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Financial & Operating Review Financial & Operating Review 2 013 Financial & Operating Summary 1 Delivering Profitable Growth 3 Global Operations 14 Upstream 16 Downstream 58 Chemical 72 Financial Information 82 Frequently Used Terms 90 Index 94 General Information 95 COVER PHOTO: Liquefied natural gas (LNG) produced at our joint ventures with Qatar Petroleum is transported to global markets at constant temperature and pressure by dedicated carriers designed and built to meet the most rigorous safety standards. Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans, are forward-looking statements. Actual future results, including demand growth and energy mix; capacity growth; the impact of new technologies; capital expenditures; project plans, dates, costs, and capacities; resource additions, production rates, and resource recoveries; efficiency gains; cost savings; product sales; and financial results could differ materially due to, for example, changes in oil and gas prices or other market conditions affecting the oil and gas industry; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; the outcome of commercial negotiations; unforeseen technical difficulties; unanticipated operational disruptions; and other factors discussed in this report and in Item 1A of ExxonMobil’s most recent Form 10-K. Definitions of certain financial and operating measures and other terms used in this report are contained in the section titled “Frequently Used Terms” on pages 90 through 93. In the case of financial measures, the definitions also include information required by SEC Regulation G. “Factors Affecting Future Results” and “Frequently Used Terms” are also available on the “investors” section of our website. Prior years’ data have been reclassified in certain cases to conform to the 2013 presentation basis. The term “project” as used in this publication can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. 2013: Financial & Operating Summary We achieved strong financial and operating results in 2013, highlighted by our continued ability to generate strong cash flows that enable industry-leading shareholder distributions. We maintain a long-term perspective on our business with a relentless focus on operational excellence and disciplined investing through the business cycle. We continue to progress a unique and balanced set of profitable growth opportunities, which position us well to deliver long-term shareholder value. FINANCIAL HIGHLIGHTS Average Return on Capital and Earnings After Capital Average Capital Exploration (millions of dollars, unless noted) Income Taxes Employed(1) Employed (%)(1) Expenditures(1) Upstream 26,841 152,969 17.5 38,231 Downstream 3,449 24,430 14.1 2,413 Chemical 3,828 20,665 18.5 1,832 Corporate and Financing (1,538) (6,489) N.A. 13 Total 32,580 191,575 17.2 42,489 OPERATING HIGHLIGHTS Liquids production (net, thousands of barrels per day) 2,202 Natural gas production available for sale (net, millions of cubic feet per day) 11,836 Oil-equivalent production(2) (net, thousands of oil-equivalent barrels per day) 4,175 Refinery throughput (thousands of barrels per day) 4,585 Petroleum product sales (thousands of barrels per day) 5,887 Chemical prime product sales(1) (thousands of tonnes) 24,063 Dividend Growth Since 1984 (3) Total Shareholder Returns(1) ExxonMobil S&P 500 Consumer Price Index(4) ExxonMobil Integrated Oil Competitor Average(5) S&P 500 (dollars per share) (percent per year) 2.50 18 15 2.00 12 1.50 9 1.00 6 0.50 3 ! CHART 0 0 ! 1984 1994 2004 2013 3 Years 5 Years 10 Years CHART20 Years IS IN (1) See Frequently Used Terms on pages 90 through 93. (1) See Frequently Used Terms on pages 90 through 93. IS IN BOTH (2) Natural gas converted to oil-equivalent at 6 million cubic feet per 1 thousand barrels. (2) Natural gas converted to oil-equivalent at 6 million cubic feetBOTH SAR and F&O (3) S&P and CPI indexed to 1984 Exxon dividend. per 1 thousand barrels. SAR and F&O (4) CPI based on historical yearly average from Bureau of Labor Statistics. (3) S&P and CPI indexed to 1984 Exxon dividend. identical charts, (5) Royal Dutch Shell, BP, Chevron, and Total values are on a consistent basis with ExxonMobil,(4) CPIbased based on publicon historical information. yearly average from Bureau of Laboridentical Statistics. charts, different footnotes (5) Royal Dutch Shell, BP, Chevron, and Total values are on a consistent basis with ExxonMobil, based on public information. different footnotes AS OF AS OF Jan. 31, 2014 Feb. 14, 2014 VERSION VERSION APPROVED BY APPROVED BY Treasurer: Dysert Treasurer: Dysert C F01A 13XOM- C F01B 13XOM- DividendGrowth.ai ShrhldrReturns.ai FILE INFO FILE INFO F01A F01B DATA as of 01/30/2014 IN F&O ON PAGE IN F&O ON PAGE S05A S05B XOM S&P CPI IN SAR ON PAGE IN SAR ON PAGE DATA as of 02/8/2014 Note: Note: "84" 0.42 0.42 0.42 "85" 0.43 0.44 0.43 XOM Includes linkIntegrated file S&P 500 Includes link file No No 0.45 0.46 0.44 3 Years 14.3 10.5 16.2 0.48 0.49 0.46 LAST FILE CHANGE MADE BY LAST FILE CHANGE MADE BY 5 Years 7.5 10.7 17.9 0.54 0.54 0.48 Carol Eric Bill Carol Eric Bill 0.58 0.61 0.50 10 Years 11.9 8.8 7.4 "90" 0.62 0.67 0.53 20 Years 12.6 NAME 10.7 9.2 NAME 0.67 0.68 0.55 Treasurer: Dysert Treasurer: Dysert CHART CHART OWNER 0.71 0.69 0.57 OWNER 0.72 0.70 0.58 Data list is used to drive the black and Data list is used to drive the black and 18 white chart, which is then used as a white chart, which is then used as a 0.73 0.73 0.60 2.5 template for the color chart. Bars and lines S&P 500 template for the color chart. Bars and lines "95" 0.75 0.77 0.61 are cut and pasted from the black and are cut and pasted from the black and 15 white template and are highly accurate. Integrated white template and are highly accurate. 0.78 0.83 0.63 2.0 However, the color chart is NOT linked to However, the color chart is NOT linked to CPI the database and is NOT “driven” by the the database and is NOT “driven” by the 0.81 0.86 0.65 12 data; it is a piece of artwork buiilt by a XOM data; it is a piece of artwork buiilt by a 0.82 0.90 0.66 human. Therefore, the editor needs to human. Therefore, the editor needs to 1.5 S&P thoroughly proof the final artwork, not thoroughly proof the final artwork, not ATTENTION: OWNER ATTENTION: 0.84 0.93 0.67 9 OWNER ATTENTION: JUST the data list. JUST the data list. "00" 0.88 0.90 0.69 XOM Julio E. Tamacas • Investor Relations Julio E. Tamacas • Investor Relations 1.0 Exxon Mobil Corporation, Irving, TX Exxon Mobil Corporation, Irving, TX 0.91 0.88 0.71 6 Office: 972.444.1135 Office: 972.444.1135 Cell: 972.249.8901 Cell: 972.249.8901 EDITOR 0.92 0.89 0.72 EDITOR [email protected] [email protected] 3 0.98 0.97 0.74 0.5 Eric Whetstone • Whetstone Design Eric Whetstone • Whetstone Design 1.06 1.08 0.76 studio/cell: 214-412-8000 studio/cell: 214-412-8000 fax: 817-583-6119 fax: 817-583-6119 BOOK "05" 1.14 1.23 0.79 0 BOOK 0.0 3 Years 5 [email protected] Years 20 Years [email protected] 1.28 1.38 0.81 8485 009590 05 '09 ’13‘12'11'10 Carol Zuber-Mallison • ZM Graphics, Inc. Carol Zuber-Mallison • ZM Graphics, Inc. studio/cell: 214-906-4162 • fax: 817-924-7784 studio/cell: 214-906-4162 • fax: 817-924-7784 ART 1.37 1.54 0.84 ART [email protected] [email protected] 1.55 1.58 0.87 Usage: Exclusive rights within ExxonMobil Usage: Exclusive rights within ExxonMobil '09 1.66 1.25 0.86 '10 1.74 1.26 0.88 '11 1.85 1.47 0.91 ‘12 2.18 1.74 0.93 ’13 2.46 1.94 0.94 2 EXXONMOBIL 2013 FINANCIAL & OPERATING REVIEW RESULTS & HIGHLIGHTS • Strong safety, environmental, and operations performance supported by effective risk management • Earnings of $32.6 billion and an industry-leading return on average capital employed(1) of 17 percent • Total shareholder distributions(1) f o $25.9 billion • Dividends per share increased 11 percent in the second quarter of 2013, the 31st consecutive year of dividend-per-share increases • Proved oil and gas reserves(1) additions of 1.6 billion oil-equivalent barrels, replacing more than 100 percent of production for the 20th consecutive year • Started up six major Upstream projects with gross facility capacity of more than 930 thousand oil-equivalent barrels per day, highlighted by the Kearl Initial Development project • Started up the Singapore Chemical Expansion project, more than doubling steam-cracking capacity at the site and significantly increasing premium and specialties capacity • Advanced construction and began commissioning activities at the Papua New Guinea Liquefied Natural Gas project • Progressed and expanded the Strategic Cooperation Agreement with Rosneft to include seven additional licenses of exploration acreage in the Russian Arctic • Commissioned a new diesel hydrotreater in Singapore to increase ultra-low sulfur diesel production capacity Functional Earnings and Net Income Return on Average Capital Employed(1)(3) Upstream Downstream Chemical Corporate Net 2013 2009–2013 average (2) (billions of dollars) and Financing Income (percent) 50 25 40 20 30 15 20 10 10 5 0 0 –3 ExxonMobil Chevron Shell Total BP 2009 2010 2011 2012 2013 ! CHART ! (1) See Frequently Used Terms on pages 90 through 93.
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