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XOM · ExxonMobil

32 filings

10-K

XOM 10-K Annual Reports

ExxonMobil - 32 annual reports

Filing record · 2016–202610-K1110-Q338-K166

2025
ExxonMobil Annual Report, Year Ended Dec 31, 2025
Exxon Mobil Corporation's 2025 10-K filing highlights a year of robust operational performance across its key segments, despite a dynamic global energy market. The company demonstrated strong production growth, particularly in the Permian Basin and Guyana, contributing to record upstream output. Energy Products benefited from improved refining margins driven by strong demand and supply disruptions, while Chemical Products experienced bottom-of-cycle margins due to oversupply. Specialty Products delivered solid earnings, driven by premium lubricant performance and growth in advanced materials. Financially, the company reported a decrease in net income compared to 2024, primarily due to lower commodity prices and increased expenses. However, ExxonMobil maintained a strong financial position, with significant cash flow from operations, disciplined capital allocation, and a continued commitment to share repurchases and dividends. The company also detailed its ongoing investments in lower-emission opportunities, including carbon capture and storage, hydrogen, and advanced recycling technologies, positioning itself for the evolving energy landscape. Management emphasizes its integrated business model, technological capabilities, and disciplined approach as key strengths for navigating market volatility and driving long-term shareholder value. The report also confirms the company's effective internal controls over financial reporting and provides detailed operational and financial data across its global operations.
Feb 18, 2026
2024
ExxonMobil Annual Report, Year Ended Dec 31, 2024
Exxon Mobil Corporation's (XOM) 2024 10-K filing reveals a year marked by strategic growth and operational adjustments. A significant highlight was the successful acquisition of Pioneer Natural Resources Company, a move expected to bolster ExxonMobil's upstream portfolio, particularly in the Permian Basin. The company's financial performance, while impacted by fluctuating commodity prices and refining margins, demonstrated resilience. ExxonMobil continues to invest in both traditional energy production and the development of lower-emission solutions, including carbon capture and storage, hydrogen, and lithium, underscoring a commitment to a balanced energy future. Shareholder returns remain a focus, with continued share repurchases and dividends, supported by strong cash flow generation. The company's disciplined capital allocation strategy prioritizes low-cost-of-supply opportunities, aiming to maximize value across its integrated businesses. ExxonMobil's robust risk management framework and commitment to operational efficiency position it to navigate the evolving energy landscape and deliver long-term value to its stakeholders.
Feb 19, 2025
2023
ExxonMobil Annual Report, Year Ended Dec 31, 2023
Exxon Mobil Corporation (XOM) reported strong financial results in its 2023 10-K filing, demonstrating resilience and strategic execution despite a normalizing energy market. The company's integrated business model, spanning Upstream, Energy Products, Chemical Products, and Specialty Products, contributed to robust earnings, driven by a combination of strategic capital allocation, operational efficiencies, and disciplined cost management. ExxonMobil continues to prioritize low-cost-of-supply opportunities in its Upstream segment, with significant growth in key areas like Guyana and the Permian Basin. The company also advanced its lower-emission business opportunities, investing in carbon capture and storage, hydrogen, and lower-emission fuels. Capital expenditures for 2023 were substantial, reflecting ongoing investments in growth projects and a commitment to enhancing shareholder value through dividends and share repurchases, with plans for continued significant investment in 2024.
Feb 28, 2024
2022
ExxonMobil Annual Report, Year Ended Dec 31, 2022
Exxon Mobil Corporation's 2022 10-K filing reveals a strong financial performance driven by favorable commodity prices, particularly in the Upstream segment, which saw a significant increase in earnings. The company demonstrated robust operational execution across its segments, though the Chemical Products segment experienced margin compression towards the end of the year due to softening global demand. ExxonMobil continued its strategic investments in growth opportunities, including Guyana, Brazil, and LNG expansion, while also progressing its low-carbon solutions business. The company further strengthened its balance sheet, reduced debt, and returned substantial capital to shareholders through dividends and share repurchases, underscoring its commitment to shareholder value.
Feb 22, 2023
2021
ExxonMobil Annual Report, Year Ended Dec 31, 2021
Exxon Mobil Corporation's (XOM) 2021 10-K filing demonstrates a significant recovery and robust financial performance, largely driven by a rebound in global energy demand and stronger commodity prices following the COVID-19 pandemic. The company reported substantial net income attributable to ExxonMobil of $23.04 billion, a dramatic turnaround from the $22.44 billion net loss in 2020. This improved profitability was fueled by strong performance across all segments, particularly the Upstream business, which benefited from higher crude oil and natural gas realizations. Strategically, ExxonMobil is investing in a portfolio of low-cost-of-supply opportunities, including significant projects in Guyana, Brazil, the Permian Basin, and Mozambique. The company is also advancing its Low Carbon Solutions business, investing in carbon capture and storage, hydrogen, and biofuels, alongside efforts to reduce its operational emissions. The company's financial strength is underscored by a substantial reduction in debt and a focus on capital discipline, positioning it to navigate the evolving energy landscape while aiming for long-term shareholder value creation. Investors should note the company's planned capital expenditures for 2022, expected to be in the range of $21 billion to $24 billion.
Feb 23, 2022
2020
ExxonMobil Annual Report, Year Ended Dec 31, 2020
ExxonMobil Corporation's 2020 10-K filing reveals a challenging year marked by significant impacts from the COVID-19 pandemic, leading to a substantial net loss and a reduction in production volumes and realized prices. The company reported a net loss attributable to ExxonMobil of $22.44 billion, a stark contrast to the $14.34 billion profit in 2019, primarily due to a $22.4 billion impairment charge, largely impacting the Upstream segment. This financial downturn reflects the volatile commodity price environment and reduced demand for energy products throughout 2020. Despite the financial headwinds, ExxonMobil continued to invest in its long-term strategic assets, particularly in Guyana and the Permian Basin. The company's extensive portfolio across Upstream, Downstream, and Chemical segments provides some resilience, though all segments experienced pressures. ExxonMobil is focusing on cost reductions, liquidity enhancement, and strategic prioritization of assets to navigate the current market conditions and position itself for future recovery. The report also highlights the company's commitment to technological innovation and addressing environmental performance.
Feb 24, 2021
2019
ExxonMobil Annual Report, Year Ended Dec 31, 2019
ExxonMobil's 2019 10-K filing shows a significant year-over-year decline in net income, primarily driven by lower commodity prices and weaker refining margins. Despite these challenges, the company maintained substantial capital expenditures, investing heavily in upstream projects, particularly in the Americas and Guyana. The company's long-term outlook remains focused on growth in energy demand, with a strategic emphasis on natural gas and developing unconventional resources. ExxonMobil continues to highlight its integrated business model, financial strength, and disciplined investment approach as key competitive advantages in navigating the dynamic energy landscape. The company also detailed its extensive oil and gas reserves, production data, and operational capacities across its upstream, downstream, and chemical segments.
Feb 26, 2020
2018
ExxonMobil Annual Report, Year Ended Dec 31, 2018
Exxon Mobil Corporation's 2018 10-K filing reveals a strong financial performance, with net income attributable to ExxonMobil reaching $20.84 billion, a modest increase from $19.71 billion in 2017. The company's sales and other operating revenue saw a significant jump to $279.3 billion in 2018 from $237.2 billion in 2017, primarily driven by higher commodity prices. The Upstream segment continued to be the largest contributor to earnings, driven by favorable realizations, while the Downstream and Chemical segments also demonstrated solid performance, albeit with some margin pressure in chemicals due to increased capacity. Capital expenditures remained substantial at $25.9 billion, reflecting ongoing investments in major projects across its global portfolio, including significant spending in the U.S. Permian Basin and international ventures. The company maintained a strong balance sheet with total assets of $346.2 billion and managed its debt effectively, with a debt-to-capital ratio of 16.0%. ExxonMobil's commitment to returning value to shareholders is evident through its consistent dividend payments, which increased to $3.23 per share in 2018. The report also highlights the company's proactive approach to managing risks, including those related to commodity price volatility, climate change regulations, and cybersecurity.
Feb 27, 2019
2017
ExxonMobil Annual Report, Year Ended Dec 31, 2017
Exxon Mobil Corporation's 2017 10-K filing reveals a financially robust year, marked by a significant rebound in earnings compared to the challenging prior year, primarily driven by improved upstream and downstream segment performance. The company demonstrated strong cash flow generation, supporting substantial capital investments in growth projects and consistent shareholder returns through dividends. Key areas of investment include ongoing development in liquids-rich opportunities in the U.S. Permian Basin and globally diverse Upstream projects. The Downstream segment benefited from stronger refining margins, while the Chemical segment maintained solid performance. The company also navigated a dynamic business environment, including the impacts of U.S. tax reform, which provided a notable benefit to net income. Looking ahead, ExxonMobil continues to focus on disciplined capital allocation, operational efficiency, and technological innovation to drive long-term value. The company's extensive reserve base and integrated business model position it to meet global energy demand growth. Risk factors remain inherent to the industry, including commodity price volatility, geopolitical events, and regulatory changes, particularly those related to climate change and greenhouse gas emissions. The company remains committed to managing these risks through strategic planning and a strong financial position.
Feb 28, 2018
2016
ExxonMobil Annual Report, Year Ended Dec 31, 2016
ExxonMobil Corporation's 2016 Form 10-K highlights a challenging year marked by lower commodity prices, which impacted the Upstream segment significantly. Despite a substantial impairment charge related to U.S. natural gas assets, the company maintained a strong financial position, supported by disciplined capital allocation and its integrated business model. The Downstream and Chemical segments provided resilient performance, partially offsetting the Upstream's decline. The company continued strategic investments in growth projects, particularly in areas like the Permian Basin and global LNG infrastructure, anticipating long-term energy demand growth. ExxonMobil's focus remains on operational efficiency, cost management, and technological advancement to navigate the evolving energy landscape.
Feb 22, 2017
2015
ExxonMobil Annual Report, Year Ended Dec 31, 2015
ExxonMobil Corporation's 2015 Form 10-K reflects a challenging year for the energy giant, marked by a significant decline in net income attributable to ExxonMobil, dropping to $16.15 billion from $32.52 billion in 2014. This decrease was primarily driven by lower crude oil and natural gas prices, which impacted the Upstream segment's earnings significantly, resulting in a loss for the U.S. Upstream operations. Despite these headwinds, the company maintained substantial revenue and operations, with a global workforce of approximately 73,500 employees. ExxonMobil continued its commitment to long-term investments, including capital expenditures of $31.1 billion, focusing on growth opportunities across its Upstream, Downstream, and Chemical segments, particularly in areas like North America, Canada, and Australia. The company's strategic focus remained on maintaining financial strength, disciplined capital investment, and operational efficiency. Despite the commodity price downturn, ExxonMobil's integrated business model and diversified operations provided a degree of resilience. The report also highlights the company's ongoing efforts in environmental stewardship and its preparedness for future energy demands, emphasizing its long-term outlook for global energy consumption, with projected growth driven by developing economies and an increasing demand for electricity and transportation fuels.
Feb 24, 2016
2014
ExxonMobil Annual Report, Year Ended Dec 31, 2014
Exxon Mobil Corporation's 2014 Form 10-K details a year of robust operations within the energy sector, marked by significant capital expenditures and a focus on long-term strategic positioning. The company demonstrated resilience in a volatile commodity market, with upstream earnings showing a modest increase compared to the prior year. Downstream and Chemical segments also contributed to financial performance, though margins in these areas faced competitive pressures. ExxonMobil continued its substantial investment in exploration and development projects globally, underscoring its commitment to meeting future energy demand. The company's financial strength, characterized by a solid balance sheet and strong cash flow generation, provided a stable foundation for its operations and shareholder returns amidst evolving market conditions and regulatory landscapes, including those related to climate change.
Feb 25, 2015
2013
ExxonMobil Annual Report, Year Ended Dec 31, 2013
ExxonMobil Corporation's 2013 10-K filing reveals a company navigating a dynamic energy landscape. Despite a decrease in net income attributable to ExxonMobil in 2013 compared to the strong performance in 2012, the company maintained robust operations across its Upstream, Downstream, and Chemical segments. The Upstream segment, while experiencing lower liquids realizations, benefited from higher gas realizations and maintained production levels, with a notable shift towards more unconventional and diverse resource types expected in the coming years. The Downstream segment faced margin pressures due to overcapacity and demand weakness, though North American refining margins saw some strengthening. The Chemical segment experienced growth in demand, particularly in Asia, but saw margins decline due to increased industry capacity. ExxonMobil's financial health remains strong, characterized by significant cash flow from operations and a disciplined approach to capital allocation, including substantial investments in property, plant, and equipment to support future growth and the ongoing development of new energy supplies.
Feb 26, 2014
2012
ExxonMobil Annual Report, Year Ended Dec 31, 2012
Exxon Mobil Corporation's (XOM) 2012 Form 10-K highlights a strong financial performance, characterized by robust revenues and significant net income, driven primarily by its Upstream segment. The company demonstrated operational resilience and a commitment to shareholder returns, as evidenced by consistent capital expenditures and dividends. Despite market volatility and global economic uncertainties, ExxonMobil maintained its strategic focus on long-term growth through disciplined investment in exploration, development, and technological advancements across its Upstream, Downstream, and Chemical businesses. Key financial indicators suggest a stable and financially sound enterprise. The company's extensive asset base, diverse geographic operations, and integrated business model provide a competitive advantage, enabling it to navigate the complexities of the energy sector. Management's discussion emphasizes a forward-looking strategy focused on meeting growing global energy demand while managing operational efficiencies and environmental responsibilities.
Feb 27, 2013
2011
ExxonMobil Annual Report, Year Ended Dec 31, 2011
ExxonMobil's FY2011 10-K shows a strong year: net income attributable to ExxonMobil rose to $41.1 billion (EPS $8.43, diluted $8.42), up about 35% from $30.5 billion in 2010, with total sales and other operating revenue of $467.0 billion. Upstream drove the gain, earning $34.4 billion (up $10.3 billion), helped by higher crude and gas realizations (average crude and NGL price of $100.79/barrel versus $74.04 in 2010) and $2.7 billion of higher asset-sale gains. Downstream earnings rose to $4.5 billion and Chemical fell to $4.4 billion from a record $4.9 billion in 2010. Return on average capital employed was 24.2%, versus 21.7% in 2010. Capital discipline and shareholder returns were the other major themes. Capital and exploration spending was $36.8 billion, with management guiding to roughly $37 billion per year. Upstream spending of $33.1 billion was 70% directed at proved undeveloped projects, including Kearl in Canada. Cash flow from operations and asset sales reached $66.5 billion, and the company returned $9.0 billion in dividends and repurchased 278 million shares for $22.1 billion. Shares outstanding fell 4.9% to 4,734 million. The balance sheet remains conservative, with debt at 9.6% of capital and a fixed-charge coverage ratio of 53.2x. Risks flagged include the $3.6 billion Upstream asset-sale deposit and the pending Japan restructuring, which will reduce ExxonMobil's stake in TonenGeneral to about 22%. Litigation is also material: a Maryland jury verdict of roughly $1.5 billion (including $1.0 billion in punitive damages) in the Allison case is under appeal, and the company is in disputes with Venezuela and Nigeria. Proved reserves were 24.9 billion oil-equivalent barrels, 65% of them proved developed, and the company expects production to decline about 3% per year from existing fields without new projects. Downstream refining margins are expected to stay weak over the long term.
Feb 24, 2012
2010-A
ExxonMobil Annual Report (Amendment), Year Ended Dec 31, 2010
ExxonMobil's 2010 10-K shows a strong rebound in earnings and cash generation. Net income attributable to ExxonMobil rose to $30.46 billion (EPS $6.24 basic, $6.22 diluted) from $19.28 billion in 2009, with no special items in 2010 versus a $140 million Valdez-related charge in 2009. Upstream earnings were $24.1 billion, up about $7.0 billion, driven mainly by higher realizations, while Downstream ($3.6 billion) and Chemical ($4.9 billion, a record) also improved. Cash flow from operations and asset sales reached $51.7 billion, funding $32.2 billion of capital and exploration spending and $8.5 billion of dividends, plus $13.1 billion of share repurchases. The defining event of the year was the June 2010 acquisition of XTO Energy, an all-stock deal valued at $24.7 billion that added unconventional gas and oil shale resources. It lifted proved reserves to 24.8 billion oil-equivalent barrels (about 31% proved undeveloped) and pushed total debt up to $15.0 billion from $9.6 billion. Liquidity remains solid: the debt-to-capital ratio is 9.0% and the fixed-charge coverage ratio is 42.2x, though working capital turned negative at -$3.6 billion and the current ratio fell to 0.94. The filing also flags forward-looking risks: management expects annual capital spending of $33 to $37 billion, expects refining margins to stay weak, and notes ongoing exposure to Venezuelan expropriation arbitration (Cerro Negro) and climate-related regulation. Shareholder distributions and buybacks remain central to the capital allocation story.
Feb 28, 2011
2010
ExxonMobil Annual Report, Year Ended Dec 31, 2010
Exxon Mobil's 2010 Form 10-K reports net income attributable to ExxonMobil of $30.46 billion, up from $19.28 billion in 2009 (EPS $6.24 basic, $6.22 diluted), on total sales and other operating revenue of $370.1 billion (including $28.5 billion of sales-based taxes). Upstream earnings rose to $24.1 billion on higher realizations, with production up 13% on an oil-equivalent basis, largely from the June 2010 XTO Energy acquisition and Qatar LNG ramp-ups. Downstream earnings recovered to $3.6 billion on better refining margins, and Chemical posted record earnings of $4.9 billion. Return on average capital employed rose to 21.7% from 16.3%. Balance sheet and capital allocation shifted meaningfully. The XTO merger was an all-stock deal valued at $24.7 billion, with 416 million shares issued from treasury. Total debt rose to $15.0 billion from $9.6 billion, and cash fell to $8.5 billion. Working capital turned negative at $(3.6) billion, with a current ratio of 0.94. Capital and exploration spending was $32.2 billion, and management expects $33–37 billion annually over the next several years. The company repurchased $13.1 billion of stock and paid $8.5 billion in dividends ($1.74 per share for the year, with a $0.44 quarterly dividend declared for March 2011). Proved reserves reached 24.8 billion oil-equivalent barrels, 69% of them proved developed. Key risks flagged in the filing include the Venezuela expropriation arbitration (Cerro Negro, with roughly $750 million of remaining net book investment), climate and greenhouse gas regulation, and the production decline of about 3% per year on existing fields that new projects must offset. Management expects refining margins to stay weak over the long term because of new global capacity.
Feb 25, 2011
2009
ExxonMobil Annual Report, Year Ended Dec 31, 2009
ExxonMobil's 2009 10-K filing reveals a challenging year marked by a significant decline in earnings compared to the record performance of 2008, primarily due to lower commodity prices. Despite the downturn, the company maintained its strong financial position and operational capabilities across its Upstream, Downstream, and Chemical segments. The report highlights substantial capital expenditures focused on future growth, particularly in exploration and development, with a notable mention of the pending XTO Energy acquisition aimed at bolstering natural gas resources. Key financial metrics show a decrease in sales and revenue, reflecting the economic environment, but the company's disciplined investment approach and focus on long-term value creation remain evident. ExxonMobil continued to manage its vast portfolio of assets effectively, engaging in various development projects globally while also pursuing strategic divestments. The company's commitment to shareholder returns is underscored by consistent dividend payments and ongoing share repurchases, demonstrating resilience and a focus on long-term shareholder value.
Feb 26, 2010
2008
ExxonMobil Annual Report, Year Ended Dec 31, 2008
Exxon Mobil Corporation's 2008 10-K filing reveals a strong financial performance, with net income reaching a record $45.2 billion, an increase from $40.6 billion in 2007. This growth was driven primarily by significantly higher crude oil and natural gas prices, which boosted Upstream segment earnings by $8.9 billion. Despite this strong performance, the company faced challenges in its Downstream segment, with earnings decreasing by $1.4 billion due to lower margins and higher operating costs, partially offset by improved refinery operations. The company maintained a robust capital expenditure program, investing $26.1 billion in 2008, primarily in Upstream projects, with a projected annual spend of $25-30 billion for the coming years. ExxonMobil's financial strength remains a key advantage, supported by its AAA/Aaa credit ratings, enabling it to navigate the capital-intensive nature of the industry and long lead times for projects. The report also highlights ongoing efforts in operational efficiency and technological advancement across all segments.
Feb 27, 2009
2007
ExxonMobil Annual Report, Year Ended Dec 31, 2007
ExxonMobil Corporation's 2007 Form 10-K filing highlights a record-breaking year for net income, reaching $40.61 billion, underscoring strong performance across all business segments. The company reported significant upstream earnings driven by favorable oil and gas realizations, with overall oil-equivalent production remaining robust despite some volume impacts. Downstream operations also saw improved earnings, bolstered by worldwide refining and marketing operations, while the chemical segment benefited from solid global demand. The company maintained a strong financial position, evidenced by its sustained AAA/Aaa credit rating, and actively managed its capital through substantial expenditures on projects and share repurchases, signaling confidence in its long-term growth strategy.
Feb 28, 2008
2006
ExxonMobil Annual Report, Year Ended Dec 31, 2006
Exxon Mobil Corporation's 2006 10-K filing reveals a year of record-breaking performance, with net income reaching $39.5 billion. This strong financial result was driven by robust Upstream earnings, bolstered by higher crude oil and natural gas prices. The Downstream and Chemical segments also contributed positively, demonstrating resilience in competitive markets. The company's financial strength is highlighted by its sustained AAA/Aaa credit ratings, enabling significant capital expenditures for growth and development projects globally. Key operational highlights include a substantial increase in oil-equivalent production and continued investments in large-scale projects, particularly in West Africa, the Caspian, the Middle East, and Russia. ExxonMobil's strategic focus remains on disciplined investment, technological advancement, and operational excellence across its integrated business model. The company also addresses various legal proceedings and environmental matters, noting no individually material adverse effects on its financial condition.
Feb 28, 2007
2005
ExxonMobil Annual Report, Year Ended Dec 31, 2005
ExxonMobil's 2005 Form 10-K reports record results: net income of $36.1 billion (up from $25.3 billion in 2004, a 43% increase), or $5.71 per diluted share, the highest annual profit in the company's history. Total sales and other operating revenue reached $359.0 billion, and the return on average capital employed rose to 31.3% from 23.8%. Earnings were driven by higher crude oil and natural gas realizations (average crude price of $48.23/barrel versus $34.76 in 2004), strong downstream refining margins, and special items totaling about $2.27 billion, including a $1.62 billion gain on the Dutch gas restructuring and a $460 million gain on the Sinopec stake sale, partly offset by a $200 million Allapattah charge. Excluding special items, the increase was still substantial, though lower Upstream production (down about 4% oil-equivalent, including hurricane effects) tempered volume growth. Cash generation and capital allocation were strong. Cash flow from operations was $48.1 billion, and including $6.0 billion of asset sales, cash flow from operations and asset sales totaled $54.2 billion. Capital and exploration spending was $17.7 billion, with management guiding to a similar level for the next several years. ExxonMobil returned substantial cash to shareholders through $7.2 billion in dividends ($1.14 per share, a 20% payout) and $18.2 billion in share repurchases, which reduced shares outstanding by 4.2% during 2005. The balance sheet remains very conservative, with total debt of $8.0 billion, a debt-to-capital ratio of 6.5%, net cash of roughly $22 billion (net debt to capital of -22%), and AAA/Aaa credit ratings. Key risks include exposure to commodity price volatility, political and regulatory risk in a geographically diverse asset base, and ongoing litigation. The most significant legal matters are the Exxon Valdez punitive damages case (a $4.5 billion judgment that management views as remote to uphold, with the company having posted a $5.4 billion letter of credit), and the Alabama royalty case ($3.5 billion punitive damages, also described as unlikely to be upheld, with $4.6 billion of cash and securities pledged as collateral). Management also highlighted that the Corporation's reserves base is 13.4 billion oil-equivalent barrels, and that production is expected to decline about 6% annually from existing fields absent new projects, making project execution central to future growth.
Feb 28, 2006
2004
ExxonMobil Annual Report, Year Ended Dec 31, 2004
Exxon Mobil Corporation's 2004 annual report highlights a record-setting year, with net income reaching $25.3 billion, a significant increase from the prior year. This performance was driven by strong results across all major segments, particularly the Upstream division, which benefited from higher crude oil and natural gas realizations. The company's strategic investments in its extensive portfolio of exploration and development opportunities continue to position it for long-term growth, with a focus on projects in West Africa, the Caspian, the Middle East, and Russia. ExxonMobil's financial position remains robust, characterized by substantial cash flow from operations and a strong balance sheet, enabling continued investment in capital expenditures and returns to shareholders through dividends and share repurchases. The company also addressed significant legal matters, including a substantial provision related to the Allapattah lawsuit, while maintaining a disciplined approach to risk management and operational efficiency. Overall, the report signals a period of robust financial health and strategic forward momentum for ExxonMobil.
Feb 28, 2005
2003
ExxonMobil Annual Report, Year Ended Dec 31, 2003
Exxon Mobil Corporation's 2003 Form 10-K details a robust financial performance, driven by strong upstream earnings and a significant recovery in downstream operations compared to the prior year. The company reported a net income of $21.5 billion, a substantial increase from $11.5 billion in 2002, reflecting higher crude oil and natural gas realizations, as well as improved refining and marketing margins. Capital expenditures remained significant, totaling $15.5 billion, primarily directed towards upstream projects globally. The company's financial strength is underscored by its sustained AAA/Aaa credit ratings. While facing ongoing litigation and environmental liabilities, management expressed confidence that these matters would not materially affect the company's financial condition. The report also highlights the company's successful reserve replacement, exceeding 100% for the tenth consecutive year.
Mar 15, 2004
2002
ExxonMobil Annual Report, Year Ended Dec 31, 2002
ExxonMobil's 2002 results show a company still generating strong cash and maintaining its top credit rating, but with clearly weaker earnings. Net income fell to $11.46 billion from $15.32 billion in 2001, a 25% decline, driven mainly by lower natural gas realizations in upstream and sharply weaker refining and marketing margins downstream. Earnings excluding merger effects, discontinued operations and special items were $11.50 billion, down $4.03 billion year over year. Total revenue was $204.5 billion, down about 4% from 2001, and return on average capital employed dropped to 13.5% from 17.8%. Balance sheet and cash generation remained strong. Cash from operations was $21.3 billion and total debt was roughly flat at $10.7 billion, with a debt-to-capital ratio of 12.2% and a net debt-to-capital ratio of 4.4%. Long-term debt carries AAA/Aaa ratings. Shareholders' equity rose to $74.6 billion. The company paid $6.2 billion in dividends ($0.92 per share, a 54% payout) and repurchased $4.8 billion of stock, reducing shares outstanding to 6.70 billion. Capital and exploration spending rose to $14.0 billion, and firm capital commitments more than doubled to about $8.4 billion, mostly upstream projects outside the U.S. Investors should weigh several items. The filing reports a $3.5 billion Exxon Valdez punitive damages award reduced to $4 billion and under appeal, plus a $1 billion New Orleans NORM verdict under appeal and a Alabama royalty verdict vacated and returned for retrial. Management expects a roughly $600 million after-tax cumulative benefit from adopting FAS 143 on January 1, 2003, and about $600 million of income is anticipated in 2003 from the BEB/Ruhrgas transaction. Merger-related expenses have ended, and the company expects a cumulative $7 billion or more in pre-tax merger synergies.
Mar 26, 2003
2001
ExxonMobil Annual Report, Year Ended Dec 31, 2001
Exxon Mobil Corporation's 2001 10-K filing reveals a strong financial performance in a challenging year for the energy sector. The company reported net income of $15.32 billion, demonstrating resilience despite a 8% decrease in total revenue to $213.49 billion compared to the previous year. This was primarily driven by lower crude oil realizations, which declined by 18% on average, impacting upstream earnings. Despite lower commodity prices, ExxonMobil maintained robust operational efficiency and strategic investments. Downstream segment earnings reached a record high, supported by improved U.S. refining margins and international marketing results. The company also continued its commitment to capital expenditures, investing $12.3 billion in capital and exploration to drive future growth, particularly in major upstream projects globally. Management highlighted disciplined investment and asset management as key strategies for navigating market volatility and maintaining financial strength, underscored by its sustained AAA/Aaa credit ratings.
Mar 27, 2002
2000
ExxonMobil Annual Report, Year Ended Dec 31, 2000
ExxonMobil's fiscal 2000 10-K shows a sharply stronger year driven by higher commodity prices and merger-related items. Net income rose to $17.72 billion ($5.04 diluted EPS) from $7.91 billion in 1999, but this includes a one-time after-tax extraordinary gain of $1.73 billion from divestitures required for merger approval, offset by $920 million of after-tax merger expenses. Excluding merger effects and special items, earnings were $16.91 billion ($4.81 diluted EPS), up about $8.5 billion from 1999. Upstream drove the improvement: crude realizations rose about 60% and natural gas about 45%, lifting upstream earnings to $12.37 billion. Downstream earnings recovered to $3.42 billion from a depressed 1999, and chemicals and other segments were broadly stable. Balance sheet and cash flow strengthened meaningfully. Operating cash flow reached $22.9 billion, and total consolidated debt fell $5.6 billion to $13.4 billion, with the debt-to-capital ratio dropping to 15% from 22%. Shareholders' equity rose to $70.8 billion. The company repurchased 27 million shares for $2.35 billion and paid $1.76 per share in dividends, a 35% payout of earnings. Capital and exploration spending declined to $11.2 billion from $13.3 billion, and management guided to $4.6 billion in pre-tax merger synergies by 2002. Investors should weigh several risks. The effective tax rate rose to 42.4%, and the company faces a $3.42 billion punitive damages verdict in Alabama (December 2000), which management says should be set aside or reduced. The Exxon Valdez punitive award of $5 billion remains under appeal. Commodity prices are volatile, and integration of the Exxon and Mobil businesses is ongoing, with roughly 6,000 workforce reductions completed.
Mar 28, 2001
1999
ExxonMobil Annual Report, Year Ended Dec 31, 1999
ExxonMobil's 1999 Form 10-K reflects the first full year after the November 30, 1999 merger of Exxon and Mobil, which was accounted for as a pooling of interests, so all periods are presented as if the two companies had always been combined. Reported 1999 net income was $7,910 million ($2.25 diluted EPS), down about 2% from $8,074 million in 1998. Excluding merger expenses and special items, earnings were $8,380 million, down 5%. Revenue rose 9% to roughly $186 billion, driven by higher crude prices, while the downstream (refining and marketing) segment was squeezed as crude costs rose about $14 per barrel over the year and could not be passed through to customers. Upstream exploration and production earnings nearly doubled to $5,886 million on higher oil prices, which partly offset the downstream weakness. The merger carries both costs and expected benefits. Pre-tax merger expenses were $625 million in 1999, with cumulative charges expected to reach about $2.5 billion by 2002, and management targets $3.8 billion per year in pre-tax operating synergies by 2002. Regulators require divestiture of roughly $3 billion in carrying value of refining, marketing, pipeline and gas distribution assets, which the company expects to sell in 2000 for before-tax proceeds of $4 to $5 billion. Capital and exploration spending fell to $13.3 billion from $15.5 billion, and free cash flow funded a dividend of $1.687 per share, with a payout of about 74 percent of earnings. Total consolidated debt rose by $2.0 billion to $19.0 billion, and the debt-to-capital ratio increased to 22 percent. The main investor risks are the unresolved $5.058 billion Exxon Valdez punitive-damages judgment under appeal at the Ninth Circuit, the integration execution required to realize merger synergies, the timing and proceeds of asset divestitures, and continued commodity price volatility. Management's view is that the company's size and diversification, along with its disciplined asset management, leave it well positioned across a range of market conditions.
Mar 23, 2000
1998
ExxonMobil Annual Report, Year Ended Dec 31, 1998
Exxon Corporation's 1998 Form 10-K shows a sharp earnings decline driven by the collapse in oil prices. Net income fell 25% to $6.37 billion ($2.58 diluted EPS) from a record $8.46 billion in 1997, as average crude prices fell over $6.00 per barrel (about 33%) to their lowest level in more than two decades. Revenue dropped 14% to $117.8 billion. Exploration and production earnings fell 42% to $2.71 billion, while refining and marketing rose to $2.46 billion, its second-highest level ever, offsetting part of the upstream weakness. Chemicals earnings declined 11% to $1.21 billion. The balance sheet remained conservative, with debt-to-capital of 16.2%, long-term debt cut to $4.5 billion from $7.1 billion, and shareholders' equity of $43.75 billion. Cash from operations was $11.1 billion, against dividends of $4.0 billion and share buybacks of $3.1 billion. The filing's most significant strategic item is the December 1, 1998 agreement to merge with Mobil Corporation. Mobil shareholders would receive 1.32015 Exxon shares per share, leaving Exxon holders with about 70% of the combined company, which would be renamed Exxon Mobil Corporation. The deal is subject to shareholder approval and regulatory review, and carries $1.5 billion in termination fees. Management has discontinued the share repurchase program in connection with the merger. Capital and exploration spending rose to $10 billion, and the company reports no oil or gas asset impairments in 1998. Key risks flagged include the unresolved $5.058 billion Exxon Valdez punitive damages judgment, which is under appeal and for which the ultimate cost cannot be predicted, and Year 2000 compliance costs estimated at $225 to $250 million. Management characterizes these as not materially adverse to operations, financial condition, or liquidity.
Mar 30, 1999
1995
ExxonMobil Annual Report, Year Ended Dec 31, 1995
Exxon Corporation's 10-K for fiscal 1995 reports record net income of $6,470 million ($5.18 per share), up 27% from $5,100 million ($4.07 per share) in 1994, on revenue of $123.9 billion. The gain was driven by stronger upstream crude prices (about $1.25 per barrel higher on average) and a record chemicals year, with chemicals earnings of $2,018 million more than doubling 1994. Refining and marketing earnings fell to $1,272 million from $1,389 million as industry margins were weak, particularly in Europe. Cost discipline helped: operating costs rose only 2.5% in a year when crude and product purchases rose 7%, and unit operating costs fell in all major segments. The balance sheet strengthened over the year. Total debt fell $2.7 billion to $10.0 billion, the debt-to-capital ratio improved to 19% from 24%, and shareholders' equity rose to $40.4 billion. Operating cash flow reached $13.8 billion, covering $9.0 billion of capital and exploration spending and the $3.7 billion dividend, which was raised to $3.00 per share (a 58% payout). Management says internally generated funds cover most financing needs. Capital spending is set to rise in 1996, with about $3.2 billion in firm project commitments at year-end. The main risk in the filing is the Exxon Valdez litigation. A federal jury awarded $5 billion in punitive damages in 1994, which Exxon is appealing, and compensatory awards are still being adjusted. No charge has been taken, and management says the outcome cannot be estimated. Management also considers the Saudi crude pricing tax case, which was decided in Exxon's favor, and a German-Dutch gas imbalance dispute as not likely to have a materially adverse effect. Investors should weigh the size of the unrecognized Valdez exposure against otherwise strong earnings and cash generation.
Mar 8, 1996
1994
ExxonMobil Annual Report, Year Ended Dec 31, 1994
Exxon Corporation's 10-K for fiscal 1994 shows a company that remained highly profitable but saw earnings decline as weaker crude prices and refining margins offset a strong chemicals recovery. Net income was $5.1 billion ($4.07 per share) versus $5.28 billion ($4.21 per share) in 1993, on revenue of $113.9 billion. Results were flattered by $489 million of asset sales and tax-related credits, down from $676 million of such credits in 1993. Average crude realizations fell more than $1.30 per barrel, while worldwide liquids production rose to 1,709 kbd and natural gas output reached 5,978 mcfd, helped by record North Sea production. Balance sheet and cash flow remained conservative. Shareholders' equity rose $2.6 billion to $37.4 billion, debt to capital fell to 24.3%, and operating cash flow was $9.9 billion, covering dividends of $3.7 billion (a 71% payout). Capital and exploration spending was $7.8 billion, with management signaling higher spending in 1995. Dividends per common share increased modestly to $2.91, and the company has a long record of steady payouts. The principal risk flagged for investors is litigation over the 1989 Exxon Valdez grounding. A federal jury awarded $5 billion in punitive damages in September 1994, which management is appealing and calls unjustified. No charge was taken in 1994 because the ultimate impact cannot be estimated. Management also disclosed a $1.9 billion annual environmental spending outlook for 1995-1996 and a Baton Rouge refinery enforcement matter that may lead to penalties.
Mar 10, 1995
1993
ExxonMobil Annual Report, Year Ended Dec 31, 1993
Exxon Corporation's 1993 Form 10-K reports net income of $5.28 billion, up 11% from $4.77 billion in 1992, and earnings per share of $4.21 versus $3.79 (restated). The improvement came mainly from stronger petroleum product margins and lower operating expenses, which offset a decline in crude prices. Results also included $676 million of one-time credits from asset dispositions, tax rate changes and other special items, compared with $331 million in 1992. Revenue fell to $111.2 billion from $117.1 billion, and the company's operating cash flow rose to $11.5 billion, funding $6.9 billion of property additions and $3.6 billion of dividends. The balance sheet remained solid. Total debt declined $0.8 billion to $12.6 billion, a debt-to-capital ratio of about 25%, and shareholders' equity rose to $34.8 billion (book value of $28.02 per share). Working capital remained negative at $3.7 billion, which is typical for the company. The quarterly dividend was $0.72, or $2.88 per year, a payout of roughly 68% of earnings. Upstream earnings from exploration and production were $3.3 billion, of which $2.4 billion came from outside the U.S. Key risks include the Exxon Valdez litigation, with most remaining cases scheduled for federal trial starting May 1994, and an unresolved U.S. Tax Court matter on Saudi crude pricing, which the company won but which is subject to appeal. Management states that these matters are not expected to have a materially adverse effect on operations or financial condition. Proved oil and gas reserves stood at 6.6 billion barrels of oil equivalent including oil sands, with production of 1.67 million barrels per day of liquids and 5.8 billion cubic feet per day of gas.
Mar 11, 1994