Exxon 2011 Annual Report Download - page 47

CAPITAL EMPLOYED 2011 2010 2009 2008 2007
(millions of dollars)
Business Uses: Asset and Liability Perspective
Total assets 331,052 302,510 233,323 228,052 242,082
Less liabilities and noncontrolling interests
share of assets and liabilities
Total current liabilities excluding notes and loans payable (69,794
)(59,846)(49,585)(46,700)(55,929)
Total long-term liabilities excluding long-term debt (83,481 )(74,971)(58,741)(54,404)(50,543)
Noncontrolling interests share of assets and liabilities (7,314 ) (6,532)(5,642)(6,044)(5,332)
Add ExxonMobil share of debt-financed equity-company net assets 4,943 4,875 5,043 4,798 3,386
Total capital employed 175,406 166,036 124,398 125,702 133,664
Total Corporate Sources: Debt and Equity Perspective
Notes and loans payable 7,711 2,787 2,476 2,400 2,383
Long-term debt 9,322 12,227 7,129 7,025 7,183
ExxonMobil share of equity 154,396 146,839 110,569 112,965 121,762
Less noncontrolling interests share of total debt (966 )(692)(819)(1,486)(1,050)
Add ExxonMobil share of equity-company debt 4,943 4,875 5,043 4,798 3,386
Total capital employed 175,406 166,036 124,398 125,702 133,664
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.
EXPLORATION RESOURCE ADDITION COST 2011 2010 2009 2008 2007
Exploration portion of Upstream Capex (millions of dollars) 5,464 4,121 3,718 2,871 1,909
Exploration resource additions (millions of oil-equivalent barrels) 3,906 4,725 2,860 2,230 1,995
Exploration resource addition cost per OEB (dollars) 1.40 0.87 1.30 1.29 0.96
Exploration resource addition cost per oil-equivalent barrel is a performance measure that is calculated using the Exploration portion of Upstream capital and explora-
tion expenditures (Capex) divided by exploration resource additions (in oil-equivalent barrels – OEB). ExxonMobil refers to new discoveries, and the non-proved portion
of discovered resources that were acquired, as exploration resource additions. Exploration resource additions include quantities of oil and gas that are not yet classified
as proved reserves, but which ExxonMobil believes will likely be moved into the proved reserves category and produced in the future. The impact of the XTO Energy Inc.
merger transaction is excluded in 2010.
CASH FLOW FROM OPERATIONS & ASSET SALES 2011 2010 2009 2008 2007
(millions of dollars)
Net cash provided by operating activities 55,345
48,413 28,438 59,725 52,002
Proceeds associated with sales of subsidiaries, property, plant
and equipment, and sales and returns of investments 11,13 3 3,261 1,545 5,985 4,204
Cash flow from operations and asset sales 66,478 51,674 29,983 65,710 56,206
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 is the total sources of cash from both operating the
Corporation’s assets and from the divesting of assets. The Corporation employs a long-standing and regular disciplined review process to ensure that all assets are
contributing to the Corporation’s strategic objectives. Assets are divested when they are no longer meeting these objectives or are worth considerably more to others.
Because of the regular nature of this activity, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating
activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.
DISTRIBUTIONS TO SHAREHOLDERS 2011 2010 2009 2008 2007
(millions of dollars)
Dividends paid to ExxonMobil shareholders 9,020
8,498 8,023 8,058 7,621
Cost of shares purchased to reduce shares outstanding 20,000 11,200 18,000 32,000 28,000
Distributions to ExxonMobil shareholders 29,020 19,698 26,023 40,058 35,621
Memo: Gross cost of shares purchased to offset shares
issued under benefit plans and programs 2,055 1,893 1,703 3,734 3,822
The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are purchased both to reduce shares outstanding and to offset
shares issued in conjunction with company benefit plans and programs. For purposes of calculating distributions to shareholders, the Corporation only includes the cost of
those shares purchased to reduce shares outstanding.
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