Exxon 2015 Annual Report Download - page 47

Capital Employed at Year End 2015 2014 2013 2012 2011
(millions of dollars)
Business Uses: Asset and Liability Perspective
Total assets 336,758 349,493 346,808 333,795 331,052
Less liabilities and noncontrolling interests
share of assets and liabilities
Total current liabilities excluding notes and loans payable (35,214)(47,165)(55,916)(60,486)(69,794)
Total long-term liabilities excluding long-term debt (86,047)(92,143)(87,698)(90,068)(83,481)
Noncontrolling interests share of assets and liabilities (8,286)(9,099)(8,935)(6,235)(7,314)
Add ExxonMobil share of debt-financed equity company net assets 4,447 4,766 6,109 5,775 4,943
Total capital employed 211,658 205,852 200,368 182,781 175,406
Total Corporate Sources: Debt and Equity Perspective
Notes and loans payable 18,762 17,468 15,808 3,653 7,711
Long-term debt 19,925 11,653 6,891 7,928 9,322
ExxonMobil share of equity 170,811 174,399 174,003 165,863 154,396
Less noncontrolling interests share of total debt (2,287)(2,434)(2,443)(438)(966)
Add ExxonMobil share of equity company debt 4,447 4,766 6,109 5,775 4,943
Total capital employed 211,658 205,852 200,368 182,781 175,406
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.
Free Cash Flow 2015 2014 2013 2012 2011
(millions of dollars)
Net cash provided by operating activities 30,344 45,116 44,914 56,170 55,345
Additions to property, plant and equipment (26,490)(32,952)(33,669)(34,271)(30,975)
Proceeds associated with sales of subsidiaries, property,
plant and equipment, and sales and returns of investments 2,389 4,035 2,707 7, 655 11,133
Additional investments and advances (607)(1,631)(4,435)(598)(3,586)
Collection of advances 842 3,346 1,124 1,550 1,119
Free cash flow 6,478 17,914 10,641 30,506 33,036
Free cash flow is cash flow from operations and asset sales less additions to property, plant and equipment, and additional investments and advances, plus collection of
advances. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business.
Cash Flow from Operations and Asset Sales 2015 2014 2013 2012 2011
(millions of dollars)
Net cash provided by operating activities 30,344 45,116 44,914 56,170 55,345
Proceeds associated with sales of subsidiaries, property, plant
and equipment, and sales and returns of investments 2,389 4,035 2,707 7, 655 11,133
Cash flow from operations and asset sales 32,733 49,151 47,621 63,825 66,478
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 reflects 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 2015 2014 2013 2012 2011
(millions of dollars)
Dividends paid to ExxonMobil shareholders 12,090 11,568 10,875 10,092 9,020
Cost of shares purchased to reduce shares outstanding 3,000 12,000 15,000 20,000 20,000
Distributions to ExxonMobil shareholders 15,090 23,568 25,875 30,092 29,020
Memo: Gross cost of shares purchased to offset shares
issued under benefit plans and programs 1,039 1,183 998 1,068 2,055
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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