EXXON MOBIL CORPORATION, COMPANY INTELLIGENCE REPORT · Exxon Mobil Corporation, Company...

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REFERENCE CODE GDGE0698V | PUBLICAT ION DATE APRIL 2015

EXXON MOBIL CORPORATION, COMPANY INTELLIGENCE REPORT



Executive Summary

ExxonMobil, Key Valuation Metrics, 2014 Stock exchange NYSE

Stock symbol XOM

Current share price (US$ per share) as of May 13, 2015 87.0

Target price (US$ per share) 98.6

2014 revenue (US$ bil) 411.9

Market capitalization (US$ bil) as of March 31, 2015 352.5

Estimated EV (US$ bil) 425.9

52-week high/low (US$ per share) 104.9/82.7

Source: GlobalData; Google Finance, 2014 EV: Enterprise Value

ExxonMobil and Peer Group, Operational Performance, 2014

Parameters ExxonMobil Peer average*

Proved reserves (mmboe) 25,269.3 12,204.3

Oil/gas share in total proved reserves (%) 54.3 54.2

Total production (mmboe) 1,448.5 898.9

Lifting cost (US$ per boe), three-year avg. 21.2 17.7

Net-back (US$ per boe), three-year avg. 44.3 47.7

Recycle ratio, three-year avg. 2.3 1.6

Oil and gas F&D cost per boe, three-year avg. 20.9 29.9

Proved acquisition cost (US$ bil), annual 121.0 354.4

Reserve replacement cost (US$ per boe), annual 19.2 36.9

Reserve life index 16.9 13.5

Development costs (US$ bil) 26.8 23.4

Acquisition costs (US$ bil) 1,472.0 903.8

Total net developed and undeveloped acreage (million) 133.5 133.1

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on April 26, 2015] boe: barrels of oil equivalent; F&D: Finding and Development; mmboe: million barrels of oil equivalent *Peers include BP, Chevron, ConocoPhillips, Royal Dutch Shell and Total

Strong Line-up of Upcoming Projects to Lead Production Growth

ExxonMobil’s overall production increased at a Compound Annual Growth Rate (CAGR) of xx% between 2010 and 2014 and at a positive Year-on-Year (YoY) rate of xx% between 2013 and 2014, owing to a decline in natural production from maturing assets. However, ExxonMobil has a stream of upcoming projects in the pipeline to guide its production growth. It has an inventory of over xxx major upcoming projects, in various geographical regions and covering different resource types, including conventional and unconventional gas and oil, heavy oil/oil sands, Liquefied Natural Gas (LNG), and deepwater, arctic and acid/sour gas resources. It brought eight projects online in 2014, including the Kearl oil sands and Syncrude projects, in Canada; the Kizomba Satellites Phase 1 project, in Angola; the Telok project, in Malaysia; and the Usan and Satellite Field Development Phase 1 projects, in Nigeria. It has xx major projects that it intends to bring online in near future, xx of which are scheduled to be brought online between 2015 and 2017.

Development of Unconventional Plays and Deepwater Projects to Drive Oil and Liquids Growth

ExxonMobil possesses significant unconventional resources in the US, Canada, Colombia, Argentina and Germany. Most of its unconventional resources are located in the US and Canada, at the Haynesville, Marcellus, Barnett, Fayetteville Woodford, and Bakken shales, in the US, and the Horn River and Firebag fields, in Canada. The percentage of liquids in ExxonMobil’s total production increased from xx% to xx% between 2011 and 2014, and in 2014 liquids and liquids-linked gas accounted for xx% of its production. ExxonMobil plans to increase the percentage of liquids and liquids-linked gas in its total production to xx% by 2015, xx% by 2016 and xx% by 2017. Accordingly, ExxonMobil has increased its focus on

Exxon Mobil Corporation, Company Intelligence Report

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Executive Summary

exploring and developing its liquid-rich assets, investing significantly in these areas, and intends to continue developing its liquids-rich unconventional resources in North American. ExxonMobil is also expected to bring online the deepwater projects Hadrian South, in 2015, Heidelberg, in 2017, Julia Phase 1 in 2017, and Julia Phase 2, in 2018.



Executive Summary

ExxonMobil, Key Production Data, 2011–2014

Parameter Unit 2011 2012 2013 2014 Crude oil and liquids mmbbl 843.9 799.7 803.7 770.5

Natural gas bcf 4,804.1 4,509.9 4,320.1 4,067.9

Total production mmboe 1,644.6 1,551.4 1,523.8 1,448.5

Oil as percentage of total production

% 51.3 51.5 52.7 53.2

Production growth % 1.3 (5.7) (1.8) (4.9)

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on April 26, 2015] bcf: billion cubic feet; mmbbl: million barrels of oil

ExxonMobil, Key Cost per boe, 2011–2014

Parameter Unit 2011 2012 2013 2014 F&D cost per boe, three-year avg.

US$/boe

23.2 24.8 19.7 20.9

Reserve replacement cost per boe, three-year avg.

US$/boe

17.9 18.2 17.9 18.9

Oil and gas finding cost per boe, three-year avg.

US$/boe

11.3 10.3 4.9 6.3

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on April 26, 2015]

ExxonMobil, Key Valuation Metrics, 2011–2014

Parameter Unit 2011 2012 2013 2014 EV/reserves US$/

boe 14.9 14.6 17.5 19.8

EV/production US$/boe

82,562.5 86,843.7 105,746.0

125,993.5

EV/DACF X 6.7 6.5 9.8 11.0

EV/EBITDA X 4.2 3.9 5.9 7.2

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on April 26, 2015] DACF: Debt-Adjusted Cash Flow; EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization

ExxonMobil, Key Production Data, 2011–2014

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on April 26, 2015] LHS: Left Hand Side

ExxonMobil, Key Valuation Metrics, 2011–2014

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on April 26, 2015] RHS: Right-Hand Side

ExxonMobil, Key Cost per boe, 2011–2014


Exxon Mobil Corporation, Company Intelligence Report

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Executive Summary

ExxonMobil, Key Reserves and Reserves Metrics, 2011–2014


ExxonMobil, Result of Oil and Gas Operations, 2011–2014

Parameter Unit 2011 2012 2013 2014 Oil and gas revenue per boe

US$/boe 66.0 66.7 67.6 61.9

Lifting cost per boe, three-year avg.

US$/boe 15.9 18.0 20.5 21.2

Net-back per boe, three-year avg.

US$/boe 38.4 43.3 46.3 44.3

Recycle ratio, three-year avg.

% 2.2 2.5 2.6 2.3

Source: GlobalData, Oil and Gas eTrack, Companies Operational and Financial Database [Accessed on April 26, 2015] DD&A: Depreciation, Depletion and Amortization

ExxonMobil, Key Reserves and Reserves Metrics, 2011–2014

Parameter Unit 2011 2012 2013 2014 Proved crude oil reserves

mmbbl 12,228.0 12,816.0 13,239.0 13,713

Proved natural gas reserves

bcf 76,222.0 74,091.0 71,860.0 25,269.3

Proved total oil and gas reserves

mmboe 24,931.7 25,164.5 25,215.7 69,338.0

Oil as percentage of total reserves

% 49.0 50.9 52.5 54.3


ExxonMobil, Result of Oil and Gas Operations, 2011–2014


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Table of Contents

Table of Contents

Table of Contents ............................................................................................................................... 6

1.1 List of Tables ........................................................................................................................ 9

1.2 List of Figures ..................................................................................................................... 13

2 ExxonMobil, Company Overview ............................................................................................. 20

3 ExxonMobil, Key Highlights ..................................................................................................... 24

3.1 Stream of Major Upcoming, Value-Creating Projects to Lead Production Growth ............... 24

3.2 Liquids Growth Plan to Drive Production and Profitability .................................................... 28

3.3 Large Developed and Diversified Reserves Base to Support Long-Term Production .......... 29

3.4 Leading Deepwater Capability ............................................................................................ 31

3.5 Leading Arctic Capability ..................................................................................................... 32

3.6 Strong Financial Performance and High Financial Leverage ............................................... 33

4 ExxonMobil, SWOT Analysis ................................................................................................... 37

4.1 Strengths ............................................................................................................................ 37

Steady Reserve Growth and Relatively Large Reserve Base ..................................................... 37

Balanced and Diversified Asset Portfolio and Globally Integrated Operations ............................ 40

Strong Balance Sheet and History of Sufficient Cash Flows ....................................................... 43

Development of High-Impact Technologies ................................................................................ 44

4.2 Weaknesses ....................................................................................................................... 45

Exploration Drilling Success Ratio .............................................................................................. 45

Declining Production Volumes .................................................................................................... 46

Environmental Impact ................................................................................................................. 47

4.3 Opportunities ...................................................................................................................... 47

Substantial Resource Base to Enhance Production.................................................................... 47

Development of Liquid-Rich Assets ............................................................................................ 50

4.4 Threats................................................................................................................................ 51

Ebola Outbreak and Civil Unrest in Africa and Middle East ........................................................ 51




Table of Contents

Highly Volatile Commodity Prices ............................................................................................... 51

5 ExxonMobil, Exploration, Development and Production........................................................... 53

5.1 Production Profile ................................................................................................................ 54

5.2 Exploration and Development Profile .................................................................................. 59

5.3 Assets Portfolio ................................................................................................................... 66

The Americas ............................................................................................................................. 66

US 67

Canada ...................................................................................................................................... 73

South America............................................................................................................................ 77

Europe 80

Africa 86

Asia 95

Australia/Oceania ..................................................................................................................... 104

6 Capital Expenditure ............................................................................................................... 109

6.1 Costs Incurred................................................................................................................... 111

7 Acreage ................................................................................................................................. 115

8 ExxonMobil, Forecast Production and Financial Statements ................................................. 118

8.1 Income Statement, 2012–2019 ......................................................................................... 119

8.2 Balance Sheet, 2012–2019 ............................................................................................... 120

8.3 Cash Flow Statement, 2012–2019 .................................................................................... 122

9 ExxonMobil, Valuation ........................................................................................................... 123

9.1 Net Asset Value Methodology ........................................................................................... 123

10 ExxonMobil, Peer Comparison .............................................................................................. 125

10.1 Share Price Performance .................................................................................................. 125

10.2 Operational and Financial Performance ............................................................................ 126

10.3 Key Financial and Operational Ratios ............................................................................... 132

11 ExxonMobil Corporation, Production and Reserves Trends ................................................... 135




Table of Contents

11.1 Total Oil and Gas, Reserves and Production .................................................................... 135

1.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014 ............. 135

1.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010- 2014 ..................................................................................................................................... 136

1.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2010-2014 ................................... 139

11.2 Crude Oil/Liquids Production and Reserve ........................................................................ 141

1.1.4 Crude Oil/Liquids Production and Reserve Trend, 2010-2014 ...................................... 141

1.1.5 Crude Oil Production and Reserves By Country/Region, 2010-2014 ............................ 142

1.1.6 Crude Oil/Liquids Reserve Changes, 2010-2014 .......................................................... 145

11.3 Natural Gas Production and Reserve ................................................................................ 147

1.1.7 Natural Gas Production and Reserve Trend, 2010-2014............................................... 147

1.1.8 Natural Gas Production and Reserves, By Country/Region, 2010-2014 ....................... 148

1.1.9 Natural Gas Reserve Changes, 2010-2014 .................................................................. 151

1.1.10 Total Crude Oil and Natural Gas Reserves Life Index ................................................... 153

1.1.11 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014 154

12 ExxonMobil Corporation, E&P Costs Trends ......................................................................... 158

12.1 Allocation of the Upstream Capital Expenditure ................................................................ 158

1.1.12 Upstream Capital Expenditure, 2010-2014 ................................................................... 158

1.1.13 Acquisition Costs By Country/Region, 2010-2014 ......................................................... 159

1.1.14 Exploration and Development Costs, By Country/Region, 2010-2014........................... 161

12.2 Oil and Gas Cost Per boe, US$/boe .................................................................................. 164

1.1.15 Oil and Gas Cost Per boe, US$/boe, 2010-2014 .......................................................... 164

1.1.16 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2010-2014 ........................... 166

13 ExxonMobil Corporation, Reserve Replacement Ratio .......................................................... 172

13.1 Oil and Gas Production Replacement Ratio ...................................................................... 172

1.1.17 Oil and Gas Production Replacement Ratio, 2010-2014 ............................................... 172

1.1.18 Oil and Gas Production Replacement Ratio, By Country/Region, 2010-2014 ............... 174

14 ExxonMobil Corporation, Results of Oil & Gas Operations Trend .......................................... 183




Table of Contents

14.1 Oil and Gas Revenue and Expenses ................................................................................ 183

1.1.19 Oil and Gas Revenue and Expenses, 2010-2014 ......................................................... 183

1.1.20 Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014 .......................... 184

14.2 Oil and Gas Revenue and Expenses, Per boe .................................................................. 195

1.1.21 Oil and Gas Revenue and Expenses, By boe, 2010-2014 ............................................ 195

1.1.22 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014 ............ 197

14.3 Oil and Gas Performance Metrics ..................................................................................... 206

15 Exxon Mobil Corporation, Land Holdings and Well Data........................................................ 208

15.1 Developed and Undeveloped Acreage .............................................................................. 208

1.1.23 Gross and Net Developed and Undeveloped Acreage, 2010-2014 ............................... 208

1.1.24 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014 209

15.2 Well Statistics.................................................................................................................... 214

1.1.25 Producible Oil and Gas Well, 2010-2014 ...................................................................... 214

1.1.26 Producible Oil and Gas Well, By Country/Region, 2010-2014 ....................................... 216

1.1.27 Exploration and Development Wells Drilled, 2010-2014................................................ 225

1.1.28 Exploration and Development Wells Drilled, By Country/Region, 2010-2014 ................ 226

16 Appendix ............................................................................................................................... 231

16.1 Abbreviations .................................................................................................................... 231

16.2 Sources............................................................................................................................. 234

16.3 Research Methodology ..................................................................................................... 235

Coverage ................................................................................................................................. 235

Secondary Research ................................................................................................................ 235

Primary Research .................................................................................................................... 236

16.4 Disclaimer ......................................................................................................................... 237

1.1 List of Tables

Table 1: ExxonMobil, Financial and Operational Overview, 2011–2014 .......................................................... 22




Table of Contents

Table 2: ExxonMobil, Major Upcoming Projects by Country, Post 2018 .......................................................... 26

Table 3: ExxonMobil and Peers, Proved Developed Reserves (mmboe), 2010–2014 ..................................... 30

Table 4: ExxonMobil and Peers, Proved Reserves (mmboe), 2010–2014 ....................................................... 38

Table 5: ExxonMobil, Total Production, Organic Reserve Additions (mmboe) and Reserve Replacement Ratio (%), 2010–2014 ................................................................................................................. 39

Table 6: ExxonMobil and Peers, Exploration Drilling, Success Ratio (%), 2010–2014 ..................................... 45

Table 7: ExxonMobil, Production Growth by Region (%), 2014 ....................................................................... 46

Table 8: ExxonMobil, Production by Source, 2014 ......................................................................................... 56

Table 9: ExxonMobil, Total Oil and Gas Production, 2012–2019 .................................................................... 58

Table 10: ExxonMobil, Net Exploration Acreage Additions, 2014 .................................................................... 59

Table 11: ExxonMobil, Major Upcoming Projects, 2015 .................................................................................. 60

Table 12: ExxonMobil, Net Development Wells, 2010–2014 ........................................................................... 64

Table 13: ExxonMobil, Net Exploratory Wells, 2010–2014.............................................................................. 65

Table 14: ExxonMobil, US Highlights, 2010–2014 .......................................................................................... 68

Table 15: ExxonMobil, US, Production (mmboe), 2010–2014 ......................................................................... 68

Table 16: ExxonMobil, US, Average Net Production, 2014 ............................................................................. 69

Table 17: ExxonMobil, US, Upcoming Projects, Peak Production Capacity, 2015–2018+ ............................... 69

Table 18: ExxonMobil, Canada and South America, Production (mmboe), 2010–2014 ................................... 73

Table 19: ExxonMobil, Canada, Average Net Production by Project, 2014 ..................................................... 74

Table 20: ExxonMobil, Canada, Upcoming Projects, Peak Production Capacity, 2015–2018+ ........................ 74

Table 21: ExxonMobil, South America, Production (mmboe), 2010–2014 ....................................................... 78

Table 22: ExxonMobil, Canada and South America, Highlights, 2010–2014 ................................................... 79

Table 23: ExxonMobil, Europe, Production (mmboe), 2010–2014 .................................................................. 80

Table 24: ExxonMobil, Europe, Highlights, 2010–2014................................................................................... 82




Table of Contents

Table 25: ExxonMobil, Africa, Production (mmboe), 2010–2014 ..................................................................... 86

Table 26: ExxonMobil, Africa, Upcoming Projects, Peak Production Capacity, 2015–2018+ ........................... 87

Table 27: ExxonMobil, Africa, Highlights, 2010–2014 ..................................................................................... 87

Table 28: ExxonMobil, Asia, Highlights, 2010–2014 ....................................................................................... 96

Table 29: ExxonMobil, Asia, Production (mmboe), 2010–2014 ....................................................................... 98

Table 30: ExxonMobil, Asia, Upcoming Projects, Peak Production Capacity, 2015–2018+ ............................. 98

Table 31: ExxonMobil, Australia and Oceania, Highlights, 2010–2014.......................................................... 105

Table 32: ExxonMobil, Australia, Production (mmboe), 2010–2014 .............................................................. 105

Table 33: ExxonMobil, Australia. Upcoming Projects, Peak Production Capacity, 2015–2018+ .................... 106

Table 34: ExxonMobil, Capex by Segment (US$ bil), 2009–2014 ................................................................. 109

Table 35: ExxonMobil, Costs Incurred (US$ bil), 2009–2014 ........................................................................ 112

Table 36.: ExxonMobil, Reserve Replacement Ratio (%) and Finding and Development Costs (US$/boe), 2010–2014 ................................................................................................................................ 114

Table 37: ExxonMobil and Peers, Net Acreage (million), 2014 ..................................................................... 116

Table 38: ExxonMobil, Historical and Forecast Production, 2012–2019 ........................................................ 118

Table 39: GlobalData, Price Forecasts, 2015–2019 ..................................................................................... 118

Table 40: ExxonMobil, Income Statement (US$ mil), 2012–2019 ................................................................. 119

Table 41: ExxonMobil, Balance Sheet (US$ mil), 2012–2019 ....................................................................... 120

Table 42: ExxonMobil, Cash Flow Statement (US$ mil), 2012–2019 ............................................................ 122

Table 43: ExxonMobil, Net Asset Value, 2014 .............................................................................................. 124

Table 44: ExxonMobil and Peers, Operational and Financial Performance, 2014 ......................................... 126

Table 45: ExxonMobil and Peers, Total Reserves and Production (mmboe), 2014 ....................................... 131

Table 46: ExxonMobil and Peers, Financial and Operational Ratios, 2014 ................................................... 133




Table of Contents

Table 47: ExxonMobil Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 ................................................................................................................................ 135

Table 48: ExxonMobil Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014 ......................................................................................... 138

Table 49: ExxonMobil Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014140

Table 50: ExxonMobil Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 ........... 142

Table 51: ExxonMobil Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014 ......................................................................................................................................... 144

Table 52: ExxonMobil Corporation, Crude Oil Reserve Changes, mmbbl, 2010-2014 .................................. 146

Table 53: ExxonMobil Corporation, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 ............. 148

Table 54: ExxonMobil Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014 ......................................................................................................................................... 150

Table 55: ExxonMobil Corporation, Natural Gas Reserve Changes, bcf, 2010-2014 ..................................... 152

Table 56: ExxonMobil Corporation, Oil and Gas Reserves Life Index, Years, 2010-2014.............................. 153

Table 57: ExxonMobil Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014156

Table 58: ExxonMobil Corporation, Upstream Capital Expenditure, US$ mil, 2010-2014 .............................. 158

Table 59: ExxonMobil Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 ................................................................................................................................ 160

Table 60: ExxonMobil Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014 ................................................................................................................................ 163

Table 61: ExxonMobil Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 .................................................... 165

Table 62: ExxonMobil Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2010-2014..................... 169

Table 63: ExxonMobil Corporation, Oil and Gas Production Replacement Ratio, %, 2010-2014 ................... 172

Table 64: ExxonMobil Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014 ................................................................................................. 179

Table 65: ExxonMobil Corporation, Revenue and Expenses, US$ mil, 2010-2014 ........................................ 183




Table of Contents

Table 66: ExxonMobil Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2010-2014 ......... 192

Table 67:ExxonMobil Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 .................... 196

Table 68:ExxonMobil Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014 ................................................................................................................................ 203

Table 69: ExxonMobil Corporation, Oil and Gas Performance Metrics, 2010-2014 ....................................... 206

Table 70: ExxonMobil Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 ......................................................................................................................................... 208

Table 71: ExxonMobil Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014 ............................................................................................ 212

Table 72: ExxonMobil Corporation, Producible Oil and Gas Wells, 2010-2014 ............................................. 215

Table 73: ExxonMobil Corporation, Producible Oil and Gas Wells, By Country/Region, 2010-2014 .............. 222

Table 74: ExxonMobil Corporation, Exploratory and Developed Wells, 2010-2014 ....................................... 226

Table 75: ExxonMobil Corporation, Exploratory and Developed Wells, By Country/Region, 2010-2014 ........ 226

1.2 List of Figures

Figure 1: ExxonMobil, Operational Map, 2014 ................................................................................................ 21

Figure 2: ExxonMobil, Financial and Operational Overview, 2011–2014 ......................................................... 22

Figure 3: ExxonMobil, Volume (million) and Share Price (US$), April 2014 to March 2015.............................. 23

Figure 4: ExxonMobil, Major Projects, Production Volumes by Start-up Year (mmboed), 2013–2017 ............. 25

Figure 5: ExxonMobil, Extensive Project Portfolios, 2015 ............................................................................... 26

Figure 6: ExxonMobil, Production Mix (%), 2012–2019 .................................................................................. 28

Figure 7: ExxonMobil, Production by Product Type (mmboed), 2014–2017 .................................................... 29

Figure 8: ExxonMobil and Peers, Proved Developed Reserves (mmboe), 2010–2014 .................................... 30

Figure 9: ExxonMobil, Deepwater Projects, 2014 ........................................................................................... 32

Figure 10: ExxonMobil, Assets, Arctic Region, 2015 ...................................................................................... 33

Figure 11: ExxonMobil and Peers, Profitability Ratios (%), 2010–2014 ........................................................... 34




Table of Contents

Figure 12: ExxonMobil, Profitability Ratios (%), 2010–2014............................................................................ 35

Figure 13: ExxonMobil, Debt-to-Equity Ratio (X), 2014................................................................................... 36

Figure 14: ExxonMobil and Peers, Total Proved Reserves (mmboe), 2010–2014 ........................................... 37

Figure 15: ExxonMobil, Net Reserve Additions and Production (mmboe) and Reserve Replacement Ratio (%), 2010–2014 .......................................................................................................................... 39

Figure 16: ExxonMobil, Resource Base and Proved Reserves by Resource Type (%), 2014 .......................... 40

Figure 17: ExxonMobil, Developing Reserves by Region (billion boe), 2014 ................................................... 41

Figure 18: ExxonMobil, Resource Base and Proved Reserves by Region (%), 2014 ...................................... 42

Figure 19: ExxonMobil, Capital-Expenditure-to-Cash-Flow-from-Operations Ratio (X), 2010–2014................. 43

Figure 20: ExxonMobil and Peers, Exploration Drilling Success Ratio (%), 2010–2014................................... 45

Figure 21: ExxonMobil, Production Growth (%), 2011–2014 ........................................................................... 46

Figure 22: ExxonMobil, Resource Base (billion boe), 2014 ............................................................................. 48

Figure 23: ExxonMobil, Developed and Undeveloped Proved Reserves (mmboe), 2010–2014....................... 49

Figure 24: ExxonMobil, Potential Opportunities, 2014 .................................................................................... 50

Figure 25: ExxonMobil, Operational Map, 2014–2016 .................................................................................... 54

Figure 26: ExxonMobil, Production by Source (%), 2014 ................................................................................ 56

Figure 27: ExxonMobil, Total Oil and Gas Production (mmboe), 2012–2019 .................................................. 58

Figure 28: ExxonMobil, New Exploratory Opportunities Captured, 2014 ......................................................... 60

Figure 29: ExxonMobil, Net Exploratory and Development Wells, 2010–2014 ................................................ 62

Figure 30: ExxonMobil, Net Productive and Dry Exploratory and Development Wells, 2010–2014 .................. 63

Figure 31: ExxonMobil, Net Oil and Gas Productive and Dry Development Wells, 2010–2014 ........................ 64

Figure 32: ExxonMobil, Net Oil and Gas Productive and Dry Exploratory Wells, 2010–2014 ........................... 65

Figure 33: ExxonMobil, Exploration Drilling Success Ratio (%), 2010–2014 ................................................... 66

Figure 34: ExxonMobil, US and Canada, Operational Overview Map, 2014 .................................................... 67




Table of Contents

Figure 35: ExxonMobil, Gulf of Mexico, Operational Overview Map, 2014 ...................................................... 71

Figure 36: ExxonMobil, Canada, Hebron, 2015 .............................................................................................. 76

Figure 37: ExxonMobil, South America, Operational Overview Map, 2014 ...................................................... 78

Figure 38: ExxonMobil, Europe, Operational Overview Map, 2014 ................................................................. 81

Figure 39: ExxonMobil, Romania, Operational Overview Map, 2014 .............................................................. 85

Figure 40: ExxonMobil, Africa, Operational Overview, 2014 ........................................................................... 88

Figure 41: ExxonMobil, Angola, Operational Overview, 2014 ......................................................................... 90

Figure 42: ExxonMobil, Nigeria, Operational Overview, 2014 ......................................................................... 92

Figure 43: ExxonMobil, Tanzania, Operational Overview, 2014 ...................................................................... 95

Figure 44: ExxonMobil, Asia, Operational Overview, 2014 ............................................................................. 97

Figure 45: ExxonMobil, Canada, Banyu Urip, 2015 ...................................................................................... 100

Figure 46: ExxonMobil, Russia, Odoptu Stage 2, 2015................................................................................. 103

Figure 47: ExxonMobil, Australia and Oceania, Operational Overview Map, 2014 ........................................ 107

Figure 48: ExxonMobil, Capex (US$ bil), 2009–2014 ................................................................................... 109

Figure 49: ExxonMobil, Capex (US$ bil), 2009–2014 ................................................................................... 110

Figure 50: ExxonMobil, Capex by Business Line (US$ bil), 2013–2017 ........................................................ 111

Figure 51: ExxonMobil, Costs Incurred (US$ bil), 2009–2014 ....................................................................... 112

Figure 52: ExxonMobil, Costs Incurred (US$ bil), 2012–2014 ....................................................................... 113

Figure 53: ExxonMobil, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2010–2014 .............................................................................................................. 114

Figure 54: ExxonMobil and Peers, Net Acreage (million), 2014 .................................................................... 115

Figure 55: ExxonMobil and Peers, Net Acreage (million), 2011–2014........................................................... 116

Figure 56: ExxonMobil, Net Acreage (million), 2010–2014 ........................................................................... 117

Figure 57: ExxonMobil and Peers, Relative Share Price Performance Index (%), April 2014 to March 2015 . 125




Table of Contents

Figure 58: ExxonMobil, Financial Parameters, 2011–2014 ........................................................................... 127

Figure 59: ExxonMobil and Peers, Financial Parameters (US$/boe), 2014 ................................................... 128

Figure 60: ExxonMobil and Peers, Finding and Development Cost (US$/boe) and Reserve Replacement Ratio (%), 2014 ......................................................................................................................... 129

Figure 61: ExxonMobil and Peers, Reserves and Production (mmboe), 2014 ............................................... 130

Figure 62: ExxonMobil and Peers, Reserve Life Index (years), 2014 ............................................................ 132

Figure 63: ExxonMobil and Peers, Valuation Ratios, 2014 ........................................................................... 134

Figure 64: ExxonMobil Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 ................................................................................................................................ 135

Figure 65: ExxonMobil Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014 ................................................................................................................................ 137

Figure 66: ExxonMobil Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014 .... 138

Figure 67: ExxonMobil Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014 ...... 140

Figure 68: ExxonMobil Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 .......... 141

Figure 69: ExxonMobil Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014 ... 143

Figure 70: ExxonMobil Corporation, Oil Production, By Country/Region, mmbbl, 2010-2014 ........................ 144

Figure 71: ExxonMobil Corporation, Crude Oil Reserve Changes, mmbbl, 2014 .......................................... 146

Figure 72: ExxonMobil Corporation, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 ............ 147

Figure 73: ExxonMobil Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014 ....... 149

Figure 74: ExxonMobil Corporation, Gas Production, By Country/Region, bcf, 2010-2014 ............................ 150

Figure 75: ExxonMobil Corporation, Natural Gas Reserve Changes, bcf, 2014 ............................................ 152

Figure 76: ExxonMobil Corporation, Oil and Gas Reserves Life Index, Years, 2010-2014 ............................ 153

Figure 77: ExxonMobil Corporation, Gas Reserve Life Index, By Country/Region, Years, 2010-2014 ........... 154

Figure 78: ExxonMobil Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014 ... 155

Figure 79: ExxonMobil Corporation, Oil Reserve Life Index, By Country/Region, Years, 2010-2014 ............. 156




Table of Contents

Figure 80: ExxonMobil Corporation, Upstream Capital Expenditure, US$ mil, 2010-2014 ............................. 158

Figure 81: ExxonMobil Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 ...... 159

Figure 82: ExxonMobil Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 .. 160

Figure 83: ExxonMobil Corporation, Development Costs, By Country/Region, US$ mil, 2010-2014 .............. 162

Figure 84: ExxonMobil Corporation, Exploration Costs, By Country/Region, US$ mil, 2010-2014 ................. 163

Figure 85: ExxonMobil Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 .................... 165

Figure 86: ExxonMobil Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 ....................................................................................... 167

Figure 87: ExxonMobil Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 ................................................................................................................. 168

Figure 88: ExxonMobil Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 ....................................................................................... 169

Figure 89:ExxonMobil Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2010-2014 ......................................................................................................................................... 172

Figure 90:ExxonMobil Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2010-2014 ................................................................................................. 174

Figure 91:ExxonMobil Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2010-2014 ................................................................................................. 175

Figure 92:ExxonMobil Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2010-2014 ................................................................................................. 176

Figure 93:ExxonMobil Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2010-2014 ................................................................................................. 177

Figure 94:ExxonMobil Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2010-2014 ........................................................................................................................... 178

Figure 95:ExxonMobil Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2010-2014 ........................................................................................................................... 179

Figure 96: ExxonMobil Corporation, Revenue and Expenses, US$ mil, 2010-2014....................................... 183




Table of Contents

Figure 97: ExxonMobil Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ................................................................ 185

Figure 98: ExxonMobil Corporation, Exploration Expenses, By Country/Region, US$ mil, 2010-2014 ........... 186

Figure 99: ExxonMobil Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ................................................................................... 187

Figure 100: ExxonMobil Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ........................................................................................ 188

Figure 101: ExxonMobil Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014 ............. 189

Figure 102: ExxonMobil Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ................................................................................... 190

Figure 103: ExxonMobil Corporation, Production Costs, By Country/Region, US$ mil, 2010-2014 ................ 191

Figure 104: ExxonMobil Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ........................................................................................ 192

Figure 105: ExxonMobil Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 ................ 196

Figure 106: ExxonMobil Corporation, Exploration Expenses per boe, By Country/Region, US$/boe, 2010-2014 ......................................................................................................................................... 197

Figure 107: ExxonMobil Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2010-2014 ......................................................................................................................................... 198

Figure 108: ExxonMobil Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2010-2014 ........... 199

Figure 109: ExxonMobil Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2010-2014200

Figure 110: ExxonMobil Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2010-2014201

Figure 111: ExxonMobil Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2010-2014 .......... 202

Figure 112: ExxonMobil Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2010-2014 ...... 203

Figure 113: ExxonMobil Corporation, Oil and Gas Performance Metrics, 2010-2014 .................................... 206

Figure 114: ExxonMobil Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 ......................................................................................................................................... 208

Figure 115: ExxonMobil Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2010-2014 ......................................................................................................................................... 209




Table of Contents

Figure 116: ExxonMobil Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2010-2014 ......................................................................................................................................... 210

Figure 117: ExxonMobil Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2010-2014 ......................................................................................................................................... 211

Figure 118: ExxonMobil Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2010-2014 212

Figure 119: ExxonMobil Corporation, Producible Oil and Gas Wells, 2010-2014 .......................................... 215

Figure 120: ExxonMobil Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2010-2014216

Figure 121: ExxonMobil Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 ................................................................................................................................ 217

Figure 122: ExxonMobil Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2010-2014 . 218

Figure 123: ExxonMobil Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2010-2014 ........... 219

Figure 124: ExxonMobil Corporation, Net Productive Gas Wells, By Country/Region, Number, 2010-2014 ... 220

Figure 125: ExxonMobil Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 ......................................................................................................................................... 221

Figure 126: ExxonMobil Corporation, Net Productive Oil Wells, By Country/Region, Number, 2010-2014 ..... 222

Figure 127: ExxonMobil Corporation, Exploratory and Developed Wells, 2010-2014 .................................... 225




Exxon Mobil Corporation, Company Overview

2 ExxonMobil, Company Overview ExxonMobil is an integrated oil and gas company involved in the exploration, production, refining and transportation of crude oil and natural gas and the manufacture of petroleum products. It operates under a number of brand names, including ExxonMobil, Exxon, Esso and Mobil.

ExxonMobil’s business activities are divided into three segments: upstream, downstream, and chemicals. The upstream segment is engaged in the exploration, development, production, and marketing of crude oil, Natural Gas Liquids (NGL) and natural gas. ExxonMobil has Exploration and Production (E&P) acreage in xx countries and production operations in xx countries. Its downstream segment refines and markets a wide range of petroleum products, including crude oil, natural gas, fuels and lubricants, in more than xx countries. ExxonMobil is present in xx countries and holds interest in xx refineries. Its chemical business manufactures and markets commodity petrochemicals, including olefins, aromatics, and polyethylene and polypropylene plastics, in xx countries. ExxonMobil also holds interests in electric power generation facilities.

In 2014, ExxonMobil focused its drilling activities on proven and emerging oil and natural gas basins. Its exploration activities were conducted over an area of xxx million net acres, in xx countries. It drilled xxx wells, of which xxx were development wells, and xx were exploration wells. Of its development wells, xxxx were productive, and xx were dry. Of its exploratory wells, xx were productive. ExxonMobil had xxx billion barrels of oil equivalent (boe) in proved reserves, of which xxx billion boe (xxx%) were developed, and xx billion boe (xx%) were undeveloped. It’s proved reserves increased by xx billion boe, meaning that ExxonMobil replaced more than xx% of its production for the 21st consecutive year.

ExxonMobil produced xx million barrels of oil equivalent (mmboed) in 2014, of which xxx% was liquids, and xxx% was natural gas. Most of its production came from the US and Asia, where it produced xxx million barrels of oil equivalent per day (mmboed) and xx mmboed, respectively. ExxonMobil’s production is expected to increase by xx% in 2015 and by xx% in 2016 and 2017.

ExxonMobil’s capital expenditure (capex) in 2014 was US$xxx billion, xx% less than its capex in 2013, which was US$xxx billion. This decrease was due to ExxonMobil’s reducing its upstream spending and not making any acquisitions in 2014. ExxonMobil’s planned capex for 2015 is US$xx billion, xxx% less than its 2014 capex. This reduction is due to the recent fall in crude oil prices. ExxonMobil expects its annual capex to be US$xx billion in 2016 and 2017.

The following figure provides an overview of ExxonMobil’s operations in 2014.





Figure 1: ExxonMobil, Operational Map, 2014

Source: ExxonMobil, 2014

ExxonMobil has maintained a focus on expanding its production and reserve base. The following figure shows its performance in terms of revenue, Cash Flow from Operations (CFO), net income, capex, reserves and production, between 2011 and 2014.





Figure 2: ExxonMobil, Financial and Operational Overview, 2011–2014


Table 1: ExxonMobil, Financial and Operational Overview, 2011–2014 Parameter 2011 2012 2013 2014 YoY

(%) CAGR (%)

Revenue (US$ bil)

370.1

467.0

451.5

438.3 (6.0) (4.1)

Net income (US$ bil)

30.5

41.1

44.9

32.6 (0.2) (7.5)

CFO (US$ bil)

48.4

55.3

56.2

44.9 0.4 (6.6%)

Capex (US$ bil)

32.2

36.8

39.8

42.5 (9.3) (1.6)

Production (mmboe) 1,644.6 1,551.4 1,523.8 1,644.6 (4.9) (4.1)

Reserves (billion 24.9 25.2 25.2 25.3 0.2 0.4




Exxon Mobil Corporation, Forecast Production and

8 ExxonMobil, Forecast Production and Financial Statements ExxonMobil’s production and financial projections have been made using information that is publicly available. GlobalData has used a forecast period of five years for its analysis. The following table shows ExxonMobil’s historical and estimated production between 2012 and 2019.

Table 38: ExxonMobil, Historical and Forecast Production, 2012–2019

Production 2012 2013 2014 2015 2016 2017 2018 2019

Crude oil and NGL production (mmboe)

799.7

803.7

770.5

824.5

865.7

891.6 909.5 927.7

Natural gas production (bcf) 4,509.9

4,320.1

4,067.9

3,986.6

3,906.8

4,024.0 4,084.4 4,145.7

Overall geographical production (mmboe)

1,551.4

1,523.8

1,448.5

1,488.9

1,516.8

1,562.3 1,590.2 1,618.6

Source: GlobalData; ExxonMobil, 2012; ExxonMobil, 2013b; ExxonMobil, 2014a

bcf: billion cubic feet

GlobalData’s price deck is divided into strong, base and weak cases for forecasting a company’s performance. ExxonMobil has applied company-specific differentials to its projected crude oil and natural gas prices. The following table provides an overview of GlobalData’s price deck between 2015 and 2019.

Table 39: GlobalData, Price Forecasts, 2015–2019

Crude oil price (US$ per bbl) 2015 2016 2017 2018 2019

Strong case 55.1 66.2 68.7 70.4 72.0

Base case 50.1 60.2 62.5 64.0 65.5

Weak case 45.1 54.2 56.2 57.6 58.9

Natural gas price (US$ per mcf)

2015 2016 2017 2018 2019

Strong case 3.1 3.6 3.9 4.0 4.1

Base case 2.8 3.2 3.5 3.6 3.7

Weak case 2.5 2.9 3.2 3.3 3.4





Source: GlobalData Note: GlobalData has considered base case prices for crude oil and natural gas NYMEX prices are considered for crude oil and Henry Hub prices for natural gas

8.1 Income Statement, 2012–2019

Table 40: ExxonMobil, Income Statement (US$ mil), 2012–2019

Income 2012 2013 2014 2015 2016 2017 2018 2019

E&P revenue 94,983.0 93,165.0 83,731.0 52,489.3 64,754.3 69,868.6 73,075.3 76,237.9

Downstream 457,140.0 416,111.0 380,259.0 323,220.2 303,826.9 297,750.4 291,795.4 285,959.5

Chemicals 60,885.0 59,273.0 56,393.0 51,881.6 50,325.1 51,331.6 52,358.2 53,405.4

Inter segment eliminations (161,781.0) (148,019.0) (126,570.0) (111,173.7) (108,915.6) (108,927.2) (108,479.5) (108,056.7)

Other revenue, net 282.0 306.0 292.0 293.3 293.3 293.3 293.3 293.3

Total revenue 451,509.0 420,836.0 394,105.0 316,710.7 310,284.0 310,316.8 309,042.7 307,839.4

Production costs 21,016.0 21,766.0 21,572.0 22,284.2 22,815.8 23,617.8 24,159.6 24,714.0

Downstream and Chemicals 288,001.0 268,853.0 250,427.0 206,305.9 194,783.6 191,995.1 189,284.5 186,650.7

G&A expense 13,877.0 12,877.0 12,598.0 12,655.5 12,892.9 13,279.7 13,516.8 13,758.2

EBITDAX 128,615.0 117,340.0 109,508.0 75,465.1 79,791.7 81,424.3 82,081.8 82,716.5

Other operating expenses 61,006.0 57,881.0 56,460.0 42,759.1 41,890.6 41,895.1 41,722.9 41,560.3

Exploration expense/dry hole 1,840.0 1,976.0 1,669.0 2,003.2 2,130.8 2,118.8 2,176.7 2,228.2

EBITDA 65,769.0 57,483.0 51,379.0 30,702.8 35,770.2 37,410.3 38,182.2 38,928.0

DD&A expenses 15,888.0 17,182.0 17,297.0 18,134.7 18,844.5 19,798.0 20,554.5 21,340.0

Operating income (EBIT) 49,881.0 40,301.0 34,082.0 12,568.0 16,925.8 17,612.3 17,627.7 17,588.0

Other non-operating expenses 14,162.0 3,492.0 4,511.0 7,388.3 5,130.4 5,676.6 6,065.1 5,624.1

Equity in income of affiliates 15,010.0 13,927.0 13,323.0 13,589.5 13,861.2 14,138.5 14,421.2 14,709.7

Net interest expenses (327.0) (9.0) (286.0) (210.0) (312.3) (388.2) (437.0) (481.6)

EBT 78,726.0 57,711.0 51,630.0 33,335.8 35,605.2 37,039.2 37,677.1 37,440.1

Total income tax 31,045.0 24,263.0 18,015.0 12,930.8 13,734.6 13,859.7 14,415.7 14,259.0





Profit after tax 47,681.0 33,448.0 33,615.0 20,405.0 21,870.6 23,179.5 23,261.4 23,181.0

Minority interest 2,801.0 868.0 1,095.0 664.7 712.4 755.1 757.7 755.1

Net income to common shareholders 44,880.0 32,580.0 32,520.0 19,740.3 21,158.1 22,424.4 22,503.6 22,425.9

Basic shares outstanding 4,628.0 4,419.0 4,282.0 4,212.0 4,142.0 4,072.0 4,002.0 3,932.0

Diluted shares outstanding 4,628.0 4,419.0 4,282.0 4,212.0 4,142.0 4,072.0 4,002.0 3,932.0

Basic EPS 9.7 7.4 7.6 4.7 5.1 5.5 5.6 5.7

Dilutive EPS 9.7 7.4 7.6 4.7 5.1 5.5 5.6 5.7

Source: GlobalData; ExxonMobil, 2011; ExxonMobil, 2012; ExxonMobil, 2013a; ExxonMobil, 2014a

DD&A: Depreciation, Depletion and Amortization; EBIT: Earnings Before Interest and Tax; EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization; EBITDAX: Earnings Before Interest, Tax, Depreciation, Amortization and Exploration Expenses; EBT: Earnings Before Tax; EPS: Earnings Per Share; G&A: General and Administrative

8.2 Balance Sheet, 2012–2019

Table 41: ExxonMobil, Balance Sheet (US$ mil), 2012–2019

2012 2013 2014 2015 2016 2017 2018 2019

Cash and cash equivalents 9,582.0 4,644.0 4,616.0 2,397.1 3,102.8 3,103.2 3,090.4 3,078.4

Restricted cash 341.0 269.0 42.0 42.0 42.0 42.0 42.0 42.0

Accounts receivable 34,987.0 33,152.0 28,009.0 24,918.9 24,536.4 24,278.1 24,332.8 24,243.8

Inventories 14,542.0 16,135.0 16,678.0 14,016.3 13,342.4 13,220.6 13,087.6 12,960.1

Other current assets 5,008.0 5,108.0 3,565.0 3,565.0 3,565.0 3,565.0 3,565.0 3,565.0

Total current assets 64,460.0 59,308.0 52,910.0 44,939.3 44,588.7 44,208.8 44,117.9 43,889.3

Long-term receivables 5,792.0 6,118.0 4,878.0 4,878.0 4,878.0 4,878.0 4,878.0 4,878.0

Investments in unconsolidated entities 18,530.0 19,619.0 20,017.0 20,900.8 22,310.4 24,246.3 26,709.1 29,699.4

Prop. plant and equipment, net 226,949.0 243,650.0 252,668.0 263,530.1 271,554.8 278,637.9 284,906.7 290,338.5

Other non-current assets 18,064.0 18,113.0 19,020.0 19,020.0 19,020.0 19,020.0 19,020.0 19,020.0

Total assets 333,795.0 346,808.0 349,493.0 353,268.1 362,351.8 370,991.1 379,631.6 387,825.2





Accounts payable 39,903.0 37,507.0 31,875.0 29,705.4 28,336.7 27,789.3 27,706.0 27,425.8

Accrued expenses 4,130.0 3,883.0 3,290.0 3,305.0 3,367.0 3,468.0 3,529.9 3,593.0

Domestic and foreign income taxes 9,758.0 7,831.0 4,938.0 3,544.4 3,764.7 3,799.0 3,951.4 3,908.5

Other current liabilities (non-debt) 6,697.0 6,696.0 7,062.0 7,062.0 7,062.0 7,062.0 7,062.0 7,062.0

Current portion of long-term debt 1,025.0 1,034.0 770.0 207.0 2,848.0 857.0 2,649.0 -

Short-term debt 2,626.0 14,773.0 16,698.0 11,680.6 11,363.6 11,249.6 11,226.1 11,161.2

Total current liabilities 64,139.0 71,724.0 64,633.0 55,504.3 56,742.1 54,225.0 56,124.4 53,150.4

Long-term debt 7,928.0 6,891.0 11,653.0 21,350.3 24,455.1 29,222.2 29,516.3 34,229.0

Deferred income tax 37,570.0 40,530.0 39,230.0 40,298.1 41,381.3 42,716.5 43,955.3 45,196.5

Other long-term liabilities 52,498.0 47,168.0 52,913.0 52,913.0 52,913.0 52,913.0 52,913.0 52,913.0

Total liabilities 162,135.0 166,313.0 168,429.0 170,065.7 175,491.5 179,076.8 182,509.1 185,488.9

Common stock 9,653.0 10,077.0 10,792.0 10,792.0 10,792.0 10,792.0 10,792.0 10,792.0

Treasury stock (197,333.0) (212,781.0) (225,820.0) (232,414.7) (239,079.4) (245,814.1) (252,618.8) (259,493.5)

Retained earnings (deficit) 365,727.0 387,432.0 408,384.0 416,745.4 426,637.3 437,945.2 449,483.3 461,096.2

Accumulated loss/other (12,184.0) (10,725.0) (18,957.0) (18,957.0) (18,957.0) (18,957.0) (18,957.0) (18,957.0)

Total shareholder equity 165,863.0 174,003.0 174,399.0 176,165.7 179,392.9 183,966.1 188,699.5 193,437.7

Non-controlling interest 5,797.0 6,492.0 6,665.0 7,036.7 7,467.4 7,948.3 8,423.1 8,898.6

Total equity 171,660.0 180,495.0 181,064.0 183,202.4 186,860.3 191,914.3 197,122.6 202,336.3

Total liabilities plus shareholders' equity 333,795.0 346,808.0 349,493.0 353,268.1 362,351.8 370,991.1 379,631.6 387,825.2

Source: GlobalData; ExxonMobil, 2011; ExxonMobil, 2012; ExxonMobil, 2013a; ExxonMobil, 2014a





8.3 Cash Flow Statement, 2012–2019

Table 42: ExxonMobil, Cash Flow Statement (US$ mil), 2012–2019

2012 2013 2014 2015 2016 2017 2018 2019

Net income 44,880.0 32,580.0 32,520.0 19,740.3 21,158.1 22,424.4 22,503.6 22,425.9

DD&A 15,888.0 17,182.0 17,297.0 18,134.7 18,844.5 19,798.0 20,554.5 21,340.0

Deferred taxes 3,142.0 754.0 1,540.0 1,068.1 1,083.1 1,335.3 1,238.8 1,241.2

Dry hole and impairment expense 1,840.0 1,976.0 1,669.0 2,003.2 2,130.8 2,118.8 2,176.7 2,228.2

Income from equity investments (15,010.0) (13,927.0) (13,323.0) (13,589.5) (13,861.2) (14,138.5) (14,421.2) (14,709.7)

Minority interest 2,801.0 868.0 1,095.0 664.7 712.4 755.1 757.7 755.1

Dividends received from affiliates 13,853.0 13,930.0 12,965.0 12,705.7 12,451.6 12,202.6 11,958.5 11,719.3

Change in working capital 627.0 (4,720.0) (4,932.0) 2,203.6 (30.0) (31.9) 209.2 (43.6)

Operating cash flows 56,170.0 44,914.0 45,116.0 42,930.9 42,489.4 44,463.8 44,977.9 44,956.5

Capex – additions to PP&E (34,271.0) (33,669.0) (32,952.0) (34,000.0) (32,000.0) (32,000.0) (32,000.0) (32,000.0)

Proceeds from sale or disposal of assets 7,655.0 2,707.0 4,035.0 3,000.0 3,000.0 3,000.0 3,000.0 3,000.0

Other 1,015.0 (3,239.0) 1,942.0 - - - - -

Investing cash flows (25,601.0) (34,201.0) (26,975.0) (31,000.0) (29,000.0) (29,000.0) (29,000.0) (29,000.0)

Additions to (reductions in) long-term debt 848.0 332.0 5,662.0 9,134.3 5,745.9 2,776.1 2,086.0 2,063.7

Additions to (reductions in) short-term debt (3,756.0) 11,272.0 1,304.0 (5,017.4) (316.9) (114.0) (23.5) (65.0)

Common and preferred dividends (10,092.0) (10,875.0) (11,568.0) (11,378.9) (11,266.2) (11,116.6) (10,965.5) (10,813.0)

Purchase of treasury shares (21,068.0) (15,998.0) (13,183.0) (6,594.7) (6,664.7) (6,734.7) (6,804.7) (6,874.7)

Dividends to minority interests (327.0) (304.0) (248.0) (293.0) (281.7) (274.2) (283.0) (279.6)

Other 334.0 47.0 115.0 - - - - -

Financing cash flows (33,868.0) (15,476.0) (17,888.0) (14,149.8) (12,783.6) (15,463.4) (15,990.6) (15,968.6)

Total increase/decrease of cash (3,082.0) (4,938.0) (28.0) (2,218.9) 705.7 0.3 (12.7) (12.0)

Source: GlobalData; ExxonMobil, 2011; ExxonMobil, 2012; ExxonMobil, 2013a; ExxonMobil, 2014a PP&E: Property, Plant and Equipment




Exxon Mobil Corporation, Valuation

9 ExxonMobil, Valuation 9.1 Net Asset Value Methodology

ExxonMobil’s operations have been valued using the Net Asset Value (NAV) methodology. ExxonMobil’s operations yielded an equity value of US$xxx billion and an Enterprise Value (EV) of US$xxx billion. GlobalData’s base case valuation is US$xxx per share, implying that the stock is trading at a discount of xx%, based on the current share price of US$xxx per share as of May 13, 2014.

GlobalData has valued ExxonMobil using the sum-of-parts valuation methodology.

GlobalData has valued ExxonMobil’s proved reserve base using the Present Value discounted at 10% (PV10) method.

GlobalData has valued ExxonMobil’s undeveloped acreages by using the recent US$-per-acreage multiples evaluated in its database (www.oilandgasetrack.com).

GlobalData’s price deck is divided into strong, base and weak cases, to evaluate ExxonMobil’s performance.

GlobalData has taken the future development costs from ExxonMobil’s standardized PV10 values from US Securities and Exchange Commission filings. GlobalData assumes that the development cost will be spent over the coming eight years.

The operating cost for independent E&P companies consists of the lifting costs and the related general and administrative expenses.

GlobalData assumes a nominal discount rate of about 10%.




Exxon Mobil Corporation, Valuation

The tables below provide a detailed calculation of ExxonMobil’s NAV.

Table 43: ExxonMobil, Net Asset Value, 2014

Total value (US$ mil) US$/share Prospective acreage 120,673.3 28.9

Total E&P value 291,842.4 69.8

Downstream 80,100.9 19.2

Chemicals 53,953.6 12.9

Total enterprise value 425,897.0 101.9

Long-term debt 19,494.0 4.7

Net debt 13,789.0 3.3

Equity value 412,108.0 98.6

Source: GlobalData




Appendix

16 Appendix 16.1 Abbreviations

ACG: Azeri-Chirag-Gunship

bbl: barrels of oil

bcf: billion cubic feet

bcfd: billion cubic feet per day

bd: barrels of oil per day

boe: barrels of oil equivalent

CAGR: Compound Annual Growth Rate

CBM: Coal-Bed Methane

capex: capital expenditure

CBM: Coal-Bed Methane

CFO: Cash Flow from Operations

CLOV: Cravo-Lirio-Orquidea-Violeta

DACF: Debt-Adjusted Cash Flow

DD&A: Depreciation, Depletion and Amortization

E&P: Exploration and Production

EBIT: Earnings before Interest and Tax

EBITDA: Earnings before Interest, Tax, Depreciation and Amortization

EBITDAX: Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization and Exploration Expenses

EBT: Earnings Before Tax

EPS: Earnings Per Share

EV: Enterprise Value

EVD: Ebola Virus Disease

F&D: Finding and Development

FEL: Frontier Exploration License

FPSO: Floating Production, Storage and Offloading

G&A: General and Administrative




Appendix

GoM: Gulf of Mexico

ICSID: International Centre for Settlement of Investment Disputes

JV: Joint Venture

km: kilometers

LNG: Liquefied Natural Gas

mbd: thousand barrels of oil per day

mbbl: thousand barrels of oil

mboed: thousand barrels of oil equivalent per day

mcf: thousand cubic feet

mi: miles

mmbbl: million barrels of oil

mmbd: million barrels of oil per day

mmboe: million barrels of oil equivalent

mmboed: million barrels of oil equivalent per day

mmcfd: million cubic feet per day

mmt: million metric tons

NAM: Nederlandse Aardolie Maatschappij

NGL: Natural Gas Liquid

OML: Oil Mining Lease

OPEC: Organization of Petroleum Exporting Countries

OPL: Oil Prospecting License

PNG: Papua New Guinea

PNGLNG: Papua New Guinea Liquefied Natural Gas

PP&E: Property Plant and Equipment

PSC: Production Sharing Contracts

PV10: Present Value discounted at 10%

RHS: Right-Hand Side

SAGD: Steam-Assisted Gravity Drainage

SEPA: Scottish Environment Protection Agency




Appendix

SOEP: Sable Offshore Energy Project

SYU: Santa Ynez Unit

tcf: trillion cubic feet

YoY: Year-on-Year




Appendix

16.2 Sources ExxonMobil (2010); Annual Report 2010; ExxonMobil. Available from: http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-reportsannual [Accessed on July 14, 2014]

ExxonMobil (2011); Annual Report 2011. ExxonMobil. Available from: http://www.exxonmobil.com/Corporate/Files/news_pub_sar2011.pdf

ExxonMobil (2012). Annual Report 2012. ExxonMobil. Available from: http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-reportsannual [Accessed on July 14, 2014]

ExxonMobil (2013a). Annual Report. ExxonMobil. Available from: http://nasdaqomx.mobular.net/nasdaqomx/7/3395/4843/ [Accessed on July 14, 2014]

ExxonMobil (2013b). Operational Overview. ExxonMobil. Available from: http://cdn.exxonmobil.com/~/media/Reports/Financial%20Review/2013_ExxonMobil_Financial_and_Operating_Review.pdf

ExxonMobil (2013c). Annual Meeting Presentation. ExxonMobil. Available from: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjM3NDM2fENoaWxkSUQ9LTF8VHlwZT0z&t=1 [Accessed on July 14, 2014]

ExxonMobil (2014a). Company Website. ExxonMobil. Available from: http://corporate.exxonmobil.com/

ExxonMobil (2014b). Operational & Financial Overview. ExxonMobil. Available from: http://cdn.exxonmobil.com/~/media/Reports/Financial%20Review/2014_ExxonMobil_Financial_and_Operating_Review.pdf

Google Finance (2013). Summary. Google Finance. Available from: http://www.google.com/finance?cid=663876 [Accessed on July 14, 2014]

Yahoo Finance (2013). Historical Prices. Yahoo Finance. Available from: https://in.finance.yahoo.com/q/hp?s=XOM&a=08&b=1&c=2013&d=07&e=31&f=2014&g=d [Accessed on September 2, 2014]




Appendix

16.3 Research Methodology GlobalData’s dedicated research and analysis teams consist of experienced professionals with advanced statistical expertise and marketing, market research and consulting backgrounds in the energy industry.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and Strategic and Competitive Intelligence Professionals (www.scip.org).

All GlobalData databases are continuously updated and revised.

Coverage

The objective of updating GlobalData’s coverage is to ensure that it represents the most up-to-date vision of the industry possible.

Changes to the industry taxonomy are built on the basis of extensive research of company, association and competitor sources.

Company coverage is based on three key factors: market capitalization; revenues; and media attention and innovation and market potential.

An exhaustive search of 56 member exchanges is conducted and companies are prioritized on the basis of their market capitalization.

Estimated revenue figures for all major companies, including private and governmental, are gathered and used to prioritize coverage.

Companies that are making the news or that are of particular interest due to their innovative approach are prioritized.

GlobalData aims to cover all major news events and deals in the energy industry, updated on a daily basis.

Secondary Research

The research process begins with extensive secondary research using internal and external sources to gather qualitative and quantitative information relating to each market.

The secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and Securities and Exchange Commission (SEC) filings

Industry trade journals and other technical literature

Internal proprietary and external databases

National government documents, statistical databases and market reports




Appendix

News articles, press releases and web-casts specific to the companies operating in the market

Primary Research

GlobalData conducts hundreds of primary interviews each year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions:

Provides first-hand information on market size, market trends, growth trends, competitive landscape and future outlook

Helps to validate and strengthen secondary research findings

Further develops the analysis team’s expertise and market understanding




Appendix

16.4 Disclaimer All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means; electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.

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