Exxon 2007 Annual Report Download - page 21

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ExxonMobil Integrated Oil Competitor Average(1)
20072003 2004 2005 2006
50
40
30
20
10
Upstream Return on Average Capital Employed
(percent)
(1) Royal Dutch Shell, BP, and Chevron values are estimated on a consistent basis
with ExxonMobil, based on public information.
Exploration, Development, Production, and Gas & Power Marketing
UPSTR E A M COMP E TITI V E ADVA N TAGES
Portfolio Quality •
The quality, size, and diversity of
ExxonMobil’s resource base and project inventory underpin
a strong long-term outlook.
Global Integration •
The global functional Upstream
companies work with the Downstream and Chemical
businesses to identify and deliver integrated solutions that
maximize resource value.
Discipline and Consistency •
ExxonMobil rigorously assesses
the world’s hydrocarbon resources and pursues only the
most attractive opportunities. We explore, develop, produce,
and market using globally deployed management systems
that ensure application of the highest technical, operational,
and commercial standards.
Value Maximization •
From optimum development concept
selection through mid- and late-life investments to increase
reservoir recovery, ExxonMobil maximizes resource value
over the life of each asset.
Long-Term Perspective •
Consistent, selective capital
investment and focused technology development ensure
robust investments that reward shareholders over the
long term.
UPSTR E A M STR AT EGIES
ExxonMobil’s fundamental Upstream strategies guide our global
exploration, development, production, and gas and power
marketing activities:
•
Identify and pursue all attractive exploration opportunities
•
Invest in projects that deliver superior returns
•
Maximize the profitability of existing oil and gas production
•
Capitalize on growing natural gas and power markets
These strategies are underpinned by our relentless focus on safety,
health, and environmental performance. Our commitment to the
ongoing development and application of innovative technologies
is key to the success of our Upstream strategies.
2007 Results and Highlights
Achieved best-ever employee safety performance.
Earnings were a record $26.5 billion.
Upstream return on average capital employed was 42 percent in 2007
and has averaged 39 percent over the past five years.
Earnings per oil-equivalent barrel were $17.37,
exceeding those of our competitors.
Total liquids production and natural gas production available for sale was 4.2 million oil-equivalent barrels per day,
the highest among our competitors.
Replaced 101 percent of production with proved oil and gas reserve additions of 1.6 billion oil-equivalent barrels,
including asset sales and the effect of the Venezuela expropriation, and excluding year-end price/cost effects.
Resource base additions totaled 2.0 billion oil-equivalent barrels.
ExxonMobil’s resource base now stands at
72 billion oil-equivalent barrels.
Finding and resource-acquisition costs were $0.97 per oil-equivalent barrel.
Upstream capital and exploration spending was $15.7 billion,
driven by an active exploration program, selective investment
in a strong portfolio of development projects, and continued investment to enhance the value of existing assets.
E X X O N M O B I L C O R P O R A T I O N • 2 0 0 7 S U M M A R Y A N N U A L R E P O R T 19