13. Long-Term Debt

At December 31, 2011, long-term debt consisted of $8,855 million due in U.S. dollars and $467 million representing the U.S. dollar equivalent at year-end exchange rates of amounts payable in foreign currencies. These amounts exclude that portion of long-term debt, totaling $3,431 million, which matures within one year and is included in current liabilities. The amounts of long-term debt maturing, in each of the four years after December 31, 2012, in millions of dollars, are: 2013 – $967, 2014 – $871, 2015 – $606 and 2016 – $503. At December 31, 2011, the Corporation's unused long-term credit lines were not material.

Summarized long-term debt at year-end 2011 and 2010 are shown in the table below:


	2011		2010
	(millions of dollars)
SeaRiver Maritime Financial Holdings, Inc. (1)
Guaranteed deferred interest debentures due 2012
– Face value net of unamortized discount plus accrued interest	$	—	$	2,389

XTO Energy Inc. (2)
7.500% senior note due 2012		—		199
5.900% senior note due 2012		—		233
6.250% senior note due 2013		185		193
4.625% senior note due 2013		145		149
5.750% senior note due 2013		346		359
4.900% senior note due 2014		260		267
5.000% senior note due 2015		138		142
5.300% senior note due 2015		255		262
5.650% senior note due 2016		222		227
6.250% senior note due 2017		513		534
5.500% senior note due 2018		402		420
6.500% senior note due 2018		506		524
6.100% senior note due 2036		203		204
6.750% senior note due 2037		317		329
6.375% senior note due 2038		241		258

Mobil Services (Bahamas) Ltd.
Variable note due 2035 (3)		972		972
Variable note due 2034 (4)		311		311

Mobil Producing Nigeria Unlimited (5)
Variable notes due 2012-2017		543		415

Esso (Thailand) Public Company Ltd. (6)
Variable notes due 2012-2017		413		522

Mobil Corporation
8.625% debentures due 2021		248		248

Industrial revenue bonds due 2012-2051 (7)		2,315		2,247
Other U.S. dollar obligations (8)		496		454
Other foreign currency obligations		31		65
Capitalized lease obligations (9)		260		304
Total long-term debt	$	9,322	$	12,227

(1)

Additional information is provided for this subsidiary on the following pages.

(2)

Includes premiums of $421 million.

(3)

Average effective interest rate of 0.2% in 2011 and 0.3% in 2010.

(4)

Average effective interest rate of 0.3% in 2011 and 0.4% in 2010.

(5)

Average effective interest rate of 4.2% in 2011 and 4.6% in 2010.

(6)

Average effective interest rate of 3.2% in 2011 and 1.7% in 2010.

(7)

Average effective interest rate of 0.1% in 2011 and 0.2% in 2010.

(8)

Average effective interest rate of 4.8% in 2011 and 4.7% in 2010.

(9)

Average imputed interest rate of 8.5% in 2011 and 8.1% in 2010.

Condensed consolidating financial information related to guaranteed securities issued by subsidiaries

Exxon Mobil Corporation has fully and unconditionally guaranteed the deferred interest debentures due 2012 ($2,662 million short-term) of SeaRiver Maritime Financial Holdings, Inc., a 100-percent-owned subsidiary of Exxon Mobil Corporation.

The following condensed consolidating financial information is provided for Exxon Mobil Corporation, as guarantor, and for SeaRiver Maritime Financial Holdings, Inc., as issuer, as an alternative to providing separate financial statements for the issuer. The accounts of Exxon Mobil Corporation and SeaRiver Maritime Financial Holdings, Inc. are presented utilizing the equity method of accounting for investments in subsidiaries.

		Consolidating		Consolidating			Consolidating		Consolidating			Consolidating
	Exxon Mobil Corporation Parent Guarantor		SeaRiver Maritime Financial Holdings, Inc.			All Other Subsidiaries		Consolidating and Eliminating Adjustments			Consolidated
	(millions of dollars)
Condensed consolidated statement of income for 12 months ended December 31, 2011
Revenues and other income
Sales and other operating revenue, including sales-based taxes	$	17,942	$	–		$	449,087	$	–		$	467,029
Income from equity affiliates		39,198		(14	)		15,196		(39,091	)		15,289
Other income		472		–			3,639		–			4,111
Intercompany revenue		54,891		3			451,627		(506,521	)		–
Total revenues and other income		112,503		(11	)		919,549		(545,612	)		486,429
Costs and other deductions
Crude oil and product purchases		57,604		–			704,125		(495,195	)		266,534
Production and manufacturing expenses		7,827		–			38,234		(5,793	)		40,268
Selling, general and administrative expenses		2,936		–			12,748		(701	)		14,983
Depreciation and depletion		1,660		–			13,923		–			15,583
Exploration expenses, including dry holes		219		–			1,862		–			2,081
Interest expense		305		274			4,512		(4,844	)		247
Sales-based taxes		–		–			33,503		–			33,503
Other taxes and duties		40		–			39,933		–			39,973
Total costs and other deductions		70,591		274			848,840		(506,533	)		413,172
Income before income taxes		41,912		(285	)		70,709		(39,079	)		73,257
Income taxes		852		(101	)		30,300		–			31,051
Net income including noncontrolling interests		41,060		(184	)		40,409		(39,079	)		42,206
Net income attributable to noncontrolling interests		–		–			1,146		–			1,146
Net income attributable to ExxonMobil	$	41,060	$	(184)		$	39,263	$	(39,079	)	$	41,060


	Exxon Mobil Corporation Parent Guarantor			SeaRiver Maritime Financial Holdings, Inc.			All Other Subsidiaries		Consolidating and Eliminating Adjustments			Consolidated
	(millions of dollars)
Condensed consolidated statement of income for 12 months ended December 31, 2010
Revenues and other income
Sales and other operating revenue, including sales-based taxes	$	15,382		$	–		$	354,743	$	–		$	370,125
Income from equity affiliates		28,401			(2	)		10,589		(28,311	)		10,677
Other income		790			–			1,629		–			2,419
Intercompany revenue		39,433			4			332,483		(371,920	)		–
Total revenues and other income		84,006			2			699,444		(400,231	)		383,221
Costs and other deductions
Crude oil and product purchases		40,788			–			518,961		(361,790	)		197,959
Production and manufacturing expenses		7,627			–			33,400		(5,235	)		35,792
Selling, general and administrative expenses		2,871			–			12,482		(670	)		14,683
Depreciation and depletion		1,761			–			12,999		–			14,760
Exploration expenses, including dry holes		251			–			1,893		–			2,144
Interest expense		217			246			4,035		(4,239	)		259
Sales-based taxes		–			–			28,547		–			28,547
Other taxes and duties		29			–			36,089		–			36,118
Total costs and other deductions		53,544			246			648,406		(371,934	)		330,262
Income before income taxes		30,462			(244	)		51,038		(28,297	)		52,959
Income taxes		2			(90	)		21,649		–			21,561
Net income including noncontrolling interests		30,460			(154	)		29,389		(28,297	)		31,398
Net income attributable to noncontrolling interests		–			–			938		–			938
Net income attributable to ExxonMobil	$	30,460		$	(154	)	$	28,451	$	(28,297	)	$	30,460

Condensed consolidated statement of income for 12 months ended December 31, 2009
Revenues and other income
Sales and other operating revenue, including sales-based taxes	$	11,352		$	–		$	290,148	$	–		$	301,500
Income from equity affiliates		19,852			7			7,060		(19,776	)		7,143
Other income		813			–			1,130		–			1,943
Intercompany revenue		30,889			4			271,663		(302,556	)		–
Total revenues and other income		62,906			11			570,001		(322,332	)		310,586
Costs and other deductions
Crude oil and product purchases		31,419			–			411,689		(290,302	)		152,806
Production and manufacturing expenses		7,811			–			30,805		(5,589	)		33,027
Selling, general and administrative expenses		2,574			–			12,852		(691	)		14,735
Depreciation and depletion		1,571			–			10,346		–			11,917
Exploration expenses, including dry holes		230			–			1,791		–			2,021
Interest expense		1,200			222			5,126		(6,000	)		548
Sales-based taxes		–			–			25,936		–			25,936
Other taxes and duties		(29	)		–			34,848		–			34,819
Total costs and other deductions		44,776			222			533,393		(302,582	)		275,809
Income before income taxes		18,130			(211	)		36,608		(19,750	)		34,777
Income taxes		(1,150	)		(81	)		16,350		–			15,119
Net income including noncontrolling interests		19,280			(130	)		20,258		(19,750	)		19,658
Net income attributable to noncontrolling interests		–			–			378		–			378
Net income attributable to ExxonMobil	$	19,280		$	(130	)	$	19,880	$	(19,750	)	$	19,280

Condensed consolidating financial information related to guaranteed securities issued by subsidiaries

		Consolidating			Consolidating			Consolidating		Consolidating			Consolidating
	Exxon Mobil Corporation Parent Guarantor			SeaRiver Maritime Financial Holdings, Inc.			All Other Subsidiaries		Consolidating and Eliminating Adjustments			Consolidated
	(millions of dollars)
Condensed consolidated balance sheet for year ended December 31, 2011
Cash and cash equivalents	$	1,354		$	–		$	11,310	$	–		$	12,664
Cash and cash equivalents – restricted		239			–			165		–			404
Notes and accounts receivable – net		2,719			–			36,569		(646	)		38,642
Inventories		1,634			–			13,390		–			15,024
Other current assets		353			–			5,876		–			6,229
Total current assets		6,299			–			67,310		(646	)		72,963
Investments and other assets		260,410			393			485,157		(702,535	)		43,425
Property, plant and equipment – net		19,687			–			194,977		–			214,664
Intercompany receivables		17,325			2,726			543,844		(563,895	)		—
Total assets	$	303,721		$	3,119		$	1,291,288	$	(1,267,076	)	$	331,052
Notes and loans payable	$	1,851		$	2,662		$	3,198	$	–		$	7,711
Accounts payable and accrued liabilities		3,117			57			53,893		–			57,067
Income taxes payable		–			2			13,371		(646	)		12,727
Total current liabilities		4,968			2,721			70,462		(646	)		77,505
Long-term debt		293			–			9,029		–			9,322
Postretirement benefits reserves		12,344			–			12,650		–			24,994
Deferred income tax liabilities		1,450			–			35,168		–			36,618
Other long-term liabilities		5,215			–			16,654		–			21,869
Intercompany payables		125,055			386			438,454		(563,895	)		–
Total liabilities		149,325			3,107			582,417		(564,541	)		170,308
Earnings reinvested		330,939			(1,032	)		141,467		(140,435	)		330,939
Other equity		(176,543	)		1,044			561,056		(562,100	)		(176,543	)
ExxonMobil share of equity		154,396			12			702,523		(702,535	)		154,396
Noncontrolling interests		–			–			6,348		–			6,348
Total equity		154,396			12			708,871		(702,535	)		160,744
Total liabilities and equity	$	303,721		$	3,119		$	1,291,288	$	(1,267,076	)	$	331,052
	Exxon Mobil Corporation Parent Guarantor			SeaRiver Maritime Financial Holdings, Inc.			All Other Subsidiaries		Consolidating and Eliminating Adjustments			Consolidated
	(millions of dollars)

Condensed consolidated balance sheet for year ended December 31, 2010
Cash and cash equivalents	$	309		$	–		$	7,516	$	–		$	7,825
Cash and cash equivalents – restricted		371			–			257		–			628
Notes and accounts receivable – net		2,104			–			30,346		(166	)		32,284
Inventories		1,457			–			11,519		–			12,976
Other current assets		239			–			5,032		–			5,271
Total current assets		4,480			–			54,670		(166	)		58,984
Investments and other assets		255,005			458			462,893		(674,378	)		43,978
Property, plant and equipment – net		18,830			–			180,718		–			199,548
Intercompany receivables		18,186			2,457			528,405		(549,048	)		–
Total assets	$	296,501		$	2,915		$	1,226,686	$	(1,223,592	)	$	302,510
Notes and loans payable	$	1,042		$	13		$	1,732	$	–		$	2,787
Accounts payable and accrued liabilities		2,987			–			47,047		–			50,034
Income taxes payable		–			3			9,975		(166	)		9,812
Total current liabilities		4,029			16			58,754		(166	)		62,633
Long-term debt		295			2,389			9,543		–			12,227
Postretirement benefits reserves		9,660			–			9,707		–			19,367
Deferred income tax liabilities		642			107			34,401		–			35,150
Other long-term liabilities		5,632			–			14,822		–			20,454
Intercompany payables		129,404			382			419,262		(549,048	)		–
Total liabilities		149,662			2,894			546,489		(549,214	)		149,831
Earnings reinvested		298,899			(848	)		132,357		(131,509	)		298,899
Other equity		(152,060	)		869			542,000		(542,869	)		(152,060	)
ExxonMobil share of equity		146,839			21			674,357		(674,378	)		146,839
Noncontrolling interests		–			–			5,840		–			5,840
Total equity		146,839			21			680,197		(674,378	)		152,679
Total liabilities and equity	$	296,501		$	2,915		$	1,226,686	$	(1,223,592	)	$	302,510

Condensed consolidating financial information related to guaranteed securities issued by subsidiaries

		Consolidating			Consolidating			Consolidating			Consolidating			Consolidating
	Exxon Mobil Corporation Parent Guarantor			SeaRiver Maritime Financial Holdings, Inc.			All Other Subsidiaries			Consolidating and Eliminating Adjustments			Consolidated
	(millions of dollars)
Condensed consolidated statement of cash flows for 12 months ended December 31, 2011
Cash provided by/(used in) operating activities	$	37,752		$	63		$	47,683		$	(30,153	)	$	55,345
Cash flows from investing activities
Additions to property, plant and equipment		(2,516	)		–			(28,459	)		–			(30,975	)
Proceeds associated with sales of long-term assets		667			–			10,466			–			11,133
Decrease/(increase) in restricted cash and cash equivalents		132			–			92			–			224
Net intercompany investing		(4,227	)		(229	)		4,015			441			–
All other investing, net		(1,679	)		–			(868	)		–			(2,547	)
Net cash provided by/(used in) investing activities		(7,623	)		(229	)		(14,754	)		441			(22,165	)
Cash flows from financing activities
Additions to short- and long-term debt		–			–			1,765			–			1,765
Reductions in short- and long-term debt		(2	)		(13	)		(1,354	)		–			(1,369	)
Additions/(reductions) in debt with three months or less maturity		809			–			752			–			1,561
Cash dividends		(9,020	)		–			(30,153	)		30,153			(9,020	)
Common stock acquired		(22,055	)		–			–			–			(22,055	)
Net intercompany financing activity		–			4			262			(266	)		–
All other financing, net		1,184			175			(322	)		(175	)		862
Net cash provided by/(used in) financing activities		(29,084	)		166			(29,050	)		29,712			(28,256	)
Effects of exchange rate changes on cash		–			–			(85	)		–			(85	)
Increase/(decrease) in cash and cash equivalents	$	1,045		$	–		$	3,794		$	–		$	4,839

Condensed consolidated statement of cash flows for 12 months ended December 31, 2010
Cash provided by/(used in) operating activities	$	35,740		$	63		$	18,307		$	(5,697	)	$	48,413
Cash flows from investing activities
Additions to property, plant and equipment		(2,922	)		–			(23,949	)		–			(26,871	)
Proceeds associated with sales of long-term assets		1,484			–			1,777			–			3,261
Decrease/(increase) in restricted cash and cash equivalents		(371	)		–			(257	)		–			(628	)
Net intercompany investing		(13,966	)		(200	)		13,813			353			–
All other investing, net		(672	)		–			706			–			34
Net cash provided by/(used in) investing activities		(16,447	)		(200	)		(7,910	)		353			(24,204	)
Cash flows from financing activities
Additions to short- and long-term debt		–			–			1,741			–			1,741
Reductions in short- and long-term debt		(3	)		(13	)		(8,644	)		–			(8,660	)
Additions/(reductions) in debt with three months or less maturity		997			–			(288	)		–			709
Cash dividends		(8,498	)		–			(5,697	)		5,697			(8,498	)
Common stock acquired		(13,093	)		–			–			–			(13,093	)
Net intercompany financing activity		–			–			202			(202	)		–
All other financing, net		1,164			150			(286	)		(151	)		877
Net cash provided by/(used in) financing activities		(19,433	)		137			(12,972	)		5,344			(26,924	)
Effects of exchange rate changes on cash		–			–			(153	)		–			(153	)
Increase/(decrease) in cash and cash equivalents	$	(140	)	$	–		$	(2,728	)	$	–		$	(2,868	)

		Consolidating			Consolidating			Consolidating			Consolidating			Consolidating
	Exxon Mobil Corporation Parent Guarantor			SeaRiver Maritime Financial Holdings, Inc.			All Other Subsidiaries			Consolidating and Eliminating Adjustments			Consolidated
	(millions of dollars)
Condensed consolidated statement of cash flows for 12 months ended December 31, 2009
Cash provided by/(used in) operating activities	$	27,424		$	72		$	28,024		$	(27,082	)	$	28,438
Cash flows from investing activities
Additions to property, plant and equipment		(2,686	)		–			(19,805	)		–			(22,491	)
Proceeds associated with sales of long-term assets		228			–			1,317			–			1,545
Decrease/(increase) in restricted cash and cash equivalents		–			–			–			–			–
Net intercompany investing		(1,826	)		(209	)		1,717			318			–
All other investing, net		–			–			(1,473	)		–			(1,473	)
Net cash provided by/(used in) investing activities		(4,284	)		(209	)		(18,244	)		318			(22,419	)
Cash flows from financing activities
Additions to short- and long-term debt		–			–			1,561			–			1,561
Reductions in short- and long-term debt		(3	)		(13	)		(1,627	)		–			(1,643	)
Additions/(reductions) in debt with three months or less maturity		39			–			(110	)		–			(71	)
Cash dividends		(8,023	)		–			(27,082	)		27,082			(8,023	)
Common stock acquired		(19,703	)		–			–			–			(19,703	)
Net intercompany financing activity		–			–			168			(168	)		–
All other financing, net		988			150			(392	)		(150	)		596
Net cash provided by/(used in) financing activities		(26,702	)		137			(27,482	)		26,764			(27,283	)
Effects of exchange rate changes on cash		–			–			520			–			520
Increase/(decrease) in cash and cash equivalents	$	(3,562	)	$	–		$	(17,182	)	$	–		$	(20,744	)