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Exxon Mobil Corporation Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 17, 2004 Exxon Mobil Corporation (Exact name of registrant as specified in its charter) New Jersey 1-2256 13-5409005 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 5959 LAS COLINAS BOULEVARD, IRVING, TEXAS 75039-2298 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (972) 444-1000 (Former name or former address, if changed since last report.) TABLE OF CONTENTS ITEM 9. Regulation FD Disclosure; and ITEM 12. Results of Operations and Financial Condition SIGNATURES INDEX TO EXHIBITS 2003 Financial and Operating Review Table of Contents ITEM 9. Regulation FD Disclosure; and ITEM 12. Results of Operations and Financial Condition The following information is furnished pursuant to both Item 9 and Item 12. The Registrant hereby furnishes the information set forth in its 2003 Financial and Operating Review, a copy of which is included as Exhibit 99. -2- Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EXXON MOBIL CORPORATION Date: March 17, 2004 By: /s/ Donald D. Humphreys Name: Donald D. Humphreys Title: Vice President, Controller and Principal Accounting Officer -3- Table of Contents INDEX TO EXHIBITS Exhibit No. Description 99 Exxon Mobil Corporation’s 2003 Financial and Operating Review. -4- EXHIBIT 99 2003 Financial & Operating Review Taking on the world’s toughest energy challenges.TM Corporate o Corporate 1-17 o Safety, Health & Environment 18-19 o Technology 20-23 o Upstream 24-61 o Downstream 62-77 o Chemical 78-85 o Frequently Used Terms 86-89 Index 90 Projections, targets, expectations, estimates, and business plans in this report 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, and capacities; production rates and resource recoveries; and efficiency gains and cost savings could differ materially due to, for example, changes in market conditions affecting the oil and gas industry; war and other political or security disturbances; changes in law or government regulation; the actions of competitors; unexpected technological developments; the occurrence and duration of economic recessions; the outcome of commercial negotiations; unforeseen technical difficulties; and other factors discussed in this report and under the heading “Factors Affecting Future Results” on our web site and in Item 1 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 86 through 89. In the case of financial measures that we believe constitute “non-GAAP financial measures” under SEC Regulation G, the definitions also include a reconciliation to the most comparable GAAP measure and other information required by that rule. Certain reclassifications to prior years have been made to conform to the 2003 presentation. ExxonMobil has a long history of leadership in the petroleum and petrochemical industries. The discipline we apply to the execution of the following key long-standing business strategies has led to sustainable competitive advantages and allowed us to take on the world’s toughest energy challenges. These key business strategies have helped us achieve industry-leading earnings and return on capital employed year after year. • Upholding the highest ethical standards and business integrity • Ensuring safe, environmentally-sound operations • Capturing quality investment opportunities while maintaining a selective and disciplined approach • Executing operational excellence in all aspects of our businesses • Developing and employing cutting-edge proprietary technology • Achieving leadership positions in each of our core businesses • Optimizing financial performance through geographic and functional portfolio diversity and integration • Maintaining a strong financial position to allow for the pursuit of all profitable opportunities • Attracting and retaining an exceptionally qualified and highly motivated workforce • Leveraging efficiency gains through our Global Functional Organization 2003 HIGHLIGHTS • Record low safety incidents • Record earnings — highest in the history of the Corporation • Industry-leading return on capital employed of 21 percent • Proved reserves additions replaced 105 percent of production • Oil-equivalent production capacity increased 1 percent • 16 Upstream projects started up in 2003, with a combined targeted gross daily peak production of 1.2 million barrels of oil per day and 1.3 billion cubic feet per day of natural gas • Key resource additions from Qatar, Angola, Canada, Nigeria, Brazil, Kazakhstan, and the United States • Downstream operating cost, efficiency gains, and revenue enhancements in excess of $1.5 billion • Chemical prime product sales equivalent to last year’s record level • Annual dividend payments increased for the 21st consecutive year • $11.5 billion returned to shareholders through dividends and share purchases 2003 Industry Conditions • World GDP grew about 2.5 percent in 2003, versus 2.0 percent in 2002. • World oil demand increased by about 1.4 million barrels per day in 2003. World natural gas consumption increased by about 6 billion cubic feet per day in 2003. • Brent oil prices averaged almost $29 per barrel in 2003, up about $4 per barrel versus 2002. • Natural gas prices in the United States were volatile, but on average were 74 percent higher versus 2002. In Europe, natural gas prices were up 23 percent versus 2002, and up 7 percent excluding foreign exchange effects. • 2003 industry refining margins throughout the world improved versus 2002 and were particularly strong during the first half of 2003. The stronger margins reflected many crude oil and finished product market factors, including stronger product demand in the U.S.and elsewhere. • Worldwide industry chemical demand grew 3 percent during 2003, primarily driven by growth in Asia. Exxon Mobil Corporation 1 Corporate FINANCIAL HIGHLIGHTS (millions of dollars) 2003 2002 2001 2000 1999 Sales and other operating revenue 237,054 200,949 208,715 227,596 181,759 Net income 21,510 11,460 15,320 17,720 7,910 Cash flow from operations and asset sales 30,788 24,061 23,967 28,707 15,985 Capital and exploration expenditures 15,525 13,955 12,311 11,168 13,307 Cash dividends to ExxonMobil shareholders 6,515 6,217 6,254 6,123 5,872 Research and development costs 618 631 603 564 630 Cash and cash equivalents at year end 10,626 7,229 6,547 7,080 1,688 Total assets at year end 174,278 152,644 143,174 149,000 144,521 Total debt at year end 9,545 10,748 10,802 13,441 18,972 Shareholders’ equity at year end 89,915 74,597 73,161 70,757 63,466 Average capital employed(1) 95,373 88,342 88,000 87,463 83,836 Market valuation at year end 269,294 234,101 267,577 301,239 280,150 KEY FINANCIAL RATIOS Net income per common share — assuming dilution (dollars) 3.23 1.68 2.21 2.52 1.12 Return on average capital employed(1) (percent) 20.9 13.5 17.8 20.6 10.3 Net income to average shareholders’ equity (percent) 26.2 15.5 21.3 26.4 12.6 Net income to total revenue and other income (percent) 8.7 5.6 7.2 7.6 4.3 Debt to capital(2)(percent) 9.3 12.2 12.4 15.4 22.0 Net debt to capital (net of all cash — percent) (1.2) 4.4 5.3 7.9 20.4 Current assets to current liabilities(3) 1.20 1.15 1.18 1.06 0.80 Fixed charge coverage (times) 30.8 13.8 17.7 15.6 6.6 (1) See Frequently Used Terms. (2) Debt includes short- and long-term debt. Capital includes short- and long-term debt, shareholders’ equity, and minority interests. (3) Current liabilities include short-term debt (notes and loans payable). CORPORATE 2 Exxon Mobil Corporation INDUSTRY OUTLOOK Understanding energy supply and demand trends is a critical element of ExxonMobil’s strategic planning process. For several decades, we have produced a comprehensive worldwide energy outlook that typically covers 20 years into the future. World Energy Needs Are Growing Energy use and economic growth are closely linked, and growing economies will continue to require reliable energy supplies. Economic growth is expected to remain the primary driver of energy demand. We expect the world’s economy will grow on average at about 3 percent per year through 2020, more slowly in developed countries and faster in developing nations. Developing nations are expected to generate about 80 percent of the worldwide growth in energy demand from 2000 through 2020. Meeting this growing need for energy presents a vital opportunity. About one-quarter of the world’s population has no access to electricity and close to 40 percent rely on biomass for cooking and heating. Modern energy is critical for raising living standards in developing nations through better health, education, and productivity. By 2020, we expect that the world in total will require about 40 percent more energy than in 2000, or close to 290 million barrels of oil-equivalent energy every single day, despite continuing conservation efforts and efficiency gains. From a historical perspective, energy efficiency has improved dramatically. For example, industrialized nations now use about one-third less energy for each $1,000 of economic output than in 1970. We expect continuing worldwide efficiency gains of about 1 percent per year due to improved vehicles, power plants, construction standards, and other actions.
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