past 10 years, ExxonMobil contributed about $2.4 billion
to the communities where we operate, including those in Papua New Guinea.
Corporate Citizenship
37
As a global provider of energy, ExxonMobil develops and utilizes advanced technologies to deliver the energy
needed to power the world’s economic and social progress. We do this with safety, integrity, discipline, ingenuity,
and a commitment to good corporate citizenship. As part of our daily operations, we engage with our shareholders,
neighbors, customers, and communities, seeking to bring affordable energy to the global market in ways that are
safe, efficient, and responsible.
Safety
Safety is more than just a priority at ExxonMobil – it is a
core value and an integral part of our culture. The safety
and health of our workforce are essential. Regardless
of an employee’s job function, we all have a common
responsibility in every assignment we undertake: identify,
assess, and manage the risks associated with our
operations. This disciplined approach is guided by our
Operations Integrity Management System and its risk
management processes. It is embedded in our everyday
work activities at all levels, and we strive for continuous
improvement. In 2015, we continued our trend of achieving
strong safety performance as we work toward our goal of
Nobody Gets Hurt. We are proud to be an industry leader
in safety culture and performance.
Environmental Performance
Safety Performance
Lost-Time Injuries and Illnesses Rate
ExxonMobil Workforce(1)
U.S. Petroleum Industry Benchmark(2)
(incidents per 200,000 work hours)
0.30
0.25
0.20
0.15
0.10
0.05
0
2006
07
08
09
10
11
12
13
14
2015
Careful management of the environment is a fundamental
responsibility for our business. Our pursuit of superior
environmental performance is founded on a thorough
understanding of regulatory, socioeconomic, and health considerations. To manage impacts on the environment,
we pursue full awareness of local conditions and maintain a relentless focus on operational excellence. We continue to
make strides in improving biodiversity and ecosystem services, carefully managing our water use, as well as reducing spills
and emissions.
(1) Employees and contractors. Includes XTO Energy Inc. data beginning in 2011.
(2) Workforce safety data from participating American Petroleum Institute
companies (2015 industry data not available at time of publication).
Developing Future Technology: Advanced Biofuels
ExxonMobil is a leader in funding and conducting research on advanced biofuels. In 2015, ExxonMobil and Michigan State
University began a partnership to advance biofuel research by developing the basic science required to progress algae-
based fuels and bioproducts.
Research has shown that algae photosynthesis can be highly efficient under optimal conditions in the laboratory; however,
this efficiency drops under natural conditions. Our partnership seeks to understand why some strains of algae are more
efficient than others by using leading-edge
technologies to study the photosynthetic processes
of many algae cultures under different conditions.
The goal is to eventually process algae bio-oils in
ExxonMobil refineries to supplement crude oil as the
raw material to manufacture gasoline, diesel, and
aviation and marine fuels. We are also researching
potential applications for chemicals and lubricants.
While we have made significant progress since
beginning this work in 2009, algae biofuel research
and development is a long-term endeavor that could
take decades or more to commercialize at scale.
38
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Corporate Citizenship, continued
Managing Climate Change Risks
Society continues to face the dual challenge of expanding energy supplies to support economic growth and improve living
standards, while simultaneously addressing the societal and environmental risks posed by rising greenhouse gas emissions
and climate change. There is a humanitarian element and moral imperative to our business. More than 1 billion people have
no access to electricity and rely on coal and biomass such as wood and animal waste to cook their food. Improved supply
of reliable and affordable energy will help lift these people out of poverty, improving their health and welfare.
At the same time, climate change is a serious risk that warrants thoughtful action. Our climate change risk management
strategy includes the following components: engaging on climate change policy, developing future technology, mitigating
greenhouse gas emissions in our operations, and developing solutions that reduce greenhouse gas emissions for
customers. We have been involved in climate change research and policy discussions since the 1970s, sharing our
research with the public and participating in constructive dialogue with key stakeholders. We also continue progressing
game-changing technologies, such as commercial production of biofuels from algae.
Operationally, we lower our environmental impacts by improving energy efficiency, as well as investing in cogeneration
and carbon-sequestration facilities. We have interests in 5.5 gigawatts of cogeneration capacity, and our LaBarge,
Wyoming, carbon-sequestration facility is one of the largest in the world. As a result of actions taken over the last decade,
we have reduced our greenhouse gas emissions by 21.5 million tonnes.
The products we produce and manufacture also help reduce global emissions. Plastics we manufacture help increase fuel
efficiency by reducing vehicle weight. In the United States, emissions from power generation are at their lowest levels in
nearly three decades, largely thanks to cleaner-burning natural gas.
Community and Social Impact
We seek to contribute to the social and economic progress in the areas where we operate. We believe maintaining a
fundamental respect for human rights, responsibly managing our impacts on communities, and making valued social
investments are integral to the success and sustainability of our business.
We strive to be a good corporate citizen by working with governments, engaging with stakeholders, and partnering
with local and international organizations to help enhance communities around the world. ExxonMobil strategically
invests in long-term challenges that directly impact our business and align with a country’s economic and social goals.
Our corporate-led initiatives to combat malaria, improve education, and advance economic opportunities for women
are some examples. Over the past 10 years, we contributed about $2.4 billion to communities around the world.
Highlight: ExxonMobil’s Malaria Initiative
In several countries where we operate, including those in sub-Saharan Africa, malaria continues to have a significant impact
on communities. Each year, this preventable, treatable disease claims the lives of more than half a million people. However,
much progress has been made in the global fight against
malaria, and the number of deaths and infections continues
to decline. We believe ending the spread of malaria requires
an integrated approach, including education, prevention
measures, and access to proper diagnosis and treatment.
In 2015, ExxonMobil contributed $11 million to fight malaria.
These contributions support a variety of research, education,
and treatment programs in countries and communities that
lack adequate health systems. To date, the anti-malarial
programs we funded have reached more than 125 million
people. Our support has helped train more than 400,000
health workers as well as distribute more than 13 million bed
nets, 2 million doses of anti-malarial treatments, and 2 million
rapid diagnostic kits.
Financial Information
39
Report of Independent Registered Public Accounting Firm
To the Shareholders of Exxon Mobil Corporation:
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Consolidated
Balance Sheets of Exxon Mobil Corporation and its subsidiaries as of December 31, 2015 and 2014, and the related Consolidated Statements
of Income, Comprehensive Income, Changes in Equity, and Cash Flows for each of the three years in the period ended December 31, 2015, and
in our report dated February 24, 2016, we expressed an unqualified opinion thereon. The consolidated financial statements referred to above
(not presented herein) appear in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet.
In our opinion, the information set forth in the accompanying condensed consolidated financial statements (pages 41-43) is fairly stated,
in all material respects, in relation to the consolidated financial statements from which it has been derived.
Dallas, Texas
February 24, 2016
Summary of Accounting Policies and Practices
The Corporation’s accounting and financial reporting fairly reflect its straightforward business model involving the extracting, refining, and
marketing of hydrocarbons and hydrocarbon-based products. The preparation of financial statements in conformity with U.S. Generally
Accepted Accounting Principles (GAAP) requires management to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues, expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
The summary financial statements include the accounts of those subsidiaries the Corporation controls. They also include the Corporation’s
share of the undivided interest in certain Upstream assets, liabilities, revenues, and expenses. Amounts representing the Corporation’s interest
in the net assets and net income of entities that it does not control are included in “Investments, advances, and long-term receivables” on the
Balance Sheet and “Income from equity affiliates” on the Income Statement.
The “functional currency” for translating the accounts of the majority of Downstream and Chemical operations outside the United States is
the local currency. The local currency is also used for Upstream operations that are relatively self-contained and integrated within a particular
country. The U.S. dollar is used for operations in countries with a history of high inflation and certain other countries.
Revenues associated with sales of crude oil, natural gas, petroleum, and chemical products are recognized when the products are delivered
and title passes to the customer.
Inventories of crude oil, products, and merchandise are carried at the lower of current market value or cost (generally determined under the
last-in, first-out method – LIFO). Inventories of materials and supplies are valued at cost or less.
The Corporation makes limited use of derivative instruments. When derivatives are used, they are recorded at fair value, and gains and losses
arising from changes in their fair value are recognized in earnings.
The Corporation’s exploration and production activities are accounted for under the “successful efforts” method. Depreciation, depletion, and
amortization are primarily determined under either the unit-of-production method or the straight-line method. Unit-of-production rates are
based on the amount of proved developed reserves of oil, gas, and other minerals that are estimated to be recoverable from existing facilities.
The straight-line method is based on estimated asset service life.
The Corporation incurs retirement obligations for certain assets at the time they are installed. The fair values of these obligations are recorded
as liabilities on a discounted basis and are accreted over time for the change in their present value. The costs associated with these liabilities are
capitalized as part of the related assets and depreciated. Liabilities for environmental costs are recorded when it is probable that obligations
have been incurred and the amounts can be reasonably estimated.
The Corporation recognizes the underfunded or overfunded status of defined benefit pension and other postretirement plans as a liability or
asset in the balance sheet with the offset in equity, net of deferred taxes.
A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits and
tax disputes. For further information on litigation and tax contingencies, see Notes 16 and 19 to the Consolidated Financial Statements in
ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet.
The Corporation awards share-based compensation to employees in the form of restricted stock and restricted stock units. Compensation
expense is measured by the price of the stock at the date of grant and is recognized in income over the requisite service period.
Further information on the Corporation’s accounting policies, estimates, and practices can be found in ExxonMobil’s 2015 Financial Statements
and Supplemental Information booklet (Critical Accounting Estimates and Note 1 to the Consolidated Financial Statements).
40
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Financial Information, continued
Financial Highlights
(millions of dollars, unless noted)
Net income attributable to ExxonMobil
Cash flow from operations and asset sales(1)
Capital and exploration expenditures(1)
Research and development costs
Total debt at year end
Average capital employed(1)
Market valuation at year end
Regular employees at year end (thousands)
Key Financial Ratios
Return on average capital employed(1) (percent)
Earnings to average ExxonMobil share of equity (percent)
Debt to capital(2) (percent)
Net debt to capital(3) (percent)
Current assets to current liabilities (times)
Fixed-charge coverage (times)
Dividend and Shareholder Return Information
Dividends per common share (dollars)
Dividends per share growth (annual percent)
Number of common shares outstanding (millions)
Average
Average – assuming dilution
Year end
Total shareholder return(1) (annual percent)
2015
2014
2013
16,150
32,733
31,051
1,008
38,687
208,755
323,928
73.5
32,520
49,151
38,537
971
29,121
203,110
388,398
75.3
32,580
47,621
42,489
1,044
22,699
191,575
438,684
75.0
2015
7.9
9.4
18.0
16.5
0.79
17.6
2015
2.88
6.7
4,196
4,196
4,156
(12.6)
2014
16.2
18.7
13.9
11.9
0.82
46.9
2014
2.70
9.8
4,282
4,282
4,201
(6.0)
2013
17.2
19.2
11.2
9.1
0.83
55.7
2013
2.46
12.8
4,419
4,419
4,335
20.1
Common stock purchases (millions of dollars)
4,039
13,183
15,998
Market quotations for common stock (dollars)
High
Low
Average daily close
Year-end close
93.45
66.55
82.83
77.95
104.76
86.19
97.27
92.45
101.74
84.79
90.51
101.20
(1) See Frequently Used Terms on pages 44 and 45.
(2) Debt includes short-term and long-term debt. Capital includes short-term and long-term debt and total equity.
(3) Debt net of cash and cash equivalents, excluding restricted cash.
Summary Statement of Income
(millions of dollars)
Revenues and Other Income
Sales and other operating revenue(1)
Income from equity affiliates
Other income
Total revenues and other income
Costs and Other Deductions
Crude oil and product purchases
Production and manufacturing expenses
Selling, general and administrative expenses
Depreciation and depletion
Exploration expenses, including dry holes
Interest expense
Sales-based taxes(1)
Other taxes and duties
Total costs and other deductions
Income before income taxes
Income taxes
Net income including noncontrolling interests
Net income attributable to noncontrolling interests
Net income attributable to ExxonMobil
Earnings per common share (dollars)
Earnings per common share – assuming dilution (dollars)
41
2015
2014
2013
259,488
394,105
420,836
7,644
1,750
13,323
4,511
13,927
3,492
268,882
411,939
438,255
130,003
225,972
244,156
35,587
11,501
18,048
1,523
311
22,678
27,265
40,859
12,598
17,297
1,669
286
29,342
32,286
40,525
12,877
17,182
1,976
9
30,589
33,230
246,916
360,309
380,544
21,966
5,415
16,551
401
16,150
3.85
3.85
51,630
18,015
33,615
1,095
32,520
7.60
7.60
57,711
24,263
33,448
868
32,580
7.37
7.37
(1) Sales and other operating revenue includes sales-based taxes of $22,678 million for 2015, $29,342 million for 2014, and $30,589 million for 2013.
The information in the Summary Statement of Income (for 2013 to 2015), the Summary Balance Sheet (for 2014 and 2015), and the Summary Statement of Cash Flows
(for 2013 to 2015), shown on pages 41 through 43, corresponds to the information in the Consolidated Statement of Income, the Consolidated Balance Sheet, and the
Consolidated Statement of Cash Flows in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet. See also Management’s Discussion
and Analysis of Financial Condition and Results of Operations and other information in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet.
42
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Financial Information, continued
Summary Balance Sheet at Year End
(millions of dollars)
Assets
Current assets
Cash and cash equivalents
Cash and cash equivalents – restricted
Notes and accounts receivable, less estimated doubtful amounts
Inventories
Crude oil, products and merchandise
Materials and supplies
Other current assets
Total current assets
Investments, advances and long-term receivables
Property, plant and equipment, at cost, less accumulated depreciation and depletion
Other assets, including intangibles, net
Total assets
Liabilities
Current liabilities
Notes and loans payable
Accounts payable and accrued liabilities
Income taxes payable
Total current liabilities
Long-term debt
Postretirement benefits reserves
Deferred income tax liabilities
Long-term obligations to equity companies
Other long-term obligations
Total liabilities
Commitments and contingencies
Equity
Common stock without par value
Earnings reinvested
Accumulated other comprehensive income
Common stock held in treasury
ExxonMobil share of equity
Noncontrolling interests
Total equity
Total liabilities and equity
2015
2014
3,705
–
19,875
12,037
4,208
2,798
42,623
34,245
4,616
42
28,009
12,384
4,294
3,565
52,910
35,239
251,605
252,668
8,285
8,676
336,758
349,493
18,762
32,412
2,802
53,976
19,925
22,647
36,818
5,417
21,165
17,468
42,227
4,938
64,633
11,653
25,802
39,230
5,325
21,786
159,948
168,429
See footnote 1
11,612
412,444
(23,511)
10,792
408,384
(18,957)
(229,734)
(225,820)
170,811
174,399
5,999
176,810
336,758
6,665
181,064
349,493
(1) For more information, please refer to Note 16 in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet.
The information in the Summary Statement of Income (for 2013 to 2015), the Summary Balance Sheet (for 2014 and 2015), and the Summary Statement of Cash Flows
(for 2013 to 2015), shown on pages 41 through 43, corresponds to the information in the Consolidated Statement of Income, the Consolidated Balance Sheet, and the
Consolidated Statement of Cash Flows in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet. See also Management’s Discussion
and Analysis of Financial Condition and Results of Operations and other information in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet.
43
Summary Statement of Cash Flows
(millions of dollars)
Cash Flows from Operating Activities
Net income including noncontrolling interests
Adjustments for noncash transactions
Depreciation and depletion
Deferred income tax charges/(credits)
Postretirement benefits expense in excess of/(less than) net payments
Other long-term obligation provisions in excess of/(less than) payments
Dividends received greater than/(less than) equity in current earnings of equity companies
Changes in operational working capital, excluding cash and debt
Reduction/(increase) – Notes and accounts receivable
– Inventories
– Other current assets
Increase/(reduction) – Accounts and other payables
Net (gain) on asset sales
All other items – net
2015
2014
2013
16,551
33,615
33,448
18,048
(1,832)
2,153
(380)
(691)
4,692
(379)
45
(7,471)
(226)
(166)
17,297
1,540
524
1,404
(358)
3,118
(1,343)
(68)
(6,639)
(3,151)
(823)
17,182
754
2,291
(2,566)
3
(305)
(1,812)
(105)
(2,498)
(1,828)
350
Net cash provided by operating activities
30,344
45,116
44,914
Cash Flows from Investing Activities
Additions to property, plant and equipment
Proceeds associated with sales of subsidiaries, property, plant and equipment,
and sales and returns of investments
Decrease/(increase) in restricted cash and cash equivalents
Additional investments and advances
Collection of advances
Net cash used in investing activities
Cash Flows from Financing Activities
Additions to long-term debt
Reductions in long-term debt
Additions to short-term debt
Reductions in short-term debt
Additions/(reductions) in commercial paper, and debt with three months or less maturity
Cash dividends to ExxonMobil shareholders
Cash dividends to noncontrolling interests
Changes in noncontrolling interests
Tax benefits related to stock-based awards
Common stock acquired
Common stock sold
Net cash used in financing activities
Effects of exchange rate changes on cash
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
(26,490)
(32,952)
(33,669)
2,389
42
(607)
842
4,035
227
(1,631)
3,346
2,707
72
(4,435)
1,124
(23,824)
(26,975)
(34,201)
8,028
(26)
–
(506)
1,759
(12,090)
(170)
–
2
(4,039)
5
(7,037)
(394)
(911)
4,616
3,705
5,731
(69)
–
(745)
2,049
(11,568)
(248)
–
115
(13,183)
30
(17,888)
(281)
(28)
4,644
4,616
345
(13)
16
(756)
12,012
(10,875)
(304)
(1)
48
(15,998)
50
(15,476)
(175)
(4,938)
9,582
4,644
The information in the Summary Statement of Income (for 2013 to 2015), the Summary Balance Sheet (for 2014 and 2015), and the Summary Statement of Cash Flows
(for 2013 to 2015), shown on pages 41 through 43, corresponds to the information in the Consolidated Statement of Income, the Consolidated Balance Sheet, and the
Consolidated Statement of Cash Flows in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet. See also Management’s Discussion
and Analysis of Financial Condition and Results of Operations and other information in ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet.
44
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Frequently Used Terms
Listed below are definitions of several of ExxonMobil’s key business and financial performance measures and other
terms. These definitions are provided to facilitate understanding of the terms and their calculation. In the case of financial
measures that we believe constitute “non-GAAP financial measures” under Securities and Exchange Commission
Regulation G, we provide a reconciliation to the most comparable Generally Accepted Accounting Principles (GAAP)
measure and other information required by that rule.
Total Shareholder Return • Measures the change in value of an investment in stock over a specified period of time, assuming dividend reinvestment.
We calculate shareholder return over a particular measurement period by: dividing (1) the sum of (a) the cumulative value of dividends received during
the measurement period, assuming reinvestment, plus (b) the difference between the stock price at the end and at the beginning of the measurement
period; by (2) the stock price at the beginning of the measurement period. For this purpose, we assume dividends are reinvested in stock at market
prices at approximately the same time actual dividends are paid. Shareholder return is usually quoted on an annualized basis.
Capital and Exploration Expenditures (Capex) • Represents the combined total of additions at cost to property, plant and equipment and exploration
expenses on a before-tax basis from the Summary Statement of Income. ExxonMobil’s Capex includes its share of similar costs for equity companies.
Capex excludes assets acquired in nonmonetary exchanges (effective 2013) and depreciation on the cost of exploration support equipment and
facilities recorded to property, plant and equipment when acquired. While ExxonMobil’s management is responsible for all investments and elements
of net income, particular focus is placed on managing the controllable aspects of this group of expenditures.
Proved Reserves • Proved reserve figures in this publication are determined in accordance with SEC definitions in effect at the end of each applicable year,
except that in statements covering reserve replacement for years prior to 2009, reserves include oil sands and equity company reserves which at the time
were excluded from SEC reserves.
Proved Reserves Replacement Ratio • The reserves replacement ratio is calculated for a specific period utilizing the applicable proved oil-equivalent
reserves additions divided by oil-equivalent production. See “Proved Reserves” above.
Resources, Resource Base, and Recoverable Resources • Along with similar terms used in this report, these refer to the total remaining estimated
quantities of oil and gas that are expected to be ultimately recoverable. ExxonMobil refers to new discoveries and acquisitions of discovered resources
as resource additions. The resource base includes quantities of oil and gas that are not yet classified as proved reserves, but which ExxonMobil believes
will likely be moved into the proved reserves category and produced in the future. The term “resource base” is not intended to correspond to SEC
definitions such as “probable” or “possible” reserves.
Prime Product Sales • Prime product sales are total product sales excluding carbon black oil and sulfur. Prime product sales include ExxonMobil’s share
of equity company volumes and finished-product transfers to the Downstream.
Exploration Resource Addition Cost
Exploration portion of Upstream Capex (millions of dollars)
Exploration resource additions (millions of oil-equivalent barrels)
Exploration resource addition cost per OEB (dollars)
2015
2,680
1,138
2.36
2014
3,689
2,942
1.25
2013
7,155
5,703
1.25
2012
4,740
3,734
1.27
2011
5,464
3,906
1.40
Exploration resource addition cost per oil-equivalent barrel is a performance measure that is calculated using the Exploration portion of Upstream capital and exploration
expenditures (Capex) divided by exploration resource additions (in oil-equivalent barrels – OEB). ExxonMobil refers to new discoveries, and the non-proved portion of
discovered resources that were acquired, as exploration resource additions. Exploration resource additions include quantities of oil and gas that are not yet classified as
proved reserves, but which ExxonMobil believes will likely be moved into the proved reserves category and produced in the future. The impact of the nonmonetary portion
of asset exchanges is excluded in 2014.
Return on Average Capital Employed (ROCE)
2015
2014
2013
2012
2011
(millions of dollars)
Net income attributable to ExxonMobil
Financing costs (after tax)
Gross third-party debt
ExxonMobil share of equity companies
All other financing costs – net
Total financing costs
Earnings excluding financing costs
Average capital employed
Return on average capital employed – corporate total
16,150
32,520
32,580
44,880
41,060
(362)
(170)
88
(444)
16,594
208,755
7.9%
(140)
(256)
(68)
(464)
32,984
203,110
16.2%
(163)
(239)
83
(319)
32,899
191,575
17.2%
(401)
(257)
100
(558)
45,438
179,094
25.4%
(153)
(219)
116
(256)
41,316
170,721
24.2%
ROCE is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment
capital employed (average of beginning and end-of-year amounts). These segment earnings include ExxonMobil’s share of segment earnings of equity companies,
consistent with our capital employed definition, and exclude the cost of financing. The Corporation’s total ROCE is net income attributable to ExxonMobil excluding the
after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views
it as the best measure of historical capital productivity in our capital-intensive, long-term industry, both to evaluate management’s performance and to demonstrate to
shareholders that capital has been used wisely over the long term. Additional measures, which are more cash flow based, are used to make investment decisions.
45
Capital Employed at Year End
2015
2014
2013
2012
2011
(millions of dollars)
Business Uses: Asset and Liability Perspective
Total assets
Less liabilities and noncontrolling interests
share of assets and liabilities
Total current liabilities excluding notes and loans payable
Total long-term liabilities excluding long-term debt
Noncontrolling interests share of assets and liabilities
Add ExxonMobil share of debt-financed equity company net assets
Total capital employed
Total Corporate Sources: Debt and Equity Perspective
Notes and loans payable
Long-term debt
ExxonMobil share of equity
Less noncontrolling interests share of total debt
Add ExxonMobil share of equity company debt
Total capital employed
336,758
349,493
346,808
333,795
331,052
(35,214)
(86,047)
(8,286)
4,447
211,658
18,762
19,925
170,811
(2,287)
4,447
211,658
(47,165)
(92,143)
(9,099)
4,766
205,852
17,468
11,653
174,399
(2,434)
4,766
205,852
(55,916)
(87,698)
(8,935)
6,109
200,368
15,808
6,891
174,003
(2,443)
6,109
200,368
(60,486)
(90,068)
(6,235)
5,775
182,781
3,653
7,928
165,863
(438)
5,775
182,781
(69,794)
(83,481)
(7,314)
4,943
175,406
7,711
9,322
154,396
(966)
4,943
175,406
Capital employed is a measure of net investment. When viewed from the perspective of how the capital is used by the businesses, it includes ExxonMobil’s net share of
property, plant and equipment and other assets less liabilities, excluding both short-term and long-term debt. When viewed from the perspective of the sources of capital
employed in total for the Corporation, it includes ExxonMobil’s share of total debt and equity. Both of these views include ExxonMobil’s share of amounts applicable to
equity companies, which the Corporation believes should be included to provide a more comprehensive measure of capital employed.
Free Cash Flow
2015
2014
2013
2012
2011
(millions of dollars)
Net cash provided by operating activities
Additions to property, plant and equipment
Proceeds associated with sales of subsidiaries, property,
plant and equipment, and sales and returns of investments
Additional investments and advances
Collection of advances
Free cash flow
30,344
(26,490)
45,116
(32,952)
2,389
(607)
842
6,478
4,035
(1,631)
3,346
17,914
44,914
(33,669)
2,707
(4,435)
1,124
10,641
56,170
(34,271)
7,655
(598)
1,550
30,506
55,345
(30,975)
11,133
(3,586)
1,119
33,036
Free cash flow is cash flow from operations and asset sales less additions to property, plant and equipment, and additional investments and advances, plus collection of
advances. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business.
Cash Flow from Operations and Asset Sales
2015
2014
2013
2012
2011
(millions of dollars)
Net cash provided by operating activities
Proceeds associated with sales of subsidiaries, property, plant
and equipment, and sales and returns of investments
Cash flow from operations and asset sales
30,344
45,116
44,914
56,170
55,345
2,389
32,733
4,035
49,151
2,707
47,621
7,655
63,825
11,133
66,478
Cash flow from operations and asset sales is the sum of the net cash provided by operating activities and proceeds associated with sales of subsidiaries, property, plant
and equipment, and sales and returns of investments from the Summary Statement of Cash Flows. This cash flow reflects the total sources of cash from both operating
the Corporation’s assets and from the divesting of assets. The Corporation employs a long-standing and regular disciplined review process to ensure that all assets are
contributing to the Corporation’s strategic objectives. Assets are divested when they are no longer meeting these objectives or are worth considerably more to others.
Because of the regular nature of this activity, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating
activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.
Distributions to Shareholders
(millions of dollars)
Dividends paid to ExxonMobil shareholders
Cost of shares purchased to reduce shares outstanding
Distributions to ExxonMobil shareholders
Memo: Gross cost of shares purchased to offset shares
issued under benefit plans and programs
2015
2014
2013
2012
2011
12,090
3,000
15,090
11,568
12,000
23,568
10,875
15,000
25,875
10,092
20,000
30,092
9,020
20,000
29,020
1,039
1,183
998
1,068
2,055
The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are purchased both to reduce shares outstanding and to offset
shares issued in conjunction with company benefit plans and programs. For purposes of calculating distributions to shareholders, the Corporation only includes the cost of
those shares purchased to reduce shares outstanding.
46
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Board of Directors, Officers, and Affiliated Companies*
Steven S Reinemund
Executive in Residence,
Wake Forest University;
Retired Executive
Chairman of the Board,
PepsiCo (consumer
food products)
Peter Brabeck-
Letmathe
Chairman of the Board,
Nestlé (nutrition, health,
and wellness)
Henrietta H. Fore
Chairman of the
Board and Chief
Executive Officer,
Holsman International
(manufacturing,
consulting, and
investments)
Rex W. Tillerson
Chairman of the Board
and Chief Executive
Officer
Darren W. Woods
President
Douglas R. Oberhelman
Chairman and Chief
Executive Officer,
Caterpillar Inc.
(heavy equipment)
Standing Committees of the Board
Functional and Service Organizations
Audit Committee
L.R. Faulkner (Chair), P. Brabeck-Letmathe,
U.M. Burns, D.R. Oberhelman
Board Affairs Committee
K.C. Frazier (Chair), H.H. Fore, S.J. Palmisano,
S.S Reinemund, W.C. Weldon
Compensation Committee
S.J. Palmisano (Chair), M.J. Boskin,
J.S. Fishman, W.C. Weldon
Finance Committee
R.W. Tillerson (Chair), P. Brabeck-Letmathe,
U.M. Burns, L.R. Faulkner, D.R. Oberhelman
Public Issues and Contributions Committee
S.S Reinemund (Chair), M.J. Boskin, J.S. Fishman,
H.H. Fore, K.C. Frazier
Executive Committee
R.W. Tillerson (Chair), M.J. Boskin, L.R. Faulkner,
S.J. Palmisano, S.S Reinemund
Upstream
R.J. Cleveland . . . . . . . . . . . . President, XTO Energy Inc.(1)
N.W. Duffin . . . . . . . . . . . . . . President, ExxonMobil Development Company (1)
R.S. Franklin . . . . . . . . . . . . . . President, ExxonMobil Gas & Power Marketing Company (1)
S.M. Greenlee . . . . . . . . . . . . President, ExxonMobil Exploration Company (1)
S.N. Ortwein . . . . . . . . . . . . . President, ExxonMobil Upstream Research Company
T.R. Walters . . . . . . . . . . . . . . President, ExxonMobil Production Company (1)
Downstream
A.J. Kelly . . . . . . . . . . . . . . . . . President, ExxonMobil Fuels, Lubricants &
Specialties Marketing Company (1)
D.G. Wascom . . . . . . . . . . . . . President, ExxonMobil Refining & Supply Company (1)
T.J. Wojnar, Jr. . . . . . . . . . . . . President, ExxonMobil Research and Engineering Company
Chemical
N.A. Chapman . . . . . . . . . . . . President, ExxonMobil Chemical Company (1)
Other
B.W. Milton . . . . . . . . . . . . . . . President, ExxonMobil Global Services Company
47
Larry R. Faulkner
President Emeritus,
The University of
Texas at Austin;
Former President,
Houston Endowment
(charitable foundation)
Ursula M. Burns
Chairman of the
Board and Chief
Executive Officer,
Xerox Corporation
(business process
and IT outsourcing,
document technology
and solutions)
Michael J. Boskin
T.M. Friedman
Professor of Economics
and Senior Fellow,
Hoover Institution,
Stanford University
Jay S. Fishman
Presiding Director;
Executive Chairman
of the Board,
The Travelers
Companies
(property and
casualty insurance)
Kenneth C. Frazier
Chairman of the Board,
President, and Chief
Executive Officer,
Merck & Company
(pharmaceuticals)
Samuel J. Palmisano
Former Chairman of
the Board, International
Business Machines
Corporation (computer
hardware, software,
business consulting,
and IT services)
William C. Weldon
Former Chairman
of the Board,
Johnson & Johnson
(pharmaceuticals)
Officers
R.W. Tillerson. . . . . . . . . . . . . Chairman of the Board (1)
S.M. Greenlee . . . . . . . . . . . . Vice President (1)
D.W. Woods . . . . . . . . . . . . . . President (1)
A.J. Kelly . . . . . . . . . . . . . . . . . Vice President (1)
M.W. Albers . . . . . . . . . . . . . . Senior Vice President (1)
L.M. Lachenmyer . . . . . . . . . Vice President – Safety, Security,
M.J. Dolan . . . . . . . . . . . . . . . Senior Vice President (1)
A.P. Swiger . . . . . . . . . . . . . . . Senior Vice President (1)
J.P. Williams, Jr. . . . . . . . . . . Senior Vice President (1)
S.J. Balagia . . . . . . . . . . . . . . . Vice President and General Counsel (1)
N.A. Chapman . . . . . . . . . . . . Vice President (1)
W.M. Colton . . . . . . . . . . . . . . Vice President – Corporate
Strategic Planning (1)
B.W. Corson . . . . . . . . . . . . . . Vice President and President –
Health & Environment
S.M. McCarron . . . . . . . . . . . . Vice President – Public and
Government Affairs
D.S. Rosenthal . . . . . . . . . . . . Vice President and Controller (1)
R.N. Schleckser . . . . . . . . . . . Vice President and Treasurer (1)
J.M. Spellings, Jr. . . . . . . . . . Vice President and General Tax Counsel (1)
T.R. Walters . . . . . . . . . . . . . . Vice President (1)
D.G. Wascom . . . . . . . . . . . . . Vice President (1)
ExxonMobil Upstream Ventures (1)
J.J. Woodbury . . . . . . . . . . . . Vice President – Investor Relations
T.M. Fariello . . . . . . . . . . . . . . Vice President – Washington Office
M.A. Farrant . . . . . . . . . . . . . . Vice President – Human Resources
R.S. Franklin . . . . . . . . . . . . . . Vice President (1)
and Secretary (1)
* As of March 1, 2016
(1) Required to file reports under Section 16 of the Securities Exchange Act of 1934.
48
E x x o n M o b i l 2 0 1 5 S u m m a r y A n n u a l R e p o r t
Investor Information
Shareholder Services
Corporate Governance
Shareholder inquiries should be addressed to
ExxonMobil Shareholder Services at Computershare
Trust Company, N.A., ExxonMobil’s transfer agent:
Our Corporate Governance Guidelines and related
materials are available by selecting “Investors” on our
website at exxonmobil.com.
ExxonMobil Shareholder Services
P.O. Box 30170
College Station, TX 77842-3170
1-800-252-1800
(Within the United States and Canada)
1-781-575-2058
(Outside the United States and Canada)
An automated voice-response system is available
24 hours a day, 7 days a week.
Service representatives are available Monday through
Friday 8:00 a.m. to 8:00 p.m. Eastern Time and
Saturday 9:00 a.m. to 5:00 p.m. Eastern Time.
Registered shareholders can access information about
their ExxonMobil stock accounts via the Internet at
computershare.com/exxonmobil.
Electronic Delivery of Documents
Registered shareholders can receive the following
documents online, instead of by mail, by contacting
ExxonMobil Shareholder Services:
• Annual Meeting Materials
• Tax Documents
• Account Statements
Beneficial shareholders should contact their bank or
broker for electronic receipt of proxy voting materials.
ExxonMobil Publications
The following publications are available without charge
to shareholders and can be found on the Internet at
exxonmobil.com. Requests for printed copies should
be directed to ExxonMobil Shareholder Services.
Stock Purchase and Dividend Reinvestment Plan
Computershare Trust Company, N.A., sponsors a
stock purchase and dividend reinvestment plan, the
Computershare Investment Plan for Exxon Mobil
Corporation Common Stock. For more information and
plan materials, go to computershare.com/exxonmobil
or call or write ExxonMobil Shareholder Services.
• Summary Annual Report
• Annual Report on Form 10-K
• Financial & Operating Review
• Corporate Citizenship Report
• The Outlook for Energy: A View to 2040
• The Lamp
Dividend Direct Deposit
Shareholders may have their dividends deposited directly
into their U.S. bank accounts. If you would like to elect
this option, go to computershare.com/exxonmobil or
call or write ExxonMobil Shareholder Services for an
authorization form.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO.
For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups. Abbreviated references describing global or regional operational
organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Similarly, ExxonMobil
has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words
such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving
common activities and interests, and those words may not indicate precise legal relationships.
Included in this Summary Annual Report are financial and operating highlights and summary financial statements. For complete
financial statements, including notes, please refer to ExxonMobil’s 2015 Financial Statements and Supplemental Information booklet
included in the Summary Annual Report mailing. The Financial Statements and Supplemental Information booklet also includes
Management’s Discussion and Analysis of Financial Condition and Results of Operations. The “Investors” section of ExxonMobil’s
website (exxonmobil.com) contains the Proxy Statement and other company publications, including ExxonMobil’s Financial &
Operating Review. These publications provide additional detail about the company’s global operations.
The following are trademarks, service marks, or proprietary process names of Exxon Mobil Corporation or one of its affiliates:
ExxonMobil, Esso, Exxon, Mobil, Mobil 1, Mobil Delvac, EHC, Synergy, Energy lives here, and Protect Tomorrow. Today.
The following third-party trademarks or service marks referenced in the text of the report are owned by the entities indicated:
Sonangol S Design (Sociedade Nacional de Combustiveis de Angola), PWC + Design (The Trustees of the PWC Business Trust).
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General Information
Corporate Headquarters
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039-2298
Additional copies may be
obtained by writing or phoning:
Phone: 972-444-1000
Fax: 972-444-1505
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Exxon Mobil Corporation
P.O. Box 140369
Irving, TX 75014-0369
Market Information
The New York Stock Exchange is the principal exchange
on which Exxon Mobil Corporation common stock
(symbol XOM) is traded.
Annual Meeting
The 2016 Annual Meeting of Shareholders will be held at
9:30 a.m. Central Time on Wednesday, May 25, 2016, at:
The Morton H. Meyerson Symphony Center
2301 Flora Street
Dallas, TX 75201
An audio webcast with a slide presentation will be provided
on the Internet at exxonmobil.com. Information about the
webcast will be available one week prior to the event.
ExxonMobil on the Internet
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information are available on the Internet
at exxonmobil.com:
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N O T E : S P I N E W I D T H ( X ) T O B E D E T E R M I N E D B Y P R I N T E R , T E X T T O C E N T E R O N X . S P I N E T E X T M AY N O T B E P O S S I B L E I F T H I N B O O K .
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FSC/Recycle Info
(by printer)
Exxon Mobil Corporation
Corporate Headquarters
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Irving, Texas 75039-2298
exxonmobil.com
Summary Annual Report 002CSN61B4
Printed in U.S.A.
2015