UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended
March 31, 2015
or
☐ TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF
1934
For the transition period from
__________to________
Commission File Number 1-2256
EXXON MOBIL
CORPORATION
(Exact name of
registrant as specified in its charter)
NEW JERSEY
|
|
13-5409005
|
(State or other
jurisdiction of
|
|
(I.R.S.
Employer
|
incorporation
or organization)
|
|
Identification
Number)
|
5959 LAS COLINAS BOULEVARD, IRVING,
TEXAS 75039-2298
(Address of
principal executive offices) (Zip Code)
(972) 444-1000
(Registrant's
telephone number, including area code)
Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes ☑ No ☐
Indicate by check
mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T during the
preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files). Yes ☑ No ☐
Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions
of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
Large
accelerated filer
|
☑
|
Accelerated
filer
|
☐
|
Non-accelerated
filer
|
☐
|
Smaller
reporting company
|
☐
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). Yes ☐
No ☑
Indicate
the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date.
Class
|
|
Outstanding as
of March 31, 2015
|
Common stock,
without par value
|
|
4,181,108,290
|
EXXON
MOBIL CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED
MARCH 31, 2015
TABLE OF CONTENTS
PART
I. FINANCIAL INFORMATION
|
|
|
Item 1. Financial Statements
|
|
Condensed Consolidated
Statement of Income
Three
months ended March 31, 2015 and 2014
|
3
|
Condensed Consolidated Statement of Comprehensive Income
Three
months ended March 31, 2015 and 2014
|
4
|
Condensed Consolidated Balance Sheet
As
of March 31, 2015 and December 31, 2014
|
5
|
|
|
Condensed Consolidated Statement of Cash Flows
Three
months ended March 31, 2015 and 2014
|
6
|
Condensed Consolidated Statement of Changes in Equity
Three months ended March 31, 2015 and 2014
|
7
|
Notes to Condensed Consolidated Financial Statements
|
8
|
Item
2. Management's Discussion and Analysis of Financial
Condition and
Results of Operations
|
14
|
Item
3. Quantitative and Qualitative Disclosures About Market Risk
|
19
|
Item
4. Controls and Procedures
|
19
|
|
|
PART
II. OTHER INFORMATION
|
Item
1. Legal Proceedings
|
20
|
Item
2. Unregistered Sales of
Equity Securities and Use of Proceeds
|
21
|
Item
6. Exhibits
|
21
|
Signature
|
22
|
Index
to Exhibits
|
23
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
Item 1. Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
EXXON MOBIL
CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENT OF INCOME
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Revenues and other income
|
|
|
|
|
|
|
|
|
Sales and other operating revenue (1)
|
|
|
64,758
|
|
|
101,312
|
|
|
Income from equity affiliates
|
|
|
2,261
|
|
|
4,108
|
|
|
Other income
|
|
|
599
|
|
|
905
|
|
|
|
Total revenues and other income
|
|
|
67,618
|
|
|
106,325
|
|
Costs and other deductions
|
|
|
|
|
|
|
|
|
Crude oil and product purchases
|
|
|
32,698
|
|
|
57,866
|
|
|
Production and manufacturing expenses
|
|
|
8,730
|
|
|
10,088
|
|
|
Selling, general and administrative expenses
|
|
|
2,713
|
|
|
3,132
|
|
|
Depreciation and depletion
|
|
|
4,300
|
|
|
4,192
|
|
|
Exploration expenses, including dry holes
|
|
|
311
|
|
|
317
|
|
|
Interest expense
|
|
|
88
|
|
|
66
|
|
|
Sales-based taxes (1)
|
|
|
5,530
|
|
|
7,416
|
|
|
Other taxes and duties
|
|
|
6,613
|
|
|
8,021
|
|
|
|
Total costs and other deductions
|
|
|
60,983
|
|
|
91,098
|
|
Income before income taxes
|
|
|
6,635
|
|
|
15,227
|
|
|
Income taxes
|
|
|
1,560
|
|
|
5,857
|
|
Net income including noncontrolling interests
|
|
|
5,075
|
|
|
9,370
|
|
|
Net income attributable to noncontrolling interests
|
|
|
135
|
|
|
270
|
|
Net income attributable to ExxonMobil
|
|
|
4,940
|
|
|
9,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share (dollars)
|
|
|
1.17
|
|
|
2.10
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share - assuming dilution (dollars)
|
|
|
1.17
|
|
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share (dollars)
|
|
|
0.69
|
|
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Sales-based taxes included in sales and other operating
revenue
|
|
5,530
|
|
|
7,416
|
|
The information in the Notes to Condensed Consolidated Financial
Statements is an integral part of these statements.
EXXON MOBIL CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests
|
|
|
|
5,075
|
|
|
9,370
|
|
|
Other comprehensive income (net of income taxes)
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translation adjustment
|
|
|
|
(5,353)
|
|
|
(786)
|
|
|
|
Adjustment for foreign exchange translation (gain)/loss included
in net income
|
|
|
-
|
|
|
82
|
|
|
|
Postretirement benefits reserves adjustment (excluding
amortization)
|
|
|
813
|
|
|
(84)
|
|
|
|
Amortization and settlement of postretirement benefits reserves
adjustment
|
|
|
|
|
|
|
|
|
|
|
|
included in net periodic benefit costs
|
|
|
|
351
|
|
|
316
|
|
|
|
Unrealized change in fair value of stock investments
|
|
|
2
|
|
|
(54)
|
|
|
|
Realized (gain)/loss from stock investments included in net
income
|
|
|
8
|
|
|
-
|
|
|
|
|
Total other comprehensive income
|
|
|
|
(4,179)
|
|
|
(526)
|
|
|
Comprehensive income including noncontrolling interests
|
|
|
896
|
|
|
8,844
|
|
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
(406)
|
|
|
59
|
|
|
Comprehensive income attributable to ExxonMobil
|
|
|
|
1,302
|
|
|
8,785
|
|
The information in the Notes to Condensed Consolidated Financial
Statements is an integral part of these statements.
EXXON MOBIL CORPORATION
|
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
5,184
|
|
|
4,616
|
|
|
|
Cash and cash equivalents – restricted
|
|
|
43
|
|
|
42
|
|
|
|
Notes and accounts receivable – net
|
|
|
25,031
|
|
|
28,009
|
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
Crude oil, products and merchandise
|
|
|
11,792
|
|
|
12,384
|
|
|
|
|
Materials and supplies
|
|
|
4,310
|
|
|
4,294
|
|
|
|
Other current assets
|
|
|
4,298
|
|
|
3,565
|
|
|
|
|
Total current assets
|
|
|
50,658
|
|
|
52,910
|
|
|
Investments, advances and long-term receivables
|
|
|
34,471
|
|
|
35,239
|
|
|
Property, plant and equipment – net
|
|
|
249,497
|
|
|
252,668
|
|
|
Other assets, including intangibles – net
|
|
|
8,335
|
|
|
8,676
|
|
|
|
|
Total assets
|
|
|
342,961
|
|
|
349,493
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Notes and loans payable
|
|
|
13,277
|
|
|
17,468
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
38,144
|
|
|
42,227
|
|
|
|
Income taxes payable
|
|
|
4,512
|
|
|
4,938
|
|
|
|
|
Total current liabilities
|
|
|
55,933
|
|
|
64,633
|
|
|
Long-term debt
|
|
|
19,494
|
|
|
11,653
|
|
|
Postretirement benefits reserves
|
|
|
24,632
|
|
|
25,802
|
|
|
Deferred income tax liabilities
|
|
|
38,935
|
|
|
39,230
|
|
|
Long-term obligations to equity companies
|
|
|
5,519
|
|
|
5,325
|
|
|
Other long-term obligations
|
|
|
21,002
|
|
|
21,786
|
|
|
|
|
Total liabilities
|
|
|
165,515
|
|
|
168,429
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Common stock without par value
|
|
|
|
|
|
|
|
|
|
(9,000 million shares authorized, 8,019 million shares issued)
|
|
|
11,006
|
|
|
10,792
|
|
|
Earnings reinvested
|
|
|
410,414
|
|
|
408,384
|
|
|
Accumulated other comprehensive income
|
|
|
(22,595)
|
|
|
(18,957)
|
|
|
Common stock held in treasury
|
|
|
|
|
|
|
|
|
|
(3,838 million shares at March 31, 2015 and
|
|
|
|
|
|
|
|
|
3,818 million shares at December 31, 2014)
|
|
|
(227,598)
|
|
|
(225,820)
|
|
|
|
|
ExxonMobil share of equity
|
|
|
171,227
|
|
|
174,399
|
|
|
Noncontrolling interests
|
|
|
6,219
|
|
|
6,665
|
|
|
|
|
Total equity
|
|
|
177,446
|
|
|
181,064
|
|
|
|
|
Total liabilities and equity
|
|
|
342,961
|
|
|
349,493
|
|
The information in the Notes to Condensed Consolidated Financial
Statements is an integral part of these statements.
EXXON MOBIL CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests
|
|
|
5,075
|
|
|
9,370
|
|
|
Depreciation and depletion
|
|
|
4,300
|
|
|
4,192
|
|
|
Changes in operational working capital, excluding cash and debt
|
|
|
(509)
|
|
|
2,452
|
|
|
All other items – net
|
|
|
(868)
|
|
|
(911)
|
|
|
|
|
Net cash provided by operating activities
|
|
|
7,998
|
|
|
15,103
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(6,844)
|
|
|
(7,328)
|
|
|
Proceeds associated with sales of subsidiaries, property, plant
and
|
|
|
|
|
|
|
|
|
|
equipment, and sales and returns of investments
|
|
|
484
|
|
|
1,111
|
|
|
Additional investments and advances
|
|
|
(282)
|
|
|
(457)
|
|
|
Other investing activities – net
|
|
|
290
|
|
|
368
|
|
|
|
|
Net cash used in investing activities
|
|
|
(6,352)
|
|
|
(6,306)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Additions to long-term debt
|
|
|
8,000
|
|
|
5,500
|
|
|
Reductions in long-term debt
|
|
|
(10)
|
|
|
-
|
|
|
Additions/(reductions) in short-term debt – net
|
|
|
(157)
|
|
|
(446)
|
|
|
Additions/(reductions) in debt with three months or less
maturity
|
|
|
(3,956)
|
|
|
(6,222)
|
|
|
Cash dividends to ExxonMobil shareholders
|
|
|
(2,910)
|
|
|
(2,732)
|
|
|
Cash dividends to noncontrolling interests
|
|
|
(40)
|
|
|
(58)
|
|
|
Common stock acquired
|
|
|
(1,781)
|
|
|
(3,860)
|
|
|
Common stock sold
|
|
|
-
|
|
|
2
|
|
|
|
|
Net cash used in financing activities
|
|
|
(854)
|
|
|
(7,816)
|
|
Effects of exchange rate changes on cash
|
|
|
(224)
|
|
|
(24)
|
|
Increase/(decrease) in cash and cash equivalents
|
|
|
568
|
|
|
957
|
|
Cash and cash equivalents at beginning of period
|
|
|
4,616
|
|
|
4,644
|
|
Cash and cash equivalents at end of period
|
|
|
5,184
|
|
|
5,601
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures
|
|
|
|
|
|
|
|
|
Income taxes paid
|
|
|
1,226
|
|
|
4,145
|
|
|
Cash interest paid
|
|
|
170
|
|
|
87
|
|
The information in the Notes to Condensed Consolidated Financial Statements
is an integral part of these statements.
|
EXXON MOBIL
CORPORATION
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ExxonMobil
Share of Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compre-
|
|
Stock
|
|
ExxonMobil
|
|
Non-
|
|
|
|
|
|
|
|
|
Common
|
|
Earnings
|
|
hensive
|
|
Held
in
|
|
Share
of
|
|
controlling
|
|
Total
|
|
|
|
|
|
Stock
|
|
Reinvested
|
|
Income
|
|
Treasury
|
|
Equity
|
|
Interests
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2013
|
|
|
10,077
|
|
|
387,432
|
|
|
(10,725)
|
|
|
(212,781)
|
|
|
174,003
|
|
|
6,492
|
|
|
180,495
|
|
Amortization of stock-based awards
|
|
|
201
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
201
|
|
|
-
|
|
|
201
|
|
Tax benefits related to stock-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
awards
|
|
|
3
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
-
|
|
|
3
|
|
Other
|
|
|
(5)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5)
|
|
|
-
|
|
|
(5)
|
|
Net income for the period
|
|
|
-
|
|
|
9,100
|
|
|
-
|
|
|
-
|
|
|
9,100
|
|
|
270
|
|
|
9,370
|
|
Dividends – common shares
|
|
|
-
|
|
|
(2,732)
|
|
|
-
|
|
|
-
|
|
|
(2,732)
|
|
|
(58)
|
|
|
(2,790)
|
|
Other comprehensive income
|
|
|
-
|
|
|
-
|
|
|
(315)
|
|
|
-
|
|
|
(315)
|
|
|
(211)
|
|
|
(526)
|
|
Acquisitions, at cost
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(3,860)
|
|
|
(3,860)
|
|
|
-
|
|
|
(3,860)
|
|
Dispositions
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
3
|
|
|
-
|
|
|
3
|
Balance as of March 31, 2014
|
|
|
10,276
|
|
|
393,800
|
|
|
(11,040)
|
|
|
(216,638)
|
|
|
176,398
|
|
|
6,493
|
|
|
182,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2014
|
|
|
10,792
|
|
|
408,384
|
|
|
(18,957)
|
|
|
(225,820)
|
|
|
174,399
|
|
|
6,665
|
|
|
181,064
|
|
Amortization of stock-based awards
|
|
|
213
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
213
|
|
|
-
|
|
|
213
|
|
Tax benefits related to stock-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
awards
|
|
|
3
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
-
|
|
|
3
|
|
Other
|
|
|
(2)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2)
|
|
|
-
|
|
|
(2)
|
|
Net income for the period
|
|
|
-
|
|
|
4,940
|
|
|
-
|
|
|
-
|
|
|
4,940
|
|
|
135
|
|
|
5,075
|
|
Dividends – common shares
|
|
|
-
|
|
|
(2,910)
|
|
|
-
|
|
|
-
|
|
|
(2,910)
|
|
|
(40)
|
|
|
(2,950)
|
|
Other comprehensive income
|
|
|
-
|
|
|
-
|
|
|
(3,638)
|
|
|
-
|
|
|
(3,638)
|
|
|
(541)
|
|
|
(4,179)
|
|
Acquisitions, at cost
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,781)
|
|
|
(1,781)
|
|
|
-
|
|
|
(1,781)
|
|
Dispositions
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
3
|
|
|
-
|
|
|
3
|
Balance as of March 31, 2015
|
|
|
11,006
|
|
|
410,414
|
|
|
(22,595)
|
|
|
(227,598)
|
|
|
171,227
|
|
|
6,219
|
|
|
177,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2015
|
|
|
|
|
Three
Months Ended March 31, 2014
|
|
|
|
|
|
|
|
|
Held
in
|
|
|
|
|
|
|
|
|
|
|
Held
in
|
|
|
|
|
Common Stock Share Activity
|
|
Issued
|
|
Treasury
|
|
Outstanding
|
|
|
|
|
Issued
|
|
Treasury
|
|
Outstanding
|
|
|
|
|
(millions
of shares)
|
|
|
|
|
(millions
of shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31
|
|
|
8,019
|
|
|
(3,818)
|
|
|
4,201
|
|
|
|
|
|
8,019
|
|
|
(3,684)
|
|
|
4,335
|
|
|
|
Acquisitions
|
|
|
-
|
|
|
(20)
|
|
|
(20)
|
|
|
|
|
|
-
|
|
|
(41)
|
|
|
(41)
|
|
|
|
Dispositions
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Balance as of March 31
|
|
|
8,019
|
|
|
(3,838)
|
|
|
4,181
|
|
|
|
|
|
8,019
|
|
|
(3,725)
|
|
|
4,294
|
The information in the Notes to Condensed Consolidated Financial
Statements is an integral part of these statements.
EXXON MOBIL
CORPORATION
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Financial Statement Preparation
These unaudited
condensed consolidated financial statements should be read in the context of
the consolidated financial statements and notes thereto filed with the
Securities and Exchange Commission in the Corporation's 2014 Annual Report on
Form 10-K. In the opinion of the Corporation, the information furnished herein
reflects all known accruals and adjustments necessary for a fair statement of
the results for the periods reported herein. All such adjustments are of a
normal recurring nature. Prior data has been reclassified in certain cases to
conform to the current presentation basis.
The Corporation's
exploration and production activities are accounted for under the
"successful efforts" method.
2. Recently Issued Accounting Standard
In
May 2014, the Financial Accounting Standards Board issued a new standard, Revenue
from Contracts with Customers. The standard establishes a single revenue
recognition model for all contracts with customers, eliminates industry
specific requirements, and expands disclosure requirements. The standard is
required to be adopted beginning January 1, 2017. ExxonMobil is evaluating the
standard and its effect on the Corporation’s financial statements.
3. Litigation and Other Contingencies
Litigation
A variety of claims
have been made against ExxonMobil and certain of its consolidated subsidiaries
in a number of pending lawsuits. Management has regular litigation reviews, including
updates from corporate and outside counsel, to assess the need for accounting
recognition or disclosure of these contingencies. The Corporation accrues an
undiscounted liability for those contingencies where the incurrence of a loss
is probable and the amount can be reasonably estimated. If a range of amounts
can be reasonably estimated and no amount within the range is a better estimate
than any other amount, then the minimum of the range is accrued. The
Corporation does not record liabilities when the likelihood that the liability
has been incurred is probable but the amount cannot be reasonably estimated or
when the liability is believed to be only reasonably possible or remote. For
contingencies where an unfavorable outcome is reasonably possible and which are
significant, the Corporation discloses the nature of the contingency and, where
feasible, an estimate of the possible loss. For purposes of our contingency
disclosures, “significant” includes material matters as well as other matters
which management believes should be disclosed. ExxonMobil will continue to
defend itself vigorously in these matters. Based on a consideration of all
relevant facts and circumstances, the Corporation does not believe the ultimate
outcome of any currently pending lawsuit against ExxonMobil will have a
material adverse effect upon the Corporation's operations, financial condition,
or financial statements taken as a whole.
Other Contingencies
The Corporation and
certain of its consolidated subsidiaries were contingently liable at March 31,
2015, for guarantees relating to notes, loans and performance under contracts. Where
guarantees for environmental remediation and other similar matters do not
include a stated cap, the amounts reflect management’s estimate of the maximum
potential exposure. These guarantees are not reasonably likely to have a
material effect on the Corporation’s financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources.
|
|
|
|
|
|
As
of March 31, 2015
|
|
|
|
|
|
|
|
|
Equity
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
|
Third
Party
|
|
|
|
|
|
|
|
|
|
|
|
Obligations
(1)
|
|
|
Obligations
|
|
|
Total
|
|
|
|
|
|
|
|
|
(millions
of dollars)
|
|
|
|
Guarantees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt-related
|
|
|
88
|
|
|
38
|
|
|
126
|
|
|
|
|
Other
|
|
|
3,141
|
|
|
3,733
|
|
|
6,874
|
|
|
|
|
|
Total
|
|
|
3,229
|
|
|
3,771
|
|
|
7,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) ExxonMobil share
|
|
|
|
|
|
|
|
|
|
|
|
Additionally, the
Corporation and its affiliates have numerous long-term sales and purchase
commitments in their various business activities, all of which are expected to
be fulfilled with no adverse consequences material to the Corporation’s
operations or financial condition. The Corporation's outstanding unconditional
purchase obligations at March 31, 2015, were similar to those at the prior
year-end period. Unconditional purchase obligations as defined by accounting
standards 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
operations and earnings of the Corporation and its affiliates throughout the
world have been, and may in the future be, affected from time to time in
varying degree by political developments and laws and regulations, such as
forced divestiture of assets; restrictions on production, imports and exports;
price controls; tax increases and retroactive tax claims; expropriation of
property; cancellation of contract rights and environmental regulations. Both
the likelihood of such occurrences and their overall effect upon the
Corporation vary greatly from country to country and are not predictable.
In accordance with a
nationalization decree issued by Venezuela’s president in February 2007, by May
1, 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed
the operatorship of the Cerro Negro Heavy Oil Project. This Project had been
operated and owned by ExxonMobil affiliates holding a 41.67 percent ownership
interest in the Project. The decree also required conversion of the Cerro Negro
Project into a “mixed enterprise” and an increase in PdVSA’s or one of its
affiliate’s ownership interest in the Project, with the stipulation that if
ExxonMobil refused to accept the terms for the formation of the mixed
enterprise within a specified period of time, the government would “directly
assume the activities” carried out by the joint venture. ExxonMobil refused to
accede to the terms proffered by the government, and on June 27, 2007, the
government expropriated ExxonMobil’s 41.67 percent interest in the Cerro Negro
Project.
On September 6, 2007,
affiliates of ExxonMobil filed a Request for Arbitration with the International
Centre for Settlement of Investment Disputes (ICSID). The ICSID Tribunal issued
a decision on June 10, 2010, finding that it had jurisdiction to proceed on the
basis of the Netherlands-Venezuela Bilateral Investment Treaty. On October 9,
2014, the ICSID Tribunal issued its final award finding in favor of the
ExxonMobil affiliates and awarding $1.6 billion as of the date of
expropriation, June 27, 2007, and interest from that date at 3.25% compounded
annually until the date of payment in full. The Tribunal also noted that one of
the Cerro Negro Project agreements provides a mechanism to prevent double
recovery between the ICSID award and all or part of an earlier award of $908
million to an ExxonMobil affiliate, Mobil Cerro Negro, Ltd., against PdVSA and
a PdVSA affiliate, PdVSA CN, in an arbitration under the rules of the
International Chamber of Commerce (ICC).
Judgment was entered
on the ICSID award by the United States District Court for the Southern
District of New York on October 10, 2014. The Republic of Venezuela filed a motion
to vacate that judgment on procedural grounds on October 14, 2014, and later, a
motion to modify the judgment by reducing the rate of interest to be paid on
the ICSID award from the entry of the court’s judgment, until the date of
payment. The court denied the Republic of Venezuela’s two motions on February
13, 2015, and March 4, 2015, respectively. The Republic of Venezuela filed a
notice of appeal of the court’s actions on the two motions on March 9, 2015.
On October 23, 2014,
the Republic of Venezuela filed with ICSID an application to revise the ICSID
award such that it requires repayment of the value of the ICC award to PdVSA at
the same time as payment is made to the ExxonMobil affiliates for the ICSID
award and that provision be made for interest on the amount to be repaid.
Thereafter, pursuant to ICSID arbitration rules, the ICSID award was stayed
pending further action of the Tribunal. On October 27, 2014, ExxonMobil filed a
response with ICSID that contests the application for revision of that award on
both factual and jurisdictional grounds. On February 2, 2015, the Republic of
Venezuela filed an application to annul the ICSID award. The application
alleges that, in issuing the ICSID award, the Tribunal exceeded its powers,
failed to state reasons on which the ICSID award was based, and departed from a
fundamental rule of procedure. Upon registration of this application with ICSID
on February 9, 2015, a further stay of the ICSID award was entered.
The federal court in
New York has stayed its judgment until such time as the stays of the ICSID
award entered following the Government of Venezuela’s filing of its two
applications have been lifted. The net impact of these matters on the
Corporation’s consolidated financial results cannot be reasonably estimated. Regardless,
the Corporation does not expect the resolution to have a material effect upon
the Corporation’s operations or financial condition.
An
affiliate of ExxonMobil is one of the Contractors under a Production Sharing
Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering
the Erha block located in the offshore waters of Nigeria. ExxonMobil's
affiliate is the operator of the block and owns a 56.25 percent interest under
the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of
crude oil in excess of its entitlement under the terms of the PSC. In
accordance with the terms of the PSC, the Contractors initiated arbitration in
Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On
October 24, 2011, a three-member arbitral Tribunal issued an award
upholding the Contractors' position in all material respects and awarding
damages to the Contractors jointly in an amount of approximately $1.8 billion
plus $234 million in accrued interest. The Contractors petitioned a Nigerian
federal court for enforcement of the award, and NNPC petitioned the same court
to have the award set aside. On May 22, 2012, the court set aside the award.
The Contractors have appealed that judgment. In June 2013, the Contractors
filed a lawsuit against NNPC in the Nigerian federal high court in order to
preserve their ability to seek enforcement of the PSC in the courts if
necessary. In October 2014, the Contractors filed suit in the United States
District Court for the Southern District of New York to enforce, if necessary, the
arbitration award against NNPC assets residing within that jurisdiction. At
this time, the net impact of this matter on the Corporation's consolidated
financial results cannot be reasonably estimated. However, regardless of the
outcome of enforcement proceedings, the Corporation does not expect the
proceedings to have a material effect upon the Corporation's operations or
financial condition.
4. Other Comprehensive
Income Information
|
|
|
|
|
|
Cumulative
|
|
|
Post-
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
retirement
|
|
|
Unrealized
|
|
|
|
|
|
|
|
|
|
Exchange
|
|
|
Benefits
|
|
|
Change
in
|
|
|
|
|
ExxonMobil Share of Accumulated Other
|
|
|
Translation
|
|
|
Reserves
|
|
|
Stock
|
|
|
|
|
Comprehensive Income
|
|
|
Adjustment
|
|
|
Adjustment
|
|
|
Investments
|
|
|
Total
|
|
|
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2013
|
|
|
(846)
|
|
|
(9,879)
|
|
|
-
|
|
|
(10,725)
|
|
Current period change excluding amounts reclassified
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from accumulated other comprehensive income
|
|
|
(555)
|
|
|
(93)
|
|
|
(54)
|
|
|
(702)
|
|
Amounts reclassified from accumulated other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
comprehensive income
|
|
|
82
|
|
|
305
|
|
|
-
|
|
|
387
|
|
Total change in accumulated other comprehensive income
|
|
|
(473)
|
|
|
212
|
|
|
(54)
|
|
|
(315)
|
|
Balance as of March 31, 2014
|
|
|
(1,319)
|
|
|
(9,667)
|
|
|
(54)
|
|
|
(11,040)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2014
|
|
|
(5,952)
|
|
|
(12,945)
|
|
|
(60)
|
|
|
(18,957)
|
|
Current period change excluding amounts reclassified
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from accumulated other comprehensive income
|
|
|
(4,784)
|
|
|
796
|
|
|
2
|
|
|
(3,986)
|
|
Amounts reclassified from accumulated other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
comprehensive income
|
|
|
-
|
|
|
340
|
|
|
8
|
|
|
348
|
|
Total change in accumulated other comprehensive income
|
|
|
(4,784)
|
|
|
1,136
|
|
|
10
|
|
|
(3,638)
|
|
Balance as of March 31, 2015
|
|
|
(10,736)
|
|
|
(11,809)
|
|
|
(50)
|
|
|
(22,595)
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Amounts Reclassified Out of Accumulated Other
|
|
|
|
|
|
|
March
31,
|
|
Comprehensive Income - Before-tax Income/(Expense)
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translation gain/(loss) included in net income
|
|
|
|
|
|
|
|
(Statement of Income line: Other income)
|
|
|
|
-
|
|
|
(82)
|
|
Amortization and settlement of postretirement benefits reserves
|
|
|
|
|
|
|
|
|
|
adjustment included in net periodic benefit costs (1)
|
(511)
|
|
|
(451)
|
|
Realized change in fair value of stock investments included in
net income
|
|
|
|
|
|
|
(Statement of Income line: Other income)
|
(12)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) These accumulated other comprehensive income components are
included in the computation of net periodic pension cost. (See Note 6 – Pension
and Other Postretirement Benefits for additional details.)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Income Tax (Expense)/Credit For
|
|
|
|
|
|
|
|
|
March
31,
|
|
Components of Other Comprehensive Income
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange translation adjustment
|
|
|
|
|
|
|
|
|
90
|
|
|
(32)
|
|
Postretirement benefits reserves adjustment (excluding
amortization)
|
|
|
(377)
|
|
|
50
|
|
Amortization and settlement of postretirement benefits reserves
|
|
|
|
|
|
|
|
|
adjustment included in net periodic benefit costs
|
|
|
(160)
|
|
|
(135)
|
|
Unrealized change in fair value of stock investments
|
|
|
(1)
|
|
|
29
|
|
Realized change in fair value of stock investments
|
|
|
|
|
|
|
|
|
included in net income
|
|
|
(4)
|
|
|
-
|
|
Total
|
|
|
|
|
|
|
|
|
(452)
|
|
|
(88)
|
5. Earnings Per
Share
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to ExxonMobil (millions of dollars)
|
|
|
4,940
|
|
|
9,100
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
(millions of shares)
|
|
|
4,211
|
|
|
4,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share (dollars)
(1)
|
|
|
|
1.17
|
|
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The calculation of earnings per common share and earnings per
common share – assuming dilution are the same in each period shown.
6. Pension and Other Postretirement Benefits
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
(millions
of dollars)
|
|
Components of net benefit cost
|
|
|
|
|
|
|
|
|
|
Pension Benefits - U.S.
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
|
|
195
|
|
|
177
|
|
|
|
Interest cost
|
|
|
|
196
|
|
|
202
|
|
|
|
Expected return on plan assets
|
|
|
|
(207)
|
|
|
(200)
|
|
|
|
Amortization of actuarial loss/(gain) and prior service cost
|
|
|
138
|
|
|
104
|
|
|
|
Net pension enhancement and curtailment/settlement cost
|
|
|
117
|
|
|
112
|
|
|
|
Net benefit cost
|
|
|
|
439
|
|
|
395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits - Non-U.S.
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
|
|
176
|
|
|
150
|
|
|
|
Interest cost
|
|
|
|
218
|
|
|
285
|
|
|
|
Expected return on plan assets
|
|
|
|
(278)
|
|
|
(298)
|
|
|
|
Amortization of actuarial loss/(gain) and prior service cost
|
|
|
211
|
|
|
192
|
|
|
|
Net benefit cost
|
|
|
|
327
|
|
|
329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Postretirement Benefits
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
|
|
37
|
|
|
37
|
|
|
|
Interest cost
|
|
|
|
90
|
|
|
92
|
|
|
|
Expected return on plan assets
|
|
|
|
(7)
|
|
|
(9)
|
|
|
|
Amortization of actuarial loss/(gain) and prior service cost
|
|
|
45
|
|
|
43
|
|
|
|
Net benefit cost
|
|
|
|
165
|
|
|
163
|
|
|
|
|
|
|
|
|
|
|
|
|
7. Financial
Instruments
The fair value of
financial instruments is determined by reference to observable market data and
other valuation techniques as appropriate. The only category of financial
instruments where the difference between fair value and recorded book value is
notable is long-term debt. The estimated fair value of total long-term debt, excluding
capitalized lease obligations, was $19,735 million at March 31, 2015, and
$11,660 million at December 31, 2014, as compared to recorded book
values of $19,155 million at March 31, 2015, and $11,278 million at
December 31, 2014. The increase in the estimated fair value and book value
of long-term debt reflects the Corporation’s issuance of $8.0 billion of long-term
debt in the first quarter of 2015. The $8.0 billion of long-term debt is
comprised of $500 million of floating-rate notes due in 2018, $500 million of
floating-rate notes due in 2022, $1,600 million of 1.305% notes due in 2018,
$1,500 million of 1.912% notes due in 2020, $1,150 million of 2.397% notes due
in 2022, $1,750 million of 2.709% notes due in 2025, and $1,000 million of
3.567% notes due in 2045.
The fair value of long-term debt by
hierarchy level at March 31, 2015, is: Level 1 $19,226 million;
Level 2 $446 million; and Level 3 $63 million. Level 1 represents
quoted prices in active markets. Level 2 includes debt whose fair value is
based upon a publicly available index. Level 3 involves using internal data
augmented by relevant market indicators if available.
8. Disclosures
about Segments and Related Information
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
Earnings After Income Tax
|
|
|
|
(millions
of dollars)
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
(52)
|
|
|
1,244
|
|
|
|
Non-U.S.
|
|
|
|
2,907
|
|
|
6,539
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
567
|
|
|
623
|
|
|
|
Non-U.S.
|
|
|
|
1,100
|
|
|
190
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
605
|
|
|
679
|
|
|
|
Non-U.S.
|
|
|
|
377
|
|
|
368
|
|
|
All other
|
|
|
|
(564)
|
|
|
(543)
|
|
|
Corporate total
|
|
|
|
4,940
|
|
|
9,100
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Other Operating Revenue (1)
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
2,125
|
|
|
3,874
|
|
|
|
Non-U.S.
|
|
|
|
4,122
|
|
|
5,827
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
18,389
|
|
|
30,412
|
|
|
|
Non-U.S.
|
|
|
|
33,162
|
|
|
51,288
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
2,792
|
|
|
3,876
|
|
|
|
Non-U.S.
|
|
|
|
4,166
|
|
|
6,032
|
|
|
All other
|
|
|
|
2
|
|
|
3
|
|
|
Corporate total
|
|
|
|
64,758
|
|
|
101,312
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes sales-based taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment Revenue
|
|
|
|
|
|
|
|
|
|
Upstream
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
1,180
|
|
|
2,063
|
|
|
|
Non-U.S.
|
|
|
|
4,857
|
|
|
10,781
|
|
|
Downstream
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
3,076
|
|
|
4,909
|
|
|
|
Non-U.S.
|
|
|
|
5,273
|
|
|
12,842
|
|
|
Chemical
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
|
1,773
|
|
|
2,634
|
|
|
|
Non-U.S.
|
|
|
|
1,321
|
|
|
2,267
|
|
|
All other
|
|
|
|
68
|
|
|
67
|
EXXON MOBIL
CORPORATION
Item 2. Management's
Discussion and Analysis of Financial Condition and Results of Operations
FUNCTIONAL EARNINGS SUMMARY
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Three Months
|
Earnings (U.S. GAAP)
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(millions
of dollars)
|
Upstream
|
|
|
|
|
|
|
|
United States
|
|
|
(52)
|
|
|
1,244
|
|
Non-U.S.
|
|
|
2,907
|
|
|
6,539
|
Downstream
|
|
|
|
|
|
|
|
United States
|
|
|
567
|
|
|
623
|
|
Non-U.S.
|
|
|
1,100
|
|
|
190
|
Chemical
|
|
|
|
|
|
|
|
United States
|
|
|
605
|
|
|
679
|
|
Non-U.S.
|
|
|
377
|
|
|
368
|
Corporate and financing
|
|
|
(564)
|
|
|
(543)
|
|
Net Income attributable to ExxonMobil
|
|
|
4,940
|
|
|
9,100
|
|
|
|
|
|
|
|
Earnings per common share (dollars)
|
|
|
1.17
|
|
|
2.10
|
Earnings per common share - assuming dilution (dollars)
|
|
1.17
|
|
|
2.10
|
|
|
|
|
|
|
|
|
References in this
discussion to corporate earnings mean net income attributable to ExxonMobil
(U.S. GAAP) from the consolidated income statement. Unless otherwise indicated,
references to earnings, Upstream, Downstream, Chemical and Corporate and
Financing segment earnings, and earnings per share are ExxonMobil's share after
excluding amounts attributable to noncontrolling interests.
REVIEW OF FIRST QUARTER 2015 RESULTS
ExxonMobil’s first
quarter 2015 earnings of $4.9 billion, or $1.17 per diluted share, demonstrate
the value of the Company’s integrated businesses in a lower commodity price
environment. Regardless of current market conditions, the Company remains
focused on business fundamentals and competitive advantages that create long‑term
shareholder value.
|
|
|
|
|
First
Three Months
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(millions
of dollars)
|
Upstream earnings
|
|
|
|
|
|
|
|
United States
|
|
|
(52)
|
|
|
1,244
|
|
Non-U.S.
|
|
|
2,907
|
|
|
6,539
|
|
|
Total
|
|
|
2,855
|
|
|
7,783
|
Upstream earnings
were $2,855 million in the first three months of 2015, down $4,928 million
from the first quarter of 2014. Lower liquids and gas realizations decreased
earnings by $5.5 billion. Higher volumes and mix effects increased
earnings by $340 million, reflecting growth from new developments. All
other items, including favorable tax effects, increased earnings by
$250 million.
On an oil‑equivalent
basis, production increased 2.3 percent from the first quarter of 2014.
Liquids production totaled 2.3 million barrels per day, up 129,000 barrels
per day, while natural gas production was 11.8 billion cubic feet per day,
down 188 million cubic feet per day from 2014. Project ramp‑up and
entitlement effects were partly offset by field decline and maintenance
activities.
The U.S. Upstream
operations recorded a loss of $52 million, down $1,296 million from
the first quarter of 2014. Non-U.S. Upstream earnings were $2,907 million,
down $3,632 million from the prior year.
|
|
|
First
Quarter
|
Upstream additional information
|
|
(thousands
of barrels daily)
|
Volumes reconciliation (Oil-equivalent production) (1)
|
|
|
|
|
2014
|
|
|
|
4,151
|
|
|
Entitlements - Net Interest
|
|
|
|
(35)
|
|
|
Entitlements - Price / Spend / Other
|
|
|
|
176
|
|
|
Quotas
|
|
|
|
-
|
|
|
Divestments
|
|
|
|
(38)
|
|
|
Growth / Other
|
|
|
|
(6)
|
|
2015
|
|
|
|
4,248
|
|
|
|
|
|
|
|
|
(1) Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels.
|
Listed below are descriptions of ExxonMobil’s volumes reconciliation
factors which are provided to facilitate understanding of the terms.
Entitlements - Net
Interest are changes to ExxonMobil’s share of production volumes caused by
non-operational changes to volume-determining factors. These factors consist of
net interest changes specified in Production Sharing Contracts (PSCs) which
typically occur when cumulative investment returns or production volumes
achieve defined thresholds, changes in equity upon achieving pay-out in partner
investment carry situations, equity redeterminations as specified in venture
agreements, or as a result of the termination or expiry of a concession. Once a
net interest change has occurred, it typically will not be reversed by
subsequent events, such as lower crude oil prices.
Entitlements - Price,
Spend and Other are changes to ExxonMobil’s share of production volumes resulting
from temporary changes to non-operational volume-determining factors. These
factors include changes in oil and gas prices or spending levels from one
period to another. According to the terms of contractual arrangements or
government royalty regimes, price or spending variability can increase or
decrease royalty burdens and/or volumes attributable to ExxonMobil. For
example, at higher prices, fewer barrels are required for ExxonMobil to recover
its costs. These effects generally vary from period to period with field
spending patterns or market prices for oil and natural gas. Such factors can
also include other temporary changes in net interest as dictated by specific
provisions in production agreements.
Quotas are changes in
ExxonMobil’s allowable production arising from production constraints imposed
by countries which are members of the Organization of the Petroleum Exporting
Countries (OPEC). Volumes reported in this category would have been readily
producible in the absence of the quota.
Divestments are reductions in
ExxonMobil’s production arising from commercial arrangements to fully or
partially reduce equity in a field or asset in exchange for financial or other
economic consideration.
Growth and Other factors comprise all
other operational and non-operational factors not covered by the above
definitions that may affect volumes attributable to ExxonMobil. Such factors
include, but are not limited to, production enhancements from project and work
program activities, acquisitions including additions from asset exchanges,
downtime, market demand, natural field decline, and any fiscal or commercial
terms that do not affect entitlements.
|
|
|
|
|
First
Three Months
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(millions
of dollars)
|
Downstream earnings
|
|
|
|
|
|
|
|
United States
|
|
|
567
|
|
|
623
|
|
Non-U.S.
|
|
|
1,100
|
|
|
190
|
|
|
Total
|
|
|
1,667
|
|
|
813
|
Downstream earnings
were $1,667 million for the first three months of 2015, up
$854 million from the first quarter of 2014. Stronger margins increased
earnings by $1 billion. Volume and mix effects increased earnings by
$70 million. All other items, primarily higher maintenance expense,
decreased earnings by $260 million. Petroleum product sales of
5.8 million barrels per day were flat with the prior year’s first quarter.
Earnings from the
U.S. Downstream were $567 million, down $56 million from the first
quarter of 2014. Non-U.S. Downstream earnings of $1,100 million were
$910 million higher than last year.
|
|
|
|
|
First
Three Months
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(millions
of dollars)
|
Chemical earnings
|
|
|
|
|
|
|
|
United States
|
|
|
605
|
|
|
679
|
|
Non-U.S.
|
|
|
377
|
|
|
368
|
|
|
Total
|
|
|
982
|
|
|
1,047
|
Chemical earnings of $982 million
for the first three months of 2015 were $65 million lower than the first
quarter of 2014. Improved margins increased earnings by $240 million.
Favorable volume mix effects increased earnings by $30 million. All other
items, primarily unfavorable foreign exchange effects, decreased earnings by
$340 million. First quarter prime product sales of 6.1 million metric
tons were 59,000 metric tons lower than last year's first quarter.
|
|
|
|
|
First
Three Months
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
Corporate and financing earnings
|
|
|
(564)
|
|
|
(543)
|
Corporate and
financing expenses were $564 million for the first three months of 2015,
essentially flat with the first quarter of 2014.
LIQUIDITY AND
CAPITAL RESOURCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Three Months
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(millions
of dollars)
|
Net cash provided by/(used in)
|
|
|
|
|
|
|
|
Operating activities
|
|
|
7,998
|
|
|
15,103
|
|
Investing activities
|
|
|
(6,352)
|
|
|
(6,306)
|
|
Financing activities
|
|
|
(854)
|
|
|
(7,816)
|
Effect of exchange rate changes
|
|
|
(224)
|
|
|
(24)
|
Increase/(decrease) in cash and cash equivalents
|
|
|
568
|
|
|
957
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents (at end of period)
|
|
|
5,184
|
|
|
5,601
|
Cash and cash equivalents – restricted (at end of period)
|
|
|
43
|
|
|
204
|
Total cash and cash equivalents (at end of period)
|
|
|
5,227
|
|
|
5,805
|
|
|
|
|
|
|
|
|
|
Cash flow from operations and asset sales
|
|
|
|
|
|
|
|
Net cash provided by operating activities (U.S. GAAP)
|
|
|
7,998
|
|
|
15,103
|
|
Proceeds associated with sales of subsidiaries, property, plant
& equipment,
|
|
|
|
|
|
|
|
and sales and returns of investments
|
|
|
484
|
|
|
1,111
|
|
Cash flow from operations and asset sales
|
|
|
8,482
|
|
|
16,214
|
Because of the
ongoing nature of our asset management and divestment program, we believe it is
useful for investors to consider proceeds associated with asset sales together
with cash provided by operating activities when evaluating cash available for
investment in the business and financing activities, including shareholder
distributions.
Cash provided by operating
activities totaled $8.0 billion for the first three months of 2015, $7.1
billion lower than 2014. The major source of funds was net income including noncontrolling
interests of $5.1 billion, a decrease of $4.3 billion from the prior year
period. The adjustment for the noncash provision of $4.3 billion for
depreciation and depletion increased by $0.1 billion. Changes in operational
working capital decreased cash flows by $0.5 billion in 2015, primarily due to
lower payables. Changes in operational working capital added $2.5 billion to
cash flow in 2014, primarily due to higher payables. All other items net
decreased cash by $0.9 billion in both periods. For additional details, see the
Condensed Consolidated Statement of Cash Flows on page 6.
Investing activities
for the first three months of 2015 used net cash of $6.4 billion, an increase of
nearly $0.1 billion compared to the prior year. Spending for additions to
property, plant and equipment of $6.8 billion was $0.5 billion lower than 2014.
Proceeds from asset sales of $0.5 billion decreased $0.6 billion. Additional
investment and advances decreased $0.2 billion to $0.3 billion. Other investing
activities – net decreased $0.1 billion to $0.3 billion.
Cash flow from
operations and asset sales in the first quarter of 2015 was $8.5 billion,
including asset sales of $0.5 billion, and decreased $7.7 billion from the
comparable 2014 period primarily due to lower earnings and working capital
changes.
During the first
quarter of 2015, the Corporation issued $8.0 billion of long-term debt and used
part of the proceeds to reduce short-term debt. Net cash used in financing
activities of $0.9 billion in the first three months of 2015 was $7.0 billion lower
than 2014 reflecting the 2015 debt issuance and a lower level of purchases of
shares of ExxonMobil stock in 2015.
During the first
quarter of 2015, Exxon Mobil Corporation purchased 20 million shares of its
common stock for the treasury at a gross cost of $1.8 billion. These purchases included
$1 billion to reduce the number of shares outstanding with the balance used to
acquire shares in conjunction with the company’s benefit plans and programs. Shares
outstanding decreased from 4,201 million at year-end to 4,181 million at the
end of the first quarter 2015. Purchases may be made in both the open market and
through negotiated transactions, and may be increased, decreased or
discontinued at any time without prior notice.
The Corporation distributed to shareholders a total of $3.9
billion in the first quarter of 2015 through dividends and share purchases to
reduce shares outstanding.
Total cash and cash
equivalents of $5.2 billion at the end of the first quarter of 2015 compared to
$5.8 billion at the end of the first quarter of 2014.
Total debt of $32.8
billion compared to $29.1 billion at year-end 2014. The Corporation's debt to
total capital ratio was 15.6 percent at the end of the first quarter of 2015
compared to 13.9 percent at year-end 2014.
The Corporation has
access to significant capacity of long-term and short-term liquidity.
Internally generated funds are expected to cover the majority of financial
requirements, supplemented by long-term and short-term debt.
The Corporation, as
part of its ongoing asset management program, continues to evaluate its mix of
assets for potential upgrade. Because of the ongoing nature of this program,
dispositions will continue to be made from time to time which will result in
either gains or losses. Additionally, the Corporation continues to evaluate
opportunities to enhance its business portfolio through acquisitions of assets
or companies, and enters into such transactions from time to time. Key criteria
for evaluating acquisitions include potential for future growth and attractive
current valuations. Acquisitions may be made with cash, shares of the Corporation’s
common stock, or both.
Litigation and other
contingencies are discussed in Note 3 to the unaudited condensed consolidated
financial statements.
TAXES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Three Months
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
1,560
|
|
|
5,857
|
|
|
Effective income tax rate
|
|
|
33
|
%
|
|
45
|
%
|
Sales-based taxes
|
|
|
5,530
|
|
|
7,416
|
|
All other taxes and duties
|
|
|
7,274
|
|
|
8,857
|
|
|
Total
|
|
|
14,364
|
|
|
22,130
|
|
Income, sales-based and all other taxes and duties totaled
$14.4 billion for the first quarter of 2015, a decrease of $7.8 billion from
2014. Income tax expense decreased by $4.3 billion to $1.6 billion reflecting
lower pre-tax income and a lower effective tax rate. The effective income tax
rate was 33 percent compared to 45 percent in the
prior year period due primarily to a lower share of earnings in higher
tax jurisdictions. Sales-based taxes and all other
taxes and duties decreased by $3.5 billion to $12.8 billion as a result of
lower sales realizations.
CAPITAL AND EXPLORATION EXPENDITURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Three Months
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
(millions
of dollars)
|
|
|
|
|
|
|
|
|
|
|
Upstream (including exploration expenses)
|
|
|
6,417
|
|
|
7,264
|
|
Downstream
|
|
|
621
|
|
|
540
|
|
Chemical
|
|
|
654
|
|
|
630
|
|
Other
|
|
|
12
|
|
|
2
|
|
|
Total
|
|
|
7,704
|
|
|
8,436
|
|
Capital
and exploration expenditures in the first quarter of 2015 were $7.7 billion, down
9 percent from the first quarter of 2014, in line with plan. The Corporation
anticipates an average investment profile of about $34 billion per year for the
next few years. Actual spending could vary depending on the progress of
individual projects and property acquisitions.
In 2014,
the European Union and United States imposed sanctions relating to the Russian
energy sector. ExxonMobil continues to comply with all sanctions and regulatory
licenses applicable to its affiliates’ investments in the Russian Federation.
RECENTLY ISSUED ACCOUNTING STANDARDS
In May 2014, the
Financial Accounting Standards Board issued a new standard, Revenue from
Contracts with Customers. The standard establishes a single revenue
recognition model for all contracts with customers, eliminates industry
specific requirements and expands disclosure requirements. The standard is
required to be adopted beginning January 1, 2017. ExxonMobil is evaluating the
standard and its effect on the Corporation’s financial statements.
FORWARD-LOOKING STATEMENTS
Statements
relating to future plans, projections, events or conditions are forward-looking
statements. Actual results, including project plans, costs, timing, and
capacities; capital and exploration expenditures; resource recoveries; and
share purchase levels, could differ materially due to factors including:
changes in oil or gas prices or other market or economic conditions affecting
the oil and gas industry, including the scope and duration of economic
recessions; the outcome of exploration and development efforts; changes in law
or government regulation, including tax and environmental requirements; the
outcome of commercial negotiations; changes in technical or operating
conditions; and other factors discussed under the heading "Factors
Affecting Future Results" in the “Investors” section of our website and in
Item 1A of ExxonMobil's 2014 Form 10-K. We assume no duty to update these
statements as of any future date.
The term
“project” as used in this report can refer to a variety of different activities
and does not necessarily have the same meaning as in any government payment
transparency reports.
Item 3. Quantitative and Qualitative Disclosures About Market
Risk
Information about
market risks for the three months ended March 31, 2015, does not differ
materially from that discussed under Item 7A of the registrant's Annual Report
on Form 10-K for 2014.
Item 4. Controls and
Procedures
As indicated in the
certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer,
Principal Financial Officer and Principal Accounting Officer have evaluated the
Corporation’s disclosure controls and procedures as of March 31, 2015.
Based on that evaluation, these officers have concluded that the Corporation’s
disclosure controls and procedures are effective in ensuring that information
required to be disclosed by the Corporation in the reports that it files or
submits under the Securities Exchange Act of 1934, as amended, is accumulated
and communicated to them in a manner that allows for timely decisions regarding
required disclosures and are effective in ensuring that such information is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission’s rules and forms. There were no
changes during the Corporation’s last fiscal quarter that materially affected,
or are reasonably likely to materially affect, the Corporation’s internal
control over financial reporting.
PART II. OTHER
INFORMATION
Item 1. Legal
Proceedings
Regarding the
criminal charges filed against XTO Energy Inc. (XTO) by the Pennsylvania
Attorney General’s Office pertaining to XTO’s Marquardt Well Site in Penn
Township, Pennsylvania, reported most recently in the Corporation’s 2013 Form
10-K, in pre-trial proceedings on April 14, 2015, the Pennsylvania Court of
Common Pleas issued an order denying XTO’s motion to dismiss the case.
With respect to the
enforcement action filed by the United States, on behalf of the United States
Environmental Protection Agency (USEPA), and the State of Arkansas, on behalf
of the Arkansas Department of Environmental Quality, against ExxonMobil
Pipeline Company (EMPCo) related to the discharge of crude oil from the Pegasus
Pipeline in Mayflower, Faulkner County, Arkansas, previously reported in the
Corporation’s Forms 10-Q for the first, second, and third quarters of 2013, and
the first and second quarters of 2014, and in its 2014 Form 10-K, EMPCo
has reached an agreement with the United States and the State of Arkansas on a
Consent Decree to resolve the matter. The Consent Decree, if approved by the
court, would require EMPCo to pay a civil penalty to the United States of $3.19
million and to pay the State of Arkansas $1.88 million consisting of a $1
million civil penalty, $600,000 towards a supplemental environmental project,
and $280,000 to reimburse expenses of the Arkansas Attorney General’s Office.
In addition, the Consent Decree would require EMPCo to conduct enhanced
training, stage additional spill response equipment, and enhance integrity
treatment of the pipeline. The Consent Decree was lodged with the court on
April 22, 2015. A 30-day public comment period began on April 28, 2015, when
the Consent Decree was published in the Federal Register.
As reported most
recently in the Corporation’s 2014 Form 10-K, in December 2014, XTO agreed to a
settlement with the Department of Justice, USEPA and the West Virginia
Department of Environmental Protections (WVDEP) concerning administrative
orders alleging Clean Water Act violations issued by the USEPA with regard to
eight XTO locations in West Virginia, five of which were voluntarily disclosed
by XTO to the USEPA. Pursuant to the settlement, XTO will pay a civil penalty
of $2.3 million and has entered into a Consent Decree with the Department of
Justice, USEPA and WVDEP. The Consent Decree requires XTO to prepare and submit
restoration plans for approval by USEPA and WVDEP and conduct approximately
$3.0 million in restoration and mitigation activities at the impacted locations
or at alternative locations approved by the USEPA and WVDEP. On April 24, 2015,
the United States District Court for the Northern District of West Virginia
approved the Consent Decree.
Refer to the relevant
portions of Note 3 of this Quarterly Report on Form 10-Q for further
information on legal proceedings.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Purchase of
Equity Securities for Quarter Ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Number of
|
|
Maximum
Number
|
|
|
|
|
|
|
|
|
Shares
Purchased
|
|
of Shares
that May
|
|
|
|
|
Total
Number
|
|
Average
|
|
as
Part of Publicly
|
|
Yet
Be Purchased
|
|
|
|
|
of
Shares
|
|
Price
Paid
|
|
Announced
Plans
|
|
Under
the Plans or
|
Period
|
|
|
Purchased
|
|
per
Share
|
|
or
Programs
|
|
Programs
|
|
|
|
|
|
|
|
|
|
|
|
January 2015
|
|
6,510,349
|
|
$90.44
|
|
6,510,349
|
|
|
February 2015
|
|
6,184,584
|
|
$90.56
|
|
6,184,584
|
|
|
March 2015
|
|
7,411,392
|
|
$85.24
|
|
7,411,392
|
|
|
|
Total
|
|
|
20,106,325
|
|
$88.56
|
|
20,106,325
|
|
(See Note 1)
|
Note 1 - On August 1,
2000, the Corporation announced its intention to resume purchases of shares of
its common stock for the treasury both to offset shares issued in conjunction
with company benefit plans and programs and to gradually reduce the number of
shares outstanding. The announcement did not specify an amount or expiration date.
The Corporation has continued to purchase shares since this announcement and to
report purchased volumes in its quarterly earnings releases. In its most recent
earnings release dated April 30, 2015, the Corporation stated that second
quarter 2015 share purchases to reduce shares outstanding are anticipated to
equal $1 billion. Purchases may be made in both the open market and through
negotiated transactions, and purchases may be increased, decreased or
discontinued at any time without prior notice.
Item
6. Exhibits
Exhibit
|
|
Description
|
|
|
|
31.1
|
|
Certification (pursuant to Securities
Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
|
31.2
|
|
Certification (pursuant to Securities
Exchange Act Rule 13a-14(a)) by Principal Financial Officer.
|
31.3
|
|
Certification (pursuant to Securities
Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
|
32.1
|
|
Section 1350 Certification (pursuant to
Sarbanes-Oxley Section 906) by Chief Executive Officer.
|
32.2
|
|
Section 1350 Certification (pursuant to
Sarbanes-Oxley Section 906) by Principal Financial Officer.
|
32.3
|
|
Section 1350 Certification (pursuant to
Sarbanes-Oxley Section 906) by Principal Accounting Officer.
|
101
|
|
Interactive Data Files.
|
The registrant has not filed with this report copies of the
instruments defining the rights of holders of long-term debt of the registrant
and its subsidiaries for which consolidated or unconsolidated financial
statements are required to be filed. The registrant agrees to furnish a copy of
any such instrument to the Securities and Exchange Commission upon request.
EXXON
MOBIL CORPORATION
SIGNATURE
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,
thereunto duly authorized.
|
EXXON
MOBIL CORPORATION
|
Date:
May 6, 2015
|
By:
|
/s/ DAVID S. ROSENTHAL
|
|
|
David S. Rosenthal
|
|
|
Vice President, Controller and
|
|
|
Principal Accounting Officer
|
|
|
|
INDEX TO EXHIBITS
Exhibit
|
|
Description
|
|
|
|
31.1
|
|
Certification (pursuant to Securities
Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
|
31.2
|
|
Certification (pursuant to Securities
Exchange Act Rule 13a-14(a)) by Principal Financial Officer.
|
31.3
|
|
Certification (pursuant to Securities
Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
|
32.1
|
|
Section 1350 Certification (pursuant to
Sarbanes-Oxley Section 906) by Chief Executive Officer.
|
32.2
|
|
Section 1350 Certification (pursuant to
Sarbanes-Oxley Section 906) by Principal Financial Officer.
|
32.3
|
|
Section 1350 Certification (pursuant to
Sarbanes-Oxley Section 906) by Principal Accounting Officer.
|
101
|
|
Interactive Data Files.
|
The registrant has not filed with this report copies of the
instruments defining the rights of holders of long-term debt of the registrant
and its subsidiaries for which consolidated or unconsolidated financial
statements are required to be filed. The registrant agrees to furnish a copy of
any such instrument to the Securities and Exchange Commission upon request.
EXHIBIT 31.1
Certification by Rex W. Tillerson
Pursuant to Securities Exchange Act Rule
13a-14(a)
I,
Rex W. Tillerson, certify that:
1. I have reviewed
this quarterly report on Form 10-Q of Exxon Mobil Corporation;
2. Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s
other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b)
Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the
effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
(d) Disclosed in
this report any change in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal quarter (the
registrant's fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's
other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's board of directors (or
persons performing the equivalent functions):
(a) All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report
financial information; and
(b) Any fraud,
whether or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.
Date: May 6, 2015
|
/s/
REX W. TILLERSON
|
|
Rex
W. Tillerson
|
|
Chief
Executive Officer
|
EXHIBIT 31.2
Certification by Andrew P. Swiger
Pursuant to Securities Exchange Act Rule
13a-14(a)
I,
Andrew P. Swiger, certify that:
1. I have reviewed
this quarterly report on Form 10-Q of Exxon Mobil Corporation;
2. Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s
other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b)
Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the
effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
(d) Disclosed in
this report any change in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal quarter (the
registrant's fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's
other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's board of directors (or
persons performing the equivalent functions):
(a) All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report
financial information; and
(b) Any fraud,
whether or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.
Date: May 6,
2015
|
/s/
ANDREW P. SWIGER
|
|
Andrew P. Swiger
|
|
Senior Vice President
|
|
(Principal Financial Officer)
|
EXHIBIT 31.3
Certification by David S. Rosenthal
Pursuant to Securities Exchange Act Rule
13a-14(a)
I,
David S. Rosenthal, certify that:
1. I have reviewed
this quarterly report on Form 10-Q of Exxon Mobil Corporation;
2. Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s
other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
(b)
Designed
such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the
effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
(d) Disclosed in
this report any change in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal quarter (the
registrant's fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's
other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's board of directors (or
persons performing the equivalent functions):
(a) All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize and report
financial information; and
(b) Any fraud,
whether or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.
Date: May 6, 2015
|
/s/
DAVID S. ROSENTHAL
|
|
David S. Rosenthal
|
|
Vice President and Controller
|
|
(Principal Accounting Officer)
|
EXHIBIT 32.1
Certification of Periodic
Financial Report
Pursuant to 18 U.S.C.
Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Rex
W. Tillerson, the chief executive officer of Exxon Mobil Corporation (the
“Company”), hereby certifies that, to his knowledge:
(i)
the Quarterly Report on Form 10-Q of the Company for the quarter
ended March 31, 2015, as filed with the Securities and Exchange Commission on
the date hereof (the “Report”) fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Company.
Date: May 6,
2015
|
/s/
REX W. TILLERSON
|
|
Rex W. Tillerson
|
|
Chief Executive Officer
|
A signed original of this written statement required by Section
906 has been provided to Exxon Mobil Corporation and will be retained by Exxon
Mobil Corporation and furnished to the Securities and Exchange Commission or
its staff upon request.
EXHIBIT 32.2
Certification of Periodic
Financial Report
Pursuant to 18 U.S.C.
Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned,
Andrew P. Swiger, the principal financial officer of Exxon Mobil Corporation
(the “Company”), hereby certifies that, to his knowledge:
(i)
the Quarterly Report on Form 10-Q of the Company for the quarter
ended March 31, 2015, as filed with the Securities and Exchange Commission on
the date hereof (the “Report”) fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Company.
Date: May 6, 2015
|
/s/ ANDREW P. SWIGER
|
|
Andrew P. Swiger
|
|
Senior Vice President
|
|
(Principal Financial Officer)
|
A signed original of this written statement required by Section
906 has been provided to Exxon Mobil Corporation and will be retained by Exxon
Mobil Corporation and furnished to the Securities and Exchange Commission or
its staff upon request.
EXHIBIT 32.3
Certification of Periodic
Financial Report
Pursuant to 18 U.S.C.
Section 1350
For purposes of 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, the undersigned, David S. Rosenthal, the principal accounting
officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to
his knowledge:
(i)
the Quarterly Report on Form 10-Q of the Company for the quarter
ended March 31, 2015, as filed with the Securities and Exchange Commission on
the date hereof (the “Report”) fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Company.
Date: May 6, 2015
|
/s/ DAVID S. ROSENTHAL
|
|
David S. Rosenthal
|
|
Vice President and Controller
|
|
(Principal Accounting Officer)
|
A signed original of this written statement required by Section
906 has been provided to Exxon Mobil Corporation and will be retained by Exxon
Mobil Corporation and furnished to the Securities and Exchange Commission or
its staff upon request.
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