Exxon 2008 Annual Report Download - page 18

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FINANCIAL HIGHLIGHTS 2008 2007 2006 2005 2004
(millions of dollars, unless noted)
Sales and other operating revenue(1)(2) 459,579
390,328 365,467 358,955 291,252
Net income 45,220
40,610 39,500 36,130 25,330
Cash flow from operations and asset sales(3) 65,710
56,206 52,366 54,174 43,305
Capital and exploration expenditures(3) 2 6,143
20,853 19,855 17,699 14,885
Cash dividends to ExxonMobil shareholders 8,058
7,621 7,628 7,185 6,896
Common stock purchases (gross) 35,734
31,822 29,558 18,221 9,951
Research and development costs 847
814 733 712 649
Cash and cash equivalents at year end(4) 31,437
33,981 28,244 28,671 18,531
Total assets at year end 228,052
242,082 219,015 208,335 195,256
Total debt at year end 9,425
9,566 8,347 7,991 8,293
Shareholders’ equity at year end 112,965
121,762 113,844 111,186 101,756
Average capital employed(3) 129,683
128,760 122,573 116,961 107,339
Share price at year end (dollars) 79.83
93.69 76.63 56.17 51.26
Market valuation at year end 397,239
504,220 438,990 344,491 328,128
Regular employees at year end (thousands) 79.9
80.8 82.1 83.7 85.9
2008 was another outstanding year for ExxonMobil. We delivered $45 billion in net income, a record for the Corporation,
with each of our businesses – Upstream, Downstream, and Chemical – achieving strong earnings performance. Return
on average capital employed was 34 percent and cash flow from operations and asset sales was nearly $66 billion.
These results reflect the strength of our straightforward business model and long-term perspective in a highly
competitive global industry.
KEY FINANCIAL RATIOS 2008 2007 2006 2005 2004
Net income per common share (dollars) 8.78
7.36 6.68 5.76 3.91
Net income per common share – assuming dilution (dollars) 8.69
7.28 6.62 5.71 3.89
Return on average capital employed(3) (percent) 34.2
31.8 32.2 31.3 23.8
Net income to average shareholders’ equity (percent) 38.5
34.5 35.1 33.9 26.4
Debt to capital(5) (percent) 7.4
7.1 6.6 6.5 7.3
Net debt to capital(6) (percent) (23.0)
(24.0)(20.4)(22.0)(10.7)
Ratio of current assets to current liabilities (times) 1.47
1.47 1.55 1.58 1.40
Fixed charge coverage (times) 52.2
49.9 46.3 50.2 36.1
(1) Sales and other operating revenue includes sales-based taxes of $34,508 million for 2008, $31,728 million for 2007, $30,381 million for 2006, $30,742 million for 2005,
and $27,263 million for 2004.
(2) Sales and other operating revenue includes $30,810 million for 2005 and $25,289 million for 2004 for purchases/sales contracts with the same counterparty.
Associated costs were included in Crude oil and product purchases. Effective January 1, 2006, these purchases/sales were recorded on a net basis with
no resulting impact on net income.
(3) See Frequently Used Terms on pages 44 through 45.
(4) Excluding restricted cash of $4,604 million in 2006, 2005, and 2004.
(5) Debt includes short- and long-term debt. Capital includes short- and long-term debt, shareholders’ equity, and minority interests.
(6) Debt net of cash and cash equivalents, excluding restricted cash.
UPSTREAM DOWNSTREAM CHEMICAL
Business Overview
16