2019 SUMMARY ANNUAL REPORT
Cautionary Statement • Statements that reference future events or conditions in this report are forward-looking statements. Actual future 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; cash flow generation; integration and technology benefits; project returns; and product sales could differ materially due to a number of factors, including: global or regional changes in oil, natural
gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; reservoir performance;
the outcome and timing of exploration and development projects; timely completion of construction projects; war and other political, public health, or security disturbances; changes in law or government
regulation, including environmental, trade, and tax 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; opportunities for and regulatory approval of investments or divestments that may arise; the impact of fiscal and
commercial terms; the outcome of future research efforts; unexpected technological developments and the ability to bring new technology to commercial scale on a cost-competitive basis, including large-scale
hydraulic fracturing projects; 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.
All forward-looking statements are based on management’s knowledge and reasonable expectations and we assume no duty to update these statements as of any future date.
Frequently Used Terms and Non-GAAP Measures • 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” – are contained in the section titled “Frequently Used Terms” on pages 48 through
51. 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.
General Information • As used in this publication, the term “industry” refers to publicly traded international energy companies. 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 2019. Prior years’ data have been reclassified in certain cases to conform
to the 2019 presentation basis. Unless otherwise stated, production rates, project capacities, and acreage values are gross. References to “emissions” refer to energy-related emissions.
2019 SUMMARY ANNUAL REPORT
10
28
34
CONTENTS
2 2019 Financial and Operating Highlights
3 2019 Business Highlights
4 Letter to Shareholders
6 The Fundamentals of Supply and Demand
8
Meeting the World’s Growing Energy Needs
While Reducing Emissions
18
10 Competitive Advantages
16 Business Lines Organized by Value Chains
18 Upstream
28 Downstream
34 Chemical
40 Global Projects and Services
43 Financial Information
48 Frequently Used Terms
51 Footnotes
52 Board of Directors, Officers, and Affiliated Companies
54
Investor Information
55 General Information
COVER PHOTO: The Liza Destiny, shown offshore Guyana,
started up ahead of schedule in December 2019.
1
1
2019 FINANCIAL AND OPERATING HIGHLIGHTS
KEY FINANCIAL DATA
(millions of dollars, unless noted)
Upstream
Downstream
Chemical
Corporate and Financing
Total
KEY OPERATING DATA
Liquids production (net, thousands of barrels per day)
Natural gas production available for sale (net, millions of cubic feet per day)
Oil-equivalent production1 (net, thousands of oil-equivalent barrels per day)
Refinery throughput (thousands of barrels per day)
Petroleum product sales2 (thousands of barrels per day)
Chemical prime product sales2 (thousands of tonnes)
See page 51 for all Footnotes in this report.
* See Frequently Used Terms on pages 48 through 51.
2
Earnings after
income taxes
Average
capital
employed*
Return on
average capital
employed (%)*
Capital and
exploration
expenditures*
14,442
179,423
2,323
28,033
592
31,309
(3,017)
(2,162)
14,340
236,603
8.0
8.3
1.9
N.A.
6.5
23,485
4,371
3,265
27
31,148
2,386
9,394
3,952
3,981
5,452
26,516
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT
2019 BUSINESS HIGHLIGHTS
Note: See Frequently Used Terms on pages 48 through 51 and the accompanying Footnotes.
120 KBD
NET LIQUIDS GROWTH,
year-over-year, up 5% from 2018
$14 BILLION
IN EARNINGS, achieved in weak
price and margin environment
6 MAJOR
DEEPWATER DISCOVERIES,
the largest in industry
$5 BILLION
IN DIVESTMENTS, actively
highgrading portfolio
8 AGREEMENTS
TO RESEARCH lower-emission
technologies
13% LEVERAGE
PROVIDES FINANCIAL CAPACITY
to invest through the cycle
3
| L E T T E R T O S H A R E H O L D E R S
STRENGTHENING OUR BUSINESS AND DELIVERING ON OUR COMMITMENTS
“Our growth strategy to significantly improve earnings and cash flow
generation is underpinned by long-term industry fundamentals”
As we begin a new decade, we do so with confidence
In 2019, we saw commodity prices and margins drop
that we are making significant progress on plans
to near 10-year lows due to near-term oversupply
to strengthen and grow our business and deliver on
across the industry. Despite these challenges, we
the commitment to increase value for you,
generated $14 billion in earnings and increased the
our shareholders.
Our growth strategy to significantly improve
earnings and cash flow generation is underpinned by
long-term industry fundamentals – the energy needs
dividend for the 37th consecutive year, invested in
future growth, and continued our work to develop
new technology solutions to manage the risks
related to climate change.
of a growing and more prosperous global population
Across each of our business lines, we made progress
– and our competitive advantages of technology,
on our growth strategy.
scale, integration, functional excellence, and our
highly capable workforce.
In the Upstream, the Liza Phase 1 development
offshore Guyana started production less than five
Our strategy is supported by the strongest portfolio
years from initial discovery – about half the industry
of opportunities we’ve seen since the Exxon and
average for projects of this scale. We’re working to
Mobil merger more than two decades ago. Our
bring on more production in Guyana over the next
broad and diverse growth portfolio, which leads the
few years, and our exploration success increased
industry, is capable of generating returns even at the
the estimated recoverable resource to more than
bottom of the commodity price cycle, as we capture
8 billion oil-equivalent barrels.
value in a favorable cost environment.
4
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT In the Permian Basin, we grew unconventional
The strength of our balance sheet enabled us to make
In 2019, ExxonMobil signed or extended eight
production by almost 80 percent in 2019, while
many of these investments during the down cycle,
significant agreements to advance lower-emission
building out logistics and infrastructure to support a
taking advantage of an attractive cost environment.
technologies that included working with the
uniquely integrated development approach. Our plan
These investments are critical given projected energy
U.S. Department of Energy’s National Renewable
captures additional value for shareholders by linking
and product demand growth in the coming decades
Energy Laboratory and National Energy
our producing assets to our refineries and chemical
and natural decline rates associated with producing
Technology Laboratory.
manufacturing operations on the U.S. Gulf Coast.
assets. In fact, the International Energy Agency
Elsewhere in the Upstream, we drilled six deepwater
discoveries, expanded exploration opportunities in
Brazil, and advanced LNG projects in Mozambique
and Papua New Guinea.
We invested in our Downstream business to improve
the competitiveness and earnings growth potential of
our refining network, and recently completed projects
in Antwerp, Beaumont, and Rotterdam generated
$300 million in earnings in a challenging margin
environment.
Our Chemical business expanded capacity to
capture demand growth. Eight growth projects are
complete, and funding was approved for another
four. Construction and expansion of manufacturing
projects along the Texas and Louisiana coast gained
momentum with start-up of the Beaumont high-
performance polyethylene plant and ground breaking
for a steam cracker and derivative product lines near
Corpus Christi, Texas.
estimates in their Stated Policies Scenario that nearly
$20 trillion of additional oil and natural gas investment
is needed by 2040, just to keep pace with demand
and avoid a shortfall in supply.
As we enter this next decade, we focus on the
future – on meeting the needs of a growing global
society that seeks affordable, reliable energy with
continuously improving environmental performance.
Our progress in the past year, our advantaged
As we grow our operations and build long-term
opportunity set, and our clear forward plan make us
shareholder value, we retain our strong commitment
confident we can deliver on our commitments and
to maintaining a safe work environment and have
create significant value for you, our shareholders.
achieved an almost 80-percent reduction in our
lost-time incident rate since 2000. We also continue
to pursue emission reduction efforts to mitigate the
risks related to climate change.
Our environmental efforts include partnerships and
collaborations with universities, government agencies,
Thank you for investing in ExxonMobil.
and leading research organizations to develop
Darren Woods
breakthroughs in lower-emission technologies.
Chairman and CEO
Sustainable climate change solutions require a
united effort across industry, academia, government,
and broader society.
5
| E N E R G Y O V E R V I E W
THE FUNDAMENTALS OF SUPPLY AND DEMAND1
What drives demand for energy? It begins with
The size of the circle represents population size.
sources of affordable energy will adversely affect those
people – billions of people striving for improved
In general, as quality of life improves, energy
in emerging economies the most, as it reduces supply
living standards around the world.
consumption increases.
and increases cost.
This relationship is illustrated in the graphic below.
Affordable, reliable energy is therefore essential to
Consider that today, half the world’s population has
The United Nations uses the Human Development
facilitate improvements in life expectancy, education,
a life expectancy 12 years less than those living in
Index to assess key dimensions of human development,
and gross national income per capita, regardless of
the United States, and receives about a third less
including health, education, and standards of living.
where a person lives. Advancing billions of individuals
education. Close to a billion people still live without
The chart illustrates the connection between these
to a living standard experienced by many in developed
electricity. This has enormous implications for the
key dimensions and per-capita energy consumption
nations will require every available source of energy and
future of energy and the products that make modern
by country.
significant investment. Restricting access to existing
life possible.
ENERGY DEMAND AND HUMAN DEVELOPMENT ²
U.N. 2017 Human Development Index
(circle size depicts relative size of population)
INDIA
MEXICO
CHINA
SPAIN
UNITED STATES CANADA
ICELAND
YEMEN
BANGLADESH
VERY HIGH
HIGH
MEDIUM
LOW
10
6
AS QUALITY OF
LIFE IMPROVES,
ENERGY CONSUMPTION
INCREASES
1,000
NIGERIA
EGYPT
100
2015 energy demand per capita (1,000 BTU/person/day)
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT In the next two decades, the global population
energy supply, earnings, cash flow, and value for
is expected to grow by 2 billion people to more than
our shareholders.
9 billion; the middle class will expand to more
than 5 billion people; and the world’s demand for
energy is projected to grow by about 20 percent.
While this growing energy demand will result in
improved living standards for many in the developing
world, it will also lead to further emissions growth.
Oil, which is energy-dense, affordable, and widely
available, is projected to remain the predominant
transportation fuel source. Natural gas, given its
emissions benefits relative to coal, will likely increase
in use, largely for power generation. More than half
of energy demand is expected to be met by oil and
Strong demand for our products forms the
natural gas through 2040.
basis for ExxonMobil’s long-term strategy to grow
NATURAL GAS DEMAND
IS EXPECTED TO GROW
35% BY 2040, LARGELY
DRIVEN BY POWER
GENERATION AND GIVEN
ITS EMISSIONS BENEFITS
VERSUS COAL
NON-OECD DRIVES ENERGY DEMAND¹
(quadrillion BTUs, 2020 forward-data projections)
PROJECTED 2040 GLOBAL ENERGY DEMAND BY FUEL
(quadrillion BTUs)
800
600
400
200
0
250
200
150
100
50
0
Non-OECD
OECD
2010
2020
2030
2040
Oil
Natural Gas
Coal
Biomass
Nuclear
Wind/Solar Hydro/Geo
Biofuel
7
| E N E R G Y O V E R V I E W
MEETING THE WORLD’S GROWING ENERGY NEEDS WHILE REDUCING EMISSIONS1
Addressing the dual challenge of providing energy
ExxonMobil is playing an important role in helping
while managing emissions requires a long-term
to reduce climate risks through our commitment to
perspective, competency in fundamental science and
manage operational emissions; produce cleaner, more
engineering, and significant investment. ExxonMobil
advanced products; conduct fundamental research
has a 135-year history as an energy innovator and is
into advanced technology solutions; and engage in
committed to doing its part to help society address
climate policy discussions.
this critical challenge.
Over the past two decades, ExxonMobil has invested
ExxonMobil continues to make progress on our
nearly $10 billion in technology and programs to reduce
long-term plans. We do so with a commitment to
emissions, resulting in highly efficient operations that
develop new resources to ensure the world has the
have eliminated or avoided more than 400 million
energy it needs while also minimizing the environmental
tonnes of CO2-equivalent emissions.
impacts, including the risks associated with greenhouse
gas emissions and climate change.
Near-term actions the company is taking to prepare for a lower-carbon future include:
• Expanding supplies of cleaner-burning natural gas
• Improving energy efficiency in operations
• Operating and investing in carbon capture and storage (CCS)
• Reducing flaring and methane emissions from operations
• Developing products – such as premium lubricants, lightweight plastics, and special tire liners –
to help consumers improve efficiency and reduce emissions
• Supporting effective climate policy to address the risks related to climate change at the lowest societal cost
Longer-term efforts include:
• Progressing advanced biofuels from algae and cellulosic biomass for commercial transportation
and petrochemicals
• Researching breakthroughs to improve the commercial viability of CCS for power generation and
industrial applications
• Developing new and efficient technologies that further reduce emissions in refining and chemical facilities
8
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT EXISTING OPTIONS HAVE LIMITATIONS1
ExxonMobil is uniquely positioned to make significant
Existing alternatives, such as vehicle electrification and
if society fully leveraged vehicle electrification and power
contributions in the global effort to reduce emissions.
power generated from wind and solar, play an important
generation from wind and solar. Importantly, solutions
By leveraging our deep scientific expertise, we
role in reducing emissions, but only offer partial solutions.
need to be affordable to encourage broad adoption,
are developing technologies that address the
Assuming the full electrification of the light-duty vehicle
especially in developing countries where economic
highest-emissions sectors. These sectors – power
generation, industrial, and commercial transportation
fleet by 2040, global energy-related CO2 emissions could
potentially be reduced by about 5 percent.2 Every source
growth leads to increased energy use. The chart at
bottom left illustrates the impact of the economic
– collectively account for 80 percent of energy-related
of energy has challenges, some of which are noted in
expansion in Asia Pacific and the associated energy-
CO2 emissions, and there are currently gaps in the
the table below. Technology advances are needed to
related CO2 emissions increase, compared with more
technology-solution set limiting broad deployment.
address the significant emissions that would remain even
mature economies in Europe and North America.
NATURAL GAS / OIL
COAL
SOLAR / WIND
ADVANTAGES
• Energy dense
• Affordable
• Available
• Easily transportable
• Energy dense
• Affordable
• Available
• Easily transportable
• Low emissions
• Renewable
• Operating costs
CHALLENGES
• Emissions
• Emissions
• Intermittency
• Geographic compatibility
• Transportability
PERSPECTIVE
Oil and natural gas represent 55% of global
energy sources and about 35% of greenhouse
gas emissions.3
Coal for power generation represents more than
25% of global energy-related CO2 emissions.
Natural gas could cut these nearly in half.4
A 737-800 commercial aircraft would require
about 10 times its empty weight in batteries
to fly for five hours.5
ADVANCES
REQUIRED
More efficient carbon capture and storage (CCS),
biofuels, and energy-efficient manufacturing
More efficient CCS and pollutant mitigation
Long-duration, high-capacity
storage solutions
E NERGY-REL ATE D CO 2 EMISSIONS BY REGION
ENERGY-REL ATED CO 2 EMIS SION S BY SEC TOR
(billions of tonnes)
(billions of tonnes, 2017)
OECD
Non-OECD
18
15
12
9
6
3
0
Asia Pacific
North America
Europe
Rest of world
Russia/Caspian
Middle East
Commercial
transportation
Power generation
Industrial
Light-duty
transportation
Residential/
commercial
1980
1990
2000
2010
2017
0
2
4
6
8
10
12
14
9
E X X O N M O B I L 2 0 1 9 S U M M A R Y A N N U A L R E P O R T
COMPETITIVE ADVANTAGES
Combined with a best-in-class portfolio and financial
capacity, ExxonMobil’s competitive advantages position
the company to deliver superior growth and value.
TECHNOLOGY
SCALE
INTEGRATION
FUNCTIONAL
EXCELLENCE
PEOPLE
10
TECHNOLOGY
ExxonMobil is a proven technology leader, securing
nearly 70 percent more U.S. patents than our closest
competitor over the past decade.1 Our investments in
fundamental research lead to key advantages, such as
lower operating and project costs and development of
higher-value products to meet society’s evolving needs.
In the Upstream, technology advances such as artificial
intelligence (AI) enable seismic data interpretation,
enhance exploration activities, and improve subsurface
understanding, all of which increase resource recovery.
Technology also allows us to optimize developments
and improve operations. Our digital partnership with
Microsoft in the Permian, which is anticipated to
improve capital efficiency and support production
growth, is a prime example.
In Downstream and Chemical, we continue to develop
catalyst and process technology to upgrade and
improve our products. Our Rotterdam advanced
hydrocracker uses proprietary technology to produce
high-quality lube basestocks and ultra-low-sulfur diesel
that generate higher returns than industry average.2
We have also developed and utilize steam-cracker
technology with the broadest feed range in industry,
which provides maximum raw-material flexibility.
ExxonMobil also works on lower-carbon energy
solutions with leading universities, research institutions,
and private firms. In 2019, we signed agreements with
the U.S. Department of Energy’s National Labs, the
Indian Institutes of Technology (Bombay and Madras),
and private sector companies Global Thermostat and
Mosaic Materials, to advance CCS, biofuels, and other
emission-reducing technologies.
PHOTO: An ExxonMobil research scientist prepares a carbonate
fuel cell to study carbon capture processes.
ARTIFICIAL
INTELLIGENCE
combined with reservoir
stratigraphy, advanced
PATENTS
ExxonMobil has secured
COLLABORATIONS
Eight new or extended
70% more U.S. patents than
agreements add to the dozens
its closest competitor over
of R&D efforts under way with
materials science, and fluid
the past 10 years.
flow research enhance
exploration and recovery.
leading universities, research
institutions, and private firms
to advance lower-carbon
energy solutions.
11
| C O M P E T I T I V E A D V A N T A G E S
SCALE
PRODUCTION
ExxonMobil produces about
4 million oil-equivalent barrels
CUBE
DEVELOPMENT
Our innovative development
SUPPLY CHAIN
Our global Chemical supply
chain network completed
per day, with expertise in
approach in the Permian Basin
more than 500,000 safe
unconventional, deepwater,
is made possible by the scale
and reliable deliveries to
LNG, heavy-oil, and
conventional assets.
of our operations, enabling us
more than 6,000 customers
to minimize our footprint and
in 2019.
maximize resource recovery.
ExxonMobil is among the largest producers of oil and
natural gas in the world, operating in 45 countries,
with expertise in unconventional, deepwater, LNG,
heavy-oil, and conventional assets. Our Downstream
and Chemical businesses span the globe. We are one
of the world’s largest manufacturers and marketers
of fuels and lubricants, and have Chemical sales of
nearly 27 million tonnes per year.
The scale of our global business facilitates broad
deployment of expertise, cost efficiencies, operational
learnings, and preferred partnership opportunities.
In the Upstream, for example, our Permian Basin
development includes standardized, modular facility
designs applied across our 1.8 million net acres. In our
Chemical business, world-scale manufacturing sites
serve all major global markets and leverage a global
supply chain network. Our Downstream refining
capacity is among the largest in industry, and provides
significant cost advantages, making us one of the
lowest-cost operators in the world. This manufacturing
advantage is important as the balance of supply and
demand evolves, driving industry price cycles.
PHOTO: ExxonMobil’s Singapore facility is one of the largest
integrated refining and petrochemical complexes in the world.
12
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT INTEGRATION
Integration across global value chains drives
efficiency and profitability. It allows us to capture
incremental value for our products and provides
extensive operational and product flexibility to
adapt to changing market demands. Integration also
enables the capture of cost benefits and sharing of
support organizations and facility infrastructure,
yielding significant synergies.
Our expansive and integrated infrastructure and
logistics network enable optimization at multiple points
along value chains, providing opportunities to realize
incremental value, particularly when markets become
disconnected. An example is the integration of our
North American operations that creates a pathway
for supply-advantaged Permian crudes to reach our
manufacturing assets on the U.S. Gulf Coast, and
ultimately global markets. Over the past two years
alone, we captured nearly $1 billion of incremental
value from our integrated Permian supply.
Another example is the integration of key
manufacturing facilities. Nearly 80 percent of our
refining capacity is integrated with chemical or lubricant
manufacturing, giving us the ability to shift production
and optimize operations to capture higher margins and
maximize production of the highest-value products.
$1 BILLION
of incremental value was
captured over the past
two years from our
80 PERCENT
of ExxonMobil’s refining
capacity is integrated with
our chemical or lubricant
integrated Permian supply.
manufacturing.
90 PERCENT
of ExxonMobil’s chemical
capacity is integrated with
refineries or natural gas
processing plants.
PHOTO: The Spring, Texas, campus facilitates collaboration and
integrated decision making across functions and businesses.
13
| C O M P E T I T I V E A D V A N T A G E S
FUNCTIONAL EXCELLENCE
ExxonMobil has a long and successful history of
operating complex global businesses, which has
resulted in the development of deep knowledge in
critical disciplines and industry-leading execution
capabilities. We have a strong culture of consistently
doing the right things, the right way, to the
highest standard.
As an example, consistent application of the highest
operational and safety standards is achieved through
global application of our Operations Integrity
Management System. This system is leveraged
across all operations to support safety, health, and
environmental performance.
Functional excellence also drives improvements
in business performance. For example, process
optimization and debottlenecking projects in our
Chemical business have enabled us to expand
production capacity from existing units by more than
700,000 tonnes per year in the past decade – the
equivalent of adding a world-scale polyethylene
line. In the Upstream, proprietary geoscience and
geophysics knowledge gained from decades of global
exploration and development experience supported
nine straight discoveries in Guyana – allowing
ExxonMobil to organically grow the industry’s most
profitable greenfield deepwater project.1
PHOTO: Extensive training and ongoing education ensure the
appropriate level of competency to manage the complexity of
manufacturing processes.
14
14
FIRST OIL
The Liza Phase 1 Development
offshore Guyana began
GIANT
DISCOVERIES
Six new discoveries, four of
HIGHGRADED
PORTFOLIO
With $5 billion of divestments in
production less than five years
which contained recoverable
2019, we continued to execute
after the first discovery –
resources totaling more than
our highgrading program
much faster than the industry
500 million oil-equivalent
and remain focused on our
average of nine years.2
barrels each, highlighted a
efforts to divest $15 billion of
successful year in exploration.
non-strategic assets by 2021.
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT PEOPLE
The benefits of our competitive advantages are
realized only through the commitment and hard work
of our dedicated people.
Our world-class workforce is our most important
competitive advantage. We value diversity and
have more than 160 nationalities represented in our
employee base.
Our employees bring expertise across a wide range of
disciplines, including engineering, behavioral sciences,
mathematics, chemistry, and biology, to name just a
few. ExxonMobil has more than 20,000 scientists and
engineers, including 2,300 PhDs.
We encourage, respect, and reward unique
perspectives and a commitment to innovation and
excellence. The long-term nature of our business
makes employee development a critical success
factor. We take a personalized approach to developing
professionals and leaders through a combination of
challenging work assignments, training, and on-the-job
experiences.
Most of our employees spend the majority of their
career with ExxonMobil, and we utilize a career-long
approach to professional development. The average
length of service of our career employees is longer
than 30 years, providing ExxonMobil with unparalleled
industry experience and in-house expertise to deploy
across our global portfolio.
PHOTO: Subject matter technical experts support innovation
and best practices across ExxonMobil’s operations.
DIVERSITY
More than 160 nationalities are
EXPERIENCE
Career employees at
EXPERTISE
We employ more than
represented in ExxonMobil’s
ExxonMobil average more
2,300 PhDs, 20,000 scientists
employee base, enhancing
than 30 years of service.
and engineers, and many
collaboration, decision making,
and bottom-line results.
others with deep
competencies in their
respective areas of expertise.
15
BUSINESS LINES ORGANIZED BY VALUE CHAINS
ExxonMobil works to safely provide the energy and products that advance modern life. Organized and managed by value chain, the
company oversees a diverse global portfolio of high-quality assets and advantaged projects across our Upstream, Downstream, and
Chemical business lines.
Countries with ExxonMobil operations
Upstream
Downstream
Chemical
16
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT UPSTREAM
We are one of the world’s largest producers
of oil and natural gas, and have unconventional,
deepwater, LNG, heavy-oil, and conventional
operations. We use innovation and industry-
leading technology across our organization
to safely and responsibly explore for and
develop energy to meet global demand.
DOWNSTREAM
As one of the largest refiners in the world,
we manufacture and distribute products derived
from crude oil and other feedstocks. Our global
network of manufacturing plants, transportation
systems, and distribution centers provides fuels,
basestocks, finished lubricants, and other
high-value products to customers.
CHEMICAL
We operate one of the largest chemical
manufacturing companies in the world.
Our basic chemicals and commodity and
performance products serve as the building
blocks for a broad range of consumer goods
and industrial products.
DEEPWATER
UNCONVENTIONAL
LNG
HE AV Y OIL
CONVENTIONAL
FUELS
LUBES
BASIC CHEMIC ALS
COMMODIT Y AND PERFORMANCE PRODUCTS
17
18
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT UPSTREAM
PERMIAN LIQUIDS GROWTH OF 79%1
FIRST OIL ACHIEVED IN GUYANA LESS THAN 5 YEARS AFTER DISCOVERY
5 ADDITIONAL DISCOVERIES OFFSHORE GUYANA
UPSTREAM BUSINESS OVERVIEW
ExxonMobil produces about 4 million oil-equivalent barrels of net oil and natural gas per day. We are active in
45 countries, and we participate in all areas of the upstream global value chain, including exploration, development,
production, and marketing. Over the coming decades, trillions of dollars of industry investments will be necessary
to increase supplies of oil and natural gas to meet rising global demand and overcome the natural decline rates of
producing reservoirs.2 Our investments focus on unconventional, deepwater, and LNG value chains and represent
the best portfolio of opportunities since the Exxon and Mobil merger 20 years ago.
PHOTO: ExxonMobil is the most active operator in the Permian Basin.3
19
| U P S T R E A M
UPSTREAM VALUE CHAINS
Our Upstream business is organized into five
Applying an innovative development approach at scale
businesses: unconventional, deepwater, LNG,
Cube development allows us to drill multiple horizontal
heavy oil, and conventional. This organizational
wells in stacked intervals from a single surface location.
NET LIQUIDS GROWTH
OF 120 KBD WORLDWIDE
model is underpinned by deep technical and
By applying this unique approach across our acreage,
commercial capabilities along each value chain.
we can safely and efficiently bring online large sections
of producing acreage in a shorter period of time, which
UNCONVENTIONAL: PERMIAN
maximizes recovery, reduces costs, and minimizes
We produced an average of 272,000 oil-equivalent
the environmental footprint of our operations. Most
barrels per day from our unconventional operations in
importantly, this development approach maximizes
the Permian Basin in 2019, an almost 80-percent year-
recovery by minimizing or removing potential parent-
on-year production increase. This growth came from
child production impacts that are caused by pressure
more than 175 new wells across the Midland Basin
depletion. In addition, we realize greater capital
and more than 125 new wells in the Delaware Basin,
efficiencies from drilling and completion operations
where we continue to reduce drilling and completion
and surface-treating facilities, enabled by large tracts
costs. Our inventory of more than 8,000 well locations
of contiguous acreage and development at scale.
and an estimated net recoverable resource of 10 billion
This approach enables a development plan and return
DEL AWAR E BASIN D RILLIN G
AN D COM PLET IN G COSTS
oil-equivalent barrels across 1.8 million net acres,
profile that is resilient across a wide range of prices
(percent, indexed to second half 2018)
position us to significantly increase production levels
and market scenarios.
in the years ahead.1
Investing in integration
Deploying leading-edge technology
We have invested in infrastructure from New Mexico
The unconventional business is an ideal place to deploy
to the U.S. Gulf Coast to provide logistics flexibility
ExxonMobil’s proven technological capabilities to
and maximize the integrated value of our growing
accelerate learning and inform development plans.
Permian production. We have advanced construction of
Using in-house geomechanical laboratory capabilities and
gathering and processing facilities, including the Cowboy
downhole technologies, such as fiber optic systems, we
central delivery point in the Delaware Basin. Integration,
can gather massive amounts of data to better define
including transportation and downstream investments,
fracture geometry and well spacing. Combining this
enables us to maximize our value chain contributions
information with proprietary reservoir-simulation
from resource development through to fuels, lubes,
technology enables us to improve depletion planning and
and chemicals production.
maximize recovery rates across stacked producing horizons.
100
90
80
70
60
50
20
Second half
2018
First half
2019
Second half
2019
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT Drilling rigs
(not to scale)
Surface
6,000'
12,000'
Future
opportunities
Current cube
development—
multiple
stacked
producing
horizons
Future
opportunities
LEVERAGING EXXONMOBIL’S UNIQUE
CAPABILITIES, SCALE, AND TECHNOLOGY
ACROSS OUR PERMIAN OPERATIONS
UP CLOSE:
SCALE AND TECHNOLOGY IN THE PERMIAN
Capital-efficient cube development across multiple stacked producing horizons
maximizes the recovered resource by minimizing or removing potential parent-child
production impacts caused by pressure depletion. Applying this approach at scale
differentiates our operations from competitors. Above, seven rigs drill stacked targets
within our Permian Basin acreage. Simultaneously accessing multiple shale layers
reduces costs and minimizes surface footprint.
21
| U P S T R E A M
DEEPWATER: GUYANA
The Liza Phase 1 development achieved first oil in
In Guyana, our exploration success continued in 2019.
December 2019, less than five years after initial discovery,
Five additional discoveries brought the total to 15 at
in approximately half the time of the industry average
year end and increased the estimated oil-equivalent
for projects of this size. The Liza Phase 2 development
recoverable resource to more than 8 billion barrels.
is on track for start-up in 2022. A subsequent phase of
We are efficiently developing these discovered
development, Payara, is targeted to start up in 2023,
8+ BILLION OIL-EQUIVALENT
BARRELS OF RECOVERABLE
RESOURCE
resources while maintaining an active exploration pace
pending government approval and a final investment
We have worked to develop a strong partnership with
to test multiple remaining prospects across all blocks.
decision. These three developments, combined with two
the government and people of Guyana as it becomes a
ExxonMobil’s proprietary reservoir-simulation technology
additional floating production, storage, and offloading
significant global producer. As part of our commitment
strengthens project development and depletion
vessels, are expected to produce more than 750,000
to develop the value of this opportunity for the country
planning, and helps to identify additional synergies
barrels of oil per day by 2025.
throughout the multiple phases of development.
and its people, more than 700 local vendors and
suppliers and nearly 1,900 Guyanese have worked on
our developments to date.
UP CLOSE:
TECHNOLOGY – MACHINE LEARNING TRANSFORMS SUBSURFACE CHARACTERIZATION
GUYANA “BY-THE-BIT ”
CUMULATIVE DISCOVERED RESOURCE
ExxonMobil applies machine learning and artificial
intelligence to leverage a global repository of seismic
data, which creates insights that maximize value for
resource owners and shareholders. Complemented
by traditional subsurface techniques and the
expertise of our explorers, these insights enable
rapid identification of opportunities and subsurface
scenario evaluation to support development and
exploration activities that maximize recovery and
value from the resource.
For recent discoveries in Guyana, this technology
improved resource assessment and reservoir
characterization. It also enabled the integration of
appraisal wells, supporting faster, more efficient
development planning and execution.
PHOTO: Use of proprietary technology enables ExxonMobil
geoscientists to efficiently identify subsurface value.
(gross recoverable resource,
billions of oil-equivalent barrels)
9
6
3
0
2015
2016
2017
2018
2019
22
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT DEEPWATER: BRAZIL
We strengthened our global portfolio by capturing
new blocks offshore Brazil, one of the world’s most
promising exploration plays. ExxonMobil’s acreage
position is among the largest in Brazil, with 2.5 million
net acres. We operate more than 60 percent of our
28-block portfolio.1
The Uirapuru Araucaria-Sul well spud in late 2019,
beginning a multiyear exploration drilling program
to test prospects with multibillion-barrel potential.
Multiple exploration wells are targeted for 2020–2021
across the Santos, Campos, and Sergipe basins.
In addition to the exploration program, we finalized
the purchase of an additional 3.5 percent interest in
the BM-S-8 block (Bacalhau field, formerly Carcara),
increasing our net interest to 40 percent. A final
investment decision for Bacalhau Phase 1 is expected
in late 2020.
DEEPWATER: GLOBAL EXPLORATION
Our deepwater exploration portfolio includes plans
to drill multiple wells in 2020, including opportunities
in Guyana, Brazil, and the Eastern Mediterranean.
ExxonMobil maintains one of the most active
deepwater exploration programs in the industry
with deepwater acreage positions in 27 of the
34 countries where we are actively exploring.
SEAL-428
SEAL-351
UP CLOSE:
SCALE – BRAZIL
SEAL-501 SEAL-573
SEAL-637
SEAL-428
SEAL-351
SEAL-430
SEAL-503
SEAL-505
SEAL-575
SEAL-430
SEAL-503
SEAL-505
SEAL-575
BRAZIL
Atlantic
Ocean
B R A Z I L
Uirapuru
Uirapuru
North
Carcara
BM-S-8
North
Carcara
S a n t o s B a s i n
BM-S-8
S a n t o s B a s i n
2017 captures
2018 captures
200 miles
2019 captures
200 miles
SEAL-501 SEAL-573
S e r g i p e B a s i n
SEAL-637
S e r g i p e B a s i n
ExxonMobil holds a leading acreage position with
approximately 2.5 million net acres, having added more
than 460,000 net acres in 2019. We operate more than
60 percent of this acreage.1
Multiple exploration wells are planned for 2020–2021.
Our success in Guyana provides learnings and
capabilities to leverage in Brazil.
C-M-37
C-M-67
C a m p o s
B a s i n
C a m p o s
B a s i n
C-M-479
C-M-37
C-M-67
Tita
C-M-479
C-M-210
C-M-277
C-M-344
C-M-346
C-M-411
C-M-413
C-M-210
C-M-277
C-M-344
C-M-346
C-M-411
C-M-413
Tita
C-M-657
C-M-709
C-M-753
C-M-789
S-M-536
S-M-647
C-M-657
C-M-709
C-M-753
C-M-789
S-M-536
S-M-647
BRAZIL NET ACREAGE VERSUS
IOC COMPETITORS²
(millions of acres)
3
2
1
0
ExxonMobil BP
Shell
Total
Equinor Chevron
23
| U P S T R E A M
LNG: PAPUA NEW GUINEA (PNG)
partners reached agreement with the PNG government
The ExxonMobil-operated PNG LNG facility continued
on the Papua gas development and are working to reach
to operate above nameplate capacity, achieving record-
alignment on the P’nyang development. The proximity
setting daily production levels, surpassing 8.5 million
of PNG to premium Asian markets and the ability to
tonnes per year in 2019. Exploration activity added
leverage existing infrastructure support the three-train
WE PARTICIPATE IN NEARLY
25% OF THE WORLD’S LNG
PRODUCTION
future flexibility with the successful Muruk-2 well, which
expansion project.
extended the Muruk gas discovery. ExxonMobil and its
UP CLOSE:
SCALE – GLOBAL LNG SUPPLY
ExxonMobil is an industry leader in liquefied natural gas (LNG) with participation in production of 86 million
tonnes per year. We supply more than 15 markets around the world and participate in nearly 25 percent of
global LNG production.1 This leading position comes from decades of innovative technical experience and
superior project management capabilities in complex environments. Advantaged locations, world-class
resources, and strong project performance will enable ExxonMobil to continue to add low cost-of-supply
LNG production in the coming decade.
PHOTO: Golden Pass LNG is expected to start up in 2024, leveraging existing infrastructure to support a low cost of supply.
24
LNG: MOZAMBIQUE
In Mozambique, we progressed the Area 4 offshore
LNG development, and construction of the 3.4-million-
tonnes-per-year Coral Floating LNG (FLNG) vessel is on
schedule for start-up in 2022. Rovuma, the next phase
of development, consists of two 7.6-million-tonnes-
per-year onshore trains. The Rovuma development
plan received approval in 2019 from the government of
Mozambique, and in preparation for a final investment
decision, we secured preferred contractors and
commenced detailed front-end engineering and design.
LNG: GOLDEN PASS
ExxonMobil and Qatar Petroleum reached a final
investment decision on the Golden Pass export project,
building on a long history of successful collaboration.
Construction of the approximately 16-million-tonnes-
per-year liquefaction facility in Sabine Pass, Texas,
commenced in 2019, and is on track for a 2024
start-up. With access to abundant natural gas supply in
North America, Golden Pass is well positioned to
export low-cost LNG to customers in Europe and Asia.
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT HEAVY OIL
enhancements, estimated to double the life span of
and has operations spanning a wide range of operating
ExxonMobil and its majority-owned affiliate Imperial Oil
ore-processing equipment components.
conditions in nearly 20 countries. Our conventional
Limited (IOL) have a significant heavy-oil-asset portfolio
with 442,000 barrels per day of total production.
Cold Lake in-situ operations delivered more than 140,000
barrels per day in 2019, with plans under way to further
Building on investments to improve reliability, the Kearl
increase production. Technology projects, including
project continued strong production performance in
steam-flood optimization to enhance current production,
2019, averaging 205,000 barrels per day. Production
as well as new projects in the Grand Rapids reservoir, will
is forecast to increase to 240,000 barrels per day in
further strengthen the Cold Lake asset portfolio.
assets produce more than 1.3 million net oil-equivalent
barrels every day. In our mature conventional operations,
we are focused on maximizing cash flow generation
through the application of proprietary technology, such
as production surveillance and optimization algorithms.
This helps minimize decline and increase recovery
efficiency, supporting production and sales of approximately
1 million net barrels of oil and more than 2 billion net
cubic feet of natural gas per day. Our assets in Russia,
2020 through installation of additional ore crushing
and hydrotransport capacity. We continue to deploy
new technologies to enhance production and reduce
operating costs. These include drone trials to assess ore
quality and optimize mining plans, as well as material
UP CLOSE:
FUNCTIONAL EXCELLENCE –
CONVENTIONAL OPERATIONS
Our conventional operations span the globe.
We deliver value in a safe and environmentally
responsible manner by leveraging deep
functional expertise and experience, industry
best practices, and ExxonMobil’s Operations
Integrity Management System.
PHOTO: The Berkut facility (Sakhalin, Russia) operates
in a remote sub-Arctic environment.
CONVENTIONAL
Conventional oil and natural gas is the largest and
Indonesia, Kazakhstan, and the United Arab Emirates all
most diverse value chain in the Upstream portfolio,
recorded their highest-ever daily production rates in 2019.
25
| U P S T R E A M
PORTFOLIO HIGHGRADING
gas discoveries.1 In addition to efforts to optimize the
ExxonMobil invests in exploration and growth assets to
portfolio through exploration, we are progressing
maintain a pipeline of high-quality future developments
efforts to divest $15 billion of non-strategic assets by
to offset the natural decline of producing assets. We
2021. We regularly evaluate acquisition and divestment
continued to fill this pipeline in 2019, and had four
opportunities to ensure that material, high-quality assets
of the industry’s top 10 conventional oil and natural
anchor our portfolio.
4 OF THE TOP 10
CONVENTIONAL OIL
AND GAS DISCOVERIES
IN 2019
$4.5 BILLION
from Norway asset sale2
GLAUCUS DISCOVERY AND 4 BLOCKS
added in Eastern Mediterranean
5 DISCOVERIES
offshore Guyana
Upstream presence
2019 capture
2019 “by-the-bit” discovery
2019 asset sale
26
10+ MILLION ACRES
added in Africa
26 million acres added to
exploration portfolio in 2019
4 million barrels per day
oil-equivalent production
$5 billion in asset sales to
highgrade the portfolio
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT UPSTREAM: KEY PROJECTS
RECENTLY COMPLETED
Angola
AB32 Kaombo Split Hub – Norte
AB32 Kaombo Split Hub – Sul
Canada
Guyana
Hebron
Liza Phase 1
FUTURE (PROJECTED)
Australia
Brazil
Canada
Gorgon Expansion
Bacalhau (formerly Carcara) Phase 1
Kearl Supplemental Crusher
Syncrude Mildred Lake Extension
Guyana
Liza Phase 2
Payara
Future Phases
West Qurna I
Iraq
Kazakhstan
Kashagan Compression and Debottlenecking
Tengiz Expansion
Mozambique
Coral FLNG
Rovuma LNG Phase 1
PNG
Papua LNG
Facility capacity
(gross) ExxonMobil
working
interest
(%) Operator
Gas
(Mcfd)
Liquids
(Kbd)
115
115
150
120
20
220
40
210
220
220
230+
1,600
450
655
5
10
15
–
90
–
–
40
–
–
–
–
2,700
–
–
–
–
–
–
–
450
–
575
2,400
800
400
1,400
630
880
–
–
15
15
35
45
25
40
100
25
45
45
45
34
17
25
25
25
28
33
7
50
30
30
28
30
64
C
C
E
E
C
C
E
J
E
E
E
J
J
C
C
E
E
E
J
E
E
E
J
J
E
PNG LNG Expansion
Barzan
Neptun Deep
Far East LNG
Sakhalin-1 Central and South Dagi
Qatar
Romania
Russia
U.A.E.
U.S.
Upper Zakum Expansion (multiple phases)
1,000
Golden Pass LNG Export
Vietnam
Ca Voi Xanh (Blue Whale)
–
3
2,500
580
PHOTO: PNG LNG
serves premium
Asian markets.
Kbd = thousand barrels per day Mcfd = million cubic feet per day
Operator: E = ExxonMobil operated C = co-venturer operated J = joint operations
27
28
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT DOWNSTREAM
3 MAJOR PROJECTS ONLINE, SUPPORTING LONG-TERM DEMAND
FOR HIGHER-VALUE PRODUCTS
PETROLEUM PRODUCT SALES OF MORE THAN 5.4 MBD
MORE THAN 20,000 BRANDED RETAIL OUTLETS
DOWNSTREAM BUSINESS OVERVIEW
ExxonMobil’s Downstream business is one of the world’s largest manufacturers and marketers of fuels and lubricants
and sells more than 5.4 million barrels per day of petroleum products. The commercial success of well-known brands
and high-quality products is underpinned by our strong customer focus and supply reliability.
Advantaged investments will increase production and sales of key products globally. These include diesel and
commercial jet fuel, and lube basestocks, where demand is projected to grow by more than 25 percent and 10 percent,
respectively, by 2040.1 Our growth plans include seven major projects, including three recently completed in Antwerp,
Rotterdam, and Beaumont.
PHOTO: The Antwerp coker supports ExxonMobil’s integrated operations in northwest Europe.
29
| D O W N S T R E A M
DOWNSTREAM VALUE CHAINS
The Downstream business, organized along fuels and
markets, providing line-of-sight on market dynamics
lubes value chains, provides high-value products and
at the local level, while retaining regional and global
services to customers, supported by a global supply
oversight for the complete end-to-end business.
chain and manufacturing network. Our commitment
to innovation, technology, brand, and sustainability
Manufacturing operations and logistics
drives value for customers and shareholders.
ExxonMobil is one of the world’s largest refiners, and has
EXPANDING
DOWNSTREAM FUELS
VALUE CHAIN INTO
NEW MARKETS
FUELS
nearly 5 million barrels per day of distillation capacity at
21 refineries. An integrated, global manufacturing and
The integrated fuels value chain includes crude
logistics footprint enables reliable supply of high-quality,
Advantaged manufacturing and logistics investments
acquisition, manufacturing, distribution, and sales of fuels
high-value products. We also have extensive optimization
In the past two years, we completed three major projects,
products through retail, commercial, and supply channels.
capabilities, and approximately 80 percent of our refining
including the Beaumont hydrofiner, Antwerp coker, and
The fuels business is organized around geographic
capacity is integrated with chemical or lube basestocks.
Rotterdam hydrocracker. Four additional projects are
in development, including a hydrofiner at Fawley, light-
crude expansion at Beaumont, resid upgrade facilities
in Singapore, and the Permian-to-U.S. Gulf Coast joint-
venture pipeline. Investments in these projects leverage
our integrated manufacturing and logistics footprint,
scale, and proprietary process and catalyst technology.
These projects are expected to deliver long-term earnings
growth and improved competitiveness by upgrading
low-value raw materials into higher-value products and
lube basestocks.
UP CLOSE:
TECHNOLOGY – SINGAPORE RESID UPGRADE PROJECT
We are investing in the Singapore integrated complex to increase production capacity of high-value lube
basestocks and distillates. A combination of proprietary catalyst and process technologies will increase the
site’s competitiveness by converting low-value refining and chemical feeds into high-value products.
The project is expected to significantly increase earnings potential by leveraging proprietary technologies
and site integration. Construction began in 2019 and start-up is expected in 2023.
Refinery
FUEL OIL
Chemical plant
HEAVY BY-PRODUCT
30
BASESTOCKS
CLEAN FUELS
E X X O N M O B I L P R O P R I E TA R Y T E C H N O L O G Y
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT UP CLOSE:
INTEGRATION – PERMIAN AND GULF COAST OPERATIONS
ExxonMobil has one of the largest positions in the Permian Basin with
10 billion net oil-equivalent barrels of estimated recoverable resource.
Our operations provide low-cost feedstocks to our Downstream business,
supporting U.S. Gulf Coast investments and exports of Permian crude to
global markets.
Our logistics system – including marine and inland transportation networks,
terminals, pipelines, and storage capacity – is integrated from the wellhead
to our manufacturing facilities. This enables strict quality specs on non-blended
feedstocks and maximizes the value of Upstream production, while optimizing
our operations and finished product mix.
We expect Permian production to be capable of providing 75 percent of
required light-crude feedstock to our refineries by 2022. Investments at
our Beaumont refinery will increase refining capacity of lighter crudes
from the Permian by 250,000 barrels per day. Permian production will
also generate significant volumes of chemical feedstocks, supporting
production of more than 3 million tonnes per year of ethylene.
10 billion net
oil-equivalent barrels
of recoverable
resource
>2,500 miles
of pipeline network1
(graphic representation of
production flow, not to scale)
50% increase
in light-crude processing
capability by 2022
Expanding retail and commercial fuels
including through the development of digitally enabled
Our high-quality fuels are sold through a global network
marketing offers and high-quality products, such as
of more than 20,000 retail stations under the Exxon,
Synergy gasoline and Synergy Diesel Efficient fuels.
Mobil, and Esso brands, and through commercial
A diverse commercial fuels offering serves marine,
channels. We selectively enter new growth markets
aviation, road transportation, mining, and wholesale
where we leverage supply from our advantaged
customers who value the reliability and product quality
manufacturing and logistics footprint, including recent
ExxonMobil provides. We are also growing commercial
market expansions in Mexico and Indonesia.
market sales, including expanding Asia Pacific activities, by
The retail fuels network is primarily operated through
leveraging our integrated refining complex in Singapore.
branded wholesalers with long-term supply agreements.
These fuels value chain investments support improved
We invest in the Exxon, Mobil, and Esso fuel brands,
market position and brand-driven premium pricing.
OUR WORLDWIDE FUELS
VALUE CHAIN INCLUDES
21 REFINERIES
31
| D O W N S T R E A M
LUBES
the wide-ranging offer of products and services we
Growing synthetic lubricants
The lubes value chain includes crude acquisition and
provide to customers in markets and industry sectors
ExxonMobil is the market leader in high-value synthetic
the development, production, and sale of basestocks
around the world.
and finished lubricant products. The lubes business is
organized into two global business units: basestocks
Expanding basestocks
lubricants. Growth in synthetics to meet global consumer
demand for higher-performance products remains a
strategic priority, and includes significant investments in
and specialties, and finished lubricants. This global
As the world’s largest manufacturer of basestocks,
growing markets, including China, India, and Indonesia.
structure enables consistent, market-facing execution
ExxonMobil brings some of the most efficient production
Marketing investments and expansion of blending and
and reliable supply.
capacity to the base oils marketplace – enabling reliable
packaging capacity support this high-value sales growth.
Our finished lubricants business is further divided
into five geographic businesses that enable us to develop
and deliver targeted lubricant solutions to meet customer
supply of innovative lube basestocks that provide
In addition, we are expanding distribution to additional
consistent quality. Product integrity and supply reliability
population centers through new marketing channels,
form the foundation of our basestock production.
including e-commerce in China, where the Mobil 1 brand
is a sales leader on the Chinese web portal Alibaba.
needs in those markets. ExxonMobil is integrated across
We develop basestock products leveraging leading-edge
the entire lubes value chain, with six lube basestock
technology and significant ongoing investment in research
Mobil 1 synthetic lubricant is the worldwide leader in
refineries and 21 finished lubricant blending facilities.
and development. More than 50 percent of our global
synthetic motor oils. Formulated to handle extreme
Leading brands and proprietary technology support
basestock supply is produced using proprietary catalyst
temperatures and the harshest conditions of powerful
BA S ESTO CK S MARKET LEADE R
(market position1, percent)
15
12
9
6
3
0
32
ExxonMobil
Chevron
Shell
Total
technology. With the recent completion of the advanced
engines, manufacturers of 70 high-performance vehicle
hydrocracker at our Rotterdam refinery, ExxonMobil is
models choose it as their factory fill. Mobil 1 is the
now the largest Group I and Group II basestocks producer
top-selling motor oil (conventional or synthetic) in the
in the world.
U.S. retail channel, reflecting consumer confidence
in our brand.
UP CLOSE:
TECHNOLOGY – MOBIL EV
The Mobil EV product line was launched in 2019 and provides
high-performance fluids for gears, bearings, and thermal
management in electric vehicles (EVs). Strong technical
formulation expertise and supply relationships with vehicle
manufacturers provide exceptional market insight, and strongly
position ExxonMobil for increasing the value of our lubricant
sales in this rapidly evolving and growing automotive segment.
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT DOWNSTREAM: KEY PROJECTS
RECENTLY COMPLETED
Location
Capacity
Description
Belgium
Netherlands
Singapore
Antwerp
50 Kbd
Coker – resid upgrade
Rotterdam
43 Kbd
Hydrocracker – Group II basestocks, diesel production ●
Singapore
250 Kt/y
Cogeneration – emissions reduction
Singapore
545 Kb/y
Logistics – lubricant blending
Major project
●
United States
Baton Rouge
17 Kbd
Crude expansion
Baton Rouge
18 Kbd
Hydrofiner – gasoline production
Baytown
9 Kbd
Jet expansion
Beaumont
45 Kbd
Hydrofiner – diesel and gasoline production
●
Wolverine
90 Kbd
Logistics – capacity expansion
FUTURE (PROJECTED)
Canada
Alberta
70 Kbd
Products pipeline
Strathcona
18 Kt/y
Cogeneration – emissions reduction
India
Singapore
India
500 Kb/y
Logistics – lubricant blending
Singapore
3 Mb
Logistics expansion
Singapore
80 Kbd
Resid upgrade – lubricant and diesel production
United Kingdom
United States
Fawley
Baytown
Baytown
38 Kbd
Hydrofiner – diesel production
36 Kbd
Light-crude expansion
180 Kbd
Product pipeline logistics
Beaumont
250 Kbd
Light-crude expansion
Permian
300 Kbd
Logistics – terminal collection
Permian/USGC >1 Mbd1 Logistics – long-haul pipeline
●
●
●
●
Kbd = thousand barrels per day
Kb/y = thousand barrels per year
Kt/y = thousand tonnes per year
Mb = million barrels
Mbd = million barrels per day
PHOTO: Mobil 1 filling and packaging line
at our Port Allen, Texas, facility.
Scan QR code for more
information about Mobil 1.
33
34
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT CHEMICAL
13 CHEMICAL GROWTH PROJECTS
3 NEW FACILITIES OPERATING ABOVE DESIGN RATES
LONG-TERM FUNDAMENTALS SUPPORT GROWTH STRATEGY
CHEMICAL BUSINESS OVERVIEW
ExxonMobil’s Chemical business is among the largest in the world with annual sales of nearly 27 million tonnes.
The company provides products that sustainably support improved living standards around the globe. Worldwide
demand for chemicals is expected to rise by approximately 45 percent by 2030, underpinned by an expanding
middle class and a corresponding increase in demand for appliances, cars, clothing, and other consumer goods
and packaging.1 ExxonMobil is focused on these growth sectors, delivering performance products that leverage
technology for higher-value end uses. Investment plans include two major steam crackers and multiple derivative
projects, which leverage a global footprint of 20 manufacturing sites and a customer base in more than 130 countries.
With industry-leading product development capability built through decades of technology leadership, ExxonMobil
delivers performance products that provide the technical attributes customers value.
PHOTO: The new performance polyethylene plant in Beaumont, Texas, started up in July 2019.
35
| C H E M I C A L
CHEMICAL VALUE CHAINS
In ExxonMobil’s Chemical business, the basic chemicals
and other polymers used in a range of applications,
value chain feeds our commodity and performance
including plastic packaging, automotive bumpers and
product value chain. Chemical is deeply integrated
interiors, tires, construction materials, food and drink
with our Upstream and Downstream, leveraging access
containers, and appliances. Aromatics are vital for a wide
to low-cost feedstocks and optimization capability not
range of consumer and industrial products, including
available to standalone chemical companies.
polyester resins, fibers for clothing, and insulation.
Glycols are also used in the manufacture of polyester
BASIC CHEMICALS
resins, films, and fibers.
90% OF OUR CHEMICAL
CAPACITY IS INTEGRATED
WITH REFINERIES
OR NATURAL GAS
PROCESSING PLANTS
The basic chemicals value chain leverages proprietary
technology to produce building blocks for many of the
products essential to modern life. This value chain is
comprised of olefins, aromatics, and glycols, and serves
both external industry customers and our internal
commodity and performance products value chain.
Olefins feed production of polyethylene, polypropylene,
UP CLOSE: EXXONMOBIL CHEMICAL
Integration, advanced optimization tools, and flexible
process design enable us to optimize our basic
oil. This flexibility enables economic optimization across
chemicals operations and provide advantaged feed
a variety of market environments. Integration with our
for the commodity and performance product value
refining operations provides direct access to a range of
chain. Our facilities use proprietary technology that
advantaged feedstocks, from refinery gas to heavy fluids.
provides feedstock flexibility, from light gases to crude
Our Chemical business is organized into two key value chains. Basic chemicals are the fundamental building
blocks. They are primarily consumed as feedstock to make commodity and performance products, but can
also be sold to external industry customers. We leverage this optionality to secure the highest value for
our production.
U P S T R E A M
D O W N S T R E A M
C H E M I C A L
V A L U E C H A I N S
Crude
Refining
Natural Gas Liquids
36
B A S I C
C H E M I C A L S
C O M M O D I T Y
A N D
P E R F O R M A N C E
P R O D U C T S
PE RF ORM AN CE PROD U C T S AL ES G ROW TH¹
(volume, indexed)
350
300
250
200
150
100
ExxonMobil
Performance
Products
Global
commodity
chemicals
Global GDP
2007
2010
2015
Estimated
2020
2025
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT COMMODITY AND
PERFORMANCE PRODUCTS
Much like other areas of our business, the future
of our Chemical business is supported by global
population growth, an increase in middle-class
households, and demand for improved living standards,
primarily in Asia Pacific. These factors are projected
to drive long-term demand growth for packaged
goods, appliances, automobiles, and clothing. Many
of these modern goods are made possible by
ExxonMobil’s proprietary scientific and technological
advancements in petrochemicals and polymers.
Performance products command a premium over
commodity products due to their enhanced properties
and the significant value they bring to customers and
end-users. Customers use ExxonMobil’s performance
products in a wide range of consumer applications,
including vehicles, diapers, food packaging, and drilling
fluids. Performance applications enable tougher and
lighter products that use less material, save energy
and cost, and reduce waste. ExxonMobil makes
more than 200 performance products leveraging
advantaged basic chemical building blocks.
UP CLOSE:
TECHNOLOGY – THE BENEFITS OF PERFORMANCE PRODUCTS1
PACKAGE FRESHNESS
EXCEED XP POLYETHYLENE
Up to
1.7x better film seal
CAR PARTS STRENGTH
ACHIEVE ADVANCED POLYPROPYLENE
Up to
4.6x tougher
RECYCLABILITY
VISTAMAXX PERFORMANCE POLYMER
Enables up to
90% recycled content
37
| C H E M I C A L
ADVANTAGED GROWTH PROJECTS
ExxonMobil broke ground on the Baytown Chemical
polyethylene and polypropylene lines planned for
The Chemical business made significant progress in 2019
expansion project, which will produce linear alpha olefins
Guangdong Province, China.
to deliver key growth investments, including start-up
and Vistamaxx performance polymers. We also began
of the Beaumont high-performance polyethylene
construction on the 1.8-million-tonnes-per-year
expansion project. This facility, in addition to the previously
steam cracker and derivative units near Corpus Christi,
completed 1.5-million-tonnes-per-year Baytown steam
Texas,1 and the North American polypropylene project
cracker and the new derivative units in Mont Belvieu, are
in Baton Rouge, Louisiana. We also progressed
consistently operating above design rates.
engineering work for a steam cracker with performance
Growing demand for our technology-enabled
performance products, feed advantage from an integrated
supply chain with the Upstream and Downstream
businesses, and scale-facilitated market access are critical
elements of our Chemical growth plans.
CHEMICAL: KEY PROJECTS
Capacity (Kta)2
Product
Growth project
RECENTLY COMPLETED Location
Al-Jubail1
Singapore
Saudi Arabia
Singapore
United Kingdom
United States
Singapore
Singapore
Newport
Baytown
Beaumont
400
140
90
800
450
40
Synthetic rubber, specialty elastomers
Butyl
Adhesive resin
Paraxylene (acquisition)
Benzene (acquisition)
TPV (thermoplastic vulcanizate)
1,550
Ethylene
650
Polyethylene
Mont Belvieu
1,300
Polyethylene
FUTURE (PROJECTED)
China
Guangdong Province
1,200
Ethylene
United States
Baton Rouge
Baytown
Baytown
Corpus Christi 1
1,300
Polyethylene
850
450
350
400
Polypropylene
Polypropylene
Linear alpha olefins
Vistamaxx performance polymers
1,800
Ethylene
1,100 Monoethylene glycol
1,300
Polyethylene
Kta = thousand tonnes per annum
38
●
●
●
●
●
●
●
●
●
●
●
●
●
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT CHEMICAL PRODUCT BENEFITS
Plastics provide sustainability benefits and play an
important role in helping society mitigate greenhouse
gas emissions. Plastics are strong, lightweight materials,
and are widely used in the transportation of water,
food, and people.
ExxonMobil performance products focus on technically
challenging applications that have greater societal and
consumer benefits when compared to typical alternatives.
These benefits include:
• Customers’ ability to use a higher content of
recycled materials without degrading performance
• Increased crop yields, extended shelf life, and reduced
food waste
• Lighter-weight vehicles and higher-performance tires,
which improve fuel efficiency and reduce emissions
• Safer materials for hygiene products and advanced
medical applications
• Improved energy efficiency of buildings, utilizing
advanced house-wrap construction material technology
Plastics have value throughout their life cycle, including
UP CLOSE:
TECHNOLOGY – CHEMICAL PRODUCTS AND SUSTAINABILITY1
Exceed XP agricultural films
increase crop yield, extend shelf
life, and decrease food waste
Exxon butyl rubber improves
fuel efficiency by up to 2% and
increases electric vehicle range
by up to 7%
Santoprene TPV
enables up to 45%
weight reduction
>200
ExxonMobil
performance products
advance sustainability
benefits
Vistamaxx
performance
polymers increase
ability to use
recycled materials
Achieve Advanced PP
reduces the weight of
appliances and contributes to
vehicle light-weighting, helping
improve fuel economy
SpectraSyn HiVis and LoVis
PAO underpin our synthetic
lubricant oils to deliver up to
2% better fuel economy and
longer lubrication intervals
Feb. 22, 2020
I
N
O
S
R
E
V
potential sustainability solutions such as advanced
recycling and regeneration technologies to capture
39A 19XOMSAR V2-
TechCircle.ai
at end of life, and play a vital role in a global, resource-
We are also a founding member of the Alliance to End
efficient economy. ExxonMobil is investing in research and
Plastic Waste, an organization focused on developing
development to find ways to recycle products at scale.
safe, scalable, and economically viable solutions to help
value from plastic waste and reduce overall greenhouse
IN SAR V2 ON PAGE 39A
end plastic waste in the environment. The global alliance
gas emissions on a full life-cycle basis. We are well
Carol
LAST FILE CHANGE MADE BY
Eric
Bill
works to prove effectiveness of solutions, particularly
positioned to add value through ExxonMobil’s expertise in
in markets with the highest levels of plastic waste in the
hydrocarbon molecule management and industry-leading
Scan QR code to access
our Sustainability Report.
environment. In addition, ExxonMobil is progressing
research and development capability.
R Data list is used to drive the black and
E
N
W
O
white chart, which is then used as a
template for the color chart. Bars and lines
are cut and pasted from the black and
white template and are highly accurate.
However, the color chart is NOT linked to
the database and is NOT “driven” by the
data; it is a piece of artwork buiilt by a
human. Therefore, the editor needs to
39
thoroughly proof the final artwork, not
JUST the data list.
:
I
N
O
T
N
E
T
T
A
R Ryan Dix • Investor Relations
O
Exxon Mobil Corporation, Irving, TX
Office: 972-940-6063
Cell: 346-254-0204
john.ryan.dix@exxonmobil.com
K Eric Whetstone • Whetstone Design
studio/cell: 214-412-8000
fax: 817-583-6119
ericwhetstone@gmail.com
T
I
D
E
O
O
B
T
R
A
Carol Zuber-Mallison • ZM Graphics, Inc.
studio/cell: 214-906-4162 • fax: 817-924-7783
carol@zmgraphics.com
Usage: Exclusive rights within ExxonMobil
E X X O N M O B I L 2 0 1 9 S U M M A R Y A N N U A L R E P O R T
GLOBAL PROJECTS AND SERVICES
ExxonMobil’s Global Projects organization and
will be ExxonMobil’s first fully modularized chemical
Global Services Company support our operations
plant, with fabrication of more than 140,000 tonnes
and investment plans around the world.
of mega modules. The venture remains on schedule,
GLOBAL PROJECTS
on budget, and on track to competitively capture
significant execution savings when compared to other
MANAGING
>1,500 PROJECTS
IN 30 COUNTRIES
The Global Projects organization was formed in
standard industry steam crackers.
The Liza Phase 1 development in Guyana is another
leading performance in the deepwater value
example of the value created by our Global Projects
chain. The project benefitted from an optimized
organization. The project was completed under
contracting strategy and strong local and international
budget and ahead of schedule in less than five years
partnerships. Future Guyana developments will
from discovery to start-up, representing industry-
leverage the Liza Phase 1 approach.
2019 and integrates decades of mega-project
management experience, deep technical knowledge,
and commercial capabilities into one global team that
delivers projects across the Upstream, Downstream,
and Chemical businesses. The new organization builds
on experience gained from more than $125 billion of
major capital projects over the past decade.
This experienced and dedicated team provides a
critical foundation of project-development expertise
and delivery capabilities, which is applied across the
corporation.
The ethane steam cracker and derivative products
project near Corpus Christi, Texas, is an excellent
example of the benefits derived from an integrated
global projects organization. The project is a joint
venture that incorporates the Chemical organization’s
operational experience, customer focus, supply chain,
and technology expertise, with Upstream’s mega-
project and modularization capabilities. The facility
PHOTO: Three 1,150-tonne boiler modules are safely
transported for our Corpus Christi project.
4040
UP CLOSE:
SCALE – EXXONMOBIL MANAGES A DIVERSE PORTFOLIO OF PROJECTS THAT SUPPORT OUR WORLDWIDE BUSINESSES
Kearl Supplemental Crusher
Syncrude Mildred Lake Extension
Permian
Permian/USGC Crude Pipeline Venture
Beaumont Light Crude Expansion
Baton Rouge Polypropylene
Baytown Chemical Expansion (LAO/Vistamaxx)
Golden Pass LNG Export
Corpus Christi Chemical Complex
Countries with active projects
Conventional
ExxonMobil operated
Operated by Others/
Joint Venture
Unconventional
Deepwater
Heavy oil
F&L
LNG
Chemical
Fawley Hydrofiner
Neptun
Deep
Tengiz
Kashagan
Bakken
Liza Phase 1
Liza Phase 2
Payara
Future Phases
Bacalhau Phase 1
(formerly Carcara)
Upper
Zakum
Barzan
Rovuma LNG
Coral FLNG
Vaca Muerta
Gorgon Expansion
Russia Far East LNG
Sakhalin-1 Central and South Dagi
China Chemical Complex
Ca Voi Xanh (Blue Whale)
Singapore Resid Upgrade
PNG Expansion
GLOBAL SERVICES
benefits. These include competitive rates for more
device-enabled customer interface in China, and the
ExxonMobil Global Services Company supports
than $40 billion in purchases annually, efficient and
processing of tens of millions of transactions globally
operations by providing procurement, information
effective facilities operations, and project support
each day.
technology, and environmental and property
for real estate and retail station projects. Global
solutions around the world. Global Services delivers
Services also delivers highly reliable IT solutions that
local, fit-for-purpose services, while leveraging
enable innovation in all aspects of our business,
ExxonMobil’s scale to capture cost and execution
including well optimization in the Permian, mobile-
To learn more about
our global operations,
scan the QR code.
4141
ENERGY IS ESSENTIAL
ExxonMobil responsibly provides the energy and
products that advance modern life while also developing
and deploying technologies to help reduce emissions.
42
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT 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 sheet of Exxon Mobil Corporation and its
subsidiaries (the “Corporation”) as of December 31, 2019 and 2018, 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, 2019 (not presented herein) appearing in the ExxonMobil 2019 Financial Statements and Supplemental Information booklet enclosed with the proxy
materials for the 2020 annual meeting of shareholders of the Corporation and have issued our report thereon dated February 26, 2020, which included an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements (pages 45-47) is fairly stated, in all material respects, in relation to
the consolidated financial statements from which it has been derived.
Dallas, Texas
February 26, 2020
SUMMARY OF ACCOUNTING
POLICIES AND PRACTICES
The Corporation’s accounting and financial reporting fairly
reflect its integrated business model involving exploration
for, and production of, crude oil and natural gas and
manufacture, trade, transport and sale of crude oil, natural
gas, petroleum products, petrochemicals and a wide variety
of specialty 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.
Revenue is recognized at the amount the Corporation expects
to receive when the customer has taken control, which is
typically when title transfers and the customer has assumed
the risks and rewards of ownership.
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 may use derivative instruments for trading
purposes and to offset exposures associated with commodity
prices, foreign currency exchange rates and interest rates.
All derivative instruments, except those designated as normal
purchase and normal sale, 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 2019
Financial Statements and Supplemental Information booklet.
The Corporation awards stock-based compensation to
employees in the form of 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 2019
Financial Statements and Supplemental Information booklet
(Critical Accounting Estimates and Note 1 to the Consolidated
Financial Statements).
43
| F I N A N C I A L I N F O R M A T I O N
FINANCIAL HIGHLIGHTS
(millions of dollars, unless noted)
Net income attributable to ExxonMobil
Cash flow from operations and asset sales1
Capital and exploration expenditures1
Research and development costs
Total debt at year end
Average capital employed1
Market valuation at year end
Regular employees at year end (thousands)
KEY FINANCIAL RATIOS
Return on average capital employed1 (percent)
Earnings to average ExxonMobil share of equity (percent)
Debt to capital2 (percent)
Net debt to capital3 (percent)
Current assets to current liabilities (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 return1 (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 48 through 51.
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.
44
44
2019
2018
2017
14,340
33,408
31,148
1,214
46,920
236,603
295,431
74.9
20,840
40,137
25,923
1,116
37,796
232,374
288,892
71.0
19,710
33,169
23,080
1,063
42,336
222,631
354,561
69.6
2019
6.5
7.5
19.1
18.1
0.78
2019
3.43
6.2
4,270
4,270
4,234
7.2
594
83.49
66.31
73.73
69.78
2018
9.2
11.0
16.0
14.9
0.84
2018
3.23
5.6
4,270
4,270
4,237
(15.1)
626
89.30
64.65
79.96
68.19
2017
9.0
11.1
17.9
16.8
0.82
2017
3.06
2.7
4,256
4,256
4,239
(3.8)
747
91.34
76.05
81.86
83.64
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT SUMMARY STATEMENT OF INCOME
(millions of dollars)
Revenues and other income
Sales and other operating revenue
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
Non-service pension and postretirement benefit expense
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)
2019
2018
2017
255,583
5,441
3,914
264,938
143,801
36,826
11,398
18,998
1,269
1,235
830
30,525
244,882
20,056
5,282
14,774
434
14,340
3.36
3.36
279,332
7,355
3,525
290,212
156,172
36,682
11,480
18,745
1,466
1,285
766
32,663
259,259
30,953
9,532
21,421
581
20,840
4.88
4.88
237,162
5,380
1,821
244,363
128,217
32,690
10,649
19,893
1,790
1,745
601
30,104
225,689
18,674
(1,174)
19,848
138
19,710
4.63
4.63
The information in the Summary statement of income (for 2017 to 2019), the Summary balance sheet (for 2018 and 2019), and the Summary statement of cash flows (for 2017 to 2019), shown on pages 45 through 47, corresponds to the
information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2019 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 2019 Financial Statements and Supplemental Information booklet.
45
45
| F I N A N C I A L I N F O R M A T I O N
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 contingencies1
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
2019
2018
3,089
26,966
14,010
4,518
1,469
50,052
43,164
253,018
16,363
362,597
20,578
41,831
1,580
63,989
26,342
22,304
25,620
3,988
21,416
163,659
15,637
421,341
(19,493)
(225,835)
191,650
7,288
198,938
362,597
3,042
24,701
14,803
4,155
1,272
47,973
40,790
247,101
10,332
346,196
17,258
37,268
2,612
57,138
20,538
20,272
27,244
4,382
18,094
147,668
15,258
421,653
(19,564)
(225,553)
191,794
6,734
198,528
346,196
1 For more information, please refer to Note 16 in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet.
The information in the Summary statement of income (for 2017 to 2019), the Summary balance sheet (for 2018 and 2019), and the Summary statement of cash flows (for 2017 to 2019), shown on pages 45 through 47, corresponds to the
information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2019 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 2019 Financial Statements and Supplemental Information booklet.
46
46
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT 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
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 to 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
Common stock acquired
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
2019
2018
2017
14,774
18,998
(944)
109
(3,038)
(936)
(2,640)
72
(234)
3,725
(1,710)
1,540
29,716
(24,361)
3,692
(3,905)
1,490
(23,084)
7,052
(1)
–
(4,043)
5,654
(14,652)
(192)
158
(594)
(6,618)
33
47
3,042
3,089
21,421
18,745
(60)
1,070
(68)
(1,684)
(545)
(3,107)
(25)
2,321
(1,993)
(61)
36,014
(19,574)
4,123
(1,981)
986
(16,446)
46
–
–
(4,752)
(219)
(13,798)
(243)
146
(626)
(19,446)
(257)
(135)
3,177
3,042
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
The information in the Summary statement of income (for 2017 to 2019), the Summary balance sheet (for 2018 and 2019), and the Summary statement of cash flows (for 2017 to 2019), shown on pages 45 through 47, corresponds to the
information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2019 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 2019 Financial Statements and Supplemental Information booklet.
47
47
| F I N A N C I A L I N F O R M A T I O N
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, 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.
Returns, investment returns, project returns • Unless referring specifically to ROCE, references
to returns, investment returns, project returns, and similar terms mean future discounted cash
flow returns on future capital investments based on current company estimates. Investment
returns exclude prior exploration and acquisition costs.
Heavy oil and oil sands • Heavy oil, for the purpose of this report, includes heavy oil, extra heavy
oil, and bitumen, as defined by the World Petroleum Congress in 1987 based on American
Petroleum Institute (API) gravity and viscosity at reservoir conditions. Heavy oil has an API
gravity between 10 and 22.3 degrees. The API gravity of extra heavy oil and bitumen is less than
10 degrees. Extra heavy oil has a viscosity less than 10,000 centipoise, whereas the viscosity
of bitumen is greater than 10,000 centipoise. The term “oil sands” is used to indicate heavy oil
(generally bitumen) that is recovered in a mining operation.
Divestments • As used in this report, divestments represent the unadjusted sale price specified
in the applicable contract of sale as of the effective date for asset divestiture agreements which
the corporation or one of its affiliates has executed since January 1, 2019. Actual final sale price
and cash proceeds may differ in amount and timing from the divestment value depending on
applicable contract terms.
Leverage • Leverage is defined as “net debt/(net debt + market capitalization).”
Project • The term “project” as used in this report can refer to a variety of different
activities and does not necessarily have the same meaning as in any government payment
transparency reports.
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 classified as proved reserves, as well as quantities that are not yet classified as proved
reserves, but that are expected to be ultimately recoverable. 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.
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
2019
2018
2017
2016
2015
14,652
–
14,652
594
13,798
–
13,798
626
13,001
–
13,001
747
12,453
–
12,453
977
12,090
3,000
15,090
1,039
The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are acquired to reduce shares outstanding and 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.
48
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT RETURN ON AVERAGE CAPITAL EMPLOYED (ROCE)
2019
2018
2017
(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
14,340
20,840
19,710
(1,075)
(207)
141
(1,141)
15,481
236,603
6.5%
(912)
(192)
498
(606)
21,446
232,374
9.2%
(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%
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 2 for segment information relevant to ROCE.
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
2019
2018
2017
2016
2015
362,597
346,196
348,691
330,314
336,758
(43,411)
(73,328)
(8,839)
3,906
240,925
20,578
26,342
191,650
(1,551)
3,906
240,925
(39,880)
(69,992)
(7,958)
3,914
232,280
17,258
20,538
191,794
(1,224)
3,914
232,280
(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
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.
49
| F I N A N C I A L I N F O R M A T I O N
OPERATING COSTS
(millions of dollars)
Reconciliation of operating costs
From ExxonMobil’s Consolidated statement of income
Total costs and other deductions
Less:
Crude oil and product purchases
Interest expense
Other taxes and duties
Subtotal
ExxonMobil’s share of equity company expenses
Total operating costs
Components of operating costs
From ExxonMobil’s Consolidated statement of income
Production and manufacturing expenses
Selling, general and administrative expenses
Depreciation and depletion
Exploration expenses, including dry holes
Non-service pension and postretirement benefit expense
Subtotal
ExxonMobil’s share of equity company expenses
Total operating costs
2019
2018
2017
2016
2015
244,882
259,259
225,689
200,145
227,282
143,801
156,172
128,217
104,171
130,003
830
30,525
69,726
9,088
78,814
36,826
11,398
18,998
1,269
1,235
69,726
9,088
78,814
766
32,663
69,658
9,569
79,227
36,682
11,480
18,745
1,466
1,285
69,658
9,569
79,227
601
30,104
66,767
9,016
75,783
32,690
10,649
19,893
1,790
1,745
66,767
9,016
75,783
453
29,020
66,501
7,409
73,910
30,448
10,443
22,308
1,467
1,835
66,501
7,409
73,910
311
30,309
66,659
8,309
74,968
33,951
11,038
18,048
1,523
2,099
66,659
8,309
74,968
Operating costs are the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale – including energy, staffing, and maintenance costs. They exclude the cost of raw materials, taxes, and interest
expense and are on a before-tax basis. While ExxonMobil’s management is responsible for all revenue and expense elements of net income, operating costs, as defined above, represent the expenses most directly under management’s control,
and therefore, are useful for investors and ExxonMobil management in evaluating management’s performance.
CASH FLOW FROM OPERATIONS AND ASSET SALES
2019
2018
2017
2016
2015
(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
29,716
3,692
33,408
36,014
4,123
40,137
30,066
3,103
33,169
22,082
4,275
26,357
30,344
2,389
32,733
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.
50
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT 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
2019
2018
2017
2016
2015
29,716
(24,361)
3,692
(3,905)
1,490
6,632
36,014
(19,574)
4,123
(1,981)
986
19,568
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
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.
FOOTNOTES
Page 2
1 Natural gas converted to oil-equivalent at 6 million cubic feet
per 1,000 barrels
2 Sales data reported net of purchases/sales contracts with the
same counterparty
Page 6
1 Unless otherwise specified, the source of data for pages 6 and 7
is ExxonMobil’s 2019 Outlook for Energy
2 Source: U.N. Human Development Reports 2018; World Bank
DataBank 2019; ExxonMobil analysis, updated September 11, 2019
Page 7
1 Organisation for Economic Co-operation and Development
(OECD): A forum for 36 nations that work with each other, as well
as with many more partner nations, to promote policies that will
improve the economic and social well-being of people around the
world. In this report, OECD is referring to the 36 nations that are
members of the forum; Non-OECD is a term used collectively for
countries other than the 36 OECD nations.
Page 8
1 Unless otherwise specified, the source of data for page 8
is ExxonMobil’s 2020 Energy & Carbon Summary
Page 9
1 Unless otherwise specified, the source of data for page 9
is ExxonMobil’s 2019 Outlook for Energy
2 Source: ExxonMobil’s 2018 Outlook for Energy
3 Source: IPCC AR5 Climate Change 2014: Mitigation of Climate
Change; ExxonMobil analysis
4 Source: U.S. Energy Information Administration (EIA)
5 Source: National Academies of Sciences, Engineering, and
Medicine (2016); Commercial Aircraft Propulsion and Energy
Systems Research: Reducing Global Carbon Emissions (2016);
Behaviour of Lithium-Ion Batteries in Electric Vehicles – Battery
Health, Performance, Safety, and Cost (2018); ExxonMobil analysis
Page 11
1 Source: ExxonMobil analysis
2 Source: ExxonMobil analysis
Page 14
1 Source: Wood Mackenzie (2019–2023 FID Tracker)
2 Source: ExxonMobil estimates where available,
Wood Mackenzie, IHS Markit
Page 19
1 Year-on-year growth in Midland and Delaware Basins
2 Source: IEA World Energy Outlook 2019
3 Source: IHS Markit, based on rig count
Page 20
1 Resource and acreage values include Midland, Delaware, and
minor conventional operations in the Central Basin Platform.
Page 23
1 Pending regulatory approval of Ceara-Potiguar divestment in 2020
2 Source: Wood Mackenzie; includes already-awarded licenses and
licenses pending government award. Compared to International Oil
Companies (IOC).
Page 24
1 Source: Wood Mackenzie; ExxonMobil analysis
Page 26
1 Source: Wood Mackenzie; ExxonMobil analysis
2 Agreed sales value as of January 1, 2019. Estimated total cash to
be received is $4 billion, including $3.1 billion received in 2019.
Page 29
1 Source: ExxonMobil’s 2019 Outlook for Energy;
ExxonMobil analysis
Page 31
1 Estimated total pipeline network by 2022
Page 32
1 Source: Kline & Company
Page 33
1 Volumes shown on 100-percent basis
Page 35
1 Source: ExxonMobil’s 2019 Outlook for Energy;
ExxonMobil analysis
Page 36
1 Source: ExxonMobil’s 2019 Outlook for Energy; IHS Markit;
ExxonMobil analysis
Page 37
1 Source: ExxonMobil analysis. For further information, see
our 2019 Chemical Spotlight available at exxonmobil.com
Page 38
1 50/50 joint venture with SABIC
2 Volumes shown on 100-percent basis
Page 39
1 Source: ExxonMobil analysis. For further information, see
our 2019 Chemical Spotlight available at exxonmobil.com
51
BOARD OF DIRECTORS, OFFICERS, AND AFFILIATED COMPANIES
STANDING COMMITTEES
OF THE BOARD
OFFICERS
FUNCTIONAL AND SERVICE
ORGANIZATIONS
Audit Committee
U.M. Burns (Chair)
J.L. Hooley
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)
A.F. Braly
K.C. Frazier
S.A. Kandarian
Finance Committee
D.W. Woods (Chair)
U.M. Burns
J.L. Hooley
D.R. Oberhelman
W.C. Weldon
Public Issues and Contributions Committee
A.F. Braly (Chair)
S.K. Avery
S.A. Kandarian
S.S Reinemund
Executive Committee
D.W. Woods (Chair)
U.M. Burns
K.C. Frazier
S.J. Palmisano
S.S Reinemund
D.W. Woods
Chairman of the Board 1
N.A. Chapman
Senior Vice President 1
A.P. Swiger
Senior Vice President 1
J.P. Williams, Jr.
Senior Vice President 1
R.M. Ebner
Vice President and General Counsel 1
S.M. Greenlee
Vice President 1
T.C. Gunnlaugsson Vice President – Human Resources
N.A. Hansen
Vice President – Investor Relations
and Corporate Secretary 1
L.M. Mallon
Vice President 1
S.M. McCarron
Vice President – Public and
Government Affairs
K.T. McKee
Vice President 1
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
D.G. Wascom
T.J. Wojnar, Jr.
Vice President – Operational
Excellence, Safety, Security,
Health and Environment
Vice President – Corporate
Strategic Planning 1
Upstream
L.D. DuCharme
S.M. Greenlee
L.M. Mallon
Downstream
B.W. Milton
Chemical
K.T. McKee
Other
N.W. Duffin
J.M. Gibbs
B.H. March
President, ExxonMobil Upstream
Integrated Solutions Company 1
President, ExxonMobil Upstream
Business Development Company 1
President, ExxonMobil Upstream
Oil & Gas Company 1
President, ExxonMobil Fuels &
Lubricants Company 1
President, ExxonMobil Chemical
Company 1
President, ExxonMobil
Global Projects Company 1
President, ExxonMobil Global
Services Company
President, ExxonMobil Research
and Engineering Company
1 Required to file reports under Section 16 of the Securities Exchange Act of 1934.
As of January 1, 2020
52
Scan QR code for more information
about our management team.
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT
(left to right)
Angela F. Braly Former Chairman of the Board, President,
and Chief Executive Officer, WellPoint, Inc. (health care)
Kenneth C. Frazier Chairman of the Board and
Chief Executive Officer, Merck & Company (pharmaceuticals)
Joseph L. Hooley Former Chairman of the Board,
President, and Chief Executive Officer, State Street Corporation
(financial services)
Ursula M. Burns Chairman of the Board and Chief Executive
Officer, VEON Ltd. (telecommunication services)
Samuel J. Palmisano Former Chairman of the Board,
President, and Chief Executive Officer, International Business
Machines Corporation (computer hardware, software,
business consulting, and IT services)
Darren W. Woods Chairman of the Board and
Chief Executive Officer
Douglas R. Oberhelman Former Chairman of the Board
and Chief Executive Officer, Caterpillar Inc. (heavy equipment)
Steven S Reinemund Presiding Director; Former Chairman of the
Board and Chief Executive Officer, PepsiCo (consumer food products)
William C. Weldon Former Chairman of the Board and
Chief Executive Officer, Johnson & Johnson (pharmaceuticals)
Susan K. Avery President Emerita, Woods Hole Oceanographic
Institution (nonprofit ocean research, exploration, and education)
Steven A. Kandarian Former Chairman of the Board, President,
and Chief Executive Officer, MetLife Inc. (insurance)
As of January 1, 2020
5353
INVESTOR INFORMATION
SHAREHOLDER SERVICES
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 a.m. to 8 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.
For more information about
ExxonMobil investor relations
scan the QR code.
54
DIVIDEND DIRECT DEPOSIT
Shareholders may have 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
• Sustainability Report
• Outlook for Energy: A Perspective 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
2019 Financial Statements and Supplemental
Information booklet included in the Summary
Annual Report mailing or in the “Investors” section
of ExxonMobil’s website (exxonmobil.com) under
“Investor publications.” 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)
also contains the Proxy Statement and other company
publications. 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: Achieve Advanced, Esso,
Exceed XP, Exxon, ExxonMobil, Mobil, Mobil 1,
Mobil EV, Santoprene, SpectraSyn HiVis, SpectraSyn
LoVis, Synergy, Synergy Diesel Efficient, and Vistamaxx.
The following third-party trademarks or service marks
referred to in the text of the report are owned by
The Trustees of the PWC Business Trust: PWC + Design.
EXXONMOBIL 2019 SUMMARY ANNUAL REPORT ANNUAL SHAREHOLDER MEETING
The 2020 Annual Meeting of Shareholders
will be held at 9:30 a.m. Central Time on
Wednesday, May 27, 2020, at:
Renaissance Dallas Hotel Conference Center
2222 North Stemmons Freeway
Dallas, TX 75207
An audio webcast 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
Important shareholder information is
available at exxonmobil.com:
• Publications
• Stock Quote
• Dividend Information
• Contact Information
• Speeches
• News Releases
• Investor Presentations
• Corporate Governance
GENERAL INFORMATION
CORPORATE HEADQUARTERS
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039-2298
Additional copies may be
obtained by writing or calling:
Phone: 972-940-6000
Fax: 972-940-6748
Email: shareholderrelations@exxonmobil.com
SHAREHOLDER RELATIONS ADDRESS
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
is traded.
STOCK SYMBOL: XOM
exxonmobil.com/annualreport
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002CSNA8D4
Exxon Mobil Corporation
Corporate Headquarters
5959 Las Colinas Blvd.
Irving, Texas 75039-2298
exxonmobil.com
Printed in U.S.A.
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