2014
Financial Statements and
Supplemental Information
For the Fiscal Year Ended December 31, 2014
FINANCIAL SECTION
TABLE OF CONTENTS
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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)
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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)
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(millions of cubic feet daily)
(thousands of barrels daily)
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(thousands of oil-equivalent barrels daily)
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(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
ExxonMobil´s 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)
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(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 Corporation’s benefit plans and programs. (4) CORS employees are employees of company-operated retail sites.
FREQUENTLY USED TERMS
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Capital Employed 2014
2013
(millions of dollars)
2012
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2014
2013
(millions of dollars)
2012
FREQUENTLY USED TERMS
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2012
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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)
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(dollars per share)
Per share data
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Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.
Amounts in first three quarters of 2014 have been reclassified.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FUNCTIONAL EARNINGS
2014
2013
2012
(millions of dollars, except per share amounts)
Earnings (U.S. GAAP)
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Payments Due by Period
Note
Reference
Number
20162019
(millions of dollars)
2020
and
Beyond
2015
Total
Commitments
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(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.
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CAPITAL AND EXPLORATION EXPENDITURES
2014
2013
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2012
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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management, including the Corporation’s Chief Executive Officer, Principal Financial Officer, and Principal Accounting Officer,
is responsible for establishing and maintaining adequate internal control over the Corporation’s 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 Corporation’s 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 Corporation’s
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)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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CONSOLIDATED STATEMENT OF INCOME
Note
Reference Number
2013
2014
(millions of dollars)
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(1) Sales and other operating revenue includes sales-based taxes of $29,342 million for 2014, $30,589 million
$32,409 million for 2012.
The information in the Notes to Consolidated Financial Statements is an integral part of these statements.
2012
for 2013 and
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2014
2013
(millions of dollars)
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2012
CONSOLIDATED BALANCE SHEET
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Dec. 31
Dec. 31
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2014
2013
(millions of dollars)
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2012
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2012
ExxonMobil
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(millions of dollars)
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ExxonMobil
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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9. Property, Plant and Equipment and Asset Retirement Obligations
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December 31, 2013
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2013
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2012
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Average effective interest rate of 0.3% in 2014.
Average effective interest rate of 0.4% in 2014.
Includes premiums of $219 million in 2014 and $271 million in 2013.
Average effective interest rate of 4.5% in 2014 and 4.6% in 2013.
Average effective interest rate of 2.4% in 2014 and 3.3% in 2013.
Average effective interest rate of 0.03% in 2014 and 0.06% in 2013.
Average effective interest rate of 4.2% in 2014 and 4.4% in 2013.
Average imputed interest rate of 7.0% in 2014 and 7.8% in 2013.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15. Incentive Program
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2012
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2012
2014
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2012
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(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 ExxonMobil’s 2014 Form 10-K. Natural Gas and Oil-Equivalent Proved Reserves
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Natural Gas and Oil-Equivalent Proved Reserves (continued)
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(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)
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(billions of cubic feet)
(millions of oil equivalent barrels)
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30.4 percent noncontrolling interest. &DQDGD $XVWUDOLD Standardized Measure of Discounted
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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
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Consolidated and Equity Interests
Consolidated
Subsidiaries
2013
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Share of
Equity Method
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(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)
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Subsidiaries
Total
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Equity Method
Investees
(millions of dollars)
OPERATING SUMMARY (unaudited)
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2014
2013
2012
2011
2010
(thousands of barrels daily)
(millions of cubic feet daily)
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(thousands of oil-equivalent barrels daily)
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Operating statistics include 100 percent of operations of majority-owned subsidiaries; for other companies, crude production,
gas, petroleum product and chemical prime product sales include ExxonMobil’s ownership percentage and refining throughput
includes quantities processed for ExxonMobil. Net production excludes royalties and quantities due others when produced,
whether payment is made in kind or cash. (1) Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels. (2) Petroleum product sales data reported net of purchases/sales contracts with the same counterparty.
(3) Prime product sales are total product sales excluding carbon black oil and sulfur. Prime product sales include ExxonMobil’s
share of equity company volumes and finished-product transfers to the Downstream.
STOCK PERFORMANCE GRAPHS (unaudited)
Annual total returns to ExxonMobil shareholders were 5 percent in 2012, 20 percent in 2013, and -6 percent in 2014.
Total returns mean share price increase plus dividends paid, with dividends reinvested. The graphs below show the
relative investment performance of ExxonMobil common stock, the S&P 500, and an industry competitor group over
the last five and 10 years. The industry competitor group consists of four other international integrated oil companies:
BP, Chevron, Royal Dutch Shell, and Total.
FIVE-YEAR CUMULATIVE TOTAL RETURNS
Value of $100 Invested at Year-End 2009
250
S&P 500
Dollars
200
ExxonMobil
150
100
Industry Group
50
0
2009
2010
2011
2012
2013
2014
Fiscal Years Ended December 31
ExxonMobil
S&P 500
Industry Group
100
100
100
110
115
102
131
117
113
137
136
117
164
180
138
155
205
126
TEN-YEAR CUMULATIVE TOTAL RETURNS
Value of $100 Invested at Year-End 2004
300
250
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
Fiscal Years Ended December 31
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
Printed entirely on recycled paper.
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