2014
Financial Statements and
Supplemental Information
FINANCIAL SECTION
TABLE OF CONTENTS
%XVLQHVV3URILOH
)LQDQFLDO6XPPDU\
)UHTXHQWO\8VHG7HUPV
4XDUWHUO\,QIRUPDWLRQ
0DQDJHPHQWV'LVFXVVLRQDQG$QDO\VLVRI)LQDQFLDO&RQGLWLRQ
DQG5HVXOWVRI2SHUDWLRQV
)XQFWLRQDO(DUQLQJV
)RUZDUG/RRNLQJ6WDWHPHQWV
2YHUYLHZ
%XVLQHVV(QYLURQPHQWDQG5LVN$VVHVVPHQW
5HYLHZRIDQG5HVXOWV
/LTXLGLW\DQG&DSLWDO5HVRXUFHV
&DSLWDODQG([SORUDWLRQ([SHQGLWXUHV
7D[HV
(QYLURQPHQWDO0DWWHUV
0DUNHW5LVNV,QIODWLRQDQG2WKHU8QFHUWDLQWLHV
5HFHQWO\,VVXHG$FFRXQWLQJ6WDQGDUGV
&ULWLFDO$FFRXQWLQJ(VWLPDWHV
0DQDJHPHQWV5HSRUWRQ,QWHUQDO&RQWURO2YHU)LQDQFLDO5HSRUWLQJ
5HSRUWRI,QGHSHQGHQW5HJLVWHUHG3XEOLF$FFRXQWLQJ)LUP
&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
6WDWHPHQWRI,QFRPH
6WDWHPHQWRI&RPSUHKHQVLYH,QFRPH
%DODQFH6KHHW
6WDWHPHQWRI&DVK)ORZV
6WDWHPHQWRI&KDQJHVLQ(TXLW\
1RWHVWR&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
6XPPDU\RI$FFRXQWLQJ3ROLFLHV
$FFRXQWLQJ&KDQJHV
0LVFHOODQHRXV)LQDQFLDO,QIRUPDWLRQ
2WKHU&RPSUHKHQVLYH,QFRPH,QIRUPDWLRQ
&DVK)ORZ,QIRUPDWLRQ
$GGLWLRQDO:RUNLQJ&DSLWDO,QIRUPDWLRQ
(TXLW\&RPSDQ\,QIRUPDWLRQ
,QYHVWPHQWV$GYDQFHVDQG/RQJ7HUP5HFHLYDEOHV
3URSHUW\3ODQWDQG(TXLSPHQWDQG$VVHW5HWLUHPHQW2EOLJDWLRQV
$FFRXQWLQJIRU6XVSHQGHG([SORUDWRU\:HOO&RVWV
/HDVHG)DFLOLWLHV
(DUQLQJV3HU6KDUH
)LQDQFLDO,QVWUXPHQWVDQG'HULYDWLYHV
/RQJ7HUP'HEW
,QFHQWLYH3URJUDP
/LWLJDWLRQDQG2WKHU&RQWLQJHQFLHV
3HQVLRQDQG2WKHU3RVWUHWLUHPHQW%HQHILWV
'LVFORVXUHVDERXW6HJPHQWVDQG5HODWHG,QIRUPDWLRQ
,QFRPH6DOHV%DVHGDQG2WKHU7D[HV
6XSSOHPHQWDO,QIRUPDWLRQRQ2LODQG*DV([SORUDWLRQDQG3URGXFWLRQ$FWLYLWLHV
2SHUDWLQJ6XPPDU\
6WRFN3HUIRUPDQFH*UDSKV
BUSINESS PROFILE
Return on
Capital and
Earnings After
Average Capital
Average Capital
Exploration
Income Taxes
Employed
Employed
Expenditures
2014
2013
2014
2013
2014
2013
2014
2013
Financial
(millions of dollars)
(percent)
(millions of dollars)
8SVWUHDP
8QLWHG6WDWHV
1RQ86
7RWDO
'RZQVWUHDP
8QLWHG6WDWHV
1RQ86
7RWDO
&KHPLFDO
8QLWHG6WDWHV
1RQ86
7RWDO
&RUSRUDWHDQGILQDQFLQJ
7RWDO
See Frequently Used Terms for a definition and calculation of capital employed and return on average capital employed.
2014
2013
2014
2013
Operating
(thousands of barrels daily)
(thousands of barrels daily)
1HWOLTXLGVSURGXFWLRQ
5HILQHU\WKURXJKSXW
8QLWHG6WDWHV
8QLWHG6WDWHV
1RQ86
1RQ86
7RWDO
7RWDO
(millions of cubic feet daily)
(thousands of barrels daily)
1DWXUDOJDVSURGXFWLRQDYDLODEOHIRUVDOH
3HWUROHXPSURGXFWVDOHV
8QLWHG6WDWHV
8QLWHG6WDWHV
1RQ86
1RQ86
7RWDO
7RWDO
(thousands of oil-equivalent barrels daily)
(thousands of metric tons)
2LOHTXLYDOHQWSURGXFWLRQ(1)
&KHPLFDOSULPHSURGXFWVDOHV (2)
8QLWHG6WDWHV
1RQ86
7RWDO
(1) Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.
(2) Prime product sales are total product sales excluding carbon black oil and sulfur. Prime product sales include
ExxonMobils share of equity company volumes and finished-product transfers to the Downstream.
FINANCIAL SUMMARY
2014
2013
2012
2011
2010
(millions of dollars, except per share amounts)
6DOHVDQGRWKHURSHUDWLQJUHYHQXH(1)
(DUQLQJV
8SVWUHDP
'RZQVWUHDP
&KHPLFDO
&RUSRUDWHDQGILQDQFLQJ
1HWLQFRPHDWWULEXWDEOHWR([[RQ0RELO
(DUQLQJVSHUFRPPRQVKDUH
(DUQLQJVSHUFRPPRQVKDUHDVVXPLQJGLOXWLRQ
&DVKGLYLGHQGVSHUFRPPRQVKDUH
(DUQLQJVWRDYHUDJH([[RQ0RELOVKDUHRIHTXLW\SHUFHQW
:RUNLQJFDSLWDO
5DWLRRIFXUUHQWDVVHWVWRFXUUHQWOLDELOLWLHVWLPHV
$GGLWLRQVWRSURSHUW\SODQWDQGHTXLSPHQW
3URSHUW\SODQWDQGHTXLSPHQWOHVVDOORZDQFHV
7RWDODVVHWV
([SORUDWLRQH[SHQVHVLQFOXGLQJGU\KROHV
5HVHDUFKDQGGHYHORSPHQWFRVWV
/RQJWHUPGHEW
7RWDOGHEW
)L[HGFKDUJHFRYHUDJHUDWLRWLPHV
'HEWWRFDSLWDOSHUFHQW
1HWGHEWWRFDSLWDOSHUFHQW(2)
([[RQ0RELOVKDUHRIHTXLW\DW\HDUHQG
([[RQ0RELOVKDUHRIHTXLW\SHUFRPPRQVKDUH
:HLJKWHGDYHUDJHQXPEHURIFRPPRQVKDUHV
RXWVWDQGLQJPLOOLRQV
1XPEHURIUHJXODUHPSOR\HHVDW\HDUHQGWKRXVDQGV(3)
&256HPSOR\HHVQRWLQFOXGHGDERYHWKRXVDQGV(4)
(1) Sales and other operating revenue includes sales-based taxes of $29,342 million for 2014, $30,589 million for 2013, $32,409
million for 2012, $33,503 million for 2011 and $28,547 million for 2010.
(2) Debt net of cash, excluding restricted cash.
(3) Regular employees are defined as active executive, management, professional, technical and wage employees who work full
time or part time for the Corporation and are covered by the Corporations benefit plans and programs.
(4) CORS employees are employees of company-operated retail sites.
2014
2013
(millions of dollars)
2012
&DSLWDOHPSOR\HGLVDPHDVXUHRIQHWLQYHVWPHQW:KHQYLHZHGIURPWKHSHUVSHFWLYHRIKRZWKHFDSLWDOLVXVHGE\WKHEXVLQHVVHV
LWLQFOXGHV([[RQ0RELOVQHWVKDUHRISURSHUW\SODQWDQGHTXLSPHQWDQGRWKHUDVVHWVOHVVOLDELOLWLHVH[FOXGLQJERWKVKRUWWHUP
DQGORQJWHUPGHEW:KHQYLHZHGIURPWKHSHUVSHFWLYHRIWKHVRXUFHVRIFDSLWDOHPSOR\HGLQWRWDOIRUWKH&RUSRUDWLRQLWLQFOXGHV
([[RQ0RELOVVKDUHRIWRWDO GHEWDQGHTXLW\%RWKRIWKHVHYLHZVLQFOXGH([[RQ0RELOVVKDUHRIDPRXQWVDSSOLFDEOHWRHTXLW\
FRPSDQLHVZKLFKWKH&RUSRUDWLRQEHOLHYHVVKRXOGEHLQFOXGHGWRSURYLGHDPRUHFRPSUHKHQVLYHPHDVXUHRIFDSLWDOHPSOR\HG
Capital employed
%XVLQHVVXVHVDVVHWDQGOLDELOLW\SHUVSHFWLYH
7RWDODVVHWV
/HVVOLDELOLWLHVDQGQRQFRQWUROOLQJLQWHUHVWVVKDUHRIDVVHWVDQGOLDELOLWLHV
7RWDOFXUUHQWOLDELOLWLHVH[FOXGLQJQRWHVDQGORDQVSD\DEOH
7RWDOORQJWHUPOLDELOLWLHVH[FOXGLQJORQJWHUPGHEW
1RQFRQWUROOLQJLQWHUHVWVVKDUHRIDVVHWVDQGOLDELOLWLHV
$GG([[RQ0RELOVKDUHRIGHEWILQDQFHGHTXLW\FRPSDQ\QHWDVVHWV
7RWDOFDSLWDOHPSOR\HG
7RWDOFRUSRUDWHVRXUFHVGHEWDQGHTXLW\SHUVSHFWLYH
1RWHVDQGORDQVSD\DEOH
/RQJWHUPGHEW
([[RQ0RELOVKDUHRIHTXLW\
/HVVQRQFRQWUROOLQJLQWHUHVWVVKDUHRIWRWDOGHEW
$GG([[RQ0RELOVKDUHRIHTXLW\FRPSDQ\GHEW
7RWDOFDSLWDOHPSOR\HG
2014
2013
(millions of dollars)
2012
2014
$YHUDJHFDSLWDOHPSOR\HG
5HWXUQRQDYHUDJHFDSLWDOHPSOR\HGFRUSRUDWHWRWDO
2013
2012
(millions of dollars)
QUARTERLY INFORMATION
2014
2013
First
Second
Third
Fourth
First
Second
Third
Fourth
Quarter Quarter Quarter Quarter
Quarter Quarter Quarter Quarter
Year
Volumes
(thousands of barrels daily)
3URGXFWLRQRIFUXGHRLO
DQGQDWXUDOJDVOLTXLGV
V\QWKHWLFRLODQGELWXPHQ
5HILQHU\WKURXJKSXW
3HWUROHXPSURGXFWVDOHV
(millions of cubic feet daily)
1DWXUDOJDVSURGXFWLRQ
DYDLODEOHIRUVDOH
(thousands of oil-equivalent barrels daily)
2LOHTXLYDOHQWSURGXFWLRQ(1)
(thousands of metric tons)
&KHPLFDOSULPHSURGXFWVDOHV
Summarized financial data
(millions of dollars)
6DOHVDQGRWKHURSHUDWLQJ
UHYHQXH(2)(3)
*URVVSURILW(4)
1HWLQFRPHDWWULEXWDEOHWR
([[RQ0RELO
(dollars per share)
Per share data
(DUQLQJVSHUFRPPRQVKDUH(5)
(DUQLQJVSHUFRPPRQVKDUH
DVVXPLQJGLOXWLRQ(5)
'LYLGHQGVSHUFRPPRQVKDUH
&RPPRQVWRFNSULFHV
+LJK
/RZ
Year
(1)
(2)
(3)
(4)
(5)
7KH SULFH UDQJH RI ([[RQ0RELO FRPPRQ VWRFN LV DV UHSRUWHG RQ WKH FRPSRVLWH WDSH RI WKH VHYHUDO 86 H[FKDQJHV ZKHUH
([[RQ0RELOFRPPRQVWRFNLVWUDGHG7KHSULQFLSDOPDUNHWZKHUH([[RQ0RELOFRPPRQVWRFN;20LVWUDGHGLVWKH1HZ<RUN
6WRFN([FKDQJHDOWKRXJKWKHVWRFNLVWUDGHGRQRWKHUH[FKDQJHVLQDQGRXWVLGHWKH8QLWHG6WDWHV
7KHUH ZHUHUHJLVWHUHGVKDUHKROGHUVRI([[RQ0RELOFRPPRQVWRFNDW'HFHPEHU$W-DQXDU\WKH
UHJLVWHUHGVKDUHKROGHUVRI([[RQ0RELOFRPPRQVWRFNQXPEHUHG
2Q-DQXDU\WKH&RUSRUDWLRQGHFODUHGDGLYLGHQGSHUFRPPRQVKDUHSD\DEOH0DUFK
FUNCTIONAL EARNINGS
2014
2013
2012
(millions of dollars, except per share amounts)
Earnings (U.S. GAAP)
8SVWUHDP
8QLWHG6WDWHV
1RQ86
'RZQVWUHDP
8QLWHG6WDWHV
1RQ86
&KHPLFDO
8QLWHG6WDWHV
1RQ86
&RUSRUDWHDQGILQDQFLQJ
1HWLQFRPHDWWULEXWDEOHWR([[RQ0RELO86*$$3
(DUQLQJVSHUFRPPRQVKDUH
(DUQLQJVSHUFRPPRQVKDUHDVVXPLQJGLOXWLRQ
References in this discussion to total corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the
consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and
Corporate and Financing segment earnings, and earnings per share are ExxonMobils share after excluding amounts
attributable to noncontrolling interests.
2014
2013
2012
(millions of dollars)
2014
2013
2012
(millions of dollars)
8SVWUHDPHDUQLQJVZHUHPLOOLRQXSPLOOLRQIURP/RZHUSULFHVGHFUHDVHGHDUQLQJVE\ELOOLRQ)DYRUDEOH
YROXPHHIIHFWVLQFUHDVHGHDUQLQJVE\PLOOLRQ$OORWKHULWHPVSULPDULO\DVVHWVDOHVDQGIDYRUDEOH86GHIHUUHGLQFRPHWD[
LWHPV LQFUHDVHG HDUQLQJV E\ ELOOLRQ 2Q DQ RLOHTXLYDOHQW EDVLV SURGXFWLRQ RI PLOOLRQ EDUUHOV SHU GD\ ZDV GRZQ
SHUFHQWFRPSDUHGWR([FOXGLQJWKHLPSDFWRIWKHH[SLU\RIWKH$EX'KDELRQVKRUHFRQFHVVLRQSURGXFWLRQGHFUHDVHG
SHUFHQW/LTXLGVSURGXFWLRQRIPLOOLRQEDUUHOVSHUGD\GHFUHDVHGEDUUHOVSHUGD\FRPSDUHGWR7KH$EX'KDEL
RQVKRUH FRQFHVVLRQ H[SLU\ UHGXFHG YROXPHV E\ EDUUHOV SHU GD\ ([FOXGLQJ WKLV LPSDFW OLTXLGV SURGXFWLRQ ZDV XS
SHUFHQW GULYHQ E\ SURMHFW UDPSXS DQG ZRUN SURJUDPV 1DWXUDO JDV SURGXFWLRQ RI ELOOLRQ FXELF IHHW SHU GD\ GHFUHDVHG
PLOOLRQ FXELF IHHW SHU GD\ IURP DV H[SHFWHG 86 ILHOG GHFOLQH DQG ORZHU (XURSHDQ GHPDQG ZHUH SDUWLDOO\ RIIVHW E\
SURMHFWUDPSXSDQGZRUNSURJUDPV(DUQLQJVIURP868SVWUHDPRSHUDWLRQVZHUHPLOOLRQXSPLOOLRQIURP
(DUQLQJVRXWVLGHWKH86ZHUHPLOOLRQGRZQPLOOLRQIURPWKHSULRU\HDU
2013
8SVWUHDP HDUQLQJV ZHUH PLOOLRQ GRZQ PLOOLRQ IURP +LJKHU JDV UHDOL]DWLRQV SDUWLDOO\ RIIVHW E\ ORZHU
OLTXLGVUHDOL]DWLRQVLQFUHDVHGHDUQLQJVE\PLOOLRQ3URGXFWLRQYROXPHDQGPL[HIIHFWVGHFUHDVHGHDUQLQJVE\PLOOLRQ
Downstream
'RZQVWUHDP
8QLWHG6WDWHV
1RQ86
7RWDO
2014
2014
2013
2012
(millions of dollars)
'RZQVWUHDPHDUQLQJVRIPLOOLRQGHFUHDVHGPLOOLRQIURP/RZHUPDUJLQVGHFUHDVHGHDUQLQJVE\PLOOLRQ
9ROXPH DQG PL[ HIIHFWV LQFUHDVHG HDUQLQJV E\ PLOOLRQ $OO RWKHU LWHPV SULPDULO\ XQIDYRUDEOH IRUHLJQ H[FKDQJH DQG WD[
LPSDFWVSDUWLDOO\RIIVHWE\ORZHUH[SHQVHVGHFUHDVHGHDUQLQJVE\PLOOLRQ3HWUROHXPSURGXFWVDOHVRIPLOOLRQEDUUHOV
SHUGD\ZHUHLQOLQHZLWK86'RZQVWUHDPHDUQLQJVZHUHPLOOLRQDGHFUHDVHRIPLOOLRQIURP1RQ86
'RZQVWUHDPHDUQLQJVZHUHPLOOLRQXSPLOOLRQIURPWKHSULRU\HDU
2013
'RZQVWUHDP HDUQLQJV RI PLOOLRQ GHFUHDVHG PLOOLRQ IURP GULYHQ E\ WKH DEVHQFH RI WKH ELOOLRQ JDLQ
DVVRFLDWHG ZLWK WKH -DSDQ UHVWUXFWXULQJ /RZHU PDUJLQV PDLQO\ UHILQLQJ GHFUHDVHG HDUQLQJV E\ ELOOLRQ 9ROXPH DQG PL[
HIIHFWVGHFUHDVHGHDUQLQJVE\PLOOLRQ$OORWKHULWHPVLQFOXGLQJKLJKHURSHUDWLQJH[SHQVHVXQIDYRUDEOHIRUHLJQH[FKDQJH
LPSDFWV DQG ORZHU GLYHVWPHQWV GHFUHDVHG HDUQLQJV E\ ELOOLRQ 3HWUROHXP SURGXFW VDOHV RI PLOOLRQ EDUUHOV SHU GD\
GHFUHDVHGEDUUHOVSHUGD\IURP86'RZQVWUHDPHDUQLQJVZHUHPLOOLRQGRZQPLOOLRQIURP
1RQ86'RZQVWUHDPHDUQLQJVZHUHPLOOLRQDGHFUHDVHRIPLOOLRQIURPWKHSULRU\HDU
Chemical
&KHPLFDO
8QLWHG6WDWHV
1RQ86
7RWDO
2014
2014
2013
2012
(millions of dollars)
&KHPLFDOHDUQLQJVRIPLOOLRQLQFUHDVHGPLOOLRQIURP+LJKHUFRPPRGLW\GULYHQPDUJLQVLQFUHDVHGHDUQLQJVE\
PLOOLRQ ZKLOH YROXPH DQG PL[ HIIHFWV LQFUHDVHG HDUQLQJV E\ PLOOLRQ $OO RWKHU LWHPV SULPDULO\ KLJKHU SODQQHG
H[SHQVHVGHFUHDVHGHDUQLQJVE\PLOOLRQ3ULPHSURGXFWVDOHVRIPLOOLRQPHWULFWRQVZHUHXSWRQVIURP
GULYHQ E\ LQFUHDVHG 6LQJDSRUH SURGXFWLRQ 86 &KHPLFDO HDUQLQJV ZHUH PLOOLRQ XS PLOOLRQ IURP 1RQ86
&KHPLFDOHDUQLQJVZHUHPLOOLRQPLOOLRQKLJKHUWKDQWKHSULRU\HDU
2013
&KHPLFDO HDUQLQJV RI PLOOLRQ ZHUH PLOOLRQ ORZHU WKDQ 7KH DEVHQFH RI WKH JDLQ DVVRFLDWHG ZLWK WKH -DSDQ
UHVWUXFWXULQJ GHFUHDVHG HDUQLQJV E\ PLOOLRQ +LJKHU PDUJLQV LQFUHDVHG HDUQLQJV E\ PLOOLRQ ZKLOH YROXPH DQG PL[
HIIHFWVLQFUHDVHGHDUQLQJVE\PLOOLRQ3ULPHSURGXFWVDOHVRIPLOOLRQPHWULFWRQVZHUHGRZQWRQVIURP86
&KHPLFDO HDUQLQJV ZHUH PLOOLRQ XS PLOOLRQ IURP 1RQ86 &KHPLFDO HDUQLQJV ZHUH PLOOLRQ
PLOOLRQORZHUWKDQWKHSULRU\HDU
Corporate and Financing
2014
2013
2012
(millions of dollars)
&RUSRUDWHDQGILQDQFLQJ
2014
&RUSRUDWHDQGILQDQFLQJH[SHQVHVZHUHPLOOLRQLQXSPLOOLRQIURPGXHSULPDULO\WRWD[UHODWHGLWHPV
2013
&RUSRUDWH DQG ILQDQFLQJ H[SHQVHV ZHUH PLOOLRQ GRZQ PLOOLRQ IURP DV IDYRUDEOH WD[ LPSDFWV ZHUH SDUWLDOO\
RIIVHWE\WKHDEVHQFHRIWKH-DSDQUHVWUXFWXULQJJDLQ
20162019
(millions of dollars)
2020
and
Beyond
2015
Total
Commitments
/RQJWHUPGHEW (1)
'XHLQRQH\HDU (2)
$VVHWUHWLUHPHQWREOLJDWLRQV (3)
3HQVLRQDQGRWKHUSRVWUHWLUHPHQWREOLJDWLRQV (4)
2SHUDWLQJOHDVHV (5)
8QFRQGLWLRQDOSXUFKDVHREOLJDWLRQV (6)
7DNHRUSD\REOLJDWLRQV (7)
)LUPFDSLWDOFRPPLWPHQWV (8)
7KLVWDEOHH[FOXGHVFRPPRGLW\SXUFKDVHREOLJDWLRQVYROXPHWULFFRPPLWPHQWVEXWQRIL[HGRUPLQLPXPSULFHZKLFKDUHUHVROG
VKRUWO\ DIWHU SXUFKDVH HLWKHU LQ DQ DFWLYH KLJKO\ OLTXLG PDUNHW RU XQGHU ORQJWHUP XQFRQGLWLRQDO VDOHV FRQWUDFWV ZLWK VLPLODU
SULFLQJ WHUPV ([DPSOHV LQFOXGH ORQJWHUP QRQFDQFHODEOH /1* DQG QDWXUDO JDV SXUFKDVH FRPPLWPHQWV DQG FRPPLWPHQWV WR
SXUFKDVHUHILQHU\SURGXFWVDWPDUNHWSULFHV,QFOXVLRQRIVXFKFRPPLWPHQWVZRXOGQRWEHPHDQLQJIXOLQDVVHVVLQJOLTXLGLW\DQG
FDVKIORZEHFDXVHWKHVHSXUFKDVHVZLOOEHRIIVHWLQWKHVDPHSHULRGVE\FDVKUHFHLYHGIURPWKHUHODWHGVDOHVWUDQVDFWLRQV7KH
WDEOHDOVRH[FOXGHVXQUHFRJQL]HGWD[EHQHILWVWRWDOLQJELOOLRQDVRI'HFHPEHUEHFDXVHWKH&RUSRUDWLRQLVXQDEOHWR
PDNHUHDVRQDEO\UHOLDEOHHVWLPDWHVRIWKHWLPLQJRIFDVKVHWWOHPHQWVZLWKWKHUHVSHFWLYHWD[LQJDXWKRULWLHV)XUWKHUGHWDLOVRQWKH
XQUHFRJQL]HGWD[EHQHILWVFDQEHIRXQGLQ1RWH,QFRPH6DOHV%DVHGDQG2WKHU7D[HV
1RWHV
(1) Includes capitalized lease obligations of $375 million.
(2) The amount due in one year is included in notes and loans payable of $17,468 million.
(3) The fair value of asset retirement obligations, primarily upstream asset removal costs at the completion of field life.
(4) The amount by which the benefit obligations exceeded the fair value of fund assets for certain U.S. and non-U.S. pension and
other postretirement plans at year end. The payments by period include expected contributions to funded pension plans in
2015 and estimated benefit payments for unfunded plans in all years.
(5) Minimum commitments for operating leases, shown on an undiscounted basis, cover drilling equipment, tankers, service
stations and other properties.
(6) Unconditional purchase obligations (UPOs) are those long-term commitments that are noncancelable or cancelable only
under certain conditions, and that third parties have used to secure financing for the facilities that will provide the
contracted goods or services. The undiscounted obligations of $1,095 million mainly pertain to pipeline throughput
agreements and include $433 million of obligations to equity companies.
(7) Take-or-pay obligations are noncancelable, long-term commitments for goods and services other than UPOs. The
undiscounted obligations of $27,709 million mainly pertain to pipeline, manufacturing supply and terminal agreements.
(8) Firm commitments related to capital projects, shown on an undiscounted basis, totaled approximately $25.6 billion. These
commitments were primarily associated with Upstream projects outside the U.S., of which $13.9 billion was associated with
projects in Africa, Canada, Australia, United Arab Emirates, Malaysia and Kazakhstan. The Corporation expects to fund the
majority of these projects with internally generated funds, supplemented by long-term and short-term debt.
2014
41%
2013
(millions of dollars)
48%
2012
44%
,QFRPHVDOHVEDVHGDQGDOORWKHUWD[HVDQGGXWLHVWRWDOHGELOOLRQLQDGHFUHDVHRIELOOLRQRUSHUFHQWIURP
,QFRPHWD[H[SHQVHERWKFXUUHQWDQGGHIHUUHGZDVELOOLRQELOOLRQORZHUWKDQDVDUHVXOWRIDORZHUHIIHFWLYHWD[
UDWH 7KH HIIHFWLYH WD[ UDWH ZDV SHUFHQW FRPSDUHG WR SHUFHQW LQ WKH SULRU \HDU GXH SULPDULO\ WR LPSDFWV UHODWHG WR WKH
&RUSRUDWLRQV DVVHW PDQDJHPHQW SURJUDP DQG IDYRUDEOH 86 GHIHUUHG WD[ LWHPV 6DOHVEDVHG DQG DOO RWKHU WD[HV DQG GXWLHV RI
ELOOLRQLQGHFUHDVHGELOOLRQ
2013
,QFRPHVDOHVEDVHGDQGDOORWKHUWD[HVDQGGXWLHVWRWDOHGELOOLRQLQDGHFUHDVHRIELOOLRQRUSHUFHQWIURP
,QFRPHWD[H[SHQVHERWKFXUUHQWDQGGHIHUUHGZDVELOOLRQELOOLRQORZHUWKDQZLWKWKHLPSDFWRIORZHU
HDUQLQJVSDUWLDOO\RIIVHWE\WKHKLJKHUHIIHFWLYHWD[UDWH7KHHIIHFWLYHWD[UDWHZDVSHUFHQWFRPSDUHGWRSHUFHQWLQWKHSULRU
\HDUGXHWRWKHDEVHQFHRIIDYRUDEOHWD[LPSDFWVRQGLYHVWPHQWV6DOHVEDVHGDQGDOORWKHUWD[HVDQGGXWLHVRIELOOLRQLQ
GHFUHDVHGELOOLRQUHIOHFWLQJWKH-DSDQUHVWUXFWXULQJ
ENVIRONMENTAL MATTERS
Environmental Expenditures
2014
2013
(millions of dollars)
&DSLWDOH[SHQGLWXUHV
2WKHUH[SHQGLWXUHV
7RWDO
7KURXJKRXW([[RQ0RELOVEXVLQHVVHVQHZDQGRQJRLQJPHDVXUHVDUHWDNHQWRSUHYHQWDQGPLQLPL]HWKHLPSDFWRIRXURSHUDWLRQV
RQDLUZDWHUDQGJURXQG7KHVHLQFOXGHDVLJQLILFDQWLQYHVWPHQWLQUHILQLQJLQIUDVWUXFWXUHDQGWHFKQRORJ\WRPDQXIDFWXUHFOHDQ
IXHOVDVZHOODVSURMHFWVWRPRQLWRUDQGUHGXFHQLWURJHQR[LGHVXOIXUR[LGHDQGJUHHQKRXVHJDVHPLVVLRQVDQGH[SHQGLWXUHVIRU
DVVHW UHWLUHPHQW REOLJDWLRQV 8VLQJ GHILQLWLRQV DQG JXLGHOLQHV HVWDEOLVKHG E\ WKH $PHULFDQ 3HWUROHXP ,QVWLWXWH ([[RQ0RELOV
ZRUOGZLGH HQYLURQPHQWDO H[SHQGLWXUHV IRU DOO VXFK SUHYHQWDWLYH DQG UHPHGLDWLRQ VWHSV LQFOXGLQJ ([[RQ0RELOV VKDUH RI
HTXLW\FRPSDQ\H[SHQGLWXUHVZHUHDERXWELOOLRQ7KHWRWDOFRVWIRUVXFKDFWLYLWLHVLVH[SHFWHGWRUHPDLQLQWKLVUDQJHLQ
DQGZLWKFDSLWDOH[SHQGLWXUHVDSSUR[LPDWHO\SHUFHQWRIWKHWRWDO
Environmental Liabilities
7KH&RUSRUDWLRQDFFUXHVHQYLURQPHQWDOOLDELOLWLHVZKHQLWLVSUREDEOHWKDWREOLJDWLRQVKDYHEHHQLQFXUUHGDQGWKHDPRXQWVFDQEH
UHDVRQDEO\ HVWLPDWHG 7KLV SROLF\ DSSOLHV WR DVVHWV RU EXVLQHVVHV FXUUHQWO\ RZQHG RU SUHYLRXVO\ GLVSRVHG ([[RQ0RELO KDV
DFFUXHGOLDELOLWLHVIRUSUREDEOHHQYLURQPHQWDOUHPHGLDWLRQREOLJDWLRQVDWYDULRXVVLWHVLQFOXGLQJPXOWLSDUW\VLWHVZKHUHWKH86
(QYLURQPHQWDO3URWHFWLRQ $JHQF\KDVLGHQWLILHG([[RQ0RELODVRQHRIWKHSRWHQWLDOO\UHVSRQVLEOHSDUWLHV7KH LQYROYHPHQWRI
RWKHU ILQDQFLDOO\ UHVSRQVLEOH FRPSDQLHV DW WKHVH PXOWLSDUW\ VLWHV FRXOG PLWLJDWH ([[RQ0RELOV DFWXDO MRLQW DQG VHYHUDO OLDELOLW\
H[SRVXUH $W SUHVHQW QR LQGLYLGXDO VLWH LV H[SHFWHG WR KDYH ORVVHV PDWHULDO WR ([[RQ0RELOV RSHUDWLRQV RU ILQDQFLDO FRQGLWLRQ
&RQVROLGDWHGFRPSDQ\SURYLVLRQVPDGHLQIRUHQYLURQPHQWDOOLDELOLWLHVZHUHPLOOLRQPLOOLRQLQDQGWKH
EDODQFHVKHHWUHIOHFWVDFFXPXODWHGOLDELOLWLHVRIPLOOLRQDVRI'HFHPEHUDQGPLOOLRQDVRI'HFHPEHU
MARKET RISKS, INFLATION AND OTHER UNCERTAINTIES
2014
2013
2012
Worldwide Average Realizations (1)
&UXGHRLODQG1*/EDUUHO
1DWXUDOJDVNFI
(1) Consolidated subsidiaries.
&UXGHRLOQDWXUDOJDVSHWUROHXPSURGXFWDQGFKHPLFDOSULFHVKDYHIOXFWXDWHGLQUHVSRQVHWRFKDQJLQJPDUNHWIRUFHV7KHLPSDFWV
RI WKHVH SULFH IOXFWXDWLRQV RQ HDUQLQJV IURP 8SVWUHDP 'RZQVWUHDP DQG &KHPLFDO RSHUDWLRQV KDYH YDULHG ,Q WKH 8SVWUHDP D
SHUEDUUHO FKDQJH LQ WKH ZHLJKWHGDYHUDJH UHDOL]HG SULFH RI RLO ZRXOG KDYH DSSUR[LPDWHO\ D PLOOLRQ DQQXDO DIWHUWD[
HIIHFWRQ8SVWUHDPFRQVROLGDWHGSOXVHTXLW\FRPSDQ\HDUQLQJV6LPLODUO\DSHUNFIFKDQJHLQWKHZRUOGZLGHDYHUDJHJDV
UHDOL]DWLRQ ZRXOG KDYH DSSUR[LPDWHO\ D PLOOLRQ DQQXDO DIWHUWD[ HIIHFW RQ 8SVWUHDP FRQVROLGDWHG SOXV HTXLW\ FRPSDQ\
HDUQLQJV)RUDQ\JLYHQSHULRGWKHH[WHQWRIDFWXDOEHQHILWRUGHWULPHQWZLOOEHGHSHQGHQWRQWKHSULFHPRYHPHQWVRILQGLYLGXDO
W\SHVRIFUXGHRLOWD[HVDQGRWKHUJRYHUQPHQWWDNHLPSDFWVSULFHDGMXVWPHQWODJVLQORQJWHUPJDVFRQWUDFWVDQGFUXGHDQGJDV
SURGXFWLRQ YROXPHV $FFRUGLQJO\ FKDQJHV LQ EHQFKPDUN SULFHV IRU FUXGH RLO DQG QDWXUDO JDV RQO\ SURYLGH EURDG LQGLFDWRUV RI
FKDQJHVLQWKHHDUQLQJVH[SHULHQFHGLQDQ\SDUWLFXODUSHULRG
,QWKHYHU\FRPSHWLWLYHGRZQVWUHDPDQGFKHPLFDOHQYLURQPHQWVHDUQLQJVDUHSULPDULO\GHWHUPLQHGE\PDUJLQFDSWXUHUDWKHU
WKDQDEVROXWHSULFHOHYHOVRISURGXFWVVROG5HILQLQJPDUJLQVDUHDIXQFWLRQRIWKHGLIIHUHQFHEHWZHHQZKDWDUHILQHUSD\VIRULWV
UDZ PDWHULDOV SULPDULO\ FUXGH RLO DQG WKH PDUNHW SULFHV IRU WKH UDQJH RI SURGXFWV SURGXFHG 7KHVH SULFHV LQ WXUQ GHSHQG RQ
JOREDODQGUHJLRQDOVXSSO\GHPDQGEDODQFHVLQYHQWRU\OHYHOVUHILQHU\RSHUDWLRQVLPSRUWH[SRUWEDODQFHVDQGZHDWKHU
Management, including the Corporations Chief Executive Officer, Principal Financial Officer, and Principal Accounting Officer,
is responsible for establishing and maintaining adequate internal control over the Corporations financial reporting. Management
conducted an evaluation of the effectiveness of internal control over financial reporting based on criteria established in Internal
Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on this evaluation, management concluded that Exxon Mobil Corporations internal control over financial reporting was
effective as of December 31, 2014.
PricewaterhouseCoopers LLP, an independent registered public accounting firm, audited the effectiveness of the Corporations
internal control over financial reporting as of December 31, 2014, as stated in their report included in the Financial Section of this
report.
Rex W. Tillerson
Chief Executive Officer
Andrew P. Swiger
Senior Vice President
(Principal Financial Officer)
David S. Rosenthal
Vice President and Controller
(Principal Accounting Officer)
7RWKH6KDUHKROGHUVRI([[RQ0RELO&RUSRUDWLRQ
,Q RXU RSLQLRQ WKH DFFRPSDQ\LQJ &RQVROLGDWHG %DODQFH 6KHHWV DQG WKH UHODWHG &RQVROLGDWHG 6WDWHPHQWV RI ,QFRPH
&RPSUHKHQVLYH,QFRPH&KDQJHVLQ(TXLW\DQG&DVK)ORZVSUHVHQWIDLUO\LQDOOPDWHULDOUHVSHFWVWKHILQDQFLDOSRVLWLRQRI([[RQ
0RELO&RUSRUDWLRQDQGLWVVXEVLGLDULHVDW'HFHPEHUDQGDQGWKHUHVXOWVRIWKHLURSHUDWLRQVDQGWKHLUFDVKIORZVIRU
HDFKRIWKHWKUHH\HDUVLQWKHSHULRGHQGHG'HFHPEHULQFRQIRUPLW\ZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH
8QLWHG6WDWHVRI$PHULFD$OVRLQRXURSLQLRQWKH&RUSRUDWLRQPDLQWDLQHGLQDOOPDWHULDOUHVSHFWVHIIHFWLYHLQWHUQDOFRQWURORYHU
ILQDQFLDO UHSRUWLQJ DV RI 'HFHPEHU EDVHG RQ FULWHULD HVWDEOLVKHG LQ Internal Control Integrated Framework (2013)
LVVXHGE\WKH&RPPLWWHHRI6SRQVRULQJ2UJDQL]DWLRQVRIWKH7UHDGZD\&RPPLVVLRQ&2627KH&RUSRUDWLRQVPDQDJHPHQWLV
UHVSRQVLEOHIRUWKHVHILQDQFLDOVWDWHPHQWVIRUPDLQWDLQLQJHIIHFWLYHLQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJDQGIRULWVDVVHVVPHQW
RIWKHHIIHFWLYHQHVVRILQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJLQFOXGHGLQWKHDFFRPSDQ\LQJ0DQDJHPHQWV5HSRUWRQ,QWHUQDO
&RQWURORYHU)LQDQFLDO5HSRUWLQJ2XUUHVSRQVLELOLW\LVWRH[SUHVVRSLQLRQVRQWKHVHILQDQFLDOVWDWHPHQWVDQGRQWKH&RUSRUDWLRQV
LQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJEDVHGRQRXULQWHJUDWHGDXGLWV:HFRQGXFWHGRXUDXGLWVLQDFFRUGDQFHZLWKWKHVWDQGDUGV
RIWKH3XEOLF&RPSDQ\$FFRXQWLQJ2YHUVLJKW%RDUG8QLWHG6WDWHV7KRVHVWDQGDUGVUHTXLUHWKDWZHSODQDQGSHUIRUPWKHDXGLWV
WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU WKH ILQDQFLDO VWDWHPHQWV DUH IUHH RI PDWHULDO PLVVWDWHPHQW DQG ZKHWKHU HIIHFWLYH
LQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJZDVPDLQWDLQHGLQDOOPDWHULDOUHVSHFWV2XUDXGLWVRIWKHILQDQFLDOVWDWHPHQWVLQFOXGHG
H[DPLQLQJRQDWHVWEDVLVHYLGHQFHVXSSRUWLQJWKHDPRXQWVDQGGLVFORVXUHVLQWKHILQDQFLDOVWDWHPHQWVDVVHVVLQJWKHDFFRXQWLQJ
SULQFLSOHVXVHGDQGVLJQLILFDQWHVWLPDWHVPDGHE\PDQDJHPHQWDQGHYDOXDWLQJWKHRYHUDOOILQDQFLDOVWDWHPHQWSUHVHQWDWLRQ2XU
DXGLWRILQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRILQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJ
DVVHVVLQJWKHULVNWKDWD PDWHULDO ZHDNQHVVH[LVWVDQGWHVWLQJDQGHYDOXDWLQJWKHGHVLJQDQGRSHUDWLQJHIIHFWLYHQHVVRILQWHUQDO
FRQWUROEDVHGRQWKHDVVHVVHGULVN2XUDXGLWVDOVRLQFOXGHGSHUIRUPLQJVXFKRWKHUSURFHGXUHVDVZHFRQVLGHUHGQHFHVVDU\LQWKH
FLUFXPVWDQFHV:HEHOLHYHWKDWRXUDXGLWVSURYLGHDUHDVRQDEOHEDVLVIRURXURSLQLRQV
$ FRPSDQ\V LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ LV D SURFHVV GHVLJQHG WR SURYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ WKH
UHOLDELOLW\ RI ILQDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ RI ILQDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV LQ DFFRUGDQFH ZLWK JHQHUDOO\
DFFHSWHGDFFRXQWLQJSULQFLSOHV$FRPSDQ\VLQWHUQDOFRQWURORYHUILQDQFLDOUHSRUWLQJLQFOXGHVWKRVHSROLFLHVDQGSURFHGXUHVWKDW
LSHUWDLQWRWKHPDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLODFFXUDWHO\DQGIDLUO\UHIOHFWWKHWUDQVDFWLRQVDQGGLVSRVLWLRQVRI
WKHDVVHWVRIWKHFRPSDQ\LLSURYLGHUHDVRQDEOHDVVXUDQFHWKDWWUDQVDFWLRQVDUHUHFRUGHGDVQHFHVVDU\WRSHUPLWSUHSDUDWLRQRI
ILQDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV DQG WKDW UHFHLSWV DQG H[SHQGLWXUHV RI WKH
FRPSDQ\DUHEHLQJPDGHRQO\LQDFFRUGDQFHZLWKDXWKRUL]DWLRQVRIPDQDJHPHQWDQGGLUHFWRUVRIWKHFRPSDQ\DQGLLLSURYLGH
UHDVRQDEOHDVVXUDQFHUHJDUGLQJSUHYHQWLRQRUWLPHO\GHWHFWLRQRIXQDXWKRUL]HGDFTXLVLWLRQXVHRUGLVSRVLWLRQRIWKHFRPSDQ\V
DVVHWVWKDWFRXOGKDYHDPDWHULDOHIIHFWRQWKHILQDQFLDOVWDWHPHQWV
%HFDXVH RI LWV LQKHUHQW OLPLWDWLRQV LQWHUQDO FRQWURO RYHU ILQDQFLDO UHSRUWLQJ PD\ QRW SUHYHQW RU GHWHFW PLVVWDWHPHQWV $OVR
SURMHFWLRQV RI DQ\ HYDOXDWLRQ RI HIIHFWLYHQHVV WR IXWXUH SHULRGV DUH VXEMHFW WR WKH ULVN WKDW FRQWUROV PD\ EHFRPH LQDGHTXDWH
EHFDXVHRIFKDQJHVLQFRQGLWLRQVRUWKDWWKHGHJUHHRIFRPSOLDQFHZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH
'DOODV7H[DV
)HEUXDU\
2012
2012
&DVKIORZVIURPLQYHVWLQJDFWLYLWLHV
$GGLWLRQVWRSURSHUW\SODQWDQGHTXLSPHQW
3URFHHGVDVVRFLDWHGZLWKVDOHVRIVXEVLGLDULHVSURSHUW\SODQW
DQGHTXLSPHQWDQGVDOHVDQGUHWXUQVRILQYHVWPHQWV
'HFUHDVHLQFUHDVHLQUHVWULFWHGFDVKDQGFDVKHTXLYDOHQWV
$GGLWLRQDOLQYHVWPHQWVDQGDGYDQFHV
&ROOHFWLRQRIDGYDQFHV
1HWFDVKXVHGLQLQYHVWLQJDFWLYLWLHV
&DVKIORZVIURPILQDQFLQJDFWLYLWLHV
$GGLWLRQVWRORQJWHUPGHEW
5HGXFWLRQVLQORQJWHUPGHEW
$GGLWLRQVWRVKRUWWHUPGHEW
5HGXFWLRQVLQVKRUWWHUPGHEW
$GGLWLRQVUHGXFWLRQVLQGHEWZLWKWKUHHPRQWKVRUOHVVPDWXULW\
&DVKGLYLGHQGVWR([[RQ0RELOVKDUHKROGHUV
&DVKGLYLGHQGVWRQRQFRQWUROOLQJLQWHUHVWV
&KDQJHVLQQRQFRQWUROOLQJLQWHUHVWV
7D[EHQHILWVUHODWHGWRVWRFNEDVHGDZDUGV
&RPPRQVWRFNDFTXLUHG
&RPPRQVWRFNVROG
1HWFDVKXVHGLQILQDQFLQJDFWLYLWLHV
(IIHFWVRIH[FKDQJHUDWHFKDQJHVRQFDVK
,QFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV
&DVKDQGFDVKHTXLYDOHQWVDWEHJLQQLQJRI\HDU
&DVKDQGFDVKHTXLYDOHQWVDWHQGRI\HDU
2014
2013
(millions of dollars)
2012
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
%DODQFHDVRI'HFHPEHU
$PRUWL]DWLRQRIVWRFNEDVHGDZDUGV
7D[EHQHILWVUHODWHGWRVWRFNEDVHGDZDUGV
2WKHU
1HWLQFRPHIRUWKH\HDU
'LYLGHQGVFRPPRQVKDUHV
2WKHUFRPSUHKHQVLYHLQFRPH
$FTXLVLWLRQVDWFRVW
'LVSRVLWLRQV
%DODQFHDVRI'HFHPEHU
$PRUWL]DWLRQRIVWRFNEDVHGDZDUGV
7D[EHQHILWVUHODWHGWRVWRFNEDVHGDZDUGV
2WKHU
1HWLQFRPHIRUWKH\HDU
'LYLGHQGVFRPPRQVKDUHV
2WKHUFRPSUHKHQVLYHLQFRPH
$FTXLVLWLRQVDWFRVW
'LVSRVLWLRQV
%DODQFHDVRI'HFHPEHU
$PRUWL]DWLRQRIVWRFNEDVHGDZDUGV
7D[EHQHILWVUHODWHGWRVWRFNEDVHGDZDUGV
2WKHU
1HWLQFRPHIRUWKH\HDU
'LYLGHQGVFRPPRQVKDUHV
2WKHUFRPSUHKHQVLYHLQFRPH
$FTXLVLWLRQVDWFRVW
'LVSRVLWLRQV
%DODQFHDVRI'HFHPEHU
ExxonMobil Share of Equity
Accumulated Common
Other
Stock
ExxonMobil
Earnings Comprehensive Held in
Share of
Common
Stock
Reinvested
Income
Treasury
Equity
(millions of dollars)
Noncontrolling
Interests
Total
Equity
Common Stock Share Activity
%DODQFHDVRI'HFHPEHU
$FTXLVLWLRQV
'LVSRVLWLRQV
%DODQFHDVRI'HFHPEHU
$FTXLVLWLRQV
'LVSRVLWLRQV
%DODQFHDVRI'HFHPEHU
$FTXLVLWLRQV
'LVSRVLWLRQV
%DODQFHDVRI'HFHPEHU
Issued
Held in
Treasury
(millions of shares)
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
Outstanding
2014
2013
(billions of dollars)
2014
2013
(millions of dollars)
2012
&DVKSD\PHQWVIRULQFRPHWD[HV
6. Additional Working Capital Information
Dec. 31
Dec. 31
2014
2013
(millions of dollars)
1RWHVDQGDFFRXQWVUHFHLYDEOH
7UDGHOHVVUHVHUYHVRIPLOOLRQDQGPLOOLRQ
2WKHUOHVVUHVHUYHVRIPLOOLRQDQGPLOOLRQ
7RWDO
1RWHVDQGORDQVSD\DEOH
%DQNORDQV
&RPPHUFLDOSDSHU
/RQJWHUPGHEWGXHZLWKLQRQH\HDU
7RWDO
$FFRXQWVSD\DEOHDQGDFFUXHGOLDELOLWLHV
7UDGHSD\DEOHV
3D\DEOHVWRHTXLW\FRPSDQLHV
$FFUXHGWD[HVRWKHUWKDQLQFRPHWD[HV
2WKHU
7RWDO
7KH&RUSRUDWLRQKDVVKRUWWHUPFRPPLWWHGOLQHVRIFUHGLWRIELOOLRQZKLFKZHUHXQXVHGDVRI'HFHPEHU7KHVHOLQHV
DUHDYDLODEOHIRUJHQHUDOFRUSRUDWHSXUSRVHV
7KH ZHLJKWHGDYHUDJH LQWHUHVW UDWH RQ VKRUWWHUP ERUURZLQJV RXWVWDQGLQJ ZDV SHUFHQW DQG SHUFHQW DW 'HFHPEHU
DQGUHVSHFWLYHO\
2013
2014
ExxonMobil
Share
Total
2012
ExxonMobil
Total
Share
(millions of dollars)
Total
ExxonMobil
Share
Percentage
Ownership
Interest
Upstream
$HUD(QHUJ\//&
%(%(UGJDVXQG(UGRHO*PE+ &R.*
&DPHURRQ2LO7UDQVSRUWDWLRQ&RPSDQ\6$
&URVV7LPEHUV(QHUJ\//&
*ROGHQ3DVV/1*7HUPLQDO//&
.DUPRUQHIWHJD]+ROGLQJ6$5/
0DULQH:HOO&RQWDLQPHQW&RPSDQ\//&
1HGHUODQGVH$DUGROLH0DDWVFKDSSLM%9
4DWDU/LTXHILHG*DV&RPSDQ\/LPLWHG
4DWDU/LTXHILHG*DV&RPSDQ\/LPLWHG
5DV/DIIDQ/LTXHILHG1DWXUDO*DV&RPSDQ\/LPLWHG
5DV/DIIDQ/LTXHILHG1DWXUDO*DV&RPSDQ\/LPLWHG,,
5DV/DIIDQ/LTXHILHG1DWXUDO*DV&RPSDQ\/LPLWHG
6RXWK+RRN/1*7HUPLQDO&RPSDQ\/LPLWHG
7HQJL]FKHYURLO//3
7HUPLQDOH*1/$GULDWLFR6UO
&KDOPHWWH5HILQLQJ//&
)XMLDQ5HILQLQJ 3HWURFKHPLFDO&R/WG
6DXGL$UDPFR0RELO5HILQHU\&RPSDQ\/WG
Downstream
Chemical
$O-XEDLO3HWURFKHPLFDO&RPSDQ\
,QILQHXP+ROGLQJV%9
,QILQHXP86$/3
6DXGL<DQEX3HWURFKHPLFDO&R
8. Investments, Advances and Long-Term Receivables
&RPSDQLHVFDUULHGDWHTXLW\LQXQGHUO\LQJDVVHWV
,QYHVWPHQWV
$GYDQFHV
7RWDOHTXLW\FRPSDQ\LQYHVWPHQWVDQGDGYDQFHV
&RPSDQLHVFDUULHGDWFRVWRUOHVVDQGVWRFNLQYHVWPHQWVFDUULHGDWIDLUYDOXH
/RQJWHUPUHFHLYDEOHVDQGPLVFHOODQHRXVLQYHVWPHQWVDWFRVWRUOHVVQHWRIUHVHUYHV
RIPLOOLRQDQGPLOOLRQ
7RWDO
Dec. 31,
Dec. 31,
2014
2013
(millions of dollars)
2014
2013
(millions of dollars)
&DSLWDOL]HGIRUDSHULRGRIRQH\HDURUOHVV
&DSLWDOL]HGIRUDSHULRGRIEHWZHHQRQHDQGILYH\HDUV
&DSLWDOL]HGIRUDSHULRGRIEHWZHHQILYHDQGWHQ\HDUV
&DSLWDOL]HGIRUDSHULRGRIJUHDWHUWKDQWHQ\HDUV
&DSLWDOL]HGIRUDSHULRGJUHDWHUWKDQRQH\HDUVXEWRWDO
7RWDO
2014
2013
(millions of dollars)
2014
2013
(millions of dollars)
2012
2012
([SORUDWLRQDFWLYLW\RIWHQLQYROYHVGULOOLQJPXOWLSOHZHOOVRYHUDQXPEHURI\HDUVWRIXOO\HYDOXDWHDSURMHFW7KHWDEOHEHORZ
SURYLGHVDQXPHULFDOEUHDNGRZQRIWKHQXPEHURISURMHFWVZLWKVXVSHQGHGH[SORUDWRU\ZHOOFRVWVZKLFKKDGWKHLUILUVWFDSLWDOL]HG
ZHOOGULOOHGLQWKHSUHFHGLQJPRQWKVDQGWKRVHWKDW KDYHKDGH[SORUDWRU\ ZHOO FRVWV FDSLWDOL]HGIRUDSHULRGJUHDWHUWKDQ
PRQWKV
1XPEHURISURMHFWVZLWKILUVWFDSLWDOL]HGZHOOGULOOHGLQWKHSUHFHGLQJPRQWKV
1XPEHURISURMHFWVWKDWKDYHH[SORUDWRU\ZHOOFRVWVFDSLWDOL]HGIRUDSHULRG
RIJUHDWHUWKDQPRQWKV
7RWDO
2014
2013
2012
<HDUV
'HF :HOOV
'ULOOHG
&RPPHQW
(millions of dollars)
$QJROD
.DRPER6SOLW+XE3KDVH (YDOXDWLQJGHYHORSPHQWSODQWRWLHLQWRSODQQHGSURGXFWLRQIDFLOLWLHV
3HUSHWXD=LQLD$FDFLD
2LOILHOGQHDU3D]IORUGHYHORSPHQWDZDLWLQJFDSDFLW\LQH[LVWLQJSODQQHGLQIUDVWUXFWXUH
$XVWUDOLD
(DVW3LOFKDUG
*DVILHOGQHDU.LSSHU7XQDGHYHORSPHQWDZDLWLQJFDSDFLW\LQH[LVWLQJSODQQHG
LQIUDVWUXFWXUH
6(/RQJWRP
*DVILHOGQHDU7XQDGHYHORSPHQWDZDLWLQJFDSDFLW\LQH[LVWLQJSODQQHGLQIUDVWUXFWXUH
6(5HPRUD
*DVILHOGQHDU0DUOLQGHYHORSPHQWDZDLWLQJFDSDFLW\LQH[LVWLQJSODQQHGLQIUDVWUXFWXUH
,QGRQHVLD
$ODV7XD:HVW
(YDOXDWLQJGHYHORSPHQWSODQWRWLHLQWRSODQQHGSURGXFWLRQIDFLOLWLHV
&HSX*DV
'HYHORSPHQWDFWLYLW\XQGHUZD\ZKLOHFRQWLQXLQJFRPPHUFLDOGLVFXVVLRQVZLWKWKH
JRYHUQPHQW
.HGXQJ.HULV
(YDOXDWLQJGHYHORSPHQWSODQWRWLHLQWRSODQQHGSURGXFWLRQIDFLOLWLHV
1DWXQD
'HYHORSPHQWDFWLYLW\XQGHUZD\ZKLOHFRQWLQXLQJGLVFXVVLRQVZLWKWKHJRYHUQPHQW
RQFRQWUDFWWHUPVSXUVXDQWWRH[HFXWHG+HDGVRI$JUHHPHQW
.D]DNKVWDQ
.DLUDQ
(YDOXDWLQJFRPPHUFLDOL]DWLRQDQGILHOGGHYHORSPHQWDOWHUQDWLYHVZKLOHFRQWLQXLQJ
GLVFXVVLRQVZLWKWKHJRYHUQPHQWUHJDUGLQJWKHGHYHORSPHQWSODQ
0DOD\VLD
%HVDU
*DVILHOGRIIWKHHDVWFRDVWRI0DOD\VLDSURJUHVVLQJGHYHORSPHQWSODQ
%LQGX
$ZDLWLQJFDSDFLW\LQH[LVWLQJSODQQHGLQIUDVWUXFWXUH
1LJHULD
%ROLD
(YDOXDWLQJGHYHORSPHQWSODQZKLOHFRQWLQXLQJGLVFXVVLRQVZLWKWKHJRYHUQPHQW
UHJDUGLQJUHJLRQDOKXEVWUDWHJ\
%RVL
'HYHORSPHQWDFWLYLW\XQGHUZD\ZKLOHFRQWLQXLQJGLVFXVVLRQVZLWKWKHJRYHUQPHQW
UHJDUGLQJGHYHORSPHQWSODQ
%RVL&HQWUDO
'HYHORSPHQWDFWLYLW\XQGHUZD\ZKLOHFRQWLQXLQJGLVFXVVLRQVZLWKWKHJRYHUQPHQW
UHJDUGLQJGHYHORSPHQWSODQ
(UKD1RUWKHDVW
(YDOXDWLQJGHYHORSPHQWSODQIRUWLHEDFNWRH[LVWLQJSURGXFWLRQIDFLOLWLHV
2ZRZR
&RQWLQXLQJGLVFXVVLRQVZLWKWKHJRYHUQPHQWUHJDUGLQJFRQWUDFWWHUPV
3HJL
$ZDLWLQJFDSDFLW\LQH[LVWLQJSODQQHGLQIUDVWUXFWXUH
6DWHOOLWH)LHOG
(YDOXDWLQJGHYHORSPHQWSODQWRWLHLQWRSODQQHGSURGXFWLRQIDFLOLWLHV
'HYHORSPHQW3KDVH
2WKHUSURMHFWV
(YDOXDWLQJDQGSXUVXLQJGHYHORSPHQWRIVHYHUDODGGLWLRQDOGLVFRYHULHV
1RUZD\
*DPPD
(YDOXDWLQJGHYHORSPHQWSODQIRUWLHEDFNWRH[LVWLQJSURGXFWLRQIDFLOLWLHV
/DYUDQV
(YDOXDWLQJGHYHORSPHQWSODQDZDLWLQJFDSDFLW\LQH[LVWLQJ.ULVWLQSURGXFWLRQIDFLOLW\
2WKHUSURMHFWV
(YDOXDWLQJGHYHORSPHQWSODQVLQFOXGLQJSRWHQWLDOIRUWLHEDFNWRH[LVWLQJSURGXFWLRQ
IDFLOLWLHV
3DSXD1HZ*XLQHD
-XKD
3URJUHVVLQJGHYHORSPHQWSODQVWRWLHLQWRH[LVWLQJ/1*IDFLOLWLHV
3
Q\DQJ
(YDOXDWLQJGHYHORSPHQWDOWHUQDWLYHVWRWLHLQWRH[LVWLQJSODQQHGLQIUDVWUXFWXUH
5HSXEOLFRI&RQJR
0HU7UHV3URIRQGH6XG (YDOXDWLQJGHYHORSPHQWDOWHUQDWLYHVZKLOHFRQWLQXLQJGLVFXVVLRQVZLWKWKHJRYHUQPHQW
UHJDUGLQJGHYHORSPHQWSODQ
8QLWHG.LQJGRP
3K\OOLV
(YDOXDWLQJGHYHORSPHQWSODQIRUWLHEDFNWRH[LVWLQJSURGXFWLRQIDFLOLWLHV
8QLWHG6WDWHV
+DGULDQ1RUWK
(YDOXDWLQJGHYHORSPHQWSODQWRWLHLQWRH[LVWLQJSURGXFWLRQIDFLOLWLHV
7LS7RS
(YDOXDWLQJGHYHORSPHQWFRQFHSWDQGUHTXLVLWHIDFLOLW\XSJUDGHV
7RWDOSURMHFWV
2014
2013
(millions of dollars)
2014
2012
2013
2012
1HWLQFRPHDWWULEXWDEOHWR([[RQ0RELO(millions of dollars)
:HLJKWHGDYHUDJHQXPEHURIFRPPRQVKDUHVRXWVWDQGLQJ(millions of shares)
(DUQLQJVSHUFRPPRQVKDUH(dollars) (1)
'LYLGHQGVSDLGSHUFRPPRQVKDUH (dollars)
(1) The earnings per common share and earnings per common share - assuming dilution are the same in each period shown.
([[RQ0RELO&RUSRUDWLRQ
QRWHVGXH
)ORDWLQJUDWHQRWHVGXH (1)
QRWHVGXH
)ORDWLQJUDWHQRWHVGXH(2)
QRWHVGXH
;72(QHUJ\,QF(3)
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
VHQLRUQRWHVGXH
2014
2013
(millions of dollars)
0RELO3URGXFLQJ1LJHULD8QOLPLWHG(4)
9DULDEOHQRWHVGXH
0RELO&RUSRUDWLRQ
GHEHQWXUHVGXH
,QGXVWULDOUHYHQXHERQGVGXH(6)
2WKHU86GROODUREOLJDWLRQV(7)
2WKHUIRUHLJQFXUUHQF\REOLJDWLRQV
&DSLWDOL]HGOHDVHREOLJDWLRQV (8)
7RWDOORQJWHUPGHEW
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Equity Company
Obligations (1)
*XDUDQWHHV
'HEWUHODWHG
2WKHU
7RWDO
Total
Pension Benefits
U.S.
2014
2013
Other Postretirement
Benefits
2014
2013
Non-U.S.
2014
2013
(millions of dollars)
Other Postretirement
Benefits
2014
2013
U.S. Pension
Fair Value Measurement
at December 31, 2014, Using:
Quoted
Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
(Level 1)
(Level 2)
(Level 3)
Non-U.S. Pension
Fair Value Measurement
at December 31, 2014, Using:
Quoted
Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
Total
(Level 1)
(Level 2)
(Level 3)
(millions of dollars)
Total
$VVHWFDWHJRU\
(TXLW\VHFXULWLHV
(1)
(1)
86
(1)
(2)
(1)
1RQ86
(3)
(3)
3ULYDWHHTXLW\
'HEWVHFXULWLHV
(4)
(4)
&RUSRUDWH
(5)
(4)
(4)
*RYHUQPHQW
(4)
(4)
$VVHWEDFNHG
(6)
5HDOHVWDWHIXQGV
(8)
(7)
&DVK
7RWDODWIDLUYDOXH
,QVXUDQFHFRQWUDFWV
DWFRQWUDFWYDOXH
7RWDOSODQDVVHWV
(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit
value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices
on active exchanges, which are Level 1 inputs.
(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active
exchanges.
(3) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data
including Initial Public Offerings.
(4) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market
transactions.
(5) For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted
prices.
(6) For real estate funds, fair value is based on appraised values developed using comparable market transactions.
(7) For cash balances held in the form of short-term fund units that are redeemable at the measurement date, the fair value is
treated as a Level 2 input.
(8) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
2014
Pension
Other
Postretirement
U.S.
Non-U.S.
Private
Equity
Private
Real
Equity
Estate
(millions of dollars)
Private
Equity
U.S. Pension
Non-U.S. Pension
Quoted
Quoted
Prices
Prices
in Active
Significant
in Active
Markets for
Other
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Identical
Observable
Unobservable
Assets
Inputs
Inputs
(Level 1)
(Level 2)
(Level 3)
Total
Significant
Assets
Inputs
Inputs
(Level 1)
(Level 2)
(Level 3)
Total
(millions of dollars)
$VVHWFDWHJRU\
(TXLW\VHFXULWLHV
86
(1)
(1)
(2)
(1)
1RQ86
(1)
3ULYDWHHTXLW\
(3)
(3)
'HEWVHFXULWLHV
&RUSRUDWH
(4)
(4)
(5)
(4)
*RYHUQPHQW
(4)
(4)
(4)
$VVHWEDFNHG
5HDOHVWDWHIXQGV
(6)
&DVK
(7)
(8)
7RWDODWIDLUYDOXH
,QVXUDQFHFRQWUDFWV
DWFRQWUDFWYDOXH
7RWDOSODQDVVHWV
(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit
value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices
on active exchanges, which are Level 1 inputs.
(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active
exchanges.
(3) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data
including Initial Public Offerings.
(4) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market
transactions.
(5) For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted
prices.
(6) For real estate funds, fair value is based on appraised values developed using comparable market transactions.
(7) For cash balances held in the form of short-term fund units that are redeemable at the measurement date, the fair value is
treated as a Level 2 input.
(8) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
2013
Pension
U.S.
Private
Private
Real
Postretirement
Private
Equity
Equity
Estate
Equity
(millions of dollars)
Other
Non-U.S.
7KH 8SVWUHDP 'RZQVWUHDP DQG &KHPLFDO IXQFWLRQV EHVW GHILQH WKH RSHUDWLQJ VHJPHQWV RI WKH EXVLQHVV WKDW DUH UHSRUWHG
VHSDUDWHO\7KHIDFWRUVXVHGWRLGHQWLI\WKHVHUHSRUWDEOHVHJPHQWVDUHEDVHGRQWKHQDWXUHRIWKHRSHUDWLRQVWKDWDUHXQGHUWDNHQE\
HDFK VHJPHQW 7KH 8SVWUHDP VHJPHQW LV RUJDQL]HG DQG RSHUDWHV WR H[SORUH IRU DQG SURGXFH FUXGH RLO DQG QDWXUDO JDV 7KH
'RZQVWUHDPVHJPHQWLVRUJDQL]HGDQGRSHUDWHVWRPDQXIDFWXUHDQGVHOOSHWUROHXPSURGXFWV7KH&KHPLFDOVHJPHQWLVRUJDQL]HG
DQG RSHUDWHV WR PDQXIDFWXUH DQG VHOO SHWURFKHPLFDOV 7KHVH VHJPHQWV DUH EURDGO\ XQGHUVWRRG DFURVV WKH SHWUROHXP DQG
SHWURFKHPLFDOLQGXVWULHV
7KHVHIXQFWLRQVKDYHEHHQGHILQHGDVWKHRSHUDWLQJVHJPHQWVRIWKH&RUSRUDWLRQEHFDXVHWKH\DUHWKHVHJPHQWVWKDWHQJDJH
LQ EXVLQHVV DFWLYLWLHV IURP ZKLFK UHYHQXHV DUH HDUQHG DQG H[SHQVHV DUH LQFXUUHG ZKRVH RSHUDWLQJ UHVXOWV DUH UHJXODUO\
UHYLHZHGE\WKH&RUSRUDWLRQVFKLHIRSHUDWLQJGHFLVLRQPDNHUWRPDNHGHFLVLRQVDERXWUHVRXUFHVWREHDOORFDWHGWRWKHVHJPHQW
DQGWRDVVHVVLWVSHUIRUPDQFHDQGIRUZKLFKGLVFUHWHILQDQFLDOLQIRUPDWLRQLVDYDLODEOH
(DUQLQJVDIWHULQFRPHWD[LQFOXGHWUDQVIHUVDWHVWLPDWHGPDUNHWSULFHV
Upstream
U.S.
Non-U.S.
$VRI'HFHPEHU
(DUQLQJVDIWHULQFRPHWD[
(DUQLQJVRIHTXLW\FRPSDQLHVLQFOXGHGDERYH
6DOHVDQGRWKHURSHUDWLQJUHYHQXH(1)
,QWHUVHJPHQWUHYHQXH
'HSUHFLDWLRQDQGGHSOHWLRQH[SHQVH
,QWHUHVWUHYHQXH
,QWHUHVWH[SHQVH
,QFRPHWD[HV
$GGLWLRQVWRSURSHUW\SODQWDQGHTXLSPHQW
,QYHVWPHQWVLQHTXLW\FRPSDQLHV
7RWDODVVHWV
$VRI'HFHPEHU
(DUQLQJVDIWHULQFRPHWD[
(DUQLQJVRIHTXLW\FRPSDQLHVLQFOXGHGDERYH
6DOHVDQGRWKHURSHUDWLQJUHYHQXH (1)
,QWHUVHJPHQWUHYHQXH
'HSUHFLDWLRQDQGGHSOHWLRQH[SHQVH
,QWHUHVWUHYHQXH
,QWHUHVWH[SHQVH
,QFRPHWD[HV
$GGLWLRQVWRSURSHUW\SODQWDQGHTXLSPHQW
,QYHVWPHQWVLQHTXLW\FRPSDQLHV
7RWDODVVHWV
$VRI'HFHPEHU
(DUQLQJVDIWHULQFRPHWD[
(DUQLQJVRIHTXLW\FRPSDQLHVLQFOXGHGDERYH
6DOHVDQGRWKHURSHUDWLQJUHYHQXH (1)
,QWHUVHJPHQWUHYHQXH
'HSUHFLDWLRQDQGGHSOHWLRQH[SHQVH
,QWHUHVWUHYHQXH
,QWHUHVWH[SHQVH
,QFRPHWD[HV
$GGLWLRQVWRSURSHUW\SODQWDQGHTXLSPHQW
,QYHVWPHQWVLQHTXLW\FRPSDQLHV
7RWDODVVHWV
(1)
Downstream
Chemical
U.S.
Non-U.S.
U.S.
Non-U.S.
(millions of dollars)
Sales and other operating revenue includes sales-based taxes of $29,342 million for 2014, $30,589 million for 2013 and
$32,409 million for 2012. See Note 1, Summary of Accounting Policies.
Corporate
and
Corporate
Financing
Total
2014
2013
2012
Sales and other operating revenue (1)
(millions of dollars)
8QLWHG6WDWHV
1RQ86
7RWDO
6LJQLILFDQWQRQ86UHYHQXHVRXUFHVLQFOXGH
&DQDGD
8QLWHG.LQJGRP
%HOJLXP
,WDO\
)UDQFH
6LQJDSRUH
*HUPDQ\
(1) Sales and other operating revenue includes sales-based taxes of $29,342 million for 2014, $30,589 million for 2013 and
$32,409 million for 2012. See Note 1, Summary of Accounting Policies.
2014
2013
2012
Long-lived assets
(millions of dollars)
8QLWHG6WDWHV
1RQ86
7RWDO
6LJQLILFDQWQRQ86ORQJOLYHGDVVHWVLQFOXGH
&DQDGD
$XVWUDOLD
1LJHULD
6LQJDSRUH
.D]DNKVWDQ
$QJROD
3DSXD1HZ*XLQHD
1RUZD\
U.S.
2014
Non-U.S.
Total
U.S.
2013
Non-U.S.
Total
(millions of dollars)
U.S.
2012
Non-U.S.
Total
,QFRPHWD[H[SHQVH
)HGHUDODQGQRQ86
&XUUHQW
'HIHUUHGQHW
86WD[RQQRQ86RSHUDWLRQV
7RWDOIHGHUDODQGQRQ86
6WDWH(1)
7RWDOLQFRPHWD[H[SHQVH
6DOHVEDVHGWD[HV
$OORWKHUWD[HVDQGGXWLHV
2WKHUWD[HVDQGGXWLHV
,QFOXGHGLQSURGXFWLRQDQG
PDQXIDFWXULQJH[SHQVHV
,QFOXGHGLQ6* $H[SHQVHV
7RWDORWKHUWD[HVDQGGXWLHV
7RWDO
(1) In 2014, state taxes included a favorable adjustment of deferred taxes of approximately $830 million.
$OORWKHUWD[HVDQGGXWLHVLQFOXGHWD[HVUHSRUWHGLQSURGXFWLRQDQGPDQXIDFWXULQJDQGVHOOLQJJHQHUDODQGDGPLQLVWUDWLYH6* $
H[SHQVHV7KHDERYHSURYLVLRQVIRUGHIHUUHGLQFRPHWD[HVLQFOXGHQHWFUHGLWVRIPLOOLRQLQDQGPLOOLRQLQDQG
DQHWFKDUJHRIPLOOLRQLQIRUWKHHIIHFWRIFKDQJHVLQWD[ODZVDQGUDWHV
7KHUHFRQFLOLDWLRQEHWZHHQLQFRPHWD[H[SHQVHDQGDWKHRUHWLFDO86WD[FRPSXWHGE\DSSO\LQJDUDWHRISHUFHQWIRU
DQGLVDVIROORZV
,QFRPHEHIRUHLQFRPHWD[HV
8QLWHG6WDWHV
1RQ86
7RWDO
7KHRUHWLFDOWD[
(IIHFWRIHTXLW\PHWKRGRIDFFRXQWLQJ
1RQ86WD[HVLQH[FHVVRIWKHRUHWLFDO86WD[
86WD[RQQRQ86RSHUDWLRQV
6WDWHWD[HVQHWRIIHGHUDOWD[EHQHILW
2WKHU
7RWDOLQFRPHWD[H[SHQVH
(IIHFWLYHWD[UDWHFDOFXODWLRQ
,QFRPHWD[HV
([[RQ0RELOVKDUHRIHTXLW\FRPSDQ\LQFRPHWD[HV
7RWDOLQFRPHWD[HV
1HWLQFRPHLQFOXGLQJQRQFRQWUROOLQJLQWHUHVWV
7RWDOLQFRPHEHIRUHWD[HV
(IIHFWLYHLQFRPHWD[UDWH
2014
2013
(millions of dollars)
2012
2014
2013
2012
Gross unrecognized tax benefits
(millions of dollars)
%DODQFHDW-DQXDU\
$GGLWLRQVEDVHGRQFXUUHQW\HDU
VWD[SRVLWLRQV
$GGLWLRQVIRUSULRU\HDUV
WD[SRVLWLRQV
5HGXFWLRQVIRUSULRU\HDUV
WD[SRVLWLRQV
5HGXFWLRQVGXHWRODSVHRIWKHVWDWXWHRIOLPLWDWLRQV
6HWWOHPHQWVZLWKWD[DXWKRULWLHV
)RUHLJQH[FKDQJHHIIHFWVRWKHU
%DODQFHDW'HFHPEHU
7KH JURVV XQUHFRJQL]HG WD[ EHQHILW EDODQFHV VKRZQ DERYH DUH SUHGRPLQDQWO\ UHODWHG WR WD[ SRVLWLRQV WKDW ZRXOG UHGXFH WKH
&RUSRUDWLRQV HIIHFWLYH WD[ UDWH LI WKH SRVLWLRQV DUH IDYRUDEO\ UHVROYHG 8QIDYRUDEOH UHVROXWLRQ RI WKHVH WD[ SRVLWLRQV JHQHUDOO\
ZRXOGQRWLQFUHDVHWKHHIIHFWLYHWD[UDWH7KHDQGFKDQJHVLQXQUHFRJQL]HGWD[EHQHILWVGLGQRWKDYHDPDWHULDO
HIIHFWRQWKH&RUSRUDWLRQVQHWLQFRPH
5HVROXWLRQ RI WKHVH WD[ SRVLWLRQV WKURXJK QHJRWLDWLRQV ZLWK WKH UHOHYDQW WD[ DXWKRULWLHV RU WKURXJK OLWLJDWLRQ ZLOO WDNH PDQ\
\HDUVWRFRPSOHWH,WLVGLIILFXOWWRSUHGLFWWKHWLPLQJRIUHVROXWLRQIRUWD[SRVLWLRQVVLQFHVXFKWLPLQJLVQRWHQWLUHO\ZLWKLQWKH
FRQWURORIWKH&RUSRUDWLRQ,WLVUHDVRQDEO\SRVVLEOHWKDWWKHWRWDODPRXQWRIXQUHFRJQL]HGWD[EHQHILWVFRXOGLQFUHDVHE\XS WR
SHUFHQWLQWKHQH[WPRQWKVZLWKQRPDWHULDOLPSDFWRQWKH&RUSRUDWLRQVQHWLQFRPH
7KHIROORZLQJWDEOHVXPPDUL]HVWKHWD[\HDUVWKDWUHPDLQVXEMHFWWRH[DPLQDWLRQE\PDMRUWD[MXULVGLFWLRQ
Open Tax Years
Country of Operation
$EX'KDEL
$QJROD
$XVWUDOLD
&DQDGD
(TXDWRULDO*XLQHD
0DOD\VLD
1LJHULD
1RUZD\
4DWDU
5XVVLD
8QLWHG.LQJGRP
8QLWHG6WDWHV
7KH&RUSRUDWLRQFODVVLILHVLQWHUHVWRQLQFRPHWD[UHODWHGEDODQFHVDVLQWHUHVWH[SHQVHRULQWHUHVWLQFRPHDQGFODVVLILHVWD[UHODWHG
SHQDOWLHVDVRSHUDWLQJH[SHQVH
7KH &RUSRUDWLRQ LQFXUUHG PLOOLRQ LQ LQWHUHVW H[SHQVH RQ LQFRPH WD[ UHVHUYHV LQ )RU WKH &RUSRUDWLRQV QHW
LQWHUHVW H[SHQVH ZDV D FUHGLW RI PLOOLRQ UHIOHFWLQJ WKH HIIHFW RI FUHGLWV IURP WKH IDYRUDEOH UHVROXWLRQ RI SULRU \HDU WD[
SRVLWLRQV 7KH &RUSRUDWLRQ LQFXUUHG PLOOLRQ LQ LQWHUHVW H[SHQVH LQ 7KH UHODWHG LQWHUHVW SD\DEOH EDODQFHV ZHUH
PLOOLRQDQGPLOOLRQDW'HFHPEHUDQGUHVSHFWLYHO\
SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (unaudited)
7KH UHVXOWV RI RSHUDWLRQV IRU SURGXFLQJ DFWLYLWLHV VKRZQ EHORZ GR QRW LQFOXGH HDUQLQJV IURP RWKHU DFWLYLWLHV WKDW ([[RQ0RELO
LQFOXGHVLQWKH8SVWUHDPIXQFWLRQVXFKDVRLODQGJDVWUDQVSRUWDWLRQRSHUDWLRQV/1*OLTXHIDFWLRQDQGWUDQVSRUWDWLRQRSHUDWLRQV
FRDO DQG SRZHU RSHUDWLRQV WHFKQLFDO VHUYLFH DJUHHPHQWV RWKHU QRQRSHUDWLQJ DFWLYLWLHV DQG DGMXVWPHQWV IRU QRQFRQWUROOLQJ
LQWHUHVWV7KHVHH[FOXGHGDPRXQWVIRUERWKFRQVROLGDWHGDQGHTXLW\FRPSDQLHVWRWDOHGPLOOLRQLQ PLOOLRQLQ
DQG PLOOLRQ LQ 2LO VDQGV PLQLQJ RSHUDWLRQV DUH LQFOXGHG LQ WKH UHVXOWV RI RSHUDWLRQV LQ DFFRUGDQFH ZLWK
6HFXULWLHVDQG([FKDQJH&RPPLVVLRQDQG)LQDQFLDO$FFRXQWLQJ6WDQGDUGV%RDUGUXOHV
Results of Operations
Consolidated Subsidiaries
5HYHQXH
6DOHVWRWKLUGSDUWLHV
7UDQVIHUV
3URGXFWLRQFRVWVH[FOXGLQJWD[HV
([SORUDWLRQH[SHQVHV
'HSUHFLDWLRQDQGGHSOHWLRQ
7D[HVRWKHUWKDQLQFRPH
5HODWHGLQFRPHWD[
5HVXOWVRISURGXFLQJDFWLYLWLHVIRUFRQVROLGDWHG
VXEVLGLDULHV
Equity Companies
5HYHQXH
6DOHVWRWKLUGSDUWLHV
7UDQVIHUV
3URGXFWLRQFRVWVH[FOXGLQJWD[HV
([SORUDWLRQH[SHQVHV
'HSUHFLDWLRQDQGGHSOHWLRQ
7D[HVRWKHUWKDQLQFRPH
5HODWHGLQFRPHWD[
5HVXOWVRISURGXFLQJDFWLYLWLHVIRUHTXLW\FRPSDQLHV
7RWDOUHVXOWVRIRSHUDWLRQV
United
States
Canada/
South
America
Europe
Africa
Asia
(millions of dollars)
Australia/
Oceania
Total
Results of Operations
Consolidated Subsidiaries
5HYHQXH
6DOHVWRWKLUGSDUWLHV
7UDQVIHUV
3URGXFWLRQFRVWVH[FOXGLQJWD[HV
([SORUDWLRQH[SHQVHV
'HSUHFLDWLRQDQGGHSOHWLRQ
7D[HVRWKHUWKDQLQFRPH
5HODWHGLQFRPHWD[
5HVXOWVRISURGXFLQJDFWLYLWLHVIRUFRQVROLGDWHG
VXEVLGLDULHV
Equity Companies
5HYHQXH
6DOHVWRWKLUGSDUWLHV
7UDQVIHUV
3URGXFWLRQFRVWVH[FOXGLQJWD[HV
([SORUDWLRQH[SHQVHV
'HSUHFLDWLRQDQGGHSOHWLRQ
7D[HVRWKHUWKDQLQFRPH
5HODWHGLQFRPHWD[
5HVXOWVRISURGXFLQJDFWLYLWLHVIRUHTXLW\FRPSDQLHV
7RWDOUHVXOWVRIRSHUDWLRQV
Consolidated Subsidiaries
5HYHQXH
6DOHVWRWKLUGSDUWLHV
7UDQVIHUV
3URGXFWLRQFRVWVH[FOXGLQJWD[HV
([SORUDWLRQH[SHQVHV
'HSUHFLDWLRQDQGGHSOHWLRQ
7D[HVRWKHUWKDQLQFRPH
5HODWHGLQFRPHWD[
5HVXOWVRISURGXFLQJDFWLYLWLHVIRUFRQVROLGDWHG
VXEVLGLDULHV
Equity Companies
5HYHQXH
6DOHVWRWKLUGSDUWLHV
7UDQVIHUV
3URGXFWLRQFRVWVH[FOXGLQJWD[HV
([SORUDWLRQH[SHQVHV
'HSUHFLDWLRQDQGGHSOHWLRQ
7D[HVRWKHUWKDQLQFRPH
5HODWHGLQFRPHWD[
5HVXOWVRISURGXFLQJDFWLYLWLHVIRUHTXLW\FRPSDQLHV
7RWDOUHVXOWVRIRSHUDWLRQV
United
States
Canada/
South
America
Europe
Africa
Asia
(millions of dollars)
Australia/
Oceania
Total
Oil and Gas Exploration and Production Costs
7KHDPRXQWVVKRZQIRUQHWFDSLWDOL]HGFRVWVRIFRQVROLGDWHGVXEVLGLDULHVDUHPLOOLRQOHVVDW\HDUHQGDQG
PLOOLRQ OHVV DW \HDUHQG WKDQ WKH DPRXQWV UHSRUWHG DV LQYHVWPHQWV LQ SURSHUW\ SODQW DQG HTXLSPHQW IRU WKH 8SVWUHDP LQ
1RWH7KLVLVGXHWRWKHH[FOXVLRQIURPFDSLWDOL]HGFRVWVRIFHUWDLQWUDQVSRUWDWLRQDQGUHVHDUFKDVVHWVDQGDVVHWVUHODWLQJWR/1*
RSHUDWLRQV $VVHWV UHODWHG WRRLO VDQGV DQG RLO VKDOH PLQLQJ RSHUDWLRQV DUH LQFOXGHG LQ WKH FDSLWDOL]HG FRVWV LQ DFFRUGDQFH ZLWK
)LQDQFLDO$FFRXQWLQJ6WDQGDUGV%RDUGUXOHV
Capitalized Costs
Consolidated Subsidiaries
$VRI'HFHPEHU
3URSHUW\DFUHDJHFRVWV 3URYHG
8QSURYHG
7RWDOSURSHUW\FRVWV
3URGXFLQJDVVHWV
,QFRPSOHWHFRQVWUXFWLRQ
7RWDOFDSLWDOL]HGFRVWV
$FFXPXODWHGGHSUHFLDWLRQDQGGHSOHWLRQ
1HWFDSLWDOL]HGFRVWVIRUFRQVROLGDWHGVXEVLGLDULHV
Equity Companies
$VRI'HFHPEHU
3URSHUW\DFUHDJHFRVWV 3URYHG
8QSURYHG
7RWDOSURSHUW\FRVWV
3URGXFLQJDVVHWV
,QFRPSOHWHFRQVWUXFWLRQ
7RWDOFDSLWDOL]HGFRVWV
$FFXPXODWHGGHSUHFLDWLRQDQGGHSOHWLRQ
1HWFDSLWDOL]HGFRVWVIRUHTXLW\FRPSDQLHV
Consolidated Subsidiaries
$VRI'HFHPEHU
3URSHUW\DFUHDJHFRVWV 3URYHG
8QSURYHG
7RWDOSURSHUW\FRVWV
3URGXFLQJDVVHWV
,QFRPSOHWHFRQVWUXFWLRQ
7RWDOFDSLWDOL]HGFRVWV
$FFXPXODWHGGHSUHFLDWLRQDQGGHSOHWLRQ
1HWFDSLWDOL]HGFRVWVIRUFRQVROLGDWHGVXEVLGLDULHV
Equity Companies
$VRI'HFHPEHU
3URSHUW\DFUHDJHFRVWV 3URYHG
8QSURYHG
7RWDOSURSHUW\FRVWV
3URGXFLQJDVVHWV
,QFRPSOHWHFRQVWUXFWLRQ
7RWDOFDSLWDOL]HGFRVWV
$FFXPXODWHGGHSUHFLDWLRQDQGGHSOHWLRQ
1HWFDSLWDOL]HGFRVWVIRUHTXLW\FRPSDQLHV
United
States
Canada/
South
America
Europe
Africa
Asia
(millions of dollars)
Australia/
Oceania
Total
Oil and Gas Exploration and Production Costs (continued)
7KH DPRXQWV UHSRUWHG DV FRVWV LQFXUUHG LQFOXGH ERWK FDSLWDOL]HG FRVWV DQG FRVWV FKDUJHG WR H[SHQVH GXULQJ WKH \HDU &RVWV
LQFXUUHGDOVRLQFOXGHQHZDVVHWUHWLUHPHQWREOLJDWLRQVHVWDEOLVKHGLQWKHFXUUHQW\HDUDVZHOODVLQFUHDVHVRUGHFUHDVHVWRWKHDVVHW
UHWLUHPHQW REOLJDWLRQ UHVXOWLQJ IURP FKDQJHV LQ FRVW HVWLPDWHV RU DEDQGRQPHQW GDWH 7RWDO FRQVROLGDWHG FRVWV LQFXUUHG LQ
ZHUHPLOOLRQGRZQPLOOLRQIURPGXHSULPDULO\WRORZHUSURSHUW\DFTXLVLWLRQFRVWVDQGGHYHORSPHQWFRVWV
,Q FRVWV ZHUH PLOOLRQ XS PLOOLRQ IURP GXH SULPDULO\ WR KLJKHU SURSHUW\ DFTXLVLWLRQ FRVWV SDUWLDOO\
RIIVHWE\ORZHUH[SORUDWLRQFRVWV7RWDOHTXLW\FRPSDQ\FRVWVLQFXUUHGLQZHUHPLOOLRQXSPLOOLRQIURP
GXHSULPDULO\WRH[SORUDWLRQFRVWV
Canada/
South
America
United
States
Europe
Africa
Asia
(millions of dollars)
Australia/
Oceania
Total
Oil and Gas Reserves
7KHIROORZLQJLQIRUPDWLRQGHVFULEHVFKDQJHVGXULQJWKH\HDUVDQGEDODQFHVRISURYHGRLODQGJDVUHVHUYHVDW\HDUHQG
DQG
7KHGHILQLWLRQVXVHGDUHLQDFFRUGDQFHZLWKWKH6HFXULWLHVDQG([FKDQJH&RPPLVVLRQV5XOHDRI5HJXODWLRQ6;
3URYHGRLODQGJDVUHVHUYHVDUHWKRVHTXDQWLWLHVRIRLODQGJDVZKLFKE\DQDO\VLVRIJHRVFLHQFHDQGHQJLQHHULQJGDWDFDQEH
HVWLPDWHGZLWKUHDVRQDEOHFHUWDLQW\WREHHFRQRPLFDOO\SURGXFLEOHIURPDJLYHQGDWHIRUZDUGIURPNQRZQUHVHUYRLUVDQGXQGHU
H[LVWLQJHFRQRPLFFRQGLWLRQVRSHUDWLQJPHWKRGVDQGJRYHUQPHQWUHJXODWLRQVSULRUWRWKHWLPHDWZKLFKFRQWUDFWVSURYLGLQJWKH
ULJKWWRRSHUDWHH[SLUHXQOHVVHYLGHQFHLQGLFDWHVWKDWUHQHZDOLVUHDVRQDEO\FHUWDLQ,QVRPHFDVHVVXEVWDQWLDOQHZLQYHVWPHQWVLQ
DGGLWLRQDOZHOOVDQGUHODWHGIDFLOLWLHVZLOOEHUHTXLUHGWRUHFRYHUWKHVHSURYHGUHVHUYHV
,QDFFRUGDQFH ZLWKWKH6HFXULWLHVDQG([FKDQJH &RPPLVVLRQV UXOHVWKH \HDUHQGUHVHUYHVYROXPHVDV ZHOODVWKHUHVHUYHV
FKDQJH FDWHJRULHV VKRZQ LQ WKH IROORZLQJ WDEOHV ZHUH FDOFXODWHG XVLQJ DYHUDJH SULFHV GXULQJ WKH PRQWK SHULRG SULRU WR WKH
HQGLQJGDWHRIWKHSHULRGFRYHUHGE\WKHUHSRUWGHWHUPLQHGDVDQ XQZHLJKWHGDULWKPHWLFDYHUDJHRIWKH ILUVWGD\RIWKHPRQWK
SULFH IRU HDFK PRQWK ZLWKLQ VXFK SHULRG7KHVH UHVHUYHV TXDQWLWLHV DUH DOVR XVHG LQ FDOFXODWLQJ XQLWRISURGXFWLRQ GHSUHFLDWLRQ
UDWHVDQGLQFDOFXODWLQJWKHVWDQGDUGL]HGPHDVXUHRIGLVFRXQWHGQHWFDVKIORZ
5HYLVLRQVFDQLQFOXGHXSZDUGRUGRZQZDUGFKDQJHVLQSUHYLRXVO\HVWLPDWHGYROXPHVRISURYHGUHVHUYHVIRUH[LVWLQJILHOGVGXH
WRWKHHYDOXDWLRQRUUHHYDOXDWLRQRIDOUHDG\DYDLODEOH JHRORJLFUHVHUYRLURUSURGXFWLRQGDWDQHZJHRORJLFUHVHUYRLURU
SURGXFWLRQGDWDRUFKDQJHVLQDYHUDJHSULFHVDQG\HDUHQGFRVWVWKDWDUHXVHGLQWKHHVWLPDWLRQRIUHVHUYHV7KLVFDWHJRU\FDQ
DOVRLQFOXGHVLJQLILFDQWFKDQJHVLQHLWKHUGHYHORSPHQWVWUDWHJ\RUSURGXFWLRQHTXLSPHQWIDFLOLW\FDSDFLW\
3URYHG UHVHUYHV LQFOXGH SHUFHQW RI HDFK PDMRULW\RZQHG DIILOLDWHV SDUWLFLSDWLRQ LQ SURYHG UHVHUYHV DQG ([[RQ0RELOV
RZQHUVKLSSHUFHQWDJHRIWKHSURYHGUHVHUYHVRIHTXLW\FRPSDQLHVEXWH[FOXGHUR\DOWLHVDQGTXDQWLWLHVGXHRWKHUV*DVUHVHUYHV
H[FOXGHWKHJDVHRXVHTXLYDOHQWRIOLTXLGVH[SHFWHGWREHUHPRYHGIURPWKHJDVRQOHDVHVDWILHOGIDFLOLWLHVDQGDWJDVSURFHVVLQJ
SODQWV7KHVHOLTXLGVDUHLQFOXGHGLQQHWSURYHGUHVHUYHVRIFUXGHRLODQGQDWXUDOJDVOLTXLGV
,Q WKH SURYHG UHVHUYHV WDEOHV FRQVROLGDWHG UHVHUYHV DQG HTXLW\ FRPSDQ\ UHVHUYHV DUH UHSRUWHG VHSDUDWHO\ +RZHYHU WKH
&RUSRUDWLRQGRHVQRWYLHZHTXLW\FRPSDQ\UHVHUYHVDQ\GLIIHUHQWO\WKDQWKRVHIURPFRQVROLGDWHGFRPSDQLHV
5HVHUYHV UHSRUWHG XQGHU SURGXFWLRQ VKDULQJ DQG RWKHU QRQFRQFHVVLRQDU\ DJUHHPHQWV DUH EDVHG RQ WKH HFRQRPLF LQWHUHVW DV
GHILQHGE\WKHVSHFLILFILVFDOWHUPVLQWKHDJUHHPHQW7KHSURGXFWLRQDQGUHVHUYHVWKDWZHUHSRUWIRUWKHVHW\SHVRIDUUDQJHPHQWV
W\SLFDOO\YDU\LQYHUVHO\ZLWKRLODQGJDVSULFHFKDQJHV$VRLODQGJDVSULFHVLQFUHDVHWKHFDVKIORZDQGYDOXHUHFHLYHGE\WKH
FRPSDQ\LQFUHDVHKRZHYHUWKHSURGXFWLRQYROXPHVDQGUHVHUYHVUHTXLUHGWRDFKLHYHWKLVYDOXHZLOOW\SLFDOO\EHORZHUEHFDXVHRI
WKH KLJKHU SULFHV :KHQ SULFHV GHFUHDVH WKH RSSRVLWH HIIHFW JHQHUDOO\ RFFXUV 7KH SHUFHQWDJH RI WRWDO OLTXLGV DQG QDWXUDO JDV
SURYHGUHVHUYHVFRQVROLGDWHGVXEVLGLDULHVSOXVHTXLW\FRPSDQLHVDW\HDUHQGWKDWZHUHDVVRFLDWHGZLWKSURGXFWLRQVKDULQJ
FRQWUDFWDUUDQJHPHQWVZDVSHUFHQWRIOLTXLGVSHUFHQWRIQDWXUDOJDVDQGSHUFHQWRQDQRLOHTXLYDOHQWEDVLVJDVFRQYHUWHG
WRRLOHTXLYDOHQWDWELOOLRQFXELFIHHW PLOOLRQEDUUHOV
1HW SURYHG GHYHORSHG UHVHUYHV DUH WKRVH YROXPHV WKDW DUH H[SHFWHG WR EH UHFRYHUHG WKURXJK H[LVWLQJ ZHOOV ZLWK H[LVWLQJ
HTXLSPHQWDQGRSHUDWLQJPHWKRGVRULQZKLFKWKHFRVWRIWKHUHTXLUHGHTXLSPHQWLVUHODWLYHO\PLQRUFRPSDUHGWRWKHFRVWRID
QHZ ZHOO 1HW SURYHG XQGHYHORSHG UHVHUYHV DUH WKRVH YROXPHV WKDW DUH H[SHFWHG WR EH UHFRYHUHG IURP QHZ ZHOOV RQ XQGULOOHG
DFUHDJHRUIURPH[LVWLQJZHOOVZKHUHDUHODWLYHO\PDMRUH[SHQGLWXUHLVUHTXLUHGIRUUHFRPSOHWLRQ
&UXGH RLO DQG QDWXUDO JDV OLTXLGV DQG QDWXUDO JDV SURGXFWLRQ TXDQWLWLHV VKRZQ DUH WKH QHW YROXPHV ZLWKGUDZQ IURP
([[RQ0RELOVRLODQGJDVUHVHUYHV7KHQDWXUDOJDVTXDQWLWLHVGLIIHUIURPWKHTXDQWLWLHVRIJDVGHOLYHUHGIRUVDOHE\WKHSURGXFLQJ
IXQFWLRQDVUHSRUWHGLQWKH2SHUDWLQJ6XPPDU\GXHWRYROXPHVFRQVXPHGRUIODUHGDQGLQYHQWRU\FKDQJHV
7KH FKDQJHV EHWZHHQ \HDUHQG SURYHG UHVHUYHV DQG \HDUHQG SURYHG UHVHUYHV SULPDULO\ UHIOHFW WKH UHYLVLRQV
H[WHQVLRQVDQGGLVFRYHULHVLQ&DQDGDDQGWKH8QLWHG6WDWHV
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves
1HWSURYHGGHYHORSHGDQG
XQGHYHORSHGUHVHUYHVRI
FRQVROLGDWHGVXEVLGLDULHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
3URSRUWLRQDOLQWHUHVWLQSURYHG
UHVHUYHVRIHTXLW\FRPSDQLHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
7RWDOOLTXLGVSURYHGUHVHUYHV
DW'HFHPEHU
1HWSURYHGGHYHORSHGDQG
XQGHYHORSHGUHVHUYHVRI
FRQVROLGDWHGVXEVLGLDULHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
3URSRUWLRQDOLQWHUHVWLQSURYHG
UHVHUYHVRIHTXLW\FRPSDQLHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
7RWDOOLTXLGVSURYHGUHVHUYHV
DW'HFHPEHU
(See footnote on next page)
1DWXUDO*DV
&UXGH2LO
/LTXLGV(1) %LWXPHQ 6\QWKHWLF2LO
8QLWHG &DQDGD
$XVWUDOLD
&DQDGD &DQDGD
6WDWHV 6$PHU (XURSH $IULFD $VLD 2FHDQLD 7RWDO :RUOGZLGH 6$PHU 6$PHU 7RWDO
(millions of barrels)
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued)
1HWSURYHGGHYHORSHGDQG
XQGHYHORSHGUHVHUYHVRI
FRQVROLGDWHGVXEVLGLDULHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
3URSRUWLRQDOLQWHUHVWLQSURYHG
UHVHUYHVRIHTXLW\FRPSDQLHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
7RWDOOLTXLGVSURYHGUHVHUYHV
DW'HFHPEHU
1DWXUDO*DV
&UXGH2LO
/LTXLGV(1) %LWXPHQ 6\QWKHWLF2LO
8QLWHG &DQDGD
$XVWUDOLD
&DQDGD &DQDGD
6WDWHV 6$PHU (XURSH $IULFD $VLD 2FHDQLD 7RWDO :RUOGZLGH 6$PHU 6$PHU 7RWDO
(millions of barrels)
(1) Includes total proved reserves attributable to Imperial Oil Limited of 9 million barrels in 2012, 11 million barrels in 2013 and 8 million
barrels in 2014, as well as proved developed reserves of 9 million barrels in 2012, 9 million barrels in 2013 and 5 million barrels in 2014,
and in addition, proved undeveloped reserves of 2 million barrels in 2013 and 3 million in 2014, in which there is a 30.4 percent
noncontrolling interest.
6\QWKHWLF
2LO
%LWXPHQ
Crude Oil, Natural Gas Liquids, Bitumen and Synthetic Oil Proved Reserves (continued)
3URYHGGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
3URYHGXQGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
7RWDOOLTXLGVSURYHGUHVHUYHVDW
'HFHPEHU
3URYHGGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
3URYHGXQGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
7RWDOOLTXLGVSURYHGUHVHUYHVDW
'HFHPEHU
3URYHGGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
3URYHGXQGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
7RWDOOLTXLGVSURYHGUHVHUYHVDW
'HFHPEHU
&UXGH2LODQG1DWXUDO*DV/LTXLGV
&DQDGD
8QLWHG 6RXWK
$XVWUDOLD
6WDWHV $PHU(1) (XURSH $IULFD
$VLD 2FHDQLD 7RWDO
(millions of barrels)
&DQDGD &DQDGD
6RXWK 6RXWK
$PHU(2) $PHU(3)
(4)
7RWDO
(1) Includes total proved reserves attributable to Imperial Oil Limited of 53 million barrels in 2012, 62 million barrels in 2013 and 46 million
barrels in 2014, as well as proved developed reserves of 52 million barrels in 2012, 55 million barrels in 2013 and 36 million barrels in
2014, and in addition, proved undeveloped reserves of 1 million barrels in 2012, 7 million barrels in 2013 and 10 million barrels in 2014,
in which there is a 30.4 percent noncontrolling interest.
(2) Includes total proved reserves attributable to Imperial Oil Limited of 2,841 million barrels in 2012, 2,867 million barrels in 2013 and
3,274 million barrels in 2014, as well as proved developed reserves of 543 million barrels in 2012, 1,417 million barrels in 2013 and 1,635
million barrels in 2014, and in addition, proved undeveloped reserves of 2,298 million barrels in 2012, 1,450 million barrels in 2013 and
1,639 million barrels in 2014, in which there is a 30.4 percent noncontrolling interest.
(3) Includes total proved reserves attributable to Imperial Oil Limited of 599 million barrels in 2012, 579 million barrels in 2013 and 534
million barrels in 2014, as well as proved developed reserves of 599 million barrels in 2012, 579 million barrels in 2013 and 534 million
barrels in 2014, in which there is a 30.4 percent noncontrolling interest.
(4) See previous pages for natural gas liquids proved reserves attributable to consolidated subsidiaries and equity companies. For additional
information on natural gas liquids proved reserves see Item 2. Properties in ExxonMobils 2014 Form 10-K.
Natural Gas and Oil-Equivalent Proved Reserves
1HWSURYHGGHYHORSHGDQGXQGHYHORSHG
UHVHUYHVRIFRQVROLGDWHGVXEVLGLDULHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
3URSRUWLRQDOLQWHUHVWLQSURYHGUHVHUYHV
RIHTXLW\FRPSDQLHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
7RWDOSURYHGUHVHUYHVDW'HFHPEHU
1HWSURYHGGHYHORSHGDQGXQGHYHORSHG
UHVHUYHVRIFRQVROLGDWHGVXEVLGLDULHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
3URSRUWLRQDOLQWHUHVWLQSURYHGUHVHUYHV
RIHTXLW\FRPSDQLHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
7RWDOSURYHGUHVHUYHVDW'HFHPEHU
(See footnotes on next page)
$XVWUDOLD
2FHDQLD
1DWXUDO*DV
&DQDGD
8QLWHG
6RXWK
6WDWHV $PHU (1) (XURSH $IULFD
$VLD
(billions of cubic feet)
7RWDO
Oil-Equivalent
Total
All Products (2)
(millions of oilequivalent barrels)
Natural Gas and Oil-Equivalent Proved Reserves (continued)
1DWXUDO*DV
&DQDGD
8QLWHG
6RXWK
6WDWHV $PHU (1) (XURSH $IULFD
$VLD
(billions of cubic feet)
$XVWUDOLD
2FHDQLD
7RWDO
Oil-Equivalent
Total
All Products (2)
(millions of oilequivalent barrels)
1HWSURYHGGHYHORSHGDQGXQGHYHORSHG
UHVHUYHVRIFRQVROLGDWHGVXEVLGLDULHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
3URSRUWLRQDOLQWHUHVWLQSURYHGUHVHUYHV
RIHTXLW\FRPSDQLHV
-DQXDU\
5HYLVLRQV
,PSURYHGUHFRYHU\
3XUFKDVHV
6DOHV
([WHQVLRQVGLVFRYHULHV
3URGXFWLRQ
'HFHPEHU
7RWDOSURYHGUHVHUYHVDW'HFHPEHU
(1) Includes total proved reserves attributable to Imperial Oil Limited of 488 billion cubic feet in 2012, 678 billion cubic feet in
2013 and 627 billion cubic feet in 2014, as well as proved developed reserves of 374 billion cubic feet in 2012, 368 billion
cubic feet in 2013 and 300 billion cubic feet in 2014, and in addition, proved undeveloped reserves of 114 billion cubic feet
in 2012, 310 billion cubic feet in 2013 and 327 billion cubic feet in 2014, in which there is a 30.4 percent noncontrolling
interest.
(2) Natural gas is converted to oil-equivalent basis at six million cubic feet per one thousand barrels.
Natural Gas and Oil-Equivalent Proved Reserves (continued)
1DWXUDO*DV
&DQDGD
Oil-Equivalent
8QLWHG
6RXWK
$XVWUDOLD
Total
6WDWHV $PHU (1) (XURSH $IULFD
$VLD
2FHDQLD 7RWDO
All Products (2)
(billions of cubic feet)
(millions of oil
equivalent barrels)
3URYHGGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
3URYHGXQGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
7RWDOSURYHGUHVHUYHVDW'HFHPEHU
3URYHGGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
3URYHGXQGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
7RWDOSURYHGUHVHUYHVDW'HFHPEHU
3URYHGGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
3URYHGXQGHYHORSHGUHVHUYHVDVRI
'HFHPEHU
&RQVROLGDWHGVXEVLGLDULHV
(TXLW\FRPSDQLHV
7RWDOSURYHGUHVHUYHVDW'HFHPEHU
(See footnotes on previous page)
Standardized Measure of Discounted Future Cash Flows
$V UHTXLUHG E\ WKH )LQDQFLDO $FFRXQWLQJ 6WDQGDUGV %RDUG WKH VWDQGDUGL]HG PHDVXUH RI GLVFRXQWHG IXWXUH QHW FDVK IORZV LV
FRPSXWHGE\DSSO\LQJILUVWGD\RIWKHPRQWKDYHUDJHSULFHV\HDUHQGFRVWVDQGOHJLVODWHGWD[UDWHVDQGDGLVFRXQWIDFWRURI
SHUFHQWWRQHWSURYHGUHVHUYHV7KHVWDQGDUGL]HGPHDVXUHLQFOXGHVFRVWVIRUIXWXUHGLVPDQWOHPHQWDEDQGRQPHQWDQGUHKDELOLWDWLRQ
REOLJDWLRQV7KH&RUSRUDWLRQEHOLHYHVWKHVWDQGDUGL]HGPHDVXUHGRHVQRWSURYLGHDUHOLDEOHHVWLPDWHRIWKH&RUSRUDWLRQVH[SHFWHG
IXWXUHFDVKIORZVWREHREWDLQHGIURPWKHGHYHORSPHQWDQGSURGXFWLRQRILWVRLODQGJDVSURSHUWLHVRURIWKHYDOXHRILWVSURYHGRLO
DQGJDVUHVHUYHV7KHVWDQGDUGL]HGPHDVXUHLVSUHSDUHGRQWKHEDVLVRIFHUWDLQSUHVFULEHGDVVXPSWLRQVLQFOXGLQJILUVWGD\RIWKH
PRQWKDYHUDJHSULFHVZKLFKUHSUHVHQWGLVFUHWHSRLQWVLQWLPHDQGWKHUHIRUHPD\FDXVHVLJQLILFDQWYDULDELOLW\LQFDVKIORZVIURP
\HDUWR\HDUDVSULFHVFKDQJH
&DQDGD
Standardized Measure of Discounted
8QLWHG 6RXWK
$XVWUDOLD
Future Cash Flows
6WDWHV
$PHULFD (1) (XURSH $IULFD
$VLD
2FHDQLD
7RWDO
(millions of dollars)
&RQVROLGDWHG6XEVLGLDULHV
$VRI'HFHPEHU
)XWXUHFDVKLQIORZVIURPVDOHVRIRLODQGJDV
)XWXUHSURGXFWLRQFRVWV
)XWXUHGHYHORSPHQWFRVWV
)XWXUHLQFRPHWD[H[SHQVHV
)XWXUHQHWFDVKIORZV
(IIHFWRIGLVFRXQWLQJQHWFDVKIORZVDW
'LVFRXQWHGIXWXUHQHWFDVKIORZV
(TXLW\&RPSDQLHV
$VRI'HFHPEHU
)XWXUHFDVKLQIORZVIURPVDOHVRIRLODQGJDV
)XWXUHSURGXFWLRQFRVWV
)XWXUHGHYHORSPHQWFRVWV
)XWXUHLQFRPHWD[H[SHQVHV
)XWXUHQHWFDVKIORZV
(IIHFWRIGLVFRXQWLQJQHWFDVKIORZVDW
'LVFRXQWHGIXWXUHQHWFDVKIORZV
7RWDOFRQVROLGDWHGDQGHTXLW\LQWHUHVWVLQ
VWDQGDUGL]HGPHDVXUHRIGLVFRXQWHG
IXWXUHQHWFDVKIORZV
(1) Includes discounted future net cash flows attributable to Imperial Oil Limited of $24,690 million in 2012, in which there is a
30.4 percent noncontrolling interest.
&DQDGD
$XVWUDOLD
Standardized Measure of Discounted
8QLWHG 6RXWK
2FHDQLD
Future Cash Flows (continued)
6WDWHV
$PHULFD (1) (XURSH $IULFD
$VLD
7RWDO
(millions of dollars)
&RQVROLGDWHG6XEVLGLDULHV
$VRI'HFHPEHU
)XWXUHFDVKLQIORZVIURPVDOHVRIRLODQGJDV
)XWXUHSURGXFWLRQFRVWV
)XWXUHGHYHORSPHQWFRVWV
)XWXUHLQFRPHWD[H[SHQVHV
)XWXUHQHWFDVKIORZV
(IIHFWRIGLVFRXQWLQJQHWFDVKIORZVDW
'LVFRXQWHGIXWXUHQHWFDVKIORZV
(TXLW\&RPSDQLHV
$VRI'HFHPEHU
)XWXUHFDVKLQIORZVIURPVDOHVRIRLODQGJDV
)XWXUHSURGXFWLRQFRVWV
)XWXUHGHYHORSPHQWFRVWV
)XWXUHLQFRPHWD[H[SHQVHV
)XWXUHQHWFDVKIORZV
(IIHFWRIGLVFRXQWLQJQHWFDVKIORZVDW
'LVFRXQWHGIXWXUHQHWFDVKIORZV
7RWDOFRQVROLGDWHGDQGHTXLW\LQWHUHVWVLQ
VWDQGDUGL]HGPHDVXUHRIGLVFRXQWHG
IXWXUHQHWFDVKIORZV
&RQVROLGDWHG6XEVLGLDULHV
$VRI'HFHPEHU
)XWXUHFDVKLQIORZVIURPVDOHVRIRLODQGJDV
)XWXUHSURGXFWLRQFRVWV
)XWXUHGHYHORSPHQWFRVWV
)XWXUHLQFRPHWD[H[SHQVHV
)XWXUHQHWFDVKIORZV
(IIHFWRIGLVFRXQWLQJQHWFDVKIORZVDW
'LVFRXQWHGIXWXUHQHWFDVKIORZV
(TXLW\&RPSDQLHV
$VRI'HFHPEHU
)XWXUHFDVKLQIORZVIURPVDOHVRIRLODQGJDV
)XWXUHSURGXFWLRQFRVWV
)XWXUHGHYHORSPHQWFRVWV
)XWXUHLQFRPHWD[H[SHQVHV
)XWXUHQHWFDVKIORZV
(IIHFWRIGLVFRXQWLQJQHWFDVKIORZVDW
'LVFRXQWHGIXWXUHQHWFDVKIORZV
7RWDOFRQVROLGDWHGDQGHTXLW\LQWHUHVWVLQ
VWDQGDUGL]HGPHDVXUHRIGLVFRXQWHG
IXWXUHQHWFDVKIORZV
(1) Includes discounted future net cash flows attributable to Imperial Oil Limited of $25,160 million in 2013 and $30,189 million
in 2014, in which there is a 30.4 percent noncontrolling interest.
Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
2012
Consolidated and Equity Interests
'LVFRXQWHGIXWXUHQHWFDVKIORZVDVRI'HFHPEHU
9DOXHRIUHVHUYHVDGGHGGXULQJWKH\HDUGXHWRH[WHQVLRQVGLVFRYHULHV
LPSURYHGUHFRYHU\DQGQHWSXUFKDVHVOHVVUHODWHGFRVWV
&KDQJHVLQYDOXHRISUHYLRXV\HDUUHVHUYHVGXHWR
6DOHVDQGWUDQVIHUVRIRLODQGJDVSURGXFHGGXULQJWKH\HDUQHWRI
SURGXFWLRQOLIWLQJFRVWV
'HYHORSPHQWFRVWVLQFXUUHGGXULQJWKH\HDU
1HWFKDQJHLQSULFHVOLIWLQJDQGGHYHORSPHQWFRVWV
5HYLVLRQVRISUHYLRXVUHVHUYHVHVWLPDWHV
$FFUHWLRQRIGLVFRXQW
1HWFKDQJHLQLQFRPHWD[HV
7RWDOFKDQJHLQWKHVWDQGDUGL]HGPHDVXUHGXULQJWKH\HDU
'LVFRXQWHGIXWXUHQHWFDVKIORZVDVRI'HFHPEHU
Consolidated and Equity Interests
Consolidated
Subsidiaries
2013
'LVFRXQWHGIXWXUHQHWFDVKIORZVDVRI'HFHPEHU
9DOXHRIUHVHUYHVDGGHGGXULQJWKH\HDUGXHWRH[WHQVLRQVGLVFRYHULHV
LPSURYHGUHFRYHU\DQGQHWSXUFKDVHVOHVVUHODWHGFRVWV
&KDQJHVLQYDOXHRISUHYLRXV\HDUUHVHUYHVGXHWR
6DOHVDQGWUDQVIHUVRIRLODQGJDVSURGXFHGGXULQJWKH\HDUQHWRI
SURGXFWLRQOLIWLQJFRVWV
'HYHORSPHQWFRVWVLQFXUUHGGXULQJWKH\HDU
1HWFKDQJHLQSULFHVOLIWLQJDQGGHYHORSPHQWFRVWV
5HYLVLRQVRISUHYLRXVUHVHUYHVHVWLPDWHV
$FFUHWLRQRIGLVFRXQW
1HWFKDQJHLQLQFRPHWD[HV
7RWDOFKDQJHLQWKHVWDQGDUGL]HGPHDVXUHGXULQJWKH\HDU
'LVFRXQWHGIXWXUHQHWFDVKIORZVDVRI'HFHPEHU
Total
Consolidated
and Equity
Interests
Share of
Equity Method
Investees
(millions of dollars)
Consolidated
Subsidiaries
Total
Consolidated
and Equity
Interests
Share of
Equity Method
Investees
(millions of dollars)
Change in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
2014
Consolidated and Equity Interests (continued)
'LVFRXQWHGIXWXUHQHWFDVKIORZVDVRI'HFHPEHU
9DOXHRIUHVHUYHVDGGHGGXULQJWKH\HDUGXHWRH[WHQVLRQVGLVFRYHULHV
LPSURYHGUHFRYHU\DQGQHWSXUFKDVHVOHVVUHODWHGFRVWV
&KDQJHVLQYDOXHRISUHYLRXV\HDUUHVHUYHVGXHWR
6DOHVDQGWUDQVIHUVRIRLODQGJDVSURGXFHGGXULQJWKH\HDUQHWRI
SURGXFWLRQOLIWLQJFRVWV
'HYHORSPHQWFRVWVLQFXUUHGGXULQJWKH\HDU
1HWFKDQJHLQSULFHVOLIWLQJDQGGHYHORSPHQWFRVWV
5HYLVLRQVRISUHYLRXVUHVHUYHVHVWLPDWHV
$FFUHWLRQRIGLVFRXQW
1HWFKDQJHLQLQFRPHWD[HV
7RWDOFKDQJHLQWKHVWDQGDUGL]HGPHDVXUHGXULQJWKH\HDU
'LVFRXQWHGIXWXUHQHWFDVKIORZVDVRI'HFHPEHU
Consolidated
Subsidiaries
Total
Consolidated
and Equity
Interests
Share of
Equity Method
Investees
(millions of dollars)
3URGXFWLRQRIFUXGHRLOQDWXUDOJDVOLTXLGVELWXPHQDQGV\QWKHWLFRLO
1HWSURGXFWLRQ
8QLWHG6WDWHV
&DQDGD6RXWK$PHULFD
(XURSH
$IULFD
$VLD
$XVWUDOLD2FHDQLD
:RUOGZLGH
1DWXUDOJDVSURGXFWLRQDYDLODEOHIRUVDOH
1HWSURGXFWLRQ
8QLWHG6WDWHV
&DQDGD6RXWK$PHULFD
(XURSH
$IULFD
$VLD
$XVWUDOLD2FHDQLD
:RUOGZLGH
2014
2013
2012
2011
2010
2LOHTXLYDOHQWSURGXFWLRQ (1)
5HILQHU\WKURXJKSXW
8QLWHG6WDWHV
&DQDGD
(XURSH
$VLD3DFLILF
2WKHU1RQ86
:RUOGZLGH
3HWUROHXPSURGXFWVDOHV(2)
8QLWHG6WDWHV
&DQDGD
(XURSH
$VLD3DFLILFDQGRWKHU(DVWHUQ+HPLVSKHUH
/DWLQ$PHULFD
:RUOGZLGH
*DVROLQHQDSKWKDV
+HDWLQJRLOVNHURVHQHGLHVHORLOV
$YLDWLRQIXHOV
+HDY\IXHOV
6SHFLDOW\SHWUROHXPSURGXFWV
:RUOGZLGH
S&P 500
Dollars
200
ExxonMobil
150
100
Industry Group
50
0
2009
2010
2011
2012
2013
2014
ExxonMobil
S&P 500
Industry Group
100
100
100
110
115
102
131
117
113
137
136
117
164
180
138
155
205
126
ExxonMobil
Dollars
200
150
100
Industry Group
S&P 500
50
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
192
120
158
201
139
163
241
184
192
227
209
176
ExxonMobil
S&P 500
Industry Group
100
100
100
112
105
114
155
121
135
193
128
163
168
81
115
80
147
102
139
162
117
142
002CSN48A6