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2015
Summary Annual Report

Table of contents

  • Page 1
    Summary Annual Report 2015

  • Page 2
    ... 34 Chemical 36 Corporate Citizenship 39 Financial Information 44 Frequently Used Terms 46 Board of Directors, Officers, and Affiliated Companies 48 Investor Information 49 General Information COVER PHOTO: The Kizomba B floating production, storage, and offloading (FPSO) vessel offshore Angola has...

  • Page 3
    ...Energy fuels global prosperity. As the world's population continues to grow and the middle class expands, demand for energy will substantially increase. Further investments and technological advances are necessary to add new supply and improve energy efficiency, which will ultimately enhance living...

  • Page 4
    ... projects in 2015, adding nearly 300 thousand barrels per day of working interest production capacity. These include two capital-efficient subsea tiebacks offshore West Africa - Kizomba Satellites Phase 2 in Angola and Erha North Phase 2 in Nigeria - as well as an expansion of the Kearl oil sands...

  • Page 5
    ... synthetic rubber products. We also announced an expansion at our Rotterdam Refinery in the Netherlands, which is one of the most efficient sites in Europe. The new facilities will utilize our proprietary hydrocracking technology to produce high-quality lube basestocks and ultra-low sulfur diesel to...

  • Page 6
    ...the hydrocracker at our refinery in Rotterdam, Netherlands, utilizing proprietary technology to produce ultra-low sulfur diesel and Group II lube basestocks • Made a significant oil discovery offshore Guyana, with additional exploration planned in 2016 (1) See Frequently Used Terms on pages 44...

  • Page 7
    ... of barrels per day) Chemical prime product sales(2) (thousands of tonnes) FILE INFO EDITOR 2,345 10,515 C S05C 15XOM4,097 DividendGrowth.ai 4,432 IN F&O ON PAGE 5,754 IN SAR ON PAGE Clark Fertitta • Investor Relations 24,713 Exxon Mobil Corporation, Irving, TX Includes link file (1) Net income...

  • Page 8
    ... BTUs or Quads) 250 0.7% Average annual growth rate 1.6% -0.2% Energy Savings 200 150 600 100 400 200 0 50 0 0.3% 2.9% 4.8% 1.3% Hydro/ Geo 2000 2010 2020 2030 2040 Oil Gas Coal Biomass Nuclear Source: ExxonMobil, 2016 The Outlook for Energy: A View to 2040 (1) OECD = Organisation...

  • Page 9
    ... in liquefied natural gas (LNG) demand as well as investments in LNG import and export capacity. With LNG demand expected to triple by 2040, the world will need further LNG facility additions, expansions of market capabilities, and free trade. In the decades ahead, North America and the Russia...

  • Page 10
    Operational Excellence PHOTO: Operational excellence begins with effective risk management. Proven management systems implemented by a talented workforce form the foundation for safe, efficient, and environmentally sound operations in places such as our integrated site in Baton Rouge, Louisiana.

  • Page 11
    9 reduction in Lost-Time Injuries and Illnesses Rate for employees and contractors since 2000 75%

  • Page 12
    ... the world, including our Joliet Refinery in Illinois fundamental to the company's success. We are relentless in our efforts, so each employee and contractor comes (above) and our Kearl facilities in Canada (following page). home from work each day safely and in good health. As a result, we have...

  • Page 13
    ... by our highly competent workforce, helps us sustain superior operational performance, achieve continuous improvement, and, ultimately, maintain our license to operate. FILE INFO ATTENTION: OWNER EDITOR Clark Fertitta • Investor Relations Exxon Mobil Corporation, Irving, TX Eric Whetstone...

  • Page 14
    Upstream: Capital-Efficient Resource Developments PHOTO: Artistic rendering of the Kizomba Satellites Phase 2 project, a subsea development tied back to existing floating production, storage, and offloading (FPSO) vessels by 35 miles of flowlines.

  • Page 15
    13 major projects were started up in Angola and Nigeria between 2003 and 2015 20

  • Page 16
    ...has operated Block 15 offshore Angola for more than 20 years. In that time, we have produced more than 1.8 billion gross oil-equivalent barrels from approximately 5 billion barrels of discovered resource. We have started up seven major projects on Block 15, from Xikomba in 2003 to Kizomba Satellites...

  • Page 17
    ... 60 miles offshore in 3,300 feet of water. Four miles Erha North Phase 2 will boost gross daily production of flowlines connect the project's three drill centers to from the Erha North field to 90 thousand barrels per day. the existing Erha FPSO vessel, avoiding the capital required for a new vessel...

  • Page 18
    Upstream: Unlocking Resource Value 50% increase in Upper Zakum production targeted with completion of the UZ750 Project

  • Page 19
    17 PHOTO: Upper Zakum South is one of four artificial islands constructed for the UZ750 project.

  • Page 20
    ... innovative techniques to unlock additional resource value from the historic Upper Zakum field. A combination of artificial islands, extended-reach drilling, and maximum reservoir contact well technologies will increase daily production to 750 thousand barrels of oil per day as we build upon our...

  • Page 21
    ... 80 ExxonMobil employees are currently working in ZADCO, supporting ZADCO employees in the areas of field development planning, drilling, and project execution. In 2007, ExxonMobil established a Technology Center in Abu Dhabi to provide training and resources to ZADCO. The Technology Center Shuttle...

  • Page 22
    Downstream: Growing the Advantage 26% average return on capital employed in the Downstream over the past 10 years

  • Page 23
    21 PHOTO: We are expanding the hydrocracker at our refinery in Rotterdam, Netherlands, to meet growing demand for higher-value products, including lube basestocks and ultra-low sulfur diesel.

  • Page 24
    ... and Rotterdam refineries have the lowest unit cash operating costs in Europe, and Antwerp is one of the most energy efficient in the region. The Antwerp Coker project, with start-up planned in 2017, will upgrade We are increasing capacity to process light crude oils by 20 thousand barrels per day...

  • Page 25
    ... to upgrade lower-value hydrocarbons into cleaner, higher-value products, including premium lube basestocks and ultra-low sulfur diesel. The hydrocracker will use proprietary technology and be the first to produce EHC Group II basestocks in Europe upon start-up in 2018. Asia Pacific Asia Pacific...

  • Page 26
    24 PHOTO: At our Kemya joint venture in Saudi Arabia, we have added facilities to produce a broad range of synthetic rubber and related products.

  • Page 27
    Chemical: Progressing Strategic Investments 45% chemical demand growth expected over the next 10 years

  • Page 28
    ... these polymers. The project will use proprietary technologies and benefit from feed-flexible steam crackers, integration within the large complex, and efficient supply chain access to meet growing demand in Asia Pacific. Start-up is planned for 2017. Demand for hydrogenated resins used in adhesive...

  • Page 29
    ... sales and marketing workforces in Asia Pacific, Latin America, and the Middle East to better serve growing demand in these regions. Chemical: Industry-Leading Returns (1) (10-year average, 2006-2015) Halobutyl and EPDM rubbers are used to make automotive products, such as tire innerliners, window...

  • Page 30
    ... in Asia Pacific, we are well positioned to competitively supply chemical demand growth in the region. VERSION FILE INFO M F15 S29 15XOMWorldMapLegend.ai IN F&O ON PAGE IN SAR ON PAGE Clark Fertitta • Investor Relations Exxon Mobil Corporation, Irving, TX Includes link file Baytown, United...

  • Page 31
    29 Antwerp, Belgium Fujian, China Yanpet, Saudi Arabia Kipper Tuna, Australia N

  • Page 32
    ... and engineering work on opportunities in North America, Australia, and Africa Upstream Statistical Recap Earnings (millions of dollars) Liquids production (net, thousands of barrels per day) Natural gas production available for sale (net, millions of cubic feet per day) 2015 2014 2013 2012...

  • Page 33
    ...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 are used...

  • Page 34
    ... lower-value bunker fuel oil into higher-value diesel products • Approved funding to expand the hydrocracker at our refinery in Rotterdam, Netherlands, utilizing proprietary technology to produce ultra-low sulfur diesel and Group II lube basestocks Downstream Statistical Recap Earnings...

  • Page 35
    ... on capital employed across the business cycle. Transportation Fuel Demand By Fuel Type Gasoline Fuel Oil Ethanol Jet Fuel Diesel Natural Gas Biodiesel Other By Region North America Middle East Europe Africa Latin America Asia Pacific Russia/Caspian (millions of oil-equivalent barrels per day) 70...

  • Page 36
    ..., and low-cost capacity debottlenecks • Mechanically completed a 400-thousand-tonnes-per-year specialty elastomers project in Saudi Arabia with our joint venture partner to supply a broad range of synthetic rubber and related products to meet growing demand in the Middle East and Asia Pacific...

  • Page 37
    ...projects that by 2025, North America could more than double its exports of major petrochemical products. ExxonMobil Chemical is well positioned to meet the needs of Asia Pacific, Africa, Latin America, and other growth markets through our world-scale facilities, strategic investments, and commercial...

  • Page 38
    PHOTO: Over the past 10 years, ExxonMobil contributed about $2.4 billion to the communities where we operate, including those in Papua New Guinea.

  • Page 39
    ..., carefully managing our water use, as well as reducing spills and emissions. (1) Employees and contractors. Includes XTO Energy Inc. data beginning in 2011. (2) Workforce safety data from participating American Petroleum Institute companies (2015 industry data not available at time of publication...

  • Page 40
    ... discussions since the 1970s, sharing our research with the public and participating in constructive dialogue with key stakeholders. We also continue progressing game-changing technologies, such as commercial production of biofuels from algae. Operationally, we lower our environmental impacts by...

  • Page 41
    39 Financial Information Report of Independent Registered Public Accounting Firm To the 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 Sheets of Exxon Mobil ...

  • Page 42
    ...Dividend and Shareholder Return Information 2015 2014 2013 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 return(1) (annual percent) Common stock purchases...

  • Page 43
    41 Summary Statement of Income (millions of dollars) 2015 2014 2013 Revenues and Other Income Sales and other operating revenue(1) Income from equity affiliates Other income Total revenues and other income Costs and Other Deductions Crude oil and product purchases Production and manufacturing ...

  • Page 44
    ... Repor t Financial Information, continued Summary Balance Sheet at Year End (millions of dollars) 2015 2014 Assets Current assets Cash and cash equivalents Cash and cash equivalents - restricted Notes and accounts receivable, less estimated doubtful amounts Inventories Crude oil, products and...

  • Page 45
    ...) 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 Tax benefits related to stock-based awards Common stock acquired Common stock sold Net cash used in financing...

  • Page 46
    ...company volumes and finished-product transfers to the Downstream. Exploration Resource Addition Cost Exploration portion of Upstream Capex (millions of dollars) Exploration resource additions (millions of oil-equivalent barrels) Exploration resource addition cost per OEB (dollars) 2015 2014 2013...

  • Page 47
    ... 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...

  • Page 48
    ... the Board, PepsiCo (consumer food products) Peter BrabeckLetmathe Chairman of the Board, Nestlé (nutrition, health, and wellness) Henrietta H. Fore Chairman of the Board and Chief Executive Officer, Holsman International (manufacturing, consulting, and investments) Rex W. Tillerson Chairman of...

  • Page 49
    ... casualty insurance) Kenneth C. Frazier Chairman of the Board, President, and Chief Executive Officer, Merck & Company (pharmaceuticals) Samuel J. Palmisano Former Chairman of the Board, International Business Machines Corporation (computer hardware, software, business consulting, and IT services...

  • Page 50
    ... Shareholder Services. • Summary Annual Report • Annual Report on Form 10-K • Financial & Operating Review • Corporate Citizenship Report • The Outlook for Energy: A View to 2040 • The Lamp Stock Purchase and Dividend Reinvestment Plan Computershare Trust Company, N.A., sponsors a stock...

  • Page 51
    ...-444-1505 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 (symbol XOM) is traded. Annual Meeting The 2016 Annual Meeting of Shareholders will be...

  • Page 52
    Exxon Mobil Corporation Corporate Headquarters 5959 Las Colinas Blvd. Irving, Texas 75039-2298 exxonmobil.com Summary Annual Report 002CSN61B4 Printed in U.S.A.