10-K/APeriod: FY2010

EXXON MOBIL CORP Annual Report (Amendment), Year Ended Dec 31, 2010

Filed February 28, 2011For Securities:XOM

Summary

In 2010, ExxonMobil Corporation reported strong financial performance, driven by a rebound in global economic activity and favorable commodity prices. The company successfully navigated a complex operating environment, characterized by evolving energy demand and increasing regulatory scrutiny, particularly concerning greenhouse gas emissions. Key operational highlights include significant investment in upstream projects, contributing to a robust proved reserves base and production outlook. The downstream and chemical segments also demonstrated resilience, with improved margins and strategic investments aimed at meeting future market demands. Investors can look forward to ExxonMobil's continued focus on disciplined capital allocation, operational excellence, and technological innovation to drive long-term shareholder value. The company's substantial financial strength and diversified business model position it well to capitalize on global energy growth opportunities while managing inherent risks. The acquisition of XTO Energy Inc. in 2010 is expected to enhance the company's unconventional resources portfolio and long-term production capacity.

Financial Highlights

47 data points
Beta

Revenue

$370.13B

Net Income

$30.46B

8.2% Net Margin

EPS (Diluted)

$6.22

Total Assets

$302.51B

Cash & Equivalents

$7.83B

Free Cash Flow

$21.54B

Financial Statements
Beta
Revenue$370.13B
R&D Expenses$1.01B
SG&A Expenses$14.68B
Operating Expenses$330.26B
Interest Expense$259.00M
Net Income$30.46B
EPS (Basic)$6.24
EPS (Diluted)$6.22

Key Highlights

  • 1ExxonMobil's total proved reserves at year-end 2010 stood at 24,809 million oil-equivalent barrels, with 7,693 million barrels classified as proved undeveloped.
  • 2The company's oil-equivalent production averaged 4,447 thousand barrels per day in 2010, an increase from 3,932 thousand barrels per day in 2009.
  • 3Upstream earnings significantly increased to $24,097 million in 2010 from $17,107 million in 2009, driven by higher realizations and volumes.
  • 4Downstream earnings improved to $3,567 million in 2010 from $1,781 million in 2009, aided by higher industry refining margins.
  • 5Chemical segment earnings reached a record $4,913 million in 2010, more than doubling the $2,309 million reported in 2009, due to improved margins and volumes.
  • 6Capital and exploration expenditures totaled $32.2 billion in 2010, an increase from $27.1 billion in 2009, reflecting continued investment in projects.
  • 7The acquisition of XTO Energy Inc. was completed in 2010, adding significant unconventional oil and gas resources to ExxonMobil's portfolio.

Frequently Asked Questions

ExxonMobil's primary sources of revenue and profit in 2010 were its Upstream, Downstream, and Chemical segments. The Upstream segment, which includes exploration, production, and sale of crude oil and natural gas, contributed the largest portion of earnings ($24,097 million). The Downstream segment (refining and marketing of petroleum products) and Chemical segment (petrochemical manufacturing and sales) also showed strong performance, with earnings of $3,567 million and $4,913 million, respectively.

The acquisition of XTO Energy Inc. in June 2010 significantly expanded ExxonMobil's portfolio of unconventional oil and gas resources, particularly in the United States. This acquisition contributed to an increase in the company's proved reserves, with approximately 1.0 billion oil-equivalent barrels of new proved undeveloped reserves related to the XTO acquisition reported at year-end 2010. The integration is expected to enhance long-term production capacity and capitalize on growing natural gas markets.

ExxonMobil's 2010 10-K filing highlights several key risks inherent in the oil, gas, and petrochemical businesses. These include risks related to supply and demand fluctuations driven by economic conditions, changes in commodity prices, technological advancements in energy efficiency, competition from alternative energy sources, government and political factors such as access limitations and regulatory changes, security concerns, and climate change regulations impacting greenhouse gas emissions. The company also notes risks related to management effectiveness in exploration, development, and project execution.