Exxon 2014 Annual Report Download - page 33

(millions of oil-equivalent barrels per day)
Global Liquids Supply by Type
Conventional Crude and Condensate
Oil Sands
Deep Water
Tight Oil Other Liquids BiofuelsNGLs
120
100
80
60
40
20
02000 2010 20302020 2040
Source: ExxonMobil, 2015 The Outlook for Energy: A View to 2040
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Nick Berthiaux • Investor Relations
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(billions of cubic feet per day)
Global Natural Gas Supply by Type
Conventional Unconventional
600
500
400
300
200
100
0
2000 2010 20302020 2040
Eric Whetstone • Whetstone Design
EDITOR
Nick Berthiaux • Investor Relations
Exxon Mobil Corporation, Irving, TX
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Business Overview
Our Upstream business includes exploration, development, production, natural gas marketing, and research activities.
ExxonMobil is driven to deliver industry-leading returns throughout the business cycle. We do this by capturing material
and accretive opportunities to continually highgrade our resource portfolio. We seek to maintain a large, diverse, and
balanced portfolio of opportunities to ensure selectivity and profitable growth through a wide range of investment and
geopolitical environments. We create value through capital discipline by progressing only the most profitable opportunities.
Proven project management systems incorporate best practices developed from our experience of rigorously managing a
global project portfolio, from initial discovery phase to production start-up.
Technology is vital to meeting the growing global demand for oil and gas. We have a long-standing commitment to apply
research and technology to efficiently find, develop, and produce resources from some of the most challenging reservoirs.
We benefit from an integrated model, as technology advances in the Upstream, Downstream, and Chemical businesses
can be used to address challenges across the company.
We focus on improving long-term profitability by investing in higher-margin barrels, maximizing production of installed
capacity, and driving cost efficiencies through productivity and efficiency gains. When appropriate, we engage resource
owners to develop mutually beneficial fiscal and contractual terms to promote resource development.
Our Upstream strategies, supported by a relentless focus on effective risk management, safety, and operational excellence,
are designed to deliver superior results over the long term.
Business Environment
Over the coming decades, energy sources will continue to evolve and diversify, driven by changes in technology, consumer
needs, and public policies. Crude oil is projected to remain the single biggest source of energy, while natural gas will play an
increasingly important role in meeting global energy needs. Demand for oil is projected to rise by approximately 30 percent
through 2040, led by increased commercial transportation activity. A growing share of this demand will be met by sources
such as deep water, oil sands, and tight oil, as a result of advances in technology. Natural gas will be the fastest-growing
major energy source through 2040. Global demand is projected to rise by close to 65 percent from 2010 to 2040 and gas
supplies from unconventional sources are projected to account for about two-thirds of that growth. Liquefied natural
gas volumes are expected to triple by 2040, contributing almost 20 percent of global gas supply.
Meeting the world’s growing demand for energy presents a tremendous challenge that requires a long-term view,
significant investment, and continued innovation to develop conventional and unconventional resources. ExxonMobil
is well positioned to meet this challenge.
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