2017 Summary Annual Report
3 To our shareholders
4 2017 results and highlights
6
Innovating to drive success
10 Growing shareholder value
14 Leveraging integration
18 Maximizing asset value
22 Global operations
24 Upstream highlights
26 Downstream highlights
28 Chemical highlights
30 Corporate sustainability
31 Financial information
36 Frequently used terms
38 Board of Directors, Officers, and Affiliated Companies
40
Investor information
41 General information
COVER PHOTO: Jose Jaquez, a maintenance supervisor in our XTO organization, stands by one of
our drilling rigs in the Permian, where we plan to increase tight-oil production fivefold by 2025.
exxonmobil.com/annualreport
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; earnings growth; integration and technology benefits; returns; and product sales could differ materially due to, for example, changes in the supply of 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.
We use non-GAAP concepts and financial measures throughout this publication. These measures may not be comparable to similarly titled measures used by other companies. Definitions of certain financial
and operating measures and other terms used in this report – such as “resources” and “resource base” – are contained in the section titled “Frequently used terms” on pages 36 and 37.
In the case of non-GAAP financial measures, such as “Return on Average Capital Employed” and “Cash Flow from Operations and Asset Sales,” the definitions also include any reconciliation or other
information required by SEC Regulation G. “Factors Affecting Future Results” and “Frequently Used Terms” are also available on the “Investors” section of our website.
As used in this publication, the term “industry” refers to publicly traded international energy companies, and “return(s)” (unless referring to ROCE) mean discounted cash flow returns based on current company
estimates. The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
Unless otherwise specified, data shown is for 2017. Prior years’ data have been reclassified in certain cases to conform to the 2017 presentation basis.
Energy is essential to improving people’s quality of life.
Essential to economies. Essential to mobility. Essential
to improving health and education. ExxonMobil has a
responsibility to provide affordable, reliable energy.
It’s a responsibility we take seriously. But we can’t stop there.
There’s a dual challenge facing our industry: meeting
growing demand for energy, while at the same time
reducing environmental impacts – including the risks of
climate change. It’s a challenge our industry must help solve.
ExxonMobil is committed to doing our part.
1
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
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 throughout the
commodity price cycle.
Fewest-ever recordable
injuries in 2017
safety
sold every minute 35years of continued
550 quarts
of Mobil 1 motor oil are
dividend growth
for shareholders
$8+ billion
invested in lower-emissions
energy solutions since 2000
technology
Awarded more than
3,300 patents over the past decade
In 2017, ExxonMobil drilled
wells totaling more than
1,000 miles
2
58 million drivers fuel their vehicles at Exxon, Mobil,
or Esso stations every month
jobs – we employ nearly 70,000 people
To our shareholders
Winning in today’s energy business takes a company
positioned to succeed throughout the commodity
price cycle. A company able to capture value across
the supply chain. One driven to keep its technological
edge. A company that operates safely and responsibly,
taking care of people and the environment, and
addressing the risks of climate change.
Yours is that company. ExxonMobil is in a prime position
to generate strong returns and remain the industry
leader, leveraging our strengths and outperforming
our competition in growing shareholder value.
We’re investing in advantaged projects to grow our
world-class portfolio. Through exploration and strategic
acquisitions, we’ve captured our highest-quality
inventory since the Exxon and Mobil merger, including
high-impact projects in Guyana and Brazil. In Papua
New Guinea and Mozambique, we’re adding new
low-cost supplies of future LNG. We’re also ramping
up unconventional production in the U.S. Permian
Basin. In our Downstream, we’re using our proprietary
technology to produce higher-value products. And in
our Chemical business, we’re investing in capacity and
manufacturing new products to meet the needs of
growing economies around the world. ExxonMobil is
investing for high-value growth.
Integration enables us to capture efficiencies, apply
technologies, and create value that our competitors
can’t. For example, we’re connecting our oil and
natural gas production in the U.S. Permian Basin with
our Gulf Coast refineries and chemical plants, which
are producing higher-value fuels and chemicals at a
cost below our competition. Our midstream facilities,
including a strategic terminal we acquired, ensure our
operations remain synchronized and avoid value leakage
along the supply chain. The whole of ExxonMobil is
worth more than the sum of our parts.
ExxonMobil is uniquely committed to innovation. We
employ more than 19,000 scientists and engineers, and
we invest more than $1 billion annually in research and
development. Our innovations in seismic imaging
and advanced reservoir modeling enable us to see and
capture high-quality opportunities before others can.
Our Downstream investments to produce cleaner,
higher-value products are benefiting from unique,
proprietary catalysts and processes that drive project
returns well above industry norms. Innovative products
pioneered in our Chemical business are enabling a
growing global middle class to enjoy a higher quality of
life. Our innovation is delivering value to our customers,
our communities, and you, our shareholders.
Our technology investments are also building a
foundation for the future – creating long-term value
for society. ExxonMobil is a long-standing leader in the
discovery of scalable technologies. This includes research
in algae biofuels and carbon capture and storage, where
we’re making important advances. We’ve also invested
more than $8 billion since 2000 in lower-emissions
energy solutions. Innovation underpins our growth –
now and in the future.
Your company continues to drive value across our
global operations. We’re developing exciting,
world-class opportunities while meeting the challenge
of changing market conditions head-on. I’m proud
of our people and confident in their abilities to deliver
industry-leading performance. And I’m grateful for
the confidence you’ve put in ExxonMobil.
Darren Woods, Chairman and CEO
3
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
2017 results and highlights
$19.7 billion in earnings
$33.2 billion in cash flow from operations and asset sales
9% return on average capital employed
4.0 million net oil-equivalent barrels per day of production
5.5 million barrels per day of petroleum product sales
25.4 million tonnes of chemical product sales
Financial highlights
(millions of dollars, unless noted)
Upstream
Downstream
Chemical
Corporate and Financing
Total
Earnings after
income taxes
13,355
5,597
4,518
(3,760)
19,710
Average capital
employed(1)
174,674
22,514
27,516
(2,073)
222,631
Return on
average capital
employed(1) (%)
7.6
24.9
16.4
N.A.
9.0
Operating highlights
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(3) (thousands of barrels per day)
Chemical prime product sales(3) (thousands of tonnes)
4
Capital and
exploration
expenditures(1)
16,695
2,524
3,771
90
23,080
2,283
10,211
3,985
4,291
5,530
25,420
(1) See Frequently used terms on
pages 36 and 37.
(2) Natural gas converted to oil-
equivalent at 6 million cubic feet
per 1,000 barrels.
(3) Sales data reported net of
purchases/sales contracts with
the same counterparty.
Note: Unless otherwise stated,
production rates, project capacities,
and acreage values are gross.
Strategies
• Innovative technologies drive success
• Disciplined investments in advantaged, world-class portfolio
• Integration captures value across businesses
• Operational excellence maximizes asset value
• Financial strength provides unmatched flexibility
Business overview
Business environment
ExxonMobil is the world’s largest publicly traded international oil and gas company.
ExxonMobil’s Outlook for Energy anticipates significant changes through 2040 to
We have been an industry leader for more than 135 years. The quality, size, and
boost living standards and accelerate decarbonization of the world’s energy system
diversity of our integrated portfolio are evident across all three of our global
to help address the risks of climate change.
business segments: Upstream, Downstream, and Chemical.
The integration of these three segments provides a distinct competitive advantage,
period, the world’s economy will likely double, helping billions of people join the
offering unmatched opportunities to grow shareholder value across business lines.
middle class.
By 2040, the world’s population is expected to reach 9.2 billion people. Over that
With a commitment to operational excellence, disciplined investment, and
technology development, we are maximizing the value of every molecule from
the wellhead to the customer.
Energy-efficiency improvements will help curb the growth in global energy
demand to about 25 percent over the period to 2040. Efficiency gains, along with
changes in the energy mix, will also help reduce the carbon intensity of global GDP
by nearly 45 percent, as nuclear and renewables, led by solar and wind, contribute
nearly 40 percent of incremental energy supplies to meet demand growth.
Natural gas will grow the most of any energy type; oil will continue to play a leading
role in the world’s energy mix, even as electric cars become more prevalent. The
International Energy Agency estimates cumulative oil and natural gas investment
needs may reach approximately $21 trillion between 2017 and 2040.
5
Innovating to
drive our success
6
“Every day, I come to work
and have the opportunity
to research new ideas that
one day could make a real
difference. Innovation is who
we are and what we do.”
Sona Joseph, research analyst,
Upstream Research Company
Every $1
invested in our research portfolio
will generate an expected value of
Each year, we generate about
$350 million
through our technology
license and usage fees
$5+
35+ years
of ongoing climate-related
research & technology funding
7
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Innovating to drive our success
Technology is the foundation of ExxonMobil’s
business and a key enabler to grow shareholder
value. Our ongoing commitment to innovation, along
with our proprietary technologies, provides a unique
competitive advantage that reduces costs, improves
efficiencies, creates new high-value products, and
maximizes our return on projects.
Our focus on innovation is not new: For more than
135 years, we have pioneered the science that enables
innovative technologies such as the lithium ion battery,
high-octane gasoline, 3D seismic imaging, and many
others. These transformational discoveries changed our
industry and the world, helping make modern society
possible.
Improving operational performance
$1 billion invested annually in our
worldwide research
and development programs
Since 2008, ExxonMobil scientists
and engineers have received
more than 3,300 patents in the
United States alone.
Our research programs are improving performance
dehydration of natural gas inside pipes rather than in costly
If brought to scale, this breakthrough could reduce the
by reducing costs, enhancing output, and minimizing
towers. These technologies are expected to reduce near-
industry’s annual CO2 emissions by a level equivalent to
environmental impacts. For example, we have developed
term offshore project costs by more than $750 million.
the annual energy-related emissions of about 5 million
technologies that reduce corrosion by enabling the
We also recently developed a high-manganese “super
U.S. homes, and reduce global energy costs by up to
Partnerships with more than
universities
over past 10 years
175
8
steel” for our Kearl mining operations that will likely save
$2 billion a year.
hundreds of millions of dollars over the life of the asset.
In partnership with the Georgia Institute of Technology,
we are exploring the use of reverse osmosis through
synthetic molecular membranes to reduce the amount
of energy required in our manufacturing operations.
ExxonMobil employs
more than
scientists
and engineers
19,000
Highlight: Capturing carbon dioxide
Since 40 percent of global energy-related carbon
emissions come from power generation, we
are researching scalable and affordable carbon
capture technologies that can benefit power
plants and other large industrial facilities.
Capturing carbon dioxide using today’s
technology is complex, costly, and can reduce
the power output by up to 20 percent. ExxonMobil
is working with FuelCell Energy, Inc. to reduce
CO2 emissions from natural gas power plants
by as much as 90 percent using fuel cells, which
create power instead of using it.
ExxonMobil and FuelCell Energy, Inc. are piloting
fuel cell technology for carbon capture.
Our investments in proprietary
technologies will enable
Downstream project returns
of greater than 20 percent.
in-class hydrocracking unit that will use proprietary
technology to create high-value, ultra-low-sulfur fuels
and lube basestocks. This is just one example of our
investments in new proprietary technologies – roughly
$12 billion of projects that are expected to yield returns
of more than 20 percent.
Advancing energy sources and products
In the Upstream, our capabilities in subsurface definition
and development are enabling us to find more oil
and natural gas, and then recover more from the
reservoirs we find. Working with the National Center for
Supercomputing Applications, for example, we developed
proprietary software that quadruples the number of
Our Chemical business also benefits from research
and development, particularly in the area of innovative
product development. For example, we developed and
commercialized a polypropylene product that enables
packaging manufacturers to produce rigid packages (such
as plastic food containers) that have thinner walls, without
sacrificing toughness. This reduces package weight and
cost, and uses less material.
processors used to model complex oil and natural
We are also working to identify advanced biofuels –
gas reservoirs, improving exploration and production
a promising technology with the potential to increase
results. Thanks to this innovation, we can simulate how
energy supplies and reduce greenhouse gas emissions.
hydrocarbons flow through the subsurface and plan
We announced a breakthrough in our research with
where to drill new production wells in record time. Analysis
Synthetic Genomics, Inc., involving modification of
that took weeks can now be completed in a single day.
an algae strain that doubled its oil content without
In addition, our proprietary seismic imaging technology
helps us see opportunities in the subsurface that others
cannot. We successfully used this technology on recent
discoveries in the Black Sea and offshore Guyana.
In the Downstream, technology is enabling us to expand
our product offerings to meet today’s market demands.
For example, in Rotterdam, we are building a new, best-
significantly inhibiting the strain’s growth – a key milestone
in potential scalability of the technology.
ExxonMobil employs more than
2,300 PhDs
9
Growing shareholder value
with a world-class portfolio
10
“The company’s dedication
to safety, people, and the
environment is so far beyond
9.8 billion
oil-equivalent barrels of
resource additions worldwide
what most people think. That
New investments delivering:
focus really sets us apart from
our competition.”
Mike Dach, assistant production foreman,
Permian Basin
>100,000
barrels per day capacity
for high-value fuels
and lube basestocks
>200,000
barrels per day of
additional Upstream
production capacity
500,000
tonnes increase
in chemical
manufacturing
11
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Growing shareholder value with a world-class portfolio
ExxonMobil sees opportunity in a rapidly changing
energy landscape. We are making advantaged
investments across our world-class portfolio
of businesses.
Our focus on leading-edge technologies, coupled
with industry-leading financial capacity, has enabled
us to develop our best investment portfolio in
decades. These investments leverage our integrated
businesses and world-class operations to capitalize
on opportunities across the entire value chain.
High-impact new opportunities
In the Upstream, ExxonMobil is pursuing high-quality
exploration and production projects. In Guyana, for
example, we hold more than 11 million acres offshore,
where we have made six discoveries to date. We
have identified additional leads, and exploration and
development activities will continue throughout 2018.
to our position in the Permian Basin through a series of
Our successful exploration campaign offshore Guyana
In Brazil, we acquired interest in the more-than-2-billion-
acquisitions and acreage trades, bringing our total Permian
continued through 2017, with six discoveries to date.
barrel Carcara field. We also captured 10 exploration
resource base to more than 9 billion oil-equivalent barrels.
blocks in bid round 14, including acreage with significant
Our Permian position now delivers lower-cost production,
potential in the pre-salt play, one of the fastest-
growing deepwater plays in the world. Exploration and
development activities are planned to begin in 2018.
In the United States, we are one of the most active
operators in the Permian Basin in West Texas and eastern
New Mexico. In 2017, we added nearly 275,000 net acres
12
$50 billion
investment in the United States over
the next five years
which is available as feedstock to our U.S. Gulf Coast
refineries and chemical plants.
Our Upstream growth opportunities are geographically
diverse and will yield attractive returns, even in a low-price
environment. We achieve this by applying industry-
leading capabilities, key technologies, and proprietary
practices that improve drilling performance, reduce field
development costs, and deliver operational efficiencies.
Our growth opportunities will
yield attractive returns, even
in a low-price environment.
Our entry into the deepwater Area 4 block offshore
In Rotterdam, a new hydrocracking unit – using our
Mozambique, containing an estimated 85 trillion gross
proprietary technology to produce high-value, ultra-
cubic feet of natural gas in-place, was also completed
low-sulfur fuels and Group II lube basestocks – will also
in 2017. This resource will support an ExxonMobil-led,
begin operating in 2018. Furthermore, we announced
multi-train LNG development, with potential capacity
an expansion at our Singapore refinery to produce the
ultimately exceeding 40 million tonnes per year.
company’s EHC Group II basestocks, which are used
Capitalizing on LNG expertise
Extracting additional value
across a range of industries. Completion is anticipated
in 2019.
Our global LNG position is unmatched in the industry.
In the Downstream, we are investing in technology
We are also enhancing our ability to handle light crude
We have interest in 17 LNG trains around the world, with
and facilities to produce higher-value products to meet
from the Permian at our refineries in Baton Rouge
net interest capacity of 22 million tonnes annually.
the growing demand for enhanced fuels and premium
and Baytown.
We enhanced our leading LNG position with two major
deals in 2017. Our acquisition of InterOil Corporation
provides access to multiple discovered fields and additional
lubricants. Capturing a larger share of these growing
markets enables us to realize higher overall margins
from our existing sites.
Investing to meet chemical demand
Global demand for chemicals continues to create
exploration acreage in Papua New Guinea. These high-
In 2018, our new coker unit at the Antwerp refinery in
opportunities for value growth. To meet that demand,
quality assets, coupled with growing resource discoveries
Belgium will begin upgrading high-sulfur fuel oil into
we are investing more than $10 billion over the next
on existing acreage, provide a foundation for a low-cost,
various forms of cleaner-burning diesel and distillates.
five years in both new and expanded facilities on the
multi-train expansion of existing LNG facilities.
Highlight: Optimizing concept selection
Our concept selection process creates development
plans that pair the right facility with the right concept
to drive down unit cost. We employ this process on all
of our projects with the aim to maximize value over a
development’s life cycle.
U.S. Gulf Coast, leveraging logistically advantaged oil
and natural gas to create the chemical building blocks
for end products used around the world.
At our Singapore chemical complex, we are expanding
capacity with our recent acquisition of Jurong
Aromatics. We are starting up new facilities that will
manufacture higher-performance products. These
enhancements to our complex enable us to better serve
the major growth market in the Asia Pacific region.
13
Leveraging integration to
grow value across businesses
14
“We make sure every molecule
in a barrel of crude is used.
Our integrated model means
we can get the absolute most
out of everything we process.
Seeing all along the value chain
helps us respond to changes in
consumer demands.”
~80%
650,000
Sarah Loh, cat light ends contact engineer,
barrels per day of refined products
Baton Rouge refinery
upgraded at integrated sites
of global refining capacity is fully
integrated with chemical or lube basestock
manufacturing
More than
50%
of Downstream
earnings come from
lubricants and chemical integration
15
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Leveraging integration to grow value across businesses
ExxonMobil’s integrated approach proves the adage,
“The whole is more than the sum of its parts.”
Our Upstream, Downstream, and Chemical
businesses work together to create additional value
by sharing knowledge, technology, expertise, and
best practices across business lines. This collaboration
leads to better-informed decisions, more efficient
operations, and greater flexibility in responding to
changing market conditions.
Portfolio spans the value chain
Our U.S. operations demonstrate how integration drives
value. Our Upstream businesses produce oil and natural
gas in the Permian and other basins. These volumes are
transported via our midstream assets to our refineries
Our world-class workforce effectively manages the complexity of our advantaged manufacturing facilities.
and chemical complexes along the Gulf Coast and in
the Midwest. From there, they are upgraded to higher-
points or when short-term market opportunities
Integration at ExxonMobil is a competitive advantage
value fuels, products, and feedstocks through the fuels,
develop. We can take advantage of logistics flexibility to
that enables us to improve returns by responding quickly
lubricants, and chemical value chains.
ensure no value is lost to third parties. Simply put, we are
to changing market conditions. This level of flexibility is
By maximizing integration across the full value chain,
we are also able to capture incremental value at transfer
uniquely positioned in industry, capturing an additional
difficult to replicate.
$700 million of earnings per year through integration.
>35,000
employees collaborate at our
cross-functional sites worldwide
16
We also leverage our global knowledge and expertise
Growing value and capturing savings
to inform investment decisions in each business line.
Nearly 80 percent of our refining capacity is integrated
For example, insights from our Upstream teams helped
with chemical or lubricant manufacturing facilities.
guide expansion plans and project designs for our U.S.
At these sites, we capture savings by sharing resources,
Gulf Coast chemical facilities – growth supported by the
using interconnected facilities, and coordinating operating
integration with our rapidly growing production in
practices. Integration also increases margins by allowing
the Permian.
us to direct feedstocks to the highest-value products.
ExxonMobil leverages project
management expertise across
all businesses, employing
innovative technologies,
supporting capital efficiency,
and driving best practices.
At the LaBarge natural gas field, extensive Downstream
10-year average return on average capital employed(1)(2)
experience has been applied to implement a multi-
variable control system at the Shute Creek treating
facility, increasing production and improving the purity
of products. Multivariable control allows the plant to run
closer to capacity and specification limits by optimizing
across several operational parameters simultaneously.
17.6%
12.6%
ExxonMobil
Chevron
Shell
Total
BP
9.2%
9.1%
7.0%
(1) See Frequently used terms on pages 36 and 37.
(2) Competitor data estimated on a consistent basis with ExxonMobil and
based on public information.
Shared knowledge and capabilities
At our proposed joint venture project with SABIC near
Highlight: Finding opportunities to grow
Our collaborative approach increases margins by lowering
Corpus Christi, Texas, we are planning to use an approach
the cost of our feedstocks and growing the value of our
our Upstream has implemented with great success in
products. For example, at our Baytown manufacturing
several projects around the world. We are constructing
complex, lubricants and chemical integration contributes
portions of the new facility at other locations and bringing
more than 70 percent of earnings.
them on site fully built. This process significantly speeds
Another example is at our integrated facility in Singapore,
where we have a state-of-the-art steam cracker that
up construction, while also reducing costs by more
than $1 billion.
produces chemicals directly from crude oil – an industry
This type of cross-functional sharing enables our project
first. We can also process a range of liquid and natural
management professionals to influence and learn from
gas feedstocks at the site, optimizing them for maximum
large, complex projects, while further strengthening our
value. In response to growing Asian demand for premium
capabilities and providing flexibility for support of future
products, we recently added world-scale Mobil 1 lubricant
activities. It also supports standardization and efficiency,
blending facilities.
ensuring best practices are broadly shared.
One benefit of our integration strategy is the
ability to capitalize on business opportunities
by expanding existing sites, rather than building
new ones. This results in significant cost
savings and lowers our environmental impact.
For example, on the U.S. Gulf Coast, we are
expanding manufacturing of high-value products
at our existing sites, with a savings of more than
$1 billion compared to new construction.
136
cross-functional
sites located
in 39 countries around the world
Our Houston campus brings together nearly 10,000 of
our employees, fostering improved collaboration,
creativity, and innovation, and accelerating the discovery
of new resources, technologies, and products.
17
Maximizing asset value
through operational excellence
Leading
safety
performance
Downstream
and Chemical
reliability improvement since 2015
>20%
30% more efficient execution of
complex Upstream projects
vs. competitor average
“ExxonMobil is like a family –
and in this environment, it’s
critical that everyone is looking
out for one another to ensure
that every job is done safely,
each and every day.”
Sean Phillips, utilities technician,
Mont Belvieu plastics plant
18
19
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Maximizing asset value through operational excellence
Innovation enables us to invest in high-quality
opportunities to enhance our asset portfolio.
Integration helps us maximize returns across
the Upstream, Downstream, and Chemical
businesses. Our relentless focus on operational
excellence enables us to get the most out of each
and every facility, every hour, every day.
Safety is good business
A safe company is a well-run company. Achieving safe
and environmentally responsible operations across a
global enterprise requires a significant commitment from
everyone at all levels of the organization. Success in safety
Safety and operations integrity
Lost-time injuries and illnesses rate:
ExxonMobil workforce(1)
U.S. petroleum industry benchmark(2)
(incidents per 200,000 work hours)
0.20
0.15
0.10
0.05
0
2008
09
10
11
12
13
14
15
16
2017
(1) Employees and contractors. Includes XTO Energy Inc. data beginning
in 2011.
(2) Workforce safety data from participating American Petroleum Institute
companies (2017 industry data not available at time of publication).
20
Our employees’ efforts to maximize facility capacity and improve reliability have increased the capacity of the PNG LNG
facility more than 20 percent and made it one of the most reliable plants in the world.
is the result of a disciplined, rigorous approach, which
initiative that brought together expertise from all parts of
also helps drive more reliable operations and improves
our businesses to build a unique, integrated approach to
financial results.
process safety.
In 2017, we had the fewest recordable injuries in
our company’s history. Our focus on identifying and
eliminating high-potential-consequence events is making
a difference. We also continued to achieve outstanding
process safety performance, driven by a cross-functional
Nobody Gets Hurt
Workers are empowered to take
action immediately
We deploy innovative
techniques and technologies,
many proven in the most
challenging conditions and
circumstances, to drive
improvements.
LNG facilities have enabled us to increase production
20 percent above the original facility capacity.
Our Upstream, Downstream, and Chemical businesses
are among the industry leaders in reliability.
Project development and execution excellence
Our project management skills – safely staying on time
and on budget – are a major competitive advantage,
especially in complex environments. We use proven
systems and processes to guide the planning, design, and
Our operational guidelines enable field personnel to
execution of projects, enabling us to reduce costs
better understand the most critical safeguards and focus
and cycle times.
their efforts accordingly. Thanks to this strategy, we have
sustained fewer operational upsets and releases to the
environment, and we continued to exhibit strong process
safety performance in 2017.
Maximizing capacity and minimizing downtime
We apply the same attention, focus, and commitment to
reliability as we do safety. In fact, the two go hand in hand.
Fewer reliability upsets reduces the potential for safety
One example is the use of phased developments that
help us capture value sooner and apply learning-curve
benefits as we advance additional phases of projects.
Premier execution of challenging, complex projects
(leading efficiency of major ExxonMobil start-ups over past 15 years)
Employees and contractors collaborate to ensure
Nobody Gets Hurt during drilling operations.
Another example is leveraging existing infrastructure
Development cost per oil-equivalent barrel
whenever possible, such as using subsea tie-backs to
Competitor cost average
ExxonMobil Arctic
ExxonMobil LNG
100%
existing platforms to reduce costs, as we do off the coast
of West Africa.
incidents. Reliability is also a key driver to profitability.
ExxonMobil Deepwater
Finally, we deploy innovative techniques and technologies,
Maximizing asset uptime and productivity leads to
improved output and higher margins.
Schedule (full funding to start-up)
Competitor schedule average
many proven in the most challenging conditions and
100%
circumstances. We leverage our project management
For example, introducing a multivariable control
system – a technology originally used in our Downstream
ExxonMobil Arctic
ExxonMobil LNG
ExxonMobil Deepwater
operations – and removing bottlenecks at our PNG
Source: ExxonMobil and Wood Mackenzie
experience across all businesses to ensure the best people
are leading our efforts, and transferring their knowledge
and skills to others in the organization.
21
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Global operations
As the world’s largest publicly held international oil and gas company,
ExxonMobil has a diverse portfolio of high-quality projects
and opportunities across our Upstream, Downstream, and
Chemical businesses.
Upstream: We have an active oil and gas
presence in 38 countries.
We use our unique expertise in exploring,
developing, marketing, and producing global hydrocarbon resources to maximize value.
Downstream: We are one of the world’s largest
fuels and lubricants businesses.
Our portfolio includes refining and lubricant blending
facilities in 25 countries. We are one of the largest integrated refiners and manufacturers of fuels and lube basestocks, as well
as a leading manufacturer of petroleum products and finished lubricants.
Chemical: ExxonMobil is one of the most profitable chemical
companies, with operations in 16 countries.
Our unique portfolio of
high-performance products delivers strong returns across the business cycle.
22
4.0 million
oil-equivalent barrels of net oil
and gas production per day(1)
5.5 million
barrels of petroleum
product sales per day(2)
25.4 million
tonnes of chemical
prime product sales(2)
(1) Natural gas converted to oil-equivalent
barrels using 6 million cubic feet per
1,000 barrels.
(2) Sales data reported net of purchases/sales
contracts with the same counterparty.
23
Countries with ExxonMobil operations
Upstream
Downstream
Chemical
Locations as of December 31, 2017
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Upstream
$13.4 billion
in earnings
2.8 Boeb
proved reserve
additions(1)
More than
20% annual growth
in net tight-oil production since 2010
9.8 billion
oil-equivalent barrels of
resource base additions
Major project start-ups added
>200,000 barrels
per day of production capacity
53 million
new exploration
acres captured
“We’re excited about the potential of the liquids-rich Permian. It’s a low-cost resource, and
we’ve built an outstanding position in the basin. Thanks to our strategically located midstream
assets and the proximity of our refineries along the U.S. Gulf Coast, we’re poised for growth
and set up to maximize our return on investment for years to come.”
Sara Ortwein, president
XTO Energy Inc.
Upstream statistical recap
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(2) (net, thousands of barrels per day)
Proved reserves replacement ratio(1)(3) (percent)
Resource additions(3) (millions of oil-equivalent barrels)
Average capital employed(3) (millions of dollars)
Return on average capital employed(3) (percent)
Capital and exploration expenditures(3) (millions of dollars)
2017
2016
2015
2014
2013
13,355
2,283
10,211
3,985
189
9,763
174,674
7.6
16,695
196
2,365
7,101
2,345
27,548
2,111
26,841
2,202
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
(1) Proved reserves exclude asset sales.
(2) Natural gas converted to oil-equivalent at 6 million cubic feet per 1,000 barrels.
(3) See Frequently used terms on pages 36 and 37.
24
Increase Upstream earnings by…
1
2
3
increasing Permian tight-oil
production fivefold to nearly 600 Koebd
net by 2025
rapidly progressing three
near-term developments in Guyana to
deliver ~450 Koebd production by 2025
starting up new LNG projects
in Mozambique and PNG, with potential to
add more than 20 Mta of capacity by 2025
Strategies
• Enhance industry-leading portfolio
• Deliver lowest-cost-of-supply projects
• Grow tight-liquids production to more than 800 Koebd net by 2025
Business overview
Our Upstream business is a global leader in exploration, development, production, natural gas marketing,
and energy research.
We maintain a large, diverse portfolio of opportunities to provide profitable long-term value growth.
Between a highly successful exploration program and recent strategic acquisitions, we added 9.8 billion
oil-equivalent barrels to our resource base in 2017. We plan to grow our tight-oil production in the
U.S. Permian Basin fivefold. We also plan to grow our business in Brazil, with both exploration and
development activities planned to start in 2018. We also have LNG that is among the lowest cost in
the industry, with developing projects in Mozambique and Papua New Guinea.
Our capital discipline and proven project management systems – incorporating best practices from across
our global operations – enable us to create and drive value. From the initial discovery phase through
production start-up, we benefit from our extensive multidisciplinary teamwork, industry-leading technology,
rigorous management practices, and proven operational expertise.
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. Global demand for oil is expected to rise by
about 20 percent from 2016 to 2040, continuing to be the primary source of energy for transportation and
as a feedstock for chemicals. Demand for natural gas is expected to grow nearly 40 percent over the same
period, led by increasing use to help meet rising electricity demand with lower-emission fuels.
To meet this demand, increased supplies of both oil and natural gas will be needed, much of which will come
from unconventional reservoirs. We expect global LNG volumes to more than double by 2040, mainly to
supply the Asian and European markets. Our focus is on improving our long-term profitability by investing in
low-cost-of-supply, higher-margin barrels, maximizing the value of our current capacity, and reducing costs
through productivity and efficiency gains.
2525
Downstream
$5.6 billion
in earnings
130% increase
in synthetic lubricants sales
in the past decade
2 market entries
with branded sales
in Mexico and Indonesia
20,000 miles
between oil changes using Mobil 1
Annual Protection synthetic lubricant
25%
return on average
capital employed
2018 start-ups projected to add
100,000 barrels
per day of upgraded products
“Our integrated Fuels & Lubricants organization provides high-value products and services
to our customers – backed by our world-class manufacturing and supply chain – which lead
the industry in efficiency. Our commitment to innovation, technology, brand, and sustainability
continues to deliver greater value for our customers and shareholders.”
Bryan Milton, president
ExxonMobil Fuels & Lubricants Company
Downstream statistical recap
Earnings (millions of dollars)
Refinery throughput (thousands of barrels per day)
Petroleum product sales(1) (thousands of barrels per day)
Average capital employed(2) (millions of dollars)
Return on average capital employed(2) (percent)
Capital expenditures(2) (millions of dollars)
2017
2016
2015
2014
2013
5,597
4,291
5,530
4,201
4,269
5,482
6,557
4,432
5,754
3,045
4,476
5,875
3,449
4,585
5,887
22,514
21,804
23,253
23,977
24,430
24.9
2,524
19.3
2,462
28.2
2,613
12.7
3,034
14.1
2,413
(1) Petroleum product sales data reported net of purchases/sales contracts with the same counterparty.
(2) See Frequently used terms on pages 36 and 37.
26
EXXONMOBIL 2017 SUMMARY ANNUAL REPORT Increase Downstream earnings by…
1
2
3
upgrading 200 Kbd of fuel oil
to higher-quality distillates, lube
basestocks, and chemicals by 2025
growing our industry-leading
lube basestock and synthetic lubricant
businesses by 2025
capturing full value-chain benefits
of our Permian and U.S. Gulf Coast facilities
by 2025
Strategies
• Maintain best-in-class operational excellence
• Provide high-quality products and services to our customers
• Capitalize on integration and maximize value from technology
Business overview
Our Downstream business is one of the world’s largest refiners and lubricants manufacturers. Our
22 refineries – 17 of which are co-located with chemical or lubricant facilities – enable us to manufacture
higher-value fuels, lubricants, and chemical products more efficiently than our competitors.
We are highgrading our product slate to maximize the value of every molecule. Our long-standing record
of technology leadership underpins the development of the products our customers demand.
Our integrated business model across the entire value chain enables us to benefit from lower-cost
feedstocks than our competitors. Our proprietary process and catalyst technologies help convert those
feedstocks into the fuels and lubricants marketed under our world-renowned Exxon, Mobil, Mobil 1,
and Esso brands. That full value-chain integration is expected to generate an additional $1 billion in the
U.S. Permian alone.
Business environment
By 2040, demand for transportation fuel is expected to increase by nearly 30 percent, driven by commercial
transportation in developing countries. Demand for diesel fuel is expected to increase by more than
30 percent, while worldwide gasoline demand is expected to level off, as declining demand for light-duty
transportation fuel in developed countries is offset by growth in developing nations.
Lubricant demand is also expected to grow, particularly in Asia. Within the high-value synthetic lubricants
sector, where we have a leading market position, demand is expected to outpace industry growth significantly.
We selectively invest in sites and value chains that generate the highest returns. Our integrated business
model, world-class assets, and feedstock flexibility have positioned us to be a market leader across the
business cycle.
27
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Chemical
$4.5 billion
in earnings
1.3 million
tonnes of new polyethylene
capacity at Mont Belvieu, Texas
$3.8 billion
investment in specialty
businesses and advantaged feed
6.8 million
tonnes of performance
products sales
16%
return on average
capital employed
3.5 million tonnes
Singapore aromatics capacity post-
Jurong Aromatics acquisition
“We’re accelerating our investments to capitalize on chemical demand growth, much of
which is coming from Asia. We will be adding new facilities in North America and Asia
with a focus on manufacturing the sustainable performance products our customers
want. Our aggressive growth program will leverage the strength of the Corporation
in executing large-scale capital projects.”
John Verity, president
ExxonMobil Chemical Company
Chemical statistical recap
Earnings (millions of dollars)
Prime product sales(1) (thousands of tonnes)
Average capital employed(2) (millions of dollars)
Return on average capital employed(2) (percent)
Capital expenditures(2) (millions of dollars)
2017
2016
2015
2014
2013
4,518
25,420
27,516
16.4
3,771
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
(1) Prime product sales data reported net of purchases/sales contracts with the same counterparty.
(2) See Frequently used terms on pages 36 and 37.
28
Increase Chemical earnings by…
1
2
3
starting up 13 new facilities
and increasing production by
10 million tonnes per year by 2025
aggressively growing sales of
high-value performance products by
50% by 2025
expanding technology portfolio
with a focus on sustainability leadership
by 2025
Strategies
• Strengthen existing businesses and integrated complexes
• Leverage unique competitive position for performance
products growth
• Embed sustainability leadership into business
Business overview
Our Chemical business is one of the largest, most successful chemical companies in the world. Investment
in technology and new capacity enables us to capitalize on growing chemical demand worldwide.
We are investing in two world-class steam crackers on the U.S. Gulf Coast. We are expanding our capacity
in Singapore to meet the needs of growing economies in Asia. Leveraging our strength in technology,
we are highgrading our product portfolio to focus on high-performance, high-margin products.
We process feedstock from our Upstream and Downstream operations, and from third parties, with world-
scale manufacturing facilities strategically located around the globe. We focus on product lines that benefit
from our scale and technology advantages, resulting in lower costs. We have a strong market position in
every business line, particularly in high-performance products, and are well positioned to generate attractive
returns throughout the business cycle.
Business environment
Global chemical demand has doubled since 2000, well above economic and energy demand. Over the next
two to three decades, we expect this demand to continue to grow at about 4 percent annually.
Nearly three-quarters of that increased demand will be in Asia. Rising prosperity and a growing middle class
in the region will drive expanded purchases of packaged goods, appliances, cars, and other consumable items,
many of which are manufactured from the chemicals we produce.
We are committed to helping our customers reduce their impact on the environment. We are leading the
way in the development of advanced polymer materials that make cars lighter and more fuel efficient, and
improving plastic packaging that reduces the energy needed to ship goods around the world.
29
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Corporate sustainability
At ExxonMobil, we help deliver the energy the world
Environment
totaled more than $8 billion. We are deploying energy-
needs. In doing so, we also consider the impact of
We conduct business in a manner that addresses the
efficient technologies such as cogeneration, as well as
our operations on local economies, communities, and
environmental and economic needs of the communities
technologies to reduce methane emissions and flaring.
the environment. Our approach to sustainability is
in which we operate. We work to mitigate risks
We are also researching next-generation energy sources
focused on six key areas:
and improve our environmental performance. Our
such as algae biofuels and advanced carbon capture
• Safety, health, and the workplace
• Managing climate change risks
• Environmental performance
• Community engagement, human rights,
and strategic investments
• Local development and supply chain
management
• Corporate governance
approach is grounded in a scientific understanding
using fuel cells.
of the environmental effects of our operations and a
commitment to develop, maintain, and operate
Local economic growth and development
projects using appropriate standards. We support
Providing sustainable economic benefits and ensuring
organizations focused on biodiversity protection
local participation in our business are important
and land conservation. We also engage with local
elements in creating shared value for our host countries
stakeholders to understand their perspectives.
and local communities. Our approach focuses on
Climate change
training and employing a local workforce, supporting
local suppliers, and improving the livelihood of
As a partner in community health, education, and
Providing affordable energy to support prosperity while
communities through local investments. In 2017, our
economic development, we also aim to support many
reducing environmental impacts – including the risks
supplier diversity program continued to expand globally
of the areas set forth in the United Nations Sustainable
of climate change – is our industry’s dual challenge. It
with women- and indigenous-owned businesses.
Development Goals.
will take business, government, and individuals working
together to make meaningful progress. We support
Community and social impact
the Paris Agreement as an important framework for
Our multifaceted approach to engaging with
addressing this challenge. We continue to take action to
communities helps us create and maintain productive
mitigate our emissions and help consumers lessen their
relationships with our neighbors. We are committed
greenhouse gas impact. Since 2000, our investments
to managing our social and environmental impacts
that provide lower-emission energy solutions have
responsibly, upholding respect for human rights,
The ExxonMobil Foundation is collaborating with
Mercy Corps, Technoserve, and the Center for Global
Development to measure the effect of mobile banking and
training on women’s economic empowerment in Indonesia
and Tanzania.
and making social investments tailored to the needs
of individual communities. We focus many of our
community investment efforts on three signature
initiatives: improving education, combating malaria,
and advancing economic opportunities for women.
30
Financial information
Report of Independent Registered Public Accounting Firm
To the Board of Directors and 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, 2017 and 2016, 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, 2017 (not presented herein) appearing in the ExxonMobil 2017 Financial Statements and Supplemental Information booklet enclosed with the proxy materials for
the 2018 annual meeting of shareholders of Exxon Mobil Corporation and have issued our report thereon dated February 28, 2018, which included an unqualified opinion on those consolidated
financial statements and a paragraph describing the change in the manner in which the Corporation accounts for certain sales and value-added taxes. In our opinion, the information set forth in the
accompanying condensed consolidated financial statements (pages 33–35) is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.
Dallas, Texas
February 28, 2018
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.
Beginning in 2017, for all periods presented, the Corporation
reports certain sales and value-added taxes imposed on and
concurrent with revenue-producing transactions with customers
and collected on behalf of governmental authorities on a net
basis in the Consolidated Statement of Income (excluded from
both revenues and costs).
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 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, natural 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 2017 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 2017
Financial Statements and Supplemental Information booklet
(Critical Accounting Estimates and Note 1 to the Consolidated
Financial Statements).
3131
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
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 acquired (millions of dollars)
Market quotations for common stock (dollars)
High
Low
Average daily close
Year-end close
(1) See Frequently used terms on pages 36 and 37.
(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.
3232
2017
2016
2015
19,710
33,169
23,080
1,063
42,336
222,631
354,561
69.6
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
2017
9.0
11.1
17.9
16.8
0.82
13.2
2017
3.06
2.7
4,256
4,256
4,239
(3.8)
747
91.34
76.05
81.86
83.64
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
(12.6)
4,039
93.45
66.55
82.83
77.95
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
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)
2017
2016
2015
237,162
5,380
1,821
244,363
128,217
34,128
10,956
19,893
1,790
601
30,104
225,689
18,674
(1,174)
19,848
138
19,710
4.63
4.63
200,628
4,806
2,680
208,114
104,171
31,927
10,799
22,308
1,467
453
29,020
200,145
7,969
(406)
8,375
535
7,840
1.88
1.88
239,854
7,644
1,750
249,248
130,003
35,587
11,501
18,048
1,523
311
30,309
227,282
21,966
5,415
16,551
401
16,150
3.85
3.85
(1) Effective December 31, 2017, the Corporation revised its accounting policy election related to the reporting of sales-based taxes. For more information, please refer to Note 2 in ExxonMobil’s 2017 Financial Statements and Supplemental
Information booklet.
The information in the Summary statement of income (for 2015 to 2017), the Summary balance sheet (for 2016 and 2017), and the Summary statement of cash flows (for 2015 to 2017), shown on pages 33 through 35, corresponds to the
information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2017 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 2017 Financial Statements and Supplemental Information booklet.
3333
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Summary balance sheet at year end
(millions of dollars)
Assets
Current assets
Cash and cash equivalents
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(1)
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
2017
2016
3,177
25,597
12,871
4,121
1,368
47,134
39,160
252,630
9,767
348,691
17,930
36,796
3,045
57,771
24,406
21,132
26,893
4,774
19,215
154,191
14,656
414,540
(16,262)
(225,246)
187,688
6,812
194,500
348,691
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
156,484
12,157
407,831
(22,239)
(230,424)
167,325
6,505
173,830
330,314
(1) For more information, please refer to Note 16 in ExxonMobil’s 2017 Financial Statements and Supplemental Information booklet.
The information in the Summary statement of income (for 2015 to 2017), the Summary balance sheet (for 2016 and 2017), and the Summary statement of cash flows (for 2015 to 2017), shown on pages 33 through 35, corresponds to the
information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2017 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 2017 Financial Statements and Supplemental Information booklet.
3434
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
Net cash provided by operating activities
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
Other investing activities including 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
2017
2016
2015
19,848
19,893
(8,577)
1,135
(610)
131
(3,954)
(1,682)
(117)
5,104
(334)
(771)
30,066
(15,402)
3,103
–
(5,507)
2,076
(15,730)
60
–
1,735
(5,024)
2,181
(13,001)
(184)
(150)
–
(747)
–
(15,130)
314
(480)
3,657
3,177
8,375
22,308
(4,386)
(329)
(19)
(579)
(2,090)
(388)
171
915
(1,682)
(214)
22,082
(16,163)
4,275
–
(1,417)
902
(12,403)
12,066
–
–
(314)
(7,459)
(12,453)
(162)
–
–
(977)
6
(9,293)
(434)
(48)
3,705
3,657
16,551
18,048
(1,832)
2,153
(380)
(691)
4,692
(379)
45
(7,471)
(226)
(166)
30,344
(26,490)
2,389
42
(607)
842
(23,824)
8,028
(26)
–
(506)
1,759
(12,090)
(170)
–
2
(4,039)
5
(7,037)
(394)
(911)
4,616
3,705
The information in the Summary statement of income (for 2015 to 2017), the Summary balance sheet (for 2016 and 2017), and the Summary statement of cash flows (for 2015 to 2017), shown on pages 33 through 35, corresponds to the
information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2017 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 2017 Financial Statements and Supplemental Information booklet.
3535
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Frequently used terms
Listed below are definitions of several of ExxonMobil’s key business and financial
performance measures and other terms. These definitions are provided to
facilitate understanding of the terms and their calculation. In the case of financial
measures that we believe constitute “non-GAAP financial measures” under
Securities and Exchange Commission Regulation G, we provide a reconciliation to
the most comparable Generally Accepted Accounting Principles (GAAP) measure
and other information required by that rule.
Total shareholder return (TSR) • 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 specified 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 natural 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 natural gas that are not yet classified as proved
reserves, but that are expected to be ultimately 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. The term “in-place” refers to those quantities of oil and natural gas estimated to be
contained in known accumulations and includes recoverable and unrecoverable amounts.
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)
2017
6,271
3,375
1.86
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
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 natural 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, 2016, and 2017.
Return on average capital employed (ROCE)
(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
2017
19,710
(709)
(204)
515
(398)
20,108
222,631
9.0%
2016
7,840
(683)
(225)
423
(485)
8,325
212,226
3.9%
2015
16,150
(362)
(170)
88
(444)
16,594
208,755
7.9%
2014
32,520
(140)
(256)
(68)
(464)
32,984
203,110
16.2%
2013
32,580
(163)
(239)
83
(319)
32,899
191,575
17.2%
ROCE is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment capital employed (average of beginning and end-of-year amounts). These segment
earnings include ExxonMobil’s share of segment earnings of equity companies, consistent with our capital employed definition, and exclude the cost of financing. The Corporation’s total ROCE is net income attributable to ExxonMobil, excluding the after-
tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as the best measure of historical capital productivity in our capital-intensive, long-term
industry, both to evaluate management’s performance and to demonstrate to shareholders that capital has been used wisely over the long term. Additional measures, which are more cash-flow based, are used to make investment decisions. See page 4
for segment information relevant to ROCE.
3636
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
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
2017
2016
2015
2014
2013
348,691
330,314
336,758
349,493
346,808
(39,841)
(72,014)
(8,298)
3,929
232,467
17,930
24,406
187,688
(1,486)
3,929
232,467
(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
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.
Cash flow from operations and asset sales
(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
2017
30,066
3,103
33,169
2016
22,082
4,275
26,357
2015
30,344
2,389
32,733
2014
45,116
4,035
49,151
2013
44,914
2,707
47,621
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.
Free cash flow
(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
Other investing activities including collection of advances
Free cash flow
2017
2016
2015
2014
2013
30,066
(15,402)
3,103
(5,507)
2,076
14,336
22,082
(16,163)
4,275
(1,417)
902
9,679
30,344
(26,490)
2,389
(607)
842
6,478
45,116
(32,952)
4,035
(1,631)
3,346
17,914
44,914
(33,669)
2,707
(4,435)
1,124
10,641
Free cash flow is cash flow from operations and asset sales less additions to property, plant and equipment, and additional investments and advances, plus other investing activities, including collection of advances. This measure is useful when evaluating
cash available for financing activities, including shareholder distributions, after investment in the business.
Distributions to shareholders
(millions of dollars)
Dividends paid to ExxonMobil shareholders
Cost of shares acquired to reduce shares outstanding
Distributions to ExxonMobil shareholders
Memo: Gross cost of shares acquired to offset shares or units
settled in shares issued under benefit plans and programs
2017
13,001
–
13,001
747
2016
12,453
–
12,453
977
2015
12,090
3,000
15,090
1,039
2014
11,568
12,000
23,568
1,183
2013
10,875
15,000
25,875
998
The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are acquired 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 acquired to reduce shares outstanding.
3737
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Board of Directors, Officers, and Affiliated Companies*
Back row, left to right
Michael J. Boskin T.M. Friedman Professor of Economics
and Senior Fellow, Hoover Institution, Stanford University
Darren W. Woods Chairman of the Board and
Chief Executive Officer
Angela F. Braly Former Chairman of the Board, President,
and Chief Executive Officer, WellPoint, Inc. (health care)
Kenneth C. Frazier Chairman of the Board, President, and
Chief Executive Officer, Merck & Company (pharmaceuticals)
Steven A. Kandarian Chairman of the Board, President, and
Chief Executive Officer, MetLife Inc. (insurance)
Douglas R. Oberhelman Former Chairman of the Board,
Caterpillar Inc. (heavy equipment)
Samuel J. Palmisano Former Chairman of the Board,
International Business Machines Corporation (computer hardware,
software, business consulting, and IT services)
Ursula M. Burns Former Chairman of the Board,
Xerox Corporation (document solutions and services)
Front row, left to right
Steven S Reinemund Presiding Director; Executive in
Residence, Wake Forest University; Retired Executive Chairman
of the Board, PepsiCo (consumer food products)
Susan K. Avery President Emerita, Woods Hole Oceanographic
Institution (nonprofit ocean research, exploration, and education)
William C. Weldon Former Chairman of the Board,
Johnson & Johnson (pharmaceuticals)
* As of February 1, 2018
3838
Standing Committees of the Board
Officers
Functional and Service Organizations
Audit Committee
U.M. Burns (Chair)
D.R. Oberhelman
W.C. Weldon
Board Affairs Committee
K.C. Frazier (Chair)
S.K. Avery
S.J. Palmisano
S.S Reinemund
Compensation Committee
S.J. Palmisano (Chair)
M.J. Boskin
A.F. Braly
K.C. Frazier
S.A. Kandarian
Finance Committee
D.W. Woods (Chair)
U.M. Burns
D.R. Oberhelman
W.C. Weldon
Public Issues and Contributions Committee
M.J. Boskin (Chair)
S.K. Avery
A.F. Braly
S.A. Kandarian
S.S Reinemund
Executive Committee
D.W. Woods (Chair)
M.J. Boskin
K.C. Frazier
S.J. Palmisano
S.S Reinemund
D.W. Woods
Chairman of the Board (1)
M.W. Albers
Senior Vice President (1)
N.A. Chapman
Senior Vice President (1)
M.J. Dolan
Senior Vice President (1)
A.P. Swiger
Senior Vice President (1)
J.P. Williams, Jr.
Senior Vice President (1)
B.W. Corson
Vice President and President –
ExxonMobil Upstream Ventures (1)
N.W. Duffin
Vice President (1)
R.M. Ebner
Vice President and General Counsel (1)
M.A. Farrant
Vice President – Human Resources
R.S. Franklin
Vice President (1)
S.M. Greenlee
Vice President (1)
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)
J.R. Verity
Vice President (1)
D.G. Wascom
Vice President – Operational Excellence
and Safety, Security, Health &
Environment
T.J. Wojnar, Jr.
Vice President – Corporate
Strategic Planning (1)
J.J. Woodbury
Vice President – Investor Relations
and Secretary (1)
Upstream
N.W. Duffin
R.S. Franklin
President, ExxonMobil
Production Company (1)
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
B.H. March
Chemical
J.R. Verity
Other
L.D. DuCharme
President, ExxonMobil Fuels & Lubricants
Company (1)
President, ExxonMobil Research
and Engineering Company
President, ExxonMobil Chemical
Company (1)
President, ExxonMobil Global Services
Company
(1) Required to file reports under Section 16 of the Securities Exchange Act of 1934.
39
E X X O N M O B I L 2 0 1 7 S U M M A R Y A N N U A L R E P O R T
Investor information
Shareholder services
Dividend direct deposit
Shareholder inquiries should be addressed to
ExxonMobil Shareholder Services at Computershare
Trust Company, N.A., ExxonMobil’s transfer agent:
ExxonMobil Shareholder Services
c/o Computershare
P.O. Box 505000
Louisville, KY 40233
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.
Registered shareholders can access information about
their ExxonMobil stock accounts via the Internet at
computershare.com/exxonmobil.
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.
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.
Corporate governance
Our Corporate Governance Guidelines and related
materials are available by selecting “Investors” on our
website at exxonmobil.com.
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 at exxonmobil.com.
Requests for printed copies should be directed to
ExxonMobil Shareholder Services.
• Summary Annual Report
• Annual Report on Form 10-K
• Financial & Operating Review
• Corporate Citizenship Report
• Outlook for Energy: A View to 2040
• Energy & Carbon Summary
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 2017
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, EHC, 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).
40
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: 972-940-6000
Fax: 972-940-6748
Email: shareholderrelations@exxonmobil.com
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 2018 Annual Meeting of Shareholders
will be held at 9:30 a.m. Central Time on Wednesday,
May 30, 2018, at:
The Morton H. Meyerson Symphony Center
2301 Flora Street
Dallas, TX 75201
An audio webcast with a slide presentation will be
provided 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 at exxonmobil.com:
• Publications
• Stock Quote
• Dividend Information
• Contact Information
• Speeches
• News Releases
• Investor Presentations
• Corporate Governance
exxonmobil.com/annualreport
41
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Exxon Mobil Corporation
Corporate Headquarters
5959 Las Colinas Blvd.
Irving, Texas 75039-2298
exxonmobil.com
Printed in U.S.A.