2016 Summary Annual Report
2 To Our Shareholders
4 2016 Financial & Operating Summary
6 The Outlook for Energy: A View to 2040
8 Operational Excellence
12 Upstream: Capturing Attractive Opportunities
16 Upstream: Advancing Unconventional Developments
20 Downstream: Strengthening the Portfolio
24 Chemical: Enhancing Value Through 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: Using proprietary technologies, the Singapore petrochemical
complex is the only steam-cracking facility in the global industry with the ability to
process crude oil directly into chemical products, providing a unique cost advantage.
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 source mix; capacity
growth; the impact of new technologies; 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 the supply
in and demand for crude oil, natural gas, and petroleum and petrochemical products and resulting price impacts; 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 “Cash Flow from Operations and Asset Sales,” 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 2016 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
Enabling modern life
Promoting opportunity and prosperity
Fueling economies
Eliminating energy poverty
Advancing technological solutions
Managing the risks of climate change
Improving energy access and efficiency
Safely and responsibly powering our world
2
To Our Shareholders
ExxonMobil is dedicated to generating long-term value for you, our shareholders. We strive to remain the industry leader
in safely supplying the energy necessary to support economies and improve the lives of billions of people, while at the same
time protecting the environment. This challenge is what drives the thousands of men and women of ExxonMobil to push the
frontiers of science and technology, develop new products and resources, optimize our operations, and continually improve.
As you will read, we achieve success through discipline in our capital spending, advantaged project execution, operational
excellence, and a relentless focus on business fundamentals. With our strong balance sheet, prudent management, and
deep inventory of opportunities, ExxonMobil is uniquely positioned to create value through the commodity price cycle.
ExxonMobil maintains a long-term view and strategic focus in our business plans and investments. Underpinning our investment
plans is our Outlook for Energy, an annual, long-range energy supply and demand forecast. We anticipate global economic
output will double by the year 2040 while the world strives to embrace a future with lower carbon intensity consistent with the
Paris Agreement commitments. With population growth, rising economic prosperity, increasing trade, and evolving technology,
we project global energy demand will grow by about
25 percent between 2015 and 2040. Meeting the growth
in demand will require development of all energy types, as well
as new technologies and further gains in energy efficiency.
As we work to meet this demand, we must also work to
reduce the environmental impact of global development and
We strive to remain the industry leader in safely
supplying the energy necessary to support economies
and improve the lives of billions of people, while at
the same time protecting the environment.
do our part in mitigating the risks of climate change. We recognize that these risks are serious and warrant thoughtful action,
requiring large-scale, economic, broad-based solutions implemented around the world. At ExxonMobil, we are working to
improve energy efficiency and reduce emissions from our own operations, while also helping consumers use energy more
efficiently with the advanced products we manufacture. Since 2000, ExxonMobil has spent nearly $7 billion on researching,
developing, and deploying emissions-reducing technologies, such as carbon capture and storage. Our efforts have made us a
global leader in this technology with a working interest in about one quarter of the world’s current capacity. We announced
a new partnership in 2016 to research the use of fuel cells in capturing carbon dioxide that could substantially reduce costs
and lead to large-scale application globally. We are also working on energy efficiency initiatives, cogeneration, flare reduction,
advanced biofuels, and research on other lower-carbon energy solutions.
ExxonMobil’s 2016 results demonstrate the benefits of our
business model in volatile commodity markets. Amid challenging
economic and geopolitical conditions, ExxonMobil generated
$7.8 billion of earnings and return on capital employed
of 3.9 percent. Cash flow from operations and asset sales of
We achieve success through discipline in our
capital spending, advantaged project execution,
operational excellence, and a relentless focus
on business fundamentals.
$26.4 billion from our integrated businesses allowed us to progress strategic investments across all of our business segments
with a focus on growing value over the long term. Capital and exploration expenditures were $19.3 billion, 38 percent less
than 2015, reflecting market cost savings, capital efficiencies, and timely completion of major projects.
Very importantly, last year we achieved our best-ever safety performance, reflecting our employees’ unrelenting commitment
to operational excellence and effective risk management.
We continued to share our success directly with shareholders by distributing dividends totaling $12.5 billion in 2016.
Despite a challenging business climate, the annual dividend on ExxonMobil’s common stock increased 3.5 percent compared
with the prior year, leading industry peers. We have increased our annual per-share dividend payment to shareholders for
34 consecutive years.
2016 Summary Annual Report 3
Our Upstream business produced 4.1 million oil-equivalent barrels per day, bolstered by five major project start-ups in 2016
which added about 250 thousand oil-equivalent barrels per day of working interest production capacity. We continue to
enhance our resource base with several significant discoveries and ongoing asset management activities, including long-term
accretive acquisitions.
We are advancing our large inventory of short-cycle onshore opportunities, primarily in the United States in the Permian and
Bakken, where we have added attractive acreage and continue to enhance operating efficiency and reduce costs. Looking
With our strong balance sheet, prudent management,
and deep inventory of opportunities,
ExxonMobil is uniquely positioned to create value
through the commodity price cycle.
ahead, the diversity and quality of our project inventory,
along with our financial strength, provide the flexibility to
advance the most attractive investments. Several long-
cycle project start-ups, anticipated in 2017 and 2018, are
expected to contribute about 340 thousand oil-equivalent
barrels per day of working interest production capacity.
Results in our Downstream and Chemical segments highlight the value of
our integrated business model. We continue to grow value by leveraging
advantaged manufacturing assets and our differentiated portfolio of
brands and products. ExxonMobil is selectively investing in attractive
opportunities across our fuels, lubricants, and chemical businesses
to improve feedstock flexibility, increase higher-value products,
enhance operational efficiency, increase logistics capabilities, and
optimize our marketing channels. In particular, we continue to
expand our manufacturing capacity along the U.S. Gulf Coast,
including construction of a world-class ethane cracker and
expansion of our polyethylene plants. These projects will
leverage supply advantages to manufacture high-performance
polyethylene products to meet growing global demand for
plastics. Along with other projects in the region, they are
expected to create more than 35,000 construction jobs
and more than 12,000 full-time jobs.
These are just some of the successes and plans that your
investment in ExxonMobil made possible. We appreciate the
confidence you have placed in us as we work to expand
energy supplies, develop breakthrough technologies, and
support global prosperity in a safe, secure, and environmentally
responsible way. The men and women of ExxonMobil remain
committed to creating long-term value for our shareholders,
and we look forward to continued success in the future.
Darren Woods, Chairman and CEO
4
2016 Financial & Operating Summary
ExxonMobil’s long-term strategies and our unwavering commitment to the highest standards of integrity
underpin everything we do. The company’s core business strategies provide the framework for the
organization to deliver on its commitments and create shareholder value through the commodity price cycle.
Results & Highlights
• Strong environmental results and best-ever safety performance
• Earnings of $7.8 billion and return on average capital employed(1) of 3.9 percent
• Cash flow from operations and asset sales(1) of $26.4 billion, demonstrating the resilience of the
integrated business
• Annual dividends per share increased 3.5 percent in 2016, the 34th consecutive year of per-share
dividend increases
• Total shareholder distributions(1) of $12.5 billion
• Capital and exploration expenditures(1) of $19.3 billion
• Completed five major Upstream projects with working interest production capacity of almost 250 thousand
oil-equivalent barrels per day, including projects in Australia, Kazakhstan, and the United States
• Made significant oil discoveries offshore Nigeria and Guyana, and a significant gas discovery
onshore Papua New Guinea
• Captured more than 6 million net exploration acres
• Advanced construction of world-scale specialty polymers facilities in Singapore that will produce halobutyl
rubber and performance resins
• Progressed construction of a new hydrocracker project at our refinery in Rotterdam, Netherlands, which
will use proprietary technology to produce ultra-low sulfur diesel and premium Group II lube basestocks
• Approved projects to increase low-sulfur gasoline and polyethylene production at our integrated site
in Beaumont, Texas
• Approved the expansion of our facility in Wales, United Kingdom, to increase production of Santoprene
high-performance elastomers
(1) See Frequently Used Terms on pages 44 and 45.
2016 Summary Annual Report Financial Highlights
(millions of dollars, unless noted)
Upstream
Downstream
Chemical
Corporate and Financing
Total
Operating Highlights
Earnings after
Income Taxes
196
4,201
4,615
(1,172)
7,840
Average
Capital
Employed (1)
170,055
21,804
24,844
(4,477)
212,226
Liquids production (net, thousands of barrels per day)
Natural gas production available for sale (net, millions of cubic feet per day)
Oil-equivalent production(2) (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(1) (thousands of tonnes)
5
Return on
Average Capital
Employed (%) (1)
Capital and
Exploration
Expenditures (1)
0.1
19.3
18.6
N.A.
3.9
14,542
2,462
2,207
93
19,304
2,365
10,127
4,053
4,269
5,482
24,925
Functional Earnings and Net Income(3)
Return on Average Capital Employed (1)(4)
Upstream
Downstream
Chemical
(billions of dollars)
Corporate
and Financing
Net
Income(1)
2016
2012–2016 Average
(percent)
50
40
30
20
10
0
–3
2012
2013
2014
2015
2016
15
12
9
6
3
0
–1
ExxonMobil
Chevron
Shell
Total
BP
34th Consecutive Year of Dividend Growth(5)
34th Consecutive Year of Dividend Growth(5)
Total Shareholder Returns (1)
ExxonMobil
ExxonMobil
(dollars per share)
(dollars per share)
S&P 500
S&P 500
Consumer Price Index(6)
Consumer Price Index(6)
ExxonMobil
Integrated Oil Competitor Average(7)
S&P 500
(percent per year)
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.00
1.00
0.50
0.50
0
0
1982
1982
1995
1995
2005
2005
2016
2016
15
12
9
6
3
0
–1
3 Years
5 Years
10 Years
20 Years
(1) See Frequently Used Terms on pages 44 and 45.
(1) See Frequently Used Terms on pages 44 and 45.
(2) Natural gas converted to oil-equivalent at 6 million cubic feet per 1 thousand barrels.
(2) Natural gas converted to oil-equivalent at 6 million cubic feet per 1 thousand barrels.
(3) Net income attributable to ExxonMobil.
(3) Net income attributable to ExxonMobil.
(4) Competitor data estimated on a consistent basis with ExxonMobil and based on public information.
(4) Competitor data estimated on a consistent basis with ExxonMobil and based on public information.
(5) S&P 500 and CPI indexed to 1982 Exxon dividend.
(5) S&P 500 and CPI indexed to 1982 Exxon dividend.
(6) CPI based on historical yearly average from the U.S. Bureau of Labor Statistics.
(6) CPI based on historical yearly average from the U.S. Bureau of Labor Statistics.
(7) BP, Chevron, Royal Dutch Shell, and Total. Competitor data estimated on a consistent basis with ExxonMobil and based on public information.
(7) BP, Chevron, Royal Dutch Shell, and Total. Competitor data estimated on a consistent basis with ExxonMobil and based on public information.
(1) See Frequently Used Terms on pages 44 and 45.
(2) Natural gas converted to oil-equivalent at 6 million cubic feet per 1 thousand
barrels.
(3) Net income attributable to ExxonMobil.
(4) Competitor data estimated on a consistent basis with ExxonMobil and based
on public information.
(5) S&P 500 and CPI indexed to 1982 Exxon dividend.
(6) CPI based on historical yearly average from the U.S. Bureau of Labor Statistics.
(7) BP, Chevron, Royal Dutch Shell, and Total. Competitor data estimated on a
consistent basis with ExxonMobil and based on public information.
6
The Outlook for Energy: A View to 2040
The Outlook for Energy is our global view of energy supply and demand, which guides our long-term investment
plans. Our view is based on the fact that energy is fundamental to modern life. We expect energy demand to
increase about 25 percent by 2040 with global population growth and improvements in living standards worldwide.
Even with substantial energy efficiency gains, pursuit of all economic sources of supply is necessary to meet this
growing demand.
Energy Underpins Economic Growth
Strong economic growth means rising living standards. Around the world, the middle class will more than double in the
next 15 years with countries outside of the Organisation for Economic Co-operation and Development (OECD) seeing
particularly high levels of economic growth. Energy consumption will rise as global economic output doubles and more
people gain access to personal vehicles, better health care, and modern technologies like air conditioning, home appliances,
and smart phones.
Energy Demand is Rising
Between 2015 and 2040, global GDP is projected to double, and energy demand will rise about 25 percent even as energy
efficiency dramatically improves. All economic energy sources are needed to meet this considerable demand growth. Oil and
natural gas will continue to supply about 55 percent of the world’s energy needs through 2040, while nuclear energy and
renewables will grow about 50 percent to approach 25 percent of the world’s energy mix. Diversification of energy supplies
reflects technological advancements, market economics, and environmental policies focused on reducing emissions.
Technology Drives Energy Supply Growth
Recent advances in technology have resulted in abundant supply and an unprecedented range of energy choices – from
the oil and natural gas in America’s shale formations to resources in deepwater fields offshore Africa; from new nuclear
reactors in China to wind turbines and solar arrays in nations around the world.
For the next few decades, oil will likely remain the world’s primary energy source, supporting transportation needs
and chemical production. Demand for natural gas will increase the most among fuel sources due to its abundance
and versatility. Nuclear and other modern renewable sources will likely have the highest growth rates, becoming more
prominent sources of energy in many countries.
Emissions to Peak During the 2030s
As the fuel mix shifts to less carbon-intensive sources of supply, global energy-related carbon dioxide emissions are likely to
peak during the 2030s. This is all the more remarkable given that global GDP is expected to double over the same period.
Energy Growth Driven by Developing Countries
Oil and Gas: Largest Energy Sources in the Future
OECD(1)
Non-OECD
(quadrillion BTUs or Quads)
2015
2040
(quadrillion BTUs or Quads)
1,200
1,000
800
600
400
200
0
Demand Without
Efficiency Gains
2000
2010
2020
2030
2040
Source: ExxonMobil, 2017 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
1.5%
–0.1%
0.2%
2.6%
Oil
Gas
Coal
Biomass
Nuclear
4.7%
1.4%
Wind/
Solar/
Biofuels
Hydro/
Geo
2016 Summary Annual Report 7
Highlight: Ongoing Oil and Gas Development Needed to Meet Growing Demand
Maintaining oil and gas production at current levels will require large investments to offset natural production decline
in maturing fields. Looking out to 2040, in the absence of further investment, oil and gas production from existing
fields would decline by more than 80 percent from today’s levels. Further development to offset this decline is necessary
under all scenarios defined by the International Energy Agency (IEA). The scale of the investment required is enormous:
The IEA estimates that additional upstream investments will need to average $700 billion per year, with most dollars
being deployed to offset natural decline. To meet growing liquids demand, further development of conventional, tight
oil, deepwater, and heavy oil resources will be needed. Similarly, meeting growing gas demand will require development
of conventional, tight gas, shale gas, as well as coal bed methane resources. The global oil and gas industry continues to
demonstrate that through economic investment and innovation, it can keep pace with global energy needs.
PHOTO: Investment across a wide range of resource types, including unconventional resources, will be required to meet
growing demand.
8
Operational Excellence
2016 Summary Annual Report Operational Excellence
9
80% reduction in Lost-Time
Injuries and Illnesses Rate
for employees
and contractors since 2000
PHOTO: Across our diverse businesses, including
on this drillship operating offshore Guyana, we deploy
proven management systems to ensure safe, efficient,
reliable, and environmentally sound operations.
80 10
Operational Excellence
Operational Excellence
Maximizing shareholder value requires that we focus relentlessly on operational excellence and effective risk
management. ExxonMobil’s highly skilled and dedicated workforce rigorously employs proven management
systems in all work processes and at all levels. These systems enable us to continuously improve our personnel
safety, process 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 economic needs of the communities in which we
operate, while protecting the safety, security, and health
of our employees, contractors, and the public. Operational
excellence is the foundation for everything we do.
The safety, security, and health of our workforce are
fundamental to the company’s success. We aim to ensure
each employee and contractor comes home from work
each day safe and in good health. As a result, we have
significantly reduced injuries over the long term, with
lost-time injuries and illnesses 80-percent lower since
2000. We will never stop working toward our goal of
Nobody Gets Hurt.
Strong environmental management is crucial for our
business and for society. Our Protect Tomorrow. Today
expectations underscore our dedication to improving
environmental performance, including reducing
emissions and increasing energy efficiency.
Culture of Excellence
Safety Performance
Lost-Time Injuries and Illnesses Rate
ExxonMobil Workforce(1)
U.S. Petroleum Industry Benchmark(2)
(incidents per 200,000 work hours)
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0
2000
02
04
06
08
10
12
14
2016
(1) Employees and contractors. Includes XTO Energy Inc. data beginning in 2011.
(2) Workforce safety data from participating American Petroleum Institute
companies not available for 2000 and industry data for 2016 not available at time
of publication.
Achieving strong performance begins with leadership. Personal leadership drives our culture of excellence and the
behaviors that sustain high operational standards. We are proud of this culture, which is 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. 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
Identify major facility-specific hazards
Understand the safeguards
Implement multiple controls, including facilities,
systems, and people, to mitigate risks
Maintain and verify performance
Assess and discuss effectiveness of safeguards
PHOTO: OIMS is applied at all locations, including at
our Mont Belvieu polyethylene expansion project.
2016 Summary Annual Report
11
Structured Approach
ExxonMobil’s Operations Integrity Management System
(OIMS) is the 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,
operations, and decommissioning. 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 supports our
efforts to meet or exceed applicable regulations and
relevant industry standards. Our management systems
provide a disciplined process for continuous improvement
and implementation of best practices.
ExxonMobil employees, such as those at our Singapore
Everything we do contains an element of risk, whether
technical, operational, environmental, or financial.
We identify the hazards inherent in our businesses, look to understand the associated consequences, and implement
safeguards to eliminate or mitigate 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 safeguards,
including equipment, procedures, personnel training, and execution discipline. We gain insight from actual, near-miss, or
potential events and then share learnings across our business. Through analysis of actual or potential events, including
industry events, we aim to prevent all incidents, especially those with potentially significant consequences.
integrated site, are trained to operate our facilities using OIMS.
As a key component of our OIMS framework, our change management approach enables us to effectively identify, plan
for, and mitigate changing conditions and risks. Similarly, 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
standards in place.
Implemented by our highly competent workforce, OIMS helps us do our jobs in a safe, responsible, and efficient manner;
sustain ongoing continuous improvement; and ultimately achieve operational excellence.
Highlight: OIMS Framework
ExxonMobil’s OIMS framework provides a disciplined and structured approach to operational excellence.
1
Management
Leadership,
Commitment,
and Accountability
2
5
8
3
6
9
Risk Assessment
and Management
Personnel
and Training
Third-Party
Services
4
7
10
Facilities Design
and Construction
Operations
and Maintenance
Incident
Investigation
and Analysis
Information and
Documentation
11
Operations
Integrity
Assessment and
Improvement
Management
of Change
Community
Awareness and
Emergency
Preparedness
12
Upstream: Capturing
Attractive Opportunities
2016 Summary Annual Report Upstream: Capturing
Attractive Opportunities
13
27 major projects
have started up since 2012
PHOTO: PNG LNG supplies liquefied natural gas
to key Asian energy markets. Since start-up in 2014,
the facility’s production has reached levels 20-percent
higher than its original design capacity.
27 14
Upstream: Capturing Attractive Opportunities
ExxonMobil pursues quality exploration opportunities and development projects to grow high-value production
capacity around the globe. By leveraging proprietary technology and focusing on project execution, we achieve
lower unit cost of installed capacity. We also maximize the productivity of our existing operations and capture unique
opportunities for capital-efficient expansion. This approach enables us to deliver increased shareholder value.
Strategic Exploration
ExxonMobil’s exploration program pursues a diverse set of high-quality resource opportunities. We are focused
on exploring in areas with high resource potential, such as Guyana, Mozambique, Cyprus, and deepwater offshore
Newfoundland and Labrador. We are also focused on areas near our current operations, where discoveries can leverage
existing infrastructure, including Papua New Guinea, West Africa, and the Gulf of Mexico.
Recognizing the opportunity presented by current market conditions, we are investing in large-scale seismic acquisition
programs. In 2016, we participated in more than 24,000 square miles of 3D seismic surveys covering diverse geological
basins around the world, including in Eastern Canada, Mexico, Guyana, Ireland, South Africa, and Mozambique. This data
enables us to evaluate recently captured acreage and identify new prospective exploratory drilling locations. Proprietary
research in advanced seismic imaging and high-performance computing enhances our ability to extract maximum value
from seismic data. Recent large-scale discoveries in Guyana and Nigeria demonstrate the success of these efforts.
Guyana
ExxonMobil holds a 45-percent operating interest in the 6.6-million-acre Stabroek deepwater block offshore Guyana.
Leveraging 3D seismic technology, ExxonMobil drilled multiple wells in the Liza prospect, ultimately making a world-class
discovery with recoverable resource in excess of 1 billion oil-equivalent barrels. Engineering efforts are under way for an
initial 100-thousand-barrel-per-day development, which will include subsea wells tied back to a floating production, storage,
and offloading (FPSO) vessel. Building on this success, we made a second significant oil discovery in 2016 with the Payara-1
well, located 10 miles northwest of Liza-1. ExxonMobil has also acquired interests in the adjacent Canje and Kaieteur ultra-
deepwater blocks, adding almost 2.2 million net acres to our position in the country. We are committed to exploring these
additional areas in a timely manner and have completed the acquisition of more than 6,500 square miles of 3D seismic data
over the blocks.
Nigeria
ExxonMobil has a long history of success in Nigeria,
most recently completing development drilling at the
Erha North Phase 2 project in 2016, which connected
three drill centers to the existing Erha FPSO vessel. In
2016, the Owowo-3 well, located approximately 56 miles
offshore Nigeria, discovered significant oil resources. This
discovery builds on the successful Owowo-2 well drilled in
2012. The results from these wells confirm an oil discovery
between 500 million and 1 billion barrels. ExxonMobil is
evaluating options to develop this discovery using capital-
efficient tie-backs to existing FPSO ullage in surrounding
developments. Learning curve benefits from the recent
Erha North Phase 2 project will help ExxonMobil and our
partners effectively develop this attractive new resource.
The Stena Carron drillship successfully appraised the
Liza prospect, confirming recoverable resource in excess
of 1 billion oil-equivalent barrels.
2016 Summary Annual Report 15
Highlight: Improving Subsurface Imaging with Full Wavefield Inversion
ExxonMobil continues to leverage and enhance its next-generation subsurface imaging
technology, Full Wavefield Inversion (FWI), to significantly improve subsurface imaging,
prediction, and resource characterization. FWI applies sophisticated algorithms that
utilize the full seismic wave and maximize the power of high-performance computing to
help us quickly evaluate and pursue profitable opportunities. Over the past two years,
ExxonMobil’s FWI workflow has become three times faster through increased workflow
efficiency and integration of key imaging technologies. The integration of the FWI
platform and velocity model building has significantly improved our ability to image the
reservoir, helping to optimize the placement of a successful exploration well at Owowo
in Nigeria and other planned development wells. ExxonMobil’s investment in state-of-
the-art seismic acquisition and imaging technologies continues to extend our competitive
advantage and enable the delivery of attractive resources.
PHOTO: Conventional (top) versus FWI (bottom) pre-drill predictions from recent wells
in the Romanian Black Sea.
Papua New Guinea LNG
ExxonMobil is one of the leading operators in Papua New Guinea (PNG). The success of our PNG LNG plant demonstrates
the company’s commitment to operational excellence. As a result of debottlenecking and other reliability efforts, we recently
reached production equivalent of 8.3 million tonnes per year, a 20-percent increase over the facility’s original design capacity.
An independent benchmarking study has shown that PNG LNG is considered among best-in-class for reliability.
In 2016, to build on our strong position in PNG, ExxonMobil signed an agreement to acquire InterOil Corporation.
The transaction offers ExxonMobil the potential to capture significant synergies from participation in both PNG LNG
and the proposed Papua LNG project. Upon closing in early 2017, the acquisition added more than 3 million net exploration
acres across six licenses to ExxonMobil’s position. This includes resource in the Antelope field, the anchor for the proposed
Papua LNG project.
Further acreage additions in 2016 and early 2017 added about 5.3 million net acres in the Gulf of Papua. A multi-year
exploration program is ongoing, leveraging more than 45 miles of 2D seismic data acquired during 2016. We made a new
gas discovery with the Muruk 1 well, which will support
additional future developments in PNG. Planning is also under
way to acquire additional seismic data and identify
future exploration drilling opportunities.
P’nyang
Muruk
P A P U A
N E W G U I N E A
Elk-Antelope
Hides
CHINA
Solomon
Sea
M A L A Y S I A
Pacific Ocean
PHILIPPINES
PAPUA
NEW GUINEA
Gul f of Pap ua
Port Moresby
PNG LNG
Plant
I N D O N E S I A
AUSTRALIA
ExxonMobil Interest
InterOil Acreage
Gas Field
Oil Field
PNG LNG Pipeline
Oil Pipeline
16
Upstream: Advancing
Unconventional Developments
2016 Summary Annual Report Upstream: Advancing
Unconventional Developments
17
Diverse asset base of
more than 11 million net acres(1)
PHOTO: We are advancing our large inventory
of short-cycle opportunities in the Permian and
Bakken where we continue to enhance efficiencies
and reduce costs across our large acreage position.
(1) Consists of all XTO Energy Inc. acres, including conventional.
11 18
Upstream: Advancing Unconventional Developments
ExxonMobil’s success in unconventional development is underpinned by our expertise in drilling, completing, and
operating horizontal wells in shale, tight oil, and other unconventional reservoirs. Our quality acreage position,
which contains the largest unconventional resource base in the industry, is enhanced by high-impact technologies
from our world-class research organization. These competitive strengths enable us to reduce development costs,
improve recovery, and grow profits. Our current focus is on liquids-rich plays, primarily in the Permian Basin,
Bakken Formation, and Argentina.
Advantaged Position
Covering more than 11 million net acres(1), our diverse asset
base includes operations in 14 U.S. states, Western Canada,
and Argentina; interests in more than 55,000 producing
oil and natural gas wells(1); and material holdings in virtually
every major unconventional play.
Benefiting from expertise built from completing more
than 5,000 horizontal wells since Barnett operations
began in 2004, we operate about 80 percent of our U.S.
unconventional assets, facilitating optimum development.
We have a robust and deep inventory of more than
24,000 unconventional oil and gas wells that deliver a
greater-than-10-percent rate of return at $60 per barrel oil
and $3 per thousand cubic feet of gas. Additionally, we
have the ability to quickly adjust activity levels based on
market conditions.
Montney/
Duvernay
Bakken
Uinta
Piceance
Utica
Marcellus
Fayetteville
Freestone
San Juan
Raton
Woodford
Ardmore
Barnett
Permian
Eagle Ford
Haynesville/
Bossier/
Cotton Valley
Unconventional Play Area
Over the past few years, ExxonMobil has generated
significant growth from liquids-rich plays, where we have focused the bulk of our investment.
For example, since 2014, we have increased gross operated Permian and Bakken production
by about 60 thousand barrels of oil per day, or more than 50 percent. In particular, in the
Permian, production has increased 70 percent over the same period. Natural gas activity
is focused in the Utica and Haynesville plays where we operate joint venture projects with
attractive terms. In the Utica, 2016 production increased five-fold over 2015 levels, reaching
250 million cubic feet of gas per day by year end.
Neuquén
ExxonMobil continues to enhance our acreage position through trades,
farm-ins, and acquisitions. Since 2014, we have completed six transactions
in the Permian Basin targeting quality acreage in the Midland and
Delaware basins.
Expanding Further in the Permian
In January 2017, ExxonMobil announced it will double its resource position
in the Permian Basin through the acquisition of a group of privately owned
companies. This strategic transaction will add an estimated 3.4 billion barrels of
oil-equivalent resource in the highly prolific, oil-prone section of New Mexico’s
Delaware Basin, increasing ExxonMobil’s aggregate resource position in the
Permian to 6 billion oil-equivalent barrels. Assets of the acquired companies
include about 275,000 acres of leasehold and production of more than
18 thousand net oil-equivalent barrels per day, about 70 percent of which
is liquids. This transaction is expected to close in early 2017.
Since 2014, we have reduced unit development costs by 72 percent
in our Midland horizontal program.
2016 Summary Annual Report 19
The majority of the acquired acreage, approximately
227,000 acres, is in the Delaware Basin. The highly
contiguous nature of the acreage will allow
ExxonMobil to capitalize on its operational expertise
by developing this new resource with some of the
longest lateral wells in the play. This approach will
reduce development costs and increase reserve
capture. Our total Permian horizontal inventory now
stands at more than 4,500 wells, with approximately
2,000 of these wells able to generate returns in
excess of 30 percent at $40 per barrel oil.
Impact of Technology
NEW
MEXICO
Midland Basin
Central
Basin
Platform
Delaware Basin
NEW
MEXICO
Working with operations, ExxonMobil’s Upstream
Research Company leverages creativity, deep
technical knowledge, and strong operational
expertise to develop groundbreaking technologies in
drilling, completions, and operations that enhance the
value of our unconventional business. For example,
we are advancing full-physics modeling and next-generation completion designs for unconventional stimulation in order
to drill fewer wells and improve recovery. In production operations, we are progressing new artificial lift technologies to
improve the economics of marginal gas wells and we are deploying a laptop smart application to wirelessly monitor and
control wellhead activity, making our field operations more efficient.
Hydrocarbon Density
Heritage Acreage
T EXA S
T E X A S
2014-2015 Transaction
2016-2017 Acquisition(2)
Reducing Costs and Increasing Operational Efficiency
ExxonMobil maintains a relentless focus on reducing costs and improving efficiency. In the Permian, for example, we
have doubled footage drilled per day since 2014 in our horizontal Wolfcamp wells and reduced per-foot drilling costs by
71 percent. We are also improving recovery by implementing longer lateral well lengths and optimizing completion designs.
Coupled with drilling and completion cost reductions, this has enabled us to decrease unit development costs by 72 percent
since 2014. We have successfully reduced cash field expenses in the Permian horizontal program to approximately
$5 per barrel(3), a 46-percent reduction since 2014.
Leveraging Capabilities Globally
Attractive Inventory in the Permian and Bakken
Leveraging its operational expertise, ExxonMobil
is assessing unconventional resource development
opportunities in Argentina. Targeting prolific resource
potential in the Vaca Muerta reservoir, we have working
interest in the Neuquén Basin totaling approximately
330,000 net acres. In 2016, drilling and facilities work
began on a five-well pilot project in the Bajo del
Choique/La Invernada block, which represents the first
phase of activity under the recently approved 35-year
Unconventional Exploitation Concession. We also
received approval for a three-well pilot program on
the Pampa de las Yeguas Block, which will commence
following the Bajo del Choique/La Invernada pilot.
(1) Consists of all XTO Energy Inc. acres and wells, including conventional.
(2) Includes pending Permian-Delaware Acquisition.
(3) Represents costs associated with field operations and the maintenance
of wells and excludes energy and production taxes.
Bakken
Permian
Permian-Delaware Acquisition
(number of wells delivering returns greater than 10 percent)
5,000
4,000
3,000
2,000
1,000
0
$40
$60
$40
$60
Price of oil per barrel
ExxonMobil’s deep inventory of high-quality oil and gas
opportunities would take decades to develop even in a fast-
paced environment. In a lower-price environment, most of
these wells still generate attractive returns, a testament to
the strength of the portfolio.
20
Downstream:
Strengthening the Portfolio
2016 Summary Annual Report Downstream:
Strengthening the Portfolio
21
24% average Downstream
return on capital employed
over the past 10 years
PHOTO: The Singapore Refinery, ExxonMobil’s
largest, benefits from integration with lubricant
and chemical manufacturing as it serves the
rapidly growing Asian market.
24 22
Downstream: Strengthening the Portfolio
Investments across the value chain continue to strengthen ExxonMobil’s portfolio of refineries and other
advantaged manufacturing assets. We continue to increase our feedstock and logistics flexibility, upgrade the
value of hydrocarbon molecules we process in our system, and expand volumes of specialty products. Our ability to
generate attractive returns across the business cycle is driven by our disciplined investment program, our unrelenting
focus on safe and reliable operations, and our unwavering commitment to world-class brands and products.
Proven Approach
ExxonMobil’s Downstream segment is meeting our
customers’ growing need for transportation fuels,
lubricants, and specialties. The segment is generating
solid cash flow to support shareholder distributions and
investments in the business. We are consistently focused
on operational excellence, leveraging our global scale and
maximizing integration across our businesses to optimize
costs and maximize returns. As a result, cash operating
costs in our refinery network remain well below the industry
average. We also continue to optimize the portfolio. We
divested smaller, less-competitive facilities and redeployed
resources and capital to our larger, more efficient sites that
are integrated with chemical and lubricant manufacturing.
Since 2005, these steps have reduced our refining capacity
by more than 1.4 million barrels per day.
In 2016, we progressed construction of a hydrocracker
project in Rotterdam, Netherlands, to produce premium
Group II lube basestocks and ultra-low sulfur diesel.
Increasing Feedstock Flexibility and Logistics Capabilities
In the Downstream business, we invest in both technologies and facilities to ensure flexibility to process the highest-margin
feedstocks available. Around the world, our refineries have the flexibility to run a wide variety of crude oils, while integration
with lubricant and chemical manufacturing allows us to optimize across a broad range of products. In North America,
ExxonMobil combines more than 700 thousand barrels per day of mid-continent refining capacity, the largest in the industry,
with more than 1.4 million barrels per day of capacity in the Gulf Coast. Our refineries benefit from advantaged North
American crude oil supply from both shale and Canadian oil sands. We have increased our capability to process domestic crude
oils from approximately 50 percent of refinery inputs in 2012 to about 80 percent in 2016. To further build on this advantage,
we recently completed a project at our Beaumont Refinery to expand domestic light crude oil processing and improve product
yields in a highly energy-efficient manner.
ExxonMobil North America Domestic Crude Processing(1)
We are also leveraging strategic midstream assets, such as pipelines and terminals, to access advantaged feedstocks and
expand product outlets. Our joint venture with Energy
Transfer Partners, which includes pipelines and terminals,
will improve access to crude oils from the Permian
and Ardmore basins for our U.S. Gulf Coast refineries.
In addition, an extension of the Wolverine Pipeline in
Michigan will provide additional product outlets for our
Joliet Refinery.
(percent of total throughput)
80
60
40
20
0
2012
2013
2014
2015
2016
(1) Mid-continent and U.S. Gulf Coast refineries.
Upgrading Molecule Value
ExxonMobil is focused on maximizing the value of refinery
production. Selective investments are under way at key
sites to upgrade lower-value products into higher-value
fuels, lubricants, and chemical feedstocks. At the Antwerp
Refinery in Belgium, we are constructing a 50-thousand-
barrel-per-day delayed coker, with start-up planned in
2017. The new facility will upgrade lower-value bunker
2016 Summary Annual Report 23
fuel oil into higher-value, ultra-low sulfur diesel. At the
Rotterdam Refinery in the Netherlands, we are using
proprietary technology to reconfigure the hydrocracker unit
to upgrade lower-value vacuum gas oil into higher-value
products, including premium lube basestocks and ultra-low
sulfur diesel. When complete in 2018, this project will
make ExxonMobil the first large-scale producer of Group II
lube basestocks in Europe. Along with recently completed
expansions at our Baytown, Texas, and Singapore
refineries, the project will further enhance our global
offer and position as the largest lube basestock producer
in the world.
Increasing Specialty Products
To further capture profitable growth in specialty products,
we are expanding our high-value lubricants business.
ExxonMobil is adding Mobil 1 lubricant blending facilities
at the Singapore Lubricants Plant to meet growing Asian
demand. When the project is complete in 2017, Singapore
will be the only Mobil 1 production facility in the Asia Pacific
region and will be one of six locations globally producing
Mobil 1. The new facility will employ innovative
manufacturing technologies, demonstrating our
commitment to bringing premium products to market.
Leveraging the benefits of integration, the plant is strategically located next to ExxonMobil’s refining and petrochemical
complex in Singapore and adds to the company’s growing lubricants and specialties production capacity. Separately, we
recently completed investments in lubricants blending and synthetic basestock facilities in Port Allen and Baton Rouge,
Louisiana, enhancing our position as a leading supplier of aviation lubricants. These investments included a new, state-of-
the-art jet oil manufacturing facility to blend, package, and distribute all Mobil Jet oil products.
capacity in 2016, the Baton Rouge Refinery has greater
feedstock flexibility, which reduces costs and improves
profitability.
With the completion of a project to increase sulfur-handling
Global Marketing
ExxonMobil markets fuels and lubricants around the globe, leveraging our world-class brands, high-value sales channels, and
competitive product offerings. Our broad product portfolio and trusted brands represent quality and reliability. In addition,
commitment to technology allows us to continue to
bring new, high-performance products to market, further
grow our brands, and deliver value to our customers.
A key example is the Synergy fuels program, which
launched better-performing gasoline and diesel fuels and
strengthened branding at Exxon, Mobil, and Esso retail sites
in many markets around the world.
Downstream Return on Average Capital Employed (1)(2)
(10-year average, 2007–2016, percent)
25
20
Positioned for Success
Our global presence in crude oil supply, refining, logistics,
and marketing allows us to maximize the value of every
molecule we produce as industry conditions change
and opportunities shift along the value chain. Capturing
the highest value for our products, combined with an
unwavering focus on operational excellence, disciplined
cost management, selective investments, and portfolio
optimization, generates superior shareholder returns.
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
Chemical: Enhancing Value
Through Strategic Investments
2016 Summary Annual Report Chemical: Enhancing Value
Through Strategic Investments
25
8.6 million tonnes of annual
polyethylene production capacity
PHOTO: Planned expansion at our Beaumont,
Texas, integrated site will increase the facility’s
polyethylene production capacity by 65 percent.
8.6 26
Chemical: Enhancing Value Through Strategic Investments
ExxonMobil’s Chemical business is strategically investing to capture advantaged feedstocks and increase
performance product capacity to supply growing markets worldwide. Using our ability to efficiently produce
high-volume commodity chemicals, we continue to add performance and specialty products to our platform.
Our refineries and chemical manufacturing sites use advanced technologies to provide benefits to our customers
while delivering industry-leading value to our shareholders. ExxonMobil’s Chemical business leads the industry
in return on capital employed across the cycle.
Building on Strength
ExxonMobil’s portfolio of manufacturing assets is
geographically diverse, highly integrated with our
refining network, and yields a wide range of products.
This provides the flexibility to shift our mix of feedstock
supply and production as market conditions change.
Our strength in operational excellence, efficiency, and
process technology allows us to use a higher percentage
of advantaged feeds than our competition. We have the
ability to process a diverse slate of both gas and liquid
feeds, including ethane, refinery gas, and a variety of
heavy liquids. For example, by leveraging proprietary
technologies, our world-class steam cracker in Singapore
can process an unprecedented range of feedstocks, from
light gases to heavy liquids, including crude oil. The ability
to process crude oil directly into chemicals provides a
unique cost advantage over naphtha feedstock, which
is the industry standard in Asia. We are building on this
strength with a research program focused on developing
performance products, deploying lower-cost processes,
and processing advantaged feedstocks.
Selective Investments
Chemical Return on Average Capital Employed (1)(2)
(10-year average, 2007–2016, percent)
25
20
15
10
5
0
ExxonMobil
Chevron Phillips
Chemical(3)
Shell
Dow
(1) Competitor data estimated on a consistent basis with ExxonMobil and based
on public information. Chemical segment only for Royal Dutch Shell. Dow
Chemical shown on a corporate total basis.
(2) See Frequently Used Terms on pages 44 and 45.
(3) Chevron Phillips Chemical data based on public information available through
2015, estimated on a consistent basis with ExxonMobil.
As the largest major chemical manufacturer and natural gas producer in the United States, we are progressing projects
that unlock value from our unique integration by expanding lower-cost manufacturing of performance products. In Texas,
we are constructing a new world-scale steam cracker at our Baytown petrochemical complex that will use advantaged
ethane feedstock. We are also building two polyethylene production trains at our Mont Belvieu Plastics Plant to upgrade
ethylene produced at Baytown into performance products. When complete, this expansion will be 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 with existing manufacturing facilities, and production of performance metallocene
polyethylene. In 2016, we announced a companion
investment in Beaumont, Texas, that will further increase
metallocene polyethylene capacity.
At our specialties plant in Newport, Wales, we are
expanding production of Santoprene high-performance
elastomers used in automotive, industrial, and consumer
applications. Leveraging integration, ExxonMobil’s
Vistalon synthetic rubber is a critical raw material in
Santoprene elastomers. With start-up planned for
ExxonMobil’s Santoprene elastomers perform like
vulcanized rubber and process like plastic for applications
in diverse markets.
2016 Summary Annual Report 27
2017, ExxonMobil’s global capacity to
manufacture Santoprene will increase
by 25 percent, further strengthening
our leadership position and reflecting
our continued commitment to
help customers around the world
manufacture high-performance products
that require both flexibility and durability.
At our Singapore site, we are investing
in world-scale specialty polymers
facilities to produce halobutyl rubber
and performance resins for adhesive
applications. The project will utilize
proprietary technologies and benefit
from the site’s feed-flexible steam crackers,
integration within the large complex, and supply-chain access
to Asian markets. This addition will add 140 thousand tonnes per
year of halobutyl rubber capacity, enhancing our position as a major
supplier to the global tire industry. The hydrocarbon resin unit, with
a capacity of 90 thousand tonnes per year, will be the world’s largest
and will help meet long-term demand growth for hot-melt adhesives.
Supplying Global Growth
Our chemical products are used to make a wide
variety of everyday items, including packaging,
plastics, diapers, and nonwoven fabrics.
Demand growth for chemical products is expected to continue to outpace GDP growth by nearly 20 percent per year.
More than 80 percent of the increased demand is expected to come from developing economies, particularly in Asia,
where the middle class is expanding, urbanization is increasing, and the need for sustainable products is growing.
These trends are driving increased demand for chemical products serving large end-use segments such as packaging,
automotive, consumer goods, and construction.
Demand for chemical products that reduce environmental impact, support economic growth, and improve quality of life for
the rapidly growing global population continues to increase in scale and importance. In developing countries, it is estimated
that up to 50 percent of food is wasted due to inadequate means of protection, preservation, and transportation to market.
Flexible plastic packaging can help preserve food, significantly extend shelf life, and provide solutions to help address the
sustainability challenges of feeding a growing population. In addition, plastic packaging is convenient, lighter in weight, and
saves retail shelf storage space compared to rigid alternatives. In general, going from rigid to re-sealable packages leads to
a 40-percent reduction in overall packaging cost as well as lower environmental impact.
As the world’s economic center of gravity shifts to these developing regions, increased global trade will be required to
meet demand. ExxonMobil is well positioned to meet the needs of Asia Pacific, Africa, Latin America, and other growth
markets through our world-scale
facilities, global supply chain, strategic
investments, and commercial and
technical resources around the
world. Our flexibility and integration
allow us to adapt to changing
market conditions and outperform
competition.
At our Singapore complex, we are
expanding halobutyl rubber and
performance resins capacity.
28
Global Operations
As the world’s largest publicly held oil and gas company,
ExxonMobil has a diverse 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 39 countries.
Downstream 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. ExxonMobil’s Downstream
portfolio includes refining facilities in 14 countries. Our high-quality
products and brands, 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 with a unique portfolio of commodity and specialty
products. We manufacture high-quality chemical products in 16 countries.
With a major presence in Asia Pacific, we are well positioned to competitively
supply chemical demand growth in the region.
Business Integration
ExxonMobil’s integration distinguishes us from our competition.
It provides unique manufacturing flexibility to maximize value as
market demand changes. Our businesses work together across the
value chain to share knowledge, insights, and best practices. This
collaboration leads to better-informed decisions, more efficient
operations, and higher-quality investments, delivering unique value.
Locations as of December 31, 2016
Cold Lake, Canada
Joliet, United States
Crude Oil & Natural Gas
Upstream
Crude Oil & Natural Gas
Upstream
Research
& Technology
Exploration
& Development
Production
Research
& Technology
Exploration
& Development
Crude Oil & Natural Gas
Production
Crude Oil & Natural Gas
2016 Summary Annual Report 29
Fawley, United Kingdom
Al-Jubail, Saudi Arabia
Xiamen, China
Banyu Urip, Indonesia
Crude Oil & Natural Gas
Upstream
Research
& Technology
Exploration
& Development
Production
Crude Oil & Natural Gas
Downstream
Downstream
Research
& Technology
Research
& Technology
Fuels, Lubricants,
& Specialties
Fuels, Lubricants,
& Specialties
Refining
Refining
Products
Products
Feedstocks
Feedstocks
Chemical
Chemical
Research
& Technology
Research
& Technology
Polymers
Polymers
Liquids
Liquids
Products
Products
2016 Results & Highlights
Strategies
• Achieved strong safety and operational performance
• Apply effective risk management and safety
• Delivered earnings of $0.2 billion and return on average
capital employed of 0.1 percent, averaging 22.8 percent
over the past 10 years
• Added nearly 2.5 billion net oil-equivalent barrels of new
resource and maintained a total resource base of 91 billion
oil-equivalent barrels
standards to achieve operational excellence
• Pursue productivity and efficiency gains to
reduce cost
• Exercise a disciplined approach to investing
and cost management
• Signed agreements that added 229 million net oil-equivalent
barrels to the resource base
• Capture significant and accretive resources to
highgrade the portfolio of opportunities
• Completed five major Upstream projects, contributing
• Develop and apply high-impact technologies
about 250 thousand oil-equivalent barrels per day of
working interest production capacity, including projects
in Australia, Kazakhstan, and the United States
• Capitalize on growing natural gas and power markets
• Confirmed recoverable resource greater than 1 billion barrels at Liza in Guyana, and awarded the contract
for front-end engineering and design of a floating production, storage, and offloading (FPSO) vessel
• Made significant oil discoveries at Owowo offshore Nigeria and Payara offshore Guyana, and a significant
gas discovery at Muruk onshore Papua New Guinea
• Captured more than 6 million net exploration acres
Upstream Statistical Recap
2016
2015
2014
2013
2012
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)
196
2,365
7,101
2,345
27,548
2,111
26,841
2,202
29,895
2,185
10,127
4,053
–
2,453
170,055
0.1
14,542
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
(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.
Upstream 31
Business Overview
Our Upstream business includes exploration, development, production, natural gas marketing, and research activities.
We maintain a large, diverse portfolio of opportunities that facilitate selective and profitable long-term value growth.
We create value by progressing attractive opportunities while maintaining capital discipline. Proven project management
systems incorporate best practices developed from our experience of rigorously managing a global project portfolio from
the initial discovery phase to production start-up.
Technology is vital to increasing shareholder value. We have a long-standing commitment to apply research and
technology to find, develop, and produce lower-cost oil and gas in an environmentally responsible manner. We benefit
from an integrated model where technological advances in the Upstream, Downstream, and Chemical businesses are
used to generate opportunities across the value chain.
We focus on improving long-term profitability by investing in low-cost, 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 competitive resource development.
Our Upstream strategies, supported by a relentless focus on effective risk management and safety, are designed to
generate industry-leading shareholder value over the long term.
Business Environment
Meeting the world’s growing demand for energy presents a tremendous challenge that requires a long-term view,
significant investment, and continued innovation.
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 expected to rise by approximately
20 percent from 2015 to 2040, led by increased commercial transportation activity and petrochemicals. As a result of
advances in technology, a growing share of this demand will be met by sources such as deep water, tight oil, and oil sands.
As a component of supply, natural gas will be the fastest-growing major energy source through 2040. Global demand for
natural gas is expected to rise by close to 45 percent from 2015 to 2040. Gas supplies from unconventional sources are
projected to account for about 60 percent of that growth. In addition, liquefied natural gas volumes are expected to be
about 2.5 times higher by 2040.
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, 2017 The Outlook for Energy: A View to 2040
Source: ExxonMobil, 2017 The Outlook for Energy: A View to 2040
2016 Results & Highlights
Strategies
• Achieved record safety results and improved
• Maintain best-in-class operations
environmental performance
• Delivered earnings of $4.2 billion and return on average
capital employed of 19.3 percent, averaging 24 percent
over the past 10 years
• Invested $2.5 billion, focused on higher-value products,
feedstock flexibility, logistics, and energy efficiency
• Achieved record sales of our industry-leading synthetic
• Lead industry in efficiency and effectiveness
• Provide quality, valued products and services to
our customers
• Capitalize on integration across ExxonMobil
businesses
• Maintain capital discipline
lubricants, including Mobil 1
• Maximize value from leading-edge technologies
• Strengthened the branded retail site network and
progressed conversion to a branded wholesaler model across Europe and Canada
• Progressed construction of a new delayed coker unit at our refinery in Antwerp, Belgium, that will convert lower-value
fuel oil into higher-value diesel products, and a new hydrocracker project at our refinery in Rotterdam, Netherlands,
that will utilize proprietary technology to produce ultra-low sulfur diesel and premium Group II lube basestocks
• Doubled the capacity of our lubricants plant in Taicang, China, improving our ability to supply premium lubricant products
to meet long-term demand growth in China
• Commissioned a new, state-of-the-art aviation lubricants blending, packaging, and distribution facility in Port Allen, Louisiana
• Approved funding to expand production of ultra-low sulfur fuels at our refinery in Beaumont, Texas, by deploying
proprietary technology to remove sulfur while minimizing octane loss
Downstream Statistical Recap
2016
2015
2014
2013
2012
Earnings (millions of dollars)
Refinery throughput (thousands of barrels per day)
Petroleum product sales(1) (thousands of barrels per day)
4,201
4,269
5,482
6,557
4,432
5,754
3,045
4,476
5,875
3,449
4,585
5,887
13,190
5,014
6,174
Average capital employed(2) (millions of dollars)
21,804
23,253
23,977
24,430
24,031
Return on average capital employed(2) (percent)
Capital expenditures(2) (millions of dollars)
19.3
2,462
28.2
2,613
12.7
3,034
14.1
2,413
54.9
2,262
(1) Petroleum product sales data reported net of purchases/sales contracts with the same counterparty.
(2) See Frequently Used Terms on pages 44 and 45.
Downstream 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 22 refineries with distillation capacity of more than 4.9 million barrels per day
and lube basestock capacity of 126 thousand barrels per day. Our business model leads the industry with more than
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 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 25 percent versus 2015. 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 more than 30 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 reduce demand for high-sulfur fuel oil as the marine sector shifts to cleaner fuels over the
coming decade. Natural gas is likely to increase its penetration as a transportation fuel, particularly for heavy-duty vehicles
and marine vessels, where its characteristics as a lower-emission fuel may provide significant benefits.
Lubricant demand is also expected to grow with 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.
Refining margins can vary significantly across regions. Refineries in North America have benefited from cost-competitive
feedstock and energy supplies. European refining remains challenged due to site configurations and declining demand, while
Asia Pacific has the highest demand growth. In all regions, ExxonMobil is selectively investing in advantaged sites and value
chains to improve long-term competitiveness. Regardless of the industry environment, our integrated business model,
world-class assets, and feedstock flexibility position us to be a market leader across the business cycle.
Transportation Fuel Demand
By Fuel Type
Transportation Fuel Demand
By Fuel Type
By Region
By Region
Gasoline
Gasoline
Ethanol
Ethanol
Diesel
Diesel
Biodiesel
Biodiesel
North America
North America
Europe
Europe
Latin America
Latin America
Russia/Caspian
Russia/Caspian
Fuel Oil
Fuel Oil
Jet Fuel
Jet Fuel
Natural Gas
Natural Gas
Other
Other
Middle East
Middle East
Africa
Africa
Asia Pacific
Asia Pacific
(millions of oil-equivalent barrels per day)
(millions of oil-equivalent barrels per day)
(millions of oil-equivalent barrels per day)
(millions of oil-equivalent barrels per day)
70
70
60
60
50
50
40
40
30
30
20
20
10
10
70
70
60
60
50
50
40
40
30
30
20
20
10
10
0
0
2000
2000
2010
2010
2020
2020
2030
2030
2040
2040
0
0
2000
2000
2010
2010
2020
2020
2030
2030
2040
2040
Source: ExxonMobil, 2017 The Outlook for Energy: A View to 2040
Source: ExxonMobil, 2017 The Outlook for Energy: A View to 2040
2016 Results & Highlights
Strategies
• Achieved best-ever safety performance with more than
• Consistently deliver best-in-class operational
three years since last employee lost-time injury
performance
• Delivered earnings of $4.6 billion and return on average
• Focus on commodity and specialty businesses
capital employed of 18.6 percent, averaging 21.1 percent
that capitalize on our core competencies
over the past 10 years
• Sold 24.9 million tonnes of prime products, including
record sales of metallocene products
• Invested $2.2 billion, with selective investments in
specialty businesses, capturing advantaged feedstocks,
high-return efficiency projects, and low-cost capacity
debottlenecks
• Build proprietary technology positions
• Capture full benefits of integration across
ExxonMobil operations
• Selectively invest in advantaged projects
• Completed start-up of a 400-thousand-tonnes-per-year specialty elastomers plant in Saudi Arabia with our
joint venture partner that will supply synthetic rubber and related products
• Advanced construction of major expansions at our Baytown and Mont Belvieu, Texas, facilities, including a new
world-scale ethane steam cracker and polyethylene units, to meet rapidly growing demand for performance 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
• Began construction to expand production of Santoprene high-performance elastomers in Wales, United Kingdom
• Approved a project to expand polyethylene production by an additional 650 thousand tonnes per year at our facility
in Beaumont, Texas, furthering our commitment to meet rapidly growing demand for high-performance plastics
Chemical Statistical Recap
Earnings (millions of dollars)
Prime product sales(1)(2) (thousands of tonnes)
Average capital employed(1) (millions of dollars)
Return on average capital employed(1) (percent)
Capital expenditures(1) (millions of dollars)
2016
2015
2014
2013
2012
4,615
24,925
24,844
18.6
2,207
4,418
24,713
23,750
18.6
2,843
4,315
24,235
22,197
19.4
2,741
3,828
24,063
20,665
18.5
1,832
3,898
24,157
20,148
19.3
1,418
(1) See Frequently Used Terms on pages 44 and 45.
(2) Prime product sales data reported net of purchases/sales contracts with the same counterparty.
Chemical 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 by 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 performance
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 2016, supported by growth of the broader economy. Over the
next decade, we estimate global chemical demand will grow nearly 45 percent, or about 4 percent per year, which is a
faster pace than energy demand and economic growth.
Nearly three-quarters 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 expected 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 expected to be driven mainly 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 lower-cost feedstocks and energy.
For decades, chemical markets have been supplied from within regions, but global trade in chemicals is increasing.
Ten years ago, the volume of chemicals traded between regions totaled about 10 percent of global production. By 2020,
trade volumes are expected to be nearly 20 percent, and ExxonMobil projects that by 2025, North America could more
than double its exports of major petrochemical products.
ExxonMobil 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
our 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
2006
2010
2015
2020
2026
300
250
200
150
100
50
0
2006
2016
2026
Sources: ExxonMobil, 2017 The Outlook for Energy: A View to 2040; IHS Chemical; and ExxonMobil estimates
(1) Includes polyethylene, polypropylene, and paraxylene.
(1) Includes polyethylene, polypropylene, and paraxylene.
36
PHOTO: Since 2000, ExxonMobil has been a leader in the fight to
combat malaria. Between 2010 and 2015, malaria mortality rates
decreased by 31 percent in Africa and 29 percent globally. We are
proud to continue to contribute to this progress through the research,
educational, and treatment programs we support.
2016 Summary Annual Report Corporate Citizenship
37
ExxonMobil views good corporate citizenship as a key component of sustainable development. As part of our
daily operations, we face the complex challenge of providing the energy needed to support economic growth and
improved living standards while balancing impacts on society and the environment. To ensure success, we engage
with our shareholders, neighbors, customers, and communities as we work to bring affordable energy to the global
market in ways that are safe, efficient, and responsible. We seek to do what is in the best interests of our company
and society.
Environment
Careful management of the environment is a fundamental responsibility for our business. We identify where our operations
might have an impact on the environment and work to mitigate it, striving to reduce air emissions, fresh water consumption,
spills, waste streams, and impacts on ecosystems and biodiversity. We engage local communities and other stakeholders
to better understand local perspectives on the environment and to explore opportunities for collaboration.
Managing Climate Change Risks
Society continues to face the dual challenge of meeting the world’s growing demand for energy, while managing the
risks of climate change. ExxonMobil believes the risks of climate change are serious. It will take business, governments,
and individuals working together to make meaningful progress. We are encouraged that the pledges made in the Paris
Agreement create an effective framework for all countries to address rising emissions. We forecast emissions reductions
consistent with the results of these international commitments.
ExxonMobil is committed to providing affordable energy to support human progress while advancing effective solutions
to address climate change. Our climate change risk management strategy includes four 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 our customers.
One such solution is natural gas, which emits up to 60-percent less carbon dioxide than coal in power generation.
ExxonMobil is the largest producer of natural gas in the United States, and has helped reduce U.S. carbon dioxide
emissions to their lowest level since the 1990s. Carbon capture and storage (CCS) technology is another promising
solution. ExxonMobil currently has interests in approximately one quarter of the world’s CCS capacity, and in 2016,
we announced a new partnership to research the use of fuel cells in capturing carbon dioxide that could substantially
Highlight: Carbon Capture and Storage
Carbon capture and storage is the process by which carbon
dioxide gas that would otherwise be released into the
atmosphere is captured, compressed, and injected into
underground geologic formations for permanent storage.
In 2016, ExxonMobil and FuelCell Energy, Inc., announced
that the James M. Barry Electric Generating Station, a
2.7-gigawatt mixed-use coal- and gas-fired power plant,
would host pilot plant tests of CCS technology under
development by the companies. The technology uses
carbonate fuel cells to concentrate and capture carbon
dioxide streams from power plants. This fuel cell carbon
capture solution could substantially reduce costs and
facilitate large-scale use of CCS around the world.
PHOTO: Our Shute Creek Gas Plant in Wyoming
contributes to the total carbon dioxide ExxonMobil
captures for storage each year.
38
Corporate Citizenship, continued
reduce costs and lead to large-scale application globally. Since 2000, ExxonMobil has spent nearly $7 billion researching,
developing, and deploying emissions-reducing technologies.
Community and Social Impact
We support social and economic progress in the areas where we operate. Maintaining a fundamental respect for human
rights, responsibly managing our impact on communities, and making valued social investments are integral to the success
and sustainability of our business. ExxonMobil works in communities all over the world, each with its own unique culture,
needs, and sensitivities.
We strive to be a good corporate citizen by working with governments, engaging with stakeholders, and partnering with
local and international organizations. ExxonMobil strategically invests in programs that are important to our business and
align with a country’s economic and social goals. Much of our spending is focused on corporate-led initiatives related to
improving education, combating malaria, and advancing economic opportunities for women. We concentrate on these
three signature initiatives because we believe they help build a foundation for human progress.
We also make local investments tailored to address community-specific social and economic challenges such as workforce
development, access to health care, and natural disaster recovery support. We consider the development goals of each
community when deciding where, when, and how best to invest. In 2016, we contributed $239 million to communities
around the world.
Local Economic Growth and Development
ExxonMobil’s local content and supply chain management strategies are designed to deliver lasting and shared value to
host countries, local communities, and our business. We align our goals with those of our partners to focus on establishing
long-term economic benefits. We develop a local content plan specific to each country or region, taking into account social
and economic conditions, the nature of the project, and the community’s needs.
Our local content approach focuses on three key areas: employing and training a local workforce, supporting local suppliers
and service providers, and improving the livelihoods of community members. This multi-tiered approach, combined with
our strategic community investments, allows us to provide sustainable economic benefits, both direct and indirect, to the
communities where we operate.
Highlight: Developing Future Technology: Academic Partnerships
As society transitions to energy solutions with lower
greenhouse gas emissions, technological advances
that change the way we produce and use energy will
be instrumental in providing the global economy with
the energy it needs. ExxonMobil is pioneering scientific
research to discover new, innovative approaches to
enhance existing energy sources and develop next-
generation supply options.
In addition to in-house research, ExxonMobil partners
with more than 80 leading universities around the world,
including the Massachusetts Institute of Technology,
Princeton University, the University of Texas, and Stanford
University. Our joint research projects focus on developing
algae-based biofuels, photovoltaic building materials,
extended-life batteries, and other technologies.
PHOTO: ExxonMobil has partnered with Michigan State
University to advance biofuels research.
2016 Summary Annual Report 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, 2016 and 2015, 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, 2016, and
in our report dated February 22, 2017, we expressed an unqualified opinion thereon. The consolidated financial statements referred to above
(not presented herein) appear in ExxonMobil’s 2016 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 22, 2017
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 2016 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 2016 Financial Statements
and Supplemental Information booklet (Critical Accounting Estimates and Note 1 to the Consolidated Financial Statements).
40
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)
Common stock purchases (millions of dollars)
Market quotations for common stock (dollars)
High
Low
Average daily close
Year-end close
(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.
2016
2015
2014
7,840
26,357
19,304
1,058
42,762
212,226
374,438
71.1
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
2016
3.9
4.6
19.7
18.4
0.87
5.7
2016
2.98
3.5
4,177
4,177
4,148
19.8
977
95.55
71.55
86.22
90.26
2015
7.9
9.4
18.0
16.5
0.79
17.6
2015
2.88
6.7
4,196
4,196
4,156
2014
16.2
18.7
13.9
11.9
0.82
46.9
2014
2.70
9.8
4,282
4,282
4,201
(12.6)
(6.0)
4,039
13,183
93.45
66.55
82.83
77.95
104.76
86.19
97.27
92.45
2016 Summary Annual Report 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
2016
2015
2014
218,608
259,488
394,105
4,806
2,680
7,644
1,750
13,323
4,511
226,094
268,882
411,939
104,171
130,003
225,972
31,927
10,799
22,308
1,467
453
21,090
25,910
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
218,125
246,916
360,309
7,969
(406)
8,375
535
7,840
1.88
1.88
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
(1) Sales and other operating revenue includes sales-based taxes of $21,090 for 2016, $22,678 million for 2015, and $29,342 million for 2014.
The information in the Summary Statement of Income (for 2014 to 2016), the Summary Balance Sheet (for 2015 and 2016), and the Summary Statement of Cash Flows
(for 2014 to 2016), 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 2016 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 2016 Financial Statements and Supplemental Information booklet.
42
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
2016
2015
3,657
–
21,394
10,877
4,203
1,285
41,416
35,102
244,224
9,572
330,314
13,830
31,193
2,615
47,638
28,932
20,680
34,041
5,124
20,069
3,705
–
19,875
12,037
4,208
2,798
42,623
34,245
251,605
8,285
336,758
18,762
32,412
2,802
53,976
19,925
22,647
36,818
5,417
21,165
156,484
159,948
See footnote 1
12,157
407,831
11,612
412,444
(22,239)
(23,511)
(230,424)
(229,734)
167,325
6,505
173,830
330,314
170,811
5,999
176,810
336,758
(1) For more information, please refer to Note 16 in ExxonMobil’s 2016 Financial Statements and Supplemental Information booklet.
The information in the Summary Statement of Income (for 2014 to 2016), the Summary Balance Sheet (for 2015 and 2016), and the Summary Statement of Cash Flows
(for 2014 to 2016), 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 2016 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 2016 Financial Statements and Supplemental Information booklet.
2016 Summary Annual Report 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
2016
2015
2014
8,375
16,551
33,615
22,308
(4,386)
(329)
(19)
(579)
(2,090)
(388)
171
915
(1,682)
(214)
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)
Net cash provided by operating activities
22,082
30,344
45,116
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
(16,163)
(26,490)
(32,952)
4,275
–
(1,417)
902
2,389
42
(607)
842
4,035
227
(1,631)
3,346
(12,403)
(23,824)
(26,975)
12,066
–
–
(314)
(7,459)
(12,453)
(162)
–
–
(977)
6
(9,293)
(434)
(48)
3,705
3,657
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
The information in the Summary Statement of Income (for 2014 to 2016), the Summary Balance Sheet (for 2015 and 2016), and the Summary Statement of Cash Flows
(for 2014 to 2016), 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 2016 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 2016 Financial Statements and Supplemental Information booklet.
44
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), the value of ExxonMobil shares used to acquire assets, 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)
2016
1,826
2,318
0.79
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
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 and 2016.
Return on Average Capital Employed (ROCE)
2016
2015
2014
2013
2012
(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
7,840
16,150
32,520
32,580
44,880
(683)
(225)
423
(485)
8,325
212,226
3.9%
(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%
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.
See page 5 for segment information relevant to ROCE.
2016 Summary Annual Report 45
Capital Employed at Year End
(millions of dollars)
Business Uses: Asset and Liability Perspective
Total assets
Less liabilities and noncontrolling interests
share of assets and liabilities
2016
2015
2014
2013
2012
330,314
336,758
349,493
346,808
333,795
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
(33,808)
(79,914)
(8,031)
4,233
212,794
13,830
28,932
167,325
(1,526)
4,233
212,794
(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
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
2016
2015
2014
2013
2012
(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
22,082
(16,163)
30,344
(26,490)
45,116
(32,952)
4,275
(1,417)
902
9,679
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
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
2016
2015
2014
2013
2012
(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
22,082
30,344
45,116
44,914
56,170
4,275
26,357
2,389
32,733
4,035
49,151
2,707
47,621
7,655
63,825
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
2016
2015
2014
2013
2012
(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 or units
settled in shares issued under benefit plans and programs
12,453
–
12,453
12,090
3,000
15,090
11,568
12,000
23,568
10,875
15,000
25,875
10,092
20,000
30,092
977
1,039
1,183
998
1,068
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 or units settled in 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
Board of Directors, Officers, and Affiliated Companies*
Samuel J. Palmisano
Former Chairman of
the Board, International
Business Machines
Corporation (computer
hardware, software,
business consulting,
and IT services)
Kenneth C. Frazier
Chairman of the Board,
President, and Chief
Executive Officer,
Merck & Company
(pharmaceuticals)
Henrietta H. Fore
Chairman of the
Board and Chief
Executive Officer,
Holsman International
(manufacturing,
consulting, and
investments)
Darren W. Woods
Chairman of the Board
and Chief Executive
Officer
Douglas R. Oberhelman
Chairman of the Board,
Caterpillar Inc.
(heavy equipment)
Angela F. Braly
Former President
and Chief
Executive Officer,
WellPoint, Inc.
(health care)
Standing Committees of the Board
Functional and Service Organizations
Audit Committee
L.R. Faulkner (Chair), P. Brabeck-Letmathe,
U.M. Burns, H.H. Fore, D.R. Oberhelman
Board Affairs Committee
K.C. Frazier (Chair), S.K. Avery, A.F. Braly, S.J. Palmisano,
S.S Reinemund, W.C. Weldon
Compensation Committee
S.J. Palmisano (Chair), M.J. Boskin, W.C. Weldon
Finance Committee
D.W. Woods (Chair), P. Brabeck-Letmathe, U.M. Burns,
L.R. Faulkner, H.H. Fore, D.R. Oberhelman
Public Issues and Contributions Committee
S.S Reinemund (Chair), S.K. Avery, M.J. Boskin,
A.F. Braly, K.C. Frazier
Executive Committee
D.W. Woods (Chair), M.J. Boskin, L.R. Faulkner,
S.J. Palmisano, S.S Reinemund
Upstream
N.W. Duffin . . . . . . . . . . . . . . President, ExxonMobil Production Company (1)
R.S. Franklin . . . . . . . . . . . . . . President, ExxonMobil Gas &
Power Marketing Company (1)
S.M. Greenlee . . . . . . . . . . . . President, ExxonMobil Exploration Company (1)
L.M. Mallon . . . . . . . . . . . . . . President, ExxonMobil Development Company (1)
S.N. Ortwein . . . . . . . . . . . . . President, XTO Energy Inc.(1)
T.W. Schuessler . . . . . . . . . . . President, ExxonMobil Upstream Research Company
Downstream
B.W. Milton . . . . . . . . . . . . . . . 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
L.D. DuCharme . . . . . . . . . . . President, ExxonMobil Global Services Company
2016 Summary Annual Report 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, Xerox
Corporation
(document
solutions and
services)
Peter Brabeck-
Letmathe
Chairman of
the Board,
Nestlé (nutrition,
health, and
wellness)
Steven S Reinemund
Presiding Director;
Executive in Residence,
Wake Forest University;
Retired Executive
Chairman of the Board,
PepsiCo (consumer
food products)
Michael J. Boskin
T.M. Friedman
Professor of Economics
and Senior Fellow,
Hoover Institution,
Stanford University
William C. Weldon
Former Chairman
of the Board,
Johnson & Johnson
(pharmaceuticals)
Susan K. Avery
President Emerita,
Woods Hole
Oceanographic
Institution
(non-profit
ocean research,
exploration, and
education)
Officers
D.W. Woods . . . . . . . . . . . . . . Chairman of the Board (1)
S.M. Greenlee . . . . . . . . . . . . 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)
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
B.W. Milton . . . . . . . . . . . . . . . Vice President (1)
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)
N.W. Duffin . . . . . . . . . . . . . . Vice President (1)
J.J. Woodbury . . . . . . . . . . . . Vice President – Investor Relations
ExxonMobil Upstream Ventures (1)
D.G. Wascom . . . . . . . . . . . . . Vice President (1)
R.M. Ebner . . . . . . . . . . . . . . . Vice President and General Counsel (1)
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, 2017
(1) Required to file reports under Section 16 of the Securities Exchange Act of 1934.
48
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 2016 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 Jet, Santoprene, Synergy, Vistalon, 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:
PWC + Design (The Trustees of the PWC Business Trust).
2016 Summary Annual Report .
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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
Shareholder Relations
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 2017 Annual Meeting of Shareholders will be held at
9:30 a.m. Central Time on Wednesday, May 31, 2017, 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
A quick, easy way to get information about ExxonMobil
ExxonMobil publications and important shareholder
information are available on the Internet
at exxonmobil.com:
• Publications
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002CSN799A
Exxon Mobil Corporation
Corporate Headquarters
5959 Las Colinas Blvd.
Irving, Texas 75039-2298
exxonmobil.com
Printed in U.S.A.