Exxon 2015 Annual Report Download - page 5

Looking forward, we continue to highgrade and selectively develop our industry-leading 91 billion oil-equivalent barrel
resource base. The size and diversity of the project inventory, along with our financial strength, provide the flexibility to
advance the most attractive investments at the right time. We plan to complete and start up 10 projects in 2016 and
2017, including the Upper Zakum 750 offshore development in the United Arab Emirates and the Hebron project offshore
Canada. Our exploration program continues to add
valuable new resource development opportunities to the
resource base. Offshore Guyana, we made a significant oil
discovery with the Liza-1 exploration well. Further activities
are
under way to evaluate the full resource potential of
the acreage, including the largest 3D seismic acquisition in
the Corporation’s history. We are also progressing our large inventory of short-cycle opportunities, primarily onshore United
States in the Bakken, Permian Basin, and Ardmore/Marietta unconventional plays, and have added attractive acreage.
Strong Downstream and Chemical results for the year highlight the value of our integrated business model. These businesses
play an important, counter-cyclical role in contributing to our financial commitments, generating superior returns and solid
cash flow. We are progressing strategic investments to grow our advantage, focused on improving feedstock flexibility,
increasing production of higher-value products, expanding and diversifying logistics
capabilities, and enhancing operating efficiency. In 2015, we progressed
construction of a joint venture specialty elastomers facility in Saudi Arabia
that will produce higher-margin 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 meet growing demand.
While recent market changes have created notable challenges for
our industry, they also present new opportunities for our business.
The Corporation is uniquely suited to compete effectively
throughout the cycle, and our strong balance sheet positions
us to pursue these opportunities. ExxonMobil is a proven
leader in financial performance, project execution, and
technology, and we uphold our reputation as a safe,
responsible, and reliable operator. Thanks to our strong
track record, we remain the partner of choice for many
resource owners.
As you review this year’s Summary Annual Report, you will
see how our diverse assets work together to build a resilient,
integrated business. Regardless of commodity prices, we
are relentlessly focused on the business fundamentals –
the factors we can control. Our continuous drive to
operate safely and responsibly, reduce costs, increase
productivity, highgrade assets, and maximize value –
particularly in today’s challenging environment –
has once again set us apart. ExxonMobil is well
positioned for further success, and we will continue
to deliver on our commitment to create long-term
shareholder value.
Rex W. Tillerson, Chairman and CEO
By improving access to reliable and affordable
energy, we can help reduce poverty and
advance living standards for billions of people.
capabilities, and enhancing operating efficiency. In 2015, we progressed
construction of a joint venture specialty elastomers facility in Saudi Arabia
that will produce higher-margin 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 meet growing demand.
While recent market changes have created notable challenges for
our industry, they also present new opportunities for our business.
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