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Document And Entity Information (USD $)
In Billions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Jan. 31, 2012
Jun. 30, 2011
Document And Entity Information [Abstract]
Document Type 10-K
Amendment Flag false
Document Period End Date Dec 31, 2011
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2011
Trading Symbol XOM
Entity Registrant Name EXXON MOBIL CORP
Entity Central Index Key 0000034088
Current Fiscal Year End Date --12-31
Entity Well-known Seasoned Issuer Yes
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Filer Category Large Accelerated Filer
Entity Common Stock, Shares Outstanding 4,713,220,567
Entity Public Float $ 395
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Consolidated Statement Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues and other income
Sales and other operating revenue $ 467,029 [1],[2] $ 370,125 [1],[2] $ 301,500 [1],[2]
Income from equity affiliates 15,289 10,677 7,143
Other income 4,111 2,419 1,943
Total revenues and other income 486,429 383,221 310,586
Costs and other deductions
Crude oil and product purchases 266,534 197,959 152,806
Production and manufacturing expenses 40,268 35,792 33,027
Selling, general and administrative expenses 14,983 14,683 14,735
Depreciation and depletion 15,583 14,760 11,917
Exploration expenses, including dry holes 2,081 2,144 2,021
Interest expense 247 259 548
Sales-based taxes 33,503 [2] 28,547 [2] 25,936 [2]
Other taxes and duties 39,973 36,118 34,819
Total costs and other deductions 413,172 330,262 275,809
Income before income taxes 73,257 52,959 34,777
Income taxes 31,051 21,561 15,119
Net income including noncontrolling interests 42,206 31,398 19,658
Net income attributable to noncontrolling interests 1,146 938 378
Net income attributable to ExxonMobil $ 41,060 $ 30,460 $ 19,280
Earnings per common share (dollars) $ 8.43 $ 6.24 $ 3.99
Earnings per common share - assuming dilution (dollars) $ 8.42 $ 6.22 $ 3.98
[1] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009. See Note 1, Summary of Accounting Policies.
[2] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009.
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Consolidated Statement Of Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Consolidated Statement Of Income [Abstract]
Sales and other operating revenue, sales-based taxes $ 33,503 [1] $ 28,547 [1] $ 25,936 [1]
[1] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009.
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Consolidated Balance Sheet (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current assets
Cash and cash equivalents $ 12,664 $ 7,825
Cash and cash equivalents - restricted 404 628
Notes and accounts receivable, less estimated doubtful amounts 38,642 32,284
Inventories
Crude oil, products and merchandise 11,665 9,852
Materials and supplies 3,359 3,124
Other current assets 6,229 5,271
Total current assets 72,963 58,984
Investments, advances and long-term receivables 34,333 35,338
Property, plant and equipment, at cost, less accumulated depreciation and depletion 214,664 199,548
Other assets, including intangibles, net 9,092 8,640
Total assets 331,052 302,510
Current liabilities
Notes and loans payable 7,711 2,787
Accounts payable and accrued liabilities 57,067 50,034
Income taxes payable 12,727 9,812
Total current liabilities 77,505 62,633
Long-term debt 9,322 12,227
Postretirement benefits reserves 24,994 19,367
Deferred income tax liabilities 36,618 35,150
Other long-term obligations 21,869 20,454
Total liabilities 170,308 149,831
Commitments and contingencies      
Equity
Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) 9,512 9,371
Earnings reinvested 330,939 298,899
Accumulated other comprehensive income
Cumulative foreign exchange translation adjustment 4,168 5,011
Postretirement benefits reserves adjustment (13,291) (9,889)
Unrealized gain on cash flow hedges 55
Common stock held in treasury (3,285 million shares in 2011 and 3,040 million shares in 2010) (176,932) (156,608)
ExxonMobil share of equity 154,396 146,839
Noncontrolling interests 6,348 5,840
Total equity 160,744 152,679
Total liabilities and equity $ 331,052 $ 302,510
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Consolidated Balance Sheet (Parenthetical) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Consolidated Balance Sheet [Abstract]
Common stock, without par value      
Common stock, shares authorized 9,000,000,000 9,000,000,000
Common stock, shares issued 8,019,000,000 8,019,000,000
Common stock held in treasury, shares 3,285,000,000 3,040,000,000
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Consolidated Statement Of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities
Net income including noncontrolling interests $ 42,206 $ 31,398 $ 19,658
Adjustments for noncash transactions
Depreciation and depletion 15,583 14,760 11,917
Deferred income tax charges/(credits) 142 (1,135)
Postretirement benefits expense in excess of/(less than) net payments 544 1,700 (1,722)
Other long-term obligation provisions in excess of/(less than) payments (151) 160 731
Dividends received greater than/(less than) equity in current earnings of equity companies (273) (596) (483)
Changes in operational working capital, excluding cash and debt
Reduction/(increase) - Notes and accounts receivable (7,906) (5,863) (3,170)
- Inventories (2,208) (1,148) 459
- Other current assets 222 913 132
Increase/(reduction) - Accounts and other payables 8,880 9,943 1,420
Net (gain) on asset sales (2,842) (1,401) (488)
All other items - net 1,148 (318) (16)
Net cash provided by operating activities 55,345 48,413 28,438
Cash flows from investing activities
Additions to property, plant and equipment (30,975) (26,871) (22,491)
Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments 11,133 3,261 1,545
Decrease/(increase) in restricted cash and cash equivalents 224 (628)
Additional investments and advances (3,586) (1,239) (2,752)
Collection of advances 1,119 1,133 724
Additions to marketable securities (1,754) (15) (16)
Sales of marketable securities 1,674 155 571
Net cash used in investing activities (22,165) (24,204) (22,419)
Cash flows from financing activities
Additions to long-term debt 702 1,143 225
Reductions in long-term debt (266) (6,224) (68)
Additions to short-term debt 1,063 598 1,336
Reductions in short-term debt (1,103) (2,436) (1,575)
Additions/(reductions) in debt with three months or less maturity 1,561 709 (71)
Cash dividends to ExxonMobil shareholders (9,020) (8,498) (8,023)
Cash dividends to noncontrolling interests (306) (281) (280)
Changes in noncontrolling interests (16) (7) (113)
Tax benefits related to stock-based awards 260 122 237
Common stock acquired (22,055) (13,093) (19,703)
Common stock sold 924 1,043 752
Net cash used in financing activities (28,256) (26,924) (27,283)
Effects of exchange rate changes on cash (85) (153) 520
Increase/(decrease) in cash and cash equivalents 4,839 (2,868) (20,744)
Cash and cash equivalents at beginning of year 7,825 10,693 31,437
Cash and cash equivalents at end of year $ 12,664 $ 7,825 $ 10,693
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Consolidated Statement Of Cash Flows (Parenthetical) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2010
Jun. 25, 2010
Consolidated Statement Of Cash Flows [Abstract]
Value of XTO Energy Inc. equity acquired $ 24,659 $ 24,659
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Consolidated Statement Of Changes In Equity (USD $)
In Millions
Common Stock [Member]
USD ($)
Earnings Reinvested [Member]
USD ($)
Accumulated Other Comprehensive Income [Member]
USD ($)
Common Stock Held In Treasury [Member]
USD ($)
Exxon Mobil Share Of Equity [Member]
USD ($)
Noncontrolling Interests [Member]
USD ($)
Outstanding [Member]
Total
USD ($)
Balance at Dec. 31, 2008 $ 5,314 $ 265,680 $ (9,931) $ (148,098) $ 112,965 $ 4,558 $ 117,523
Balance (in shares) at Dec. 31, 2008 8,019 (3,043) 4,976
Amortization of stock-based awards 685 685 685
Tax benefits related to stock-based awards 140 140 140
Other (636) (636) (636)
Net income for the year 19,280 19,280 378 19,658
Dividends - common shares (8,023) (8,023) (280) (8,303)
Foreign exchange translation adjustment 3,256 3,256 373 3,629
Postretirement benefits reserves adjustment (Note 16) (196) (196) (144) (340)
Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs (Note 16) 1,410 1,410 51 1,461
Acquisitions, at cost (19,703) (19,703) (127) (19,830)
Dispositions 1,391 1,391 14 1,405
Acquisitions (in shares) (277) (277)
Dispositions (in shares) 28 28
Balance at Dec. 31, 2009 5,503 276,937 (5,461) (166,410) 110,569 4,823 115,392
Balance (in shares) at Dec. 31, 2009 8,019 (3,292) 4,727
Amortization of stock-based awards 751 751 751
Tax benefits related to stock-based awards 280 280 280
Other (683) (683) 10 (673)
Net income for the year 30,460 30,460 938 31,398
Dividends - common shares (8,498) (8,498) (281) (8,779)
Foreign exchange translation adjustment 584 584 450 1,034
Adjustment for foreign exchange translation loss included in net income 25 25 25
Postretirement benefits reserves adjustment (Note 16) (1,014) (1,014) (147) (1,161)
Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs (Note 16) 988 988 52 1,040
Change in fair value of cash flow hedges 184 184 184
Realized (gain)/loss from settled cash flow hedges included in net income (129) (129) (129)
Acquisitions, at cost (13,093) (13,093) (5) (13,098)
Issued for XTO merger 3,520 21,139 24,659 24,659
Dispositions 1,756 1,756 1,756
Acquisitions (in shares) (199) (199)
Issued for XTO merger (in shares) 416 416
Dispositions (in shares) 35 35
Balance at Dec. 31, 2010 9,371 298,899 (4,823) (156,608) 146,839 5,840 152,679
Balance (in shares) at Dec. 31, 2010 8,019 (3,040) 4,979
Amortization of stock-based awards 742 742 742
Tax benefits related to stock-based awards 202 202 202
Other (803) (803) (5) (808)
Net income for the year 41,060 41,060 1,146 42,206
Dividends - common shares (9,020) (9,020) (306) (9,326)
Foreign exchange translation adjustment (843) (843) (24) (867)
Postretirement benefits reserves adjustment (Note 16) (4,557) (4,557) (350) (4,907)
Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs (Note 16) 1,155 1,155 62 1,217
Change in fair value of cash flow hedges 28 28 28
Realized (gain)/loss from settled cash flow hedges included in net income (83) (83) (83)
Acquisitions, at cost (22,055) (22,055) (15) (22,070)
Dispositions 1,731 1,731 1,731
Acquisitions (in shares) (278) (278)
Dispositions (in shares) 33 33
Balance at Dec. 31, 2011 $ 9,512 $ 330,939 $ (9,123) $ (176,932) $ 154,396 $ 6,348 $ 160,744
Balance (in shares) at Dec. 31, 2011 8,019 (3,285) 4,734
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Consolidated Statement Of Comprehensive Income (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Consolidated Statement Of Comprehensive Income [Abstract]
Net income including noncontrolling interests $ 42,206 $ 31,398 $ 19,658
Other comprehensive income (net of income taxes)
Foreign exchange translation adjustment (867) 1,034 3,629
Adjustment for foreign exchange translation loss included in net income 25
Postretirement benefits reserves adjustment (excluding amortization) (4,907) (1,161) (340)
Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs 1,217 1,040 1,461
Change in fair value of cash flow hedges 28 184
Realized (gain)/loss from settled cash flow hedges included in net income (83) (129)
Comprehensive income including noncontrolling interests 37,594 32,391 24,408
Comprehensive income attributable to noncontrolling interests 834 1,293 658
Comprehensive income attributable to ExxonMobil $ 36,760 $ 31,098 $ 23,750
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Summary Of Accounting Policies
12 Months Ended
Dec. 31, 2011
Summary Of Accounting Policies [Abstract]
Summary Of Accounting Policies

1. Summary of Accounting Policies

Principles of Consolidation. The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls. They also include the Corporation's share of the undivided interest in certain upstream assets and liabilities.

Amounts representing the Corporation's percentage interest in the underlying net assets of entities that it does not control, but over which it exercises significant influence, are included in "Investments, advances and long-term receivables". The Corporation's share of the net income of these companies is included in the Consolidated Statement of Income caption "Income from equity affiliates."

Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and therefore should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted by law or by contract substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans.

The Corporation's share of the cumulative foreign exchange translation adjustment for equity method investments is reported in the Consolidated Statement of Changes in Equity.

Evidence of loss in value that might indicate impairment of investments in companies accounted for on the equity method is assessed to determine if such evidence represents a loss in value of the Corporation's investment that is other than temporary. Examples of key indicators include a history of operating losses, a negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee's business segment or geographic region. If evidence of an other than temporary loss in fair value below carrying amount is determined, an impairment is recognized. In the absence of market prices for the investment, discounted cash flows are used to assess fair value.

 

Revenue Recognition. The Corporation generally sells crude oil, natural gas and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments. Revenues are recognized when the products are delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectibility is reasonably assured.

Revenues from the production of natural gas properties in which the Corporation has an interest with other producers are recognized on the basis of the Corporation's net working interest. Differences between actual production and net working interest volumes are not significant.

Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold.

 

Sales-Based Taxes. The Corporation reports sales, excise and value-added taxes on sales transactions on a gross basis in the Consolidated Statement of Income (included in both revenues and costs).

Derivative Instruments. The Corporation makes limited use of derivative instruments. The Corporation does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features. When the Corporation does enter into derivative transactions, it is to offset exposures associated with interest rates, foreign currency exchange rates and hydrocarbon prices that arise from existing assets, liabilities and forecasted transactions.

The gains and losses resulting from changes in the fair value of derivatives are recorded in income. In some cases, the Corporation designates derivatives as fair value hedges, in which case the gains and losses are offset in income by the gains and losses arising from changes in the fair value of the underlying hedged item.

Fair Value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Hierarchy Level 3 inputs are inputs that are not observable in the market.

 

Inventories. Crude oil, products and merchandise inventories are carried at the lower of current market value or cost (generally determined under the last-in, first-out method – LIFO). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of materials and supplies are valued at cost or less.

Property, Plant and Equipment. Depreciation, depletion and amortization, based on cost less estimated salvage value of the asset, are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized and the assets replaced are retired.

Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant and equipment and are depreciated over the service life of the related assets.

The Corporation uses the "successful efforts" method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis with certain exploratory expenditures and exploratory dry holes being expensed as incurred. Costs of productive wells and development dry holes are capitalized and amortized on the unit-of-production method.

The Corporation carries as an asset exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred.

Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and gas reserves.

Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using unit-of-production rates based on the amount of proved developed reserves of oil, gas and other minerals that are estimated to be recoverable from existing facilities using current operating methods.

Under the unit-of-production method, oil and gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.

Production costs are expensed as incurred. Production involves lifting the oil and gas to the surface and gathering, treating, field processing and field storage of the oil and gas. The production function normally terminates at the outlet valve on the lease or field production storage tank. Production costs are those incurred to operate and maintain the Corporation's wells and related equipment and facilities. They become part of the cost of oil and gas produced. These costs, sometimes referred to as lifting costs, include such items as labor costs to operate the wells and related equipment; repair and maintenance costs on the wells and equipment; materials, supplies and energy costs required to operate the wells and related equipment; and administrative expenses related to the production activity.

Proved oil and gas properties held and used by the Corporation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets.

The Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. Cash flows used in impairment evaluations are developed using annually updated corporate plan investment evaluation assumptions for crude oil commodity prices and foreign currency exchange rates. Annual volumes are based on field production profiles, which are also updated annually. Prices for natural gas and other products are based on corporate plan assumptions developed annually by major region and also for investment evaluation purposes. Cash flow estimates for impairment testing exclude derivative instruments.

Impairment analyses are generally based on proved reserves. Where probable reserves exist, an appropriately risk-adjusted amount of these reserves may be included in the impairment evaluation. Impairments are measured by the amount the carrying value exceeds the fair value.

Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the estimated economic chance of success and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. The valuation allowances are reviewed at least annually.

Gains on sales of proved and unproved properties are only recognized when there is no uncertainty about the recovery of costs applicable to any interest retained or where there is no substantial obligation for future performance by the Corporation.

Losses on properties sold are recognized when incurred or when the properties are held for sale and the fair value of the properties is less than the carrying value.

 

Asset Retirement Obligations and Environmental Liabilities. The Corporation incurs retirement obligations for certain assets at the time they are installed. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value.

Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties and projected cash expenditures are not discounted.

Stock-Based Payments. The Corporation awards stock-based compensation to employees in the form of restricted stock and restricted stock units. Compensation expense is measured by the market price of the restricted shares at the date of grant and is recognized in the income statement over the requisite service period of each award. See Note 14, Incentive Program, for further details.

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Accounting Changes
12 Months Ended
Dec. 31, 2011
Accounting Changes [Abstract]
Accounting Changes

2. Accounting Changes

The Corporation did not adopt authoritative guidance in 2011 that had a material impact on the Corporation's financial statements.

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Miscellaneous Financial Information
12 Months Ended
Dec. 31, 2011
Miscellaneous Financial Information [Abstract]
Miscellaneous Financial Information

3. Miscellaneous Financial Information

Research and development costs totaled $1,044 million in 2011, $1,012 million in 2010 and $1,050 million in 2009.

Net income included before-tax aggregate foreign exchange transaction losses of $184 million and $251 million, and gains of $54 million in 2011, 2010 and 2009, respectively.

In 2011, 2010 and 2009, net income included gains of $292 million, $317 million and $207 million, respectively, attributable to the combined effects of LIFO inventory accumulations and draw-downs. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $25.6 billion and $21.3 billion at December 31, 2011, and 2010, respectively.

Crude oil, products and merchandise as of year-end 2011 and 2010 consist of the following:

 

     2011        2010  
    (billions of dollars)  

Petroleum products

  $ 4.1         $ 3.5   

Crude oil

    4.8           3.8   

Chemical products

    2.3           2.1   

Gas/other

    0.5           0.5   

Total

  $ 11.7         $ 9.9
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Cash Flow Information
12 Months Ended
Dec. 31, 2011
Cash Flow Information [Abstract]
Cash Flow Information

4. Cash Flow Information

The Consolidated Statement of Cash Flows provides information about changes in cash and cash equivalents. Highly liquid investments with maturities of three months or less when acquired are classified as cash equivalents.

The "Net (gain) on asset sales" in net cash provided by operating activities on the Consolidated Statement of Cash Flows includes before-tax gains from the sale of some Upstream Canadian, U.K. and other producing properties and assets, and the sale of U.S. service stations in 2011; from the sale of some Upstream Gulf of Mexico and other producing properties, the sale of U.S. service stations and other Downstream assets and investments and the formation of a Chemical joint venture in 2010; and from the sale of Downstream assets and investments and producing properties in the Upstream in 2009. These gains are reported in "Other income" on the Consolidated Statement of Income.

Included in "Proceeds associated with sales of subsidiaries, property, plant, and equipment, and sales and returns of investments" in 2011 is a $3.6 billion deposit for a potential asset sale.

 

     2011        2010        2009  
    (millions of dollars)  

Cash payments for interest

  $ 557         $ 703         $ 820   

Cash payments for income taxes

  $ 27,254         $ 18,941         $ 15,427
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Additional Working Capital Information
12 Months Ended
Dec. 31, 2011
Additional Working Capital Information [Abstract]
Additional Working Capital Information

5. Additional Working Capital Information

 

    

Dec. 31

2011

      

Dec. 31

2010

 
    (millions of dollars)  

Notes and accounts receivable

      

Trade, less reserves of $128 million and $152 million

  $ 30,044         $ 25,439   

Other, less reserves of $39 million and $34 million

    8,598           6,845   

Total

  $ 38,642         $ 32,284   

Notes and loans payable

      

Bank loans

  $ 1,237         $ 532   

Commercial paper

    2,281           1,346   

Long-term debt due within one year

    3,431           345   

Other

    762           564   

Total

  $ 7,711         $ 2,787   

Accounts payable and accrued liabilities

      

Trade payables

  $ 33,969         $ 30,780   

Payables to equity companies

    5,553           5,450   

Accrued taxes other than income taxes

    7,123           6,778   

Other

    10,422           7,026   

Total

  $ 57,067         $ 50,034   

On December 31, 2011, unused credit lines for short-term financing totaled approximately $5.5 billion. Of this total, $2.8 billion support commercial paper programs under terms negotiated when drawn. The weighted-average interest rate on short-term borrowings outstanding at December 31, 2011, and 2010, was 1.9 percent and 1.2 percent, respectively.

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Equity Company Information
12 Months Ended
Dec. 31, 2011
Equity Company Information [Abstract]
Equity Company Information

6. Equity Company Information

The summarized financial information below includes amounts related to certain less-than-majority-owned companies and majority-owned subsidiaries where minority shareholders possess the right to participate in significant management decisions (see Note 1). These companies are primarily engaged in crude production, natural gas marketing and refining operations in North America; natural gas production, natural gas distribution and downstream operations in Europe; crude production in Kazakhstan; and liquefied natural gas (LNG) operations in Qatar. Also included are several power generation, refining, petrochemical manufacturing and chemical ventures. The Corporation's ownership in these ventures is in the form of shares in corporate joint ventures as well as interests in partnerships. The share of total equity company revenues from sales to ExxonMobil consolidated companies was 19 percent, 18 percent and 19 percent in the years 2011, 2010 and 2009, respectively.

 

     2011      2010      2009  
Equity Company Financial Summary    Total     

ExxonMobil

Share

     Total     

ExxonMobil

Share

     Total     

ExxonMobil

Share

 
     (millions of dollars)  

Total revenues

   $ 204,635       $ 65,147       $ 153,020       $ 48,355       $ 112,153       $ 36,570   

Income before income taxes

   $ 68,908       $ 20,892       $ 48,075       $ 14,735       $ 28,472       $ 9,632   

Income taxes

     19,812         5,603         13,962         4,058         7,775         2,489   

Income from equity affiliates

   $ 49,096       $ 15,289       $ 34,113       $ 10,677       $ 20,697       $ 7,143   
                 

Current assets

   $ 52,879       $ 17,317       $ 48,573       $ 15,860       $ 37,376       $ 12,843   

Long-term assets

     96,908         30,833         90,646         29,805         88,153         27,983   

Total assets

   $ 149,787       $ 48,150       $ 139,219       $ 45,665       $ 125,529       $ 40,826   

Current liabilities

   $ 41,016       $ 12,454       $ 33,160       $ 10,260       $ 24,854       $ 8,085   

Long-term liabilities

     62,472         18,728         59,596         17,976         57,384         16,999   

Net assets

   $ 46,299       $ 16,968       $ 46,463       $ 17,429       $ 43,291       $ 15,742   

 

 

A list of significant equity companies as of December 31, 2011, together with the Corporation's percentage ownership interest, is detailed below:

 

 

    

Percentage

Ownership

Interest

 

Upstream

 

Aera Energy LLC

    48   

BEB Erdgas und Erdoel GmbH

    50   

Cameroon Oil Transportation Company S.A.

    41   

Castle Peak Power Company Limited

    60   

Golden Pass LNG Terminal LLC

    18   

Nederlandse Aardolie Maatschappij B.V.

    50   

Qatar Liquefied Gas Company Limited

    10   

Qatar Liquefied Gas Company Limited 2

    24   

Ras Laffan Liquefied Natural Gas Company Limited

    25   

Ras Laffan Liquefied Natural Gas Company Limited II

    31   

Ras Laffan Liquefied Natural Gas Company Limited (3)

    30   

South Hook LNG Terminal Company Limited

    24   

Tengizchevroil, LLP

    25   

Terminale GNL Adriatico S.r.l.

    71   

Downstream

 

Chalmette Refining, LLC

    50   

Fujian Refining & Petrochemical Co. Ltd.

    25   

Saudi Aramco Mobil Refinery Company Ltd.

    50   

Chemical

 

Al-Jubail Petrochemical Company

    50   

Infineum Holdings B.V.

    50   

Saudi Yanbu Petrochemical Co.

    50   

Toray Tonen Specialty Separator Godo Kaisha

    50   
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Investments, Advances And Long-Term Receivables
12 Months Ended
Dec. 31, 2011
Investments, Advances And Long-Term Receivables [Abstract]
Investments, Advances And Long-Term Receivables

7. Investments, Advances and Long-Term Receivables

 

       

Dec. 31,

2011

       Dec. 31,
2010
 
       (millions of dollars)  

Companies carried at equity in underlying assets

         

Investments

     $ 16,968         $ 17,429   

Advances

       9,740           9,286   

Total equity company investments and advances

     $ 26,708         $ 26,715   

Companies carried at cost or less and stock investments carried at fair value

       1,544           1,557   

Long-term receivables and miscellaneous investments at cost or less, net of reserves of $469 million and $292 million

       6,081           7,066   

Total

     $ 34,333         $ 35,338
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Property, Plant And Equipment And Asset Retirement Obligations
12 Months Ended
Dec. 31, 2011
Property, Plant And Equipment And Asset Retirement Obligations [Abstract]
Property, Plant And Equipment And Asset Retirement Obligations

8. Property, Plant and Equipment and Asset Retirement Obligations

 

    Dec. 31, 2011        Dec. 31, 2010  
Property, Plant and Equipment   Cost        Net        Cost        Net  
    (millions of dollars)  

Upstream

  $ 283,710         $ 163,975         $ 264,136         $ 148,152   

Downstream

    67,900           28,801           68,652           30,095   

Chemical

    30,405           14,469           29,524           14,255   

Other

    11,980           7,419           11,626           7,046   

Total

  $ 393,995         $ 214,664         $ 373,938         $ 199,548   

 

In the Upstream segment, depreciation is generally on a unit-of-production basis, so depreciable life will vary by field. In the Downstream segment, investments in refinery and lubes basestock manufacturing facilities are generally depreciated on a straight-line basis over a 25-year life and service station buildings and fixed improvements over a 20-year life. In the Chemical segment, investments in process equipment are generally depreciated on a straight-line basis over a 20-year life.

Accumulated depreciation and depletion totaled $179,331 million at the end of 2011 and $174,390 million at the end of 2010. Interest capitalized in 2011, 2010 and 2009 was $593 million, $532 million and $425 million, respectively.

 

Asset Retirement Obligations

The Corporation incurs retirement obligations for its upstream assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. The Corporation uses estimates, assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation; technical assessments of the assets; estimated amounts and timing of settlements; discount rates; and inflation rates. Asset retirement obligations incurred in the current period were Level 3 (unobservable inputs) fair value measurements. The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced. Over time, the liabilities are accreted for the change in their present value. Asset retirement obligations for downstream and chemical facilities generally become firm at the time the facilities are permanently shut down and dismantled. These obligations may include the costs of asset disposal and additional soil remediation. However, these sites have indeterminate lives based on plans for continued operations and as such, the fair value of the conditional legal obligations cannot be measured, since it is impossible to estimate the future settlement dates of such obligations.

The following table summarizes the activity in the liability for asset retirement obligations:

 

     2011      2010  
    (millions of dollars)  

Beginning balance

  $ 9,614       $ 8,473   

Accretion expense and other provisions

    581         563   

Reduction due to property sales

    (854      (183

Payments made

    (662      (638

Liabilities incurred

    117         1,094   

Foreign currency translation

    (62      (45

Revisions

    1,844         350   

Ending balance

  $ 10,578       $ 9,614
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Accounting For Suspended Exploratory Well Costs
12 Months Ended
Dec. 31, 2011
Accounting For Suspended Exploratory Well Costs [Abstract]
Accounting For Suspended Exploratory Well Costs

9. Accounting for Suspended Exploratory Well Costs

The Corporation continues capitalization of exploratory well costs beyond one year after the well is completed if (a) the well found a sufficient quantity of reserves to justify its completion as a producing well and (b) sufficient progress is being made in assessing the reserves and the economic and operating viability of the project.

The following two tables provide details of the changes in the balance of suspended exploratory well costs as well as an aging summary of those costs.

Change in capitalized suspended exploratory well costs:

 

     2011      2010      2009  
    (millions of dollars)  

Balance beginning at January 1

  $ 2,893       $ 2,005       $ 1,585   

Additions pending the determination of proved reserves

    310         1,103         624   

Charged to expense

    (213      (104      (51

Reclassifications to wells, facilities and equipment based on the determination of proved reserves

    (149      (136      (200

Other

    40         25         47   

Ending balance

  $ 2,881       $ 2,893       $ 2,005   

Ending balance attributed to equity companies included above

  $       $       $ 9   

Period end capitalized suspended exploratory well costs:

 

     2011        2010        2009  
    (millions of dollars)  

Capitalized for a period of one year or less

  $ 310         $ 1,103         $ 624   

Capitalized for a period of between one and five years

    1,922           1,294           924   

Capitalized for a period of between five and ten years

    409           278           220   

Capitalized for a period of greater than ten years

    240           218           237   

Capitalized for a period greater than one year – subtotal

  $ 2,571         $ 1,790         $ 1,381   

Total

  $ 2,881         $ 2,893         $ 2,005   

Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project. The table below provides a numerical breakdown of the number of projects with suspended exploratory well costs which had their first capitalized well drilled in the preceding 12 months and those that have had exploratory well costs capitalized for a period greater than 12 months.

 

     2011        2010        2009  

Number of projects with first capitalized well drilled in the preceding 12 months

             4                    9                 18   

Number of projects that have exploratory well costs capitalized for a period of greater than 12 months

           58                  59                 57   

Total

           62                  68                 75   

 

 

Of the 58 projects that have exploratory well costs capitalized for a period greater than 12 months as of December 31, 2011, 26 projects have drilling in the preceding 12 months or exploratory activity planned in the next two years, while the remaining 32 projects are those with completed exploratory activity progressing toward development. The table below provides additional detail for those 32 projects, which total $1,133 million.

 

Country/Project   Dec. 31,
2011
    Years
Wells Drilled
  Comment

                             (millions of dollars)

    

Angola

               

– Perpetua-Zina-Acacia

  $ 15      2008 - 2009   Oil field near Pazflor development, awaiting capacity in existing/planned infrastructure.

Australia

               

– East Pilchard

    10      2001   Gas field near Kipper/Tuna development, awaiting capacity in existing/planned infrastructure.

– SE Longtom

    15      2010   Gas field near Tuna development, awaiting capacity in existing/planned infrastructure.

Indonesia

               

– Natuna

    118      1981 - 1983   Development activity under way, while continuing discussions with the government on contract terms pursuant to executed Heads of Agreement.

Kazakhstan

               

– Kairan

    53      2004 - 2007   Declarations involving field commerciality filed with Kazakhstan government in 2008; progressing commercialization and field development studies.

Malaysia

               

– Besar

    18      1992 - 2010   Gas field off the east coast of Malaysia; progressing development plan.

– Other (2 projects)

    8      1979 - 1995   Projects primarily awaiting capacity in existing or planned infrastructure.

Nigeria

               

– Bolia

    15      2002 - 2006   Evaluating development plan, while continuing discussions with the government regarding regional hub strategy.

– Bosi

    79      2002 - 2006   Development activity under way, while continuing discussions with the government regarding development plan.

– Pegi

    32      2009   Awaiting capacity in existing/planned infrastructure

– Other (4 projects)

    13      2002   Pursuing development of several additional offshore satellite discoveries which will tie back to existing/planned production facilities.

Norway

               

– Gamma

    20      2008 - 2009   Evaluating development plan for tieback to existing production facilities.

– H-North

    15      2007   Discovery near existing facilities in Fram area; progressing development plans.

– Lavrans

    22      1995 - 1999   Development awaiting capacity in existing Kristin production facility; evaluating development concepts for phased ullage scenarios.

– Nyk High

    19      2008   Evaluating field development alternatives.

– Other (6 projects)

    26      1992 - 2010   Evaluating development plans, including potential for tieback to existing production facilities.

Papua New Guinea

               

– Juha

    28      2007   Working on development plans to tie into planned LNG facilities.

United Kingdom

               

– Fram

    55      2009   Progressing development and commercialization plans.

– Other (2 projects)

    14      2001 - 2004   Projects primarily awaiting capacity in existing or planned infrastructure.

United States

               

– Julia Unit

    78      2007 - 2008   Reached agreement with the Department of Interior and Department of Justice providing for suspension of production; progressing development plans with partners.

– Point Thomson

    449      1977 - 2010   Continuing discussions with government and partners on development plan.

– Tip Top

    31      2009   Evaluating development concept and requisite facility upgrades.

Total 2011 (32 projects)

  $           
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Leased Facilities
12 Months Ended
Dec. 31, 2011
Leased Facilities [Abstract]
Leased Facilities

10. Leased Facilities

At December 31, 2011, the Corporation and its consolidated subsidiaries held noncancelable operating charters and leases covering drilling equipment, tankers, service stations and other properties with minimum undiscounted lease commitments totaling $7,914 million as indicated in the table. Estimated related rental income from noncancelable subleases is $107 million.

 

    

Lease Payments

Under Minimum

Commitments

      

Related

Sublease
Rental

Income

 
    (millions of dollars)  

2012

  $ 2,152         $ 18   

2013

    1,696           17   

2014

    1,219           15   

2015

    802           12   

2016

    415           10   

2017 and beyond

    1,630           35   

Total

  $ 7,914         $ 107   

Net rental cost under both cancelable and noncancelable operating leases incurred during 2011, 2010 and 2009 were as follows:

 

     2011        2010        2009  
    (millions of dollars)  

Rental cost

  $ 4,061         $ 3,762         $ 4,426   

Less sublease rental income

    74           90           98   

Net rental cost

  $ 3,987         $ 3,672         $ 4,328
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Earnings Per Share
12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]
Earnings Per Share

11. Earnings Per Share

 

     2011        2010        2009  

Earnings per common share

           

Net income attributable to ExxonMobil (millions of dollars)

  $ 41,060         $ 30,460         $ 19,280   

Weighted average number of common shares outstanding (millions of shares)

    4,870           4,885           4,832   

Earnings per common share (dollars)

  $ 8.43         $ 6.24         $ 3.99   

Earnings per common share – assuming dilution

           

Net income attributable to ExxonMobil (millions of dollars)

  $ 41,060         $ 30,460         $ 19,280   

Weighted average number of common shares outstanding (millions of shares)

    4,870           4,885           4,832   

Effect of employee stock-based awards

    5           12           16   

Weighted average number of common shares outstanding – assuming dilution

    4,875           4,897           4,848   

Earnings per common share – assuming dilution (dollars)

  $ 8.42         $ 6.22         $ 3.98   

Dividends paid per common share (dollars)

  $ 1.85         $ 1.74         $ 1.66  
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Financial Instruments And Derivatives
12 Months Ended
Dec. 31, 2011
Financial Instruments And Derivatives [Abstract]
Financial Instruments And Derivatives

12. Financial Instruments and Derivatives

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, including capitalized lease obligations, was $9.8 billion and $12.8 billion at December 31, 2011, and 2010, respectively, as compared to recorded book values of $9.3 billion and $12.2 billion at December 31, 2011, and 2010, respectively. The fair value hierarchy for long-term debt is primarily Level 1 (quoted prices for identical assets in active markets).

 

Derivative Instruments. The Corporation's size, strong capital structure, geographic diversity and the complementary nature of the Upstream, Downstream and Chemical businesses reduce the Corporation's enterprise-wide risk from changes in interest rates, currency rates and commodity prices. As a result, the Corporation makes limited use of derivatives to mitigate the impact of such changes. The Corporation does not engage in speculative derivative activities or derivative trading activities nor does it use derivatives with leveraged features.

When the Corporation does enter into derivative transactions, it is to offset exposures associated with interest rates, foreign currency exchange rates and hydrocarbon prices that arise from existing assets, liabilities and forecasted transactions. The cash flow hedge positions acquired as a result of the XTO merger were settled by December 31, 2011, and those programs have been discontinued.

The estimated fair value of derivative instruments outstanding and recorded on the balance sheet was a net liability of $3 million at year-end 2011 and a net asset of $172 million at year-end 2010. Assets and liabilities associated with derivatives are predominantly recorded either in "Other current assets" or "Accounts payable and accrued liabilities."

The Corporation's fair value measurement of its derivative instruments uses primarily Level 2 inputs (derivatives that are determined by either market prices on an active market for similar assets or by prices quoted by a broker or other market-corroborated prices).

The Corporation recognized a before-tax gain or (loss) related to derivative instruments of $131 million, $221 million and $(73) million during 2011, 2010 and 2009, respectively. Income statement effects associated with derivatives are recorded either in "Sales and other operating revenue" or "Crude oil and product purchases." Of the amount stated above for 2011, cash flow hedges resulted in a before-tax gain of $136 million.

The Corporation believes there are no material market or credit risks to the Corporation's financial position, results of operations or liquidity as a result of the derivative activities described above.

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Long-Term Debt
12 Months Ended
Dec. 31, 2011
Long-Term Debt [Abstract]
Long-Term Debt

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:

 

 

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.

 

 

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

 

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Incentive Program
12 Months Ended
Dec. 31, 2011
Incentive Program [Abstract]
Incentive Program

14. Incentive Program

The 2003 Incentive Program provides for grants of stock options, stock appreciation rights (SARs), restricted stock and other forms of award. Awards may be granted to eligible employees of the Corporation and those affiliates at least 50 percent owned. Outstanding awards are subject to certain forfeiture provisions contained in the program or award instrument. Options and SARs may be granted at prices not less than 100 percent of market value on the date of grant and have a maximum life of 10 years. The maximum number of shares of stock that may be issued under the 2003 Incentive Program is 220 million. Awards that are forfeited, expire or are settled in cash, do not count against this maximum limit. The 2003 Incentive Program does not have a specified term. New awards may be made until the available shares are depleted, unless the Board terminates the plan early. At the end of 2011, remaining shares available for award under the 2003 Incentive Program were 133,183 thousand.

Restricted Stock. Awards totaling 10,533 thousand, 10,648 thousand (excluding XTO merger-related grants), and 10,133 thousand of restricted (nonvested) common stock and restricted (nonvested) common stock units were granted in 2011, 2010 and 2009, respectively. Compensation expense for these awards is based on the price of the stock at the date of grant and is recognized in income over the requisite service period. These shares are issued to employees from treasury stock. The units that are settled in cash are recorded as liabilities and their changes in fair value are recognized over the vesting period. During the applicable restricted periods, the shares may not be sold or transferred and are subject to forfeiture. The majority of the awards have graded vesting periods, with 50 percent of the shares in each award vesting after three years and the remaining 50 percent vesting after seven years. Awards granted to a small number of senior executives have vesting periods of five years for 50 percent of the award and of 10 years or retirement, whichever occurs later, for the remaining 50 percent of the award.

Additionally, in 2010 long-term incentive awards totaling 4,206 thousand shares of restricted (nonvested) common stock, with a value of $250 million, were granted in association with the XTO merger. The majority of these awards vest over periods of up to three years after the initial grant.

The Corporation has purchased shares in the open market and through negotiated transactions to offset shares issued in conjunction with benefit plans and programs. Purchases may be discontinued at any time without prior notice.

The following tables summarize information about restricted stock and restricted stock units for the year ended December 31, 2011.

 

    2011  
Restricted stock and units outstanding   Shares     

Weighted Average

Grant-Date

Fair Value per Share

 
    (thousands)         

Issued and outstanding at January 1

    47,306       $ 69.74   

2010 award issued in 2011

    10,639       $ 68.74   

Vested

    (10,628    $ 64.37   

Forfeited

    (536    $ 67.35   

Issued and outstanding at December 31

    46,781       $ 70.76   

 

Value of restricted stock and units   2011        2010        2009  

Grant price

  $ 79.52         $ 66.07         $ 75.40   
Value at date of grant:      
    (millions of dollars)  

Restricted stock and units settled in stock

  $ 766         $ 672         $ 711   

Merger-related granted and converted XTO awards

              250             

Units settled in cash

    72           60           53   

Total value

  $ 838         $ 982         $ 764   

 

As of December 31, 2011, there was $2,168 million of unrecognized compensation cost related to the nonvested restricted awards. This cost is expected to be recognized over a weighted-average period of 4.5 years. The compensation cost charged against income for the restricted stock and restricted units was $793 million, $801 million and $723 million for 2011, 2010 and 2009, respectively. The income tax benefit recognized in income related to this compensation expense was $73 million, $81 million and $76 million for the same periods, respectively. The fair value of shares and units vested in 2011, 2010 and 2009 was $801 million, $718 million and $763 million, respectively. Cash payments of $46 million, $42 million and $41 million for vested restricted stock units settled in cash were made in 2011, 2010 and 2009, respectively.

 

 

Stock Options. The Corporation has not granted any stock options under the 2003 Incentive Program. In 2010, the Corporation granted 12,393 thousand of converted XTO stock options with a grant-date fair value of $182 million as a result of the XTO merger. The grant included 893 thousand of unvested options. Compensation expense for these awards is based on estimated grant-date fair values.

These stock options generally vest and become exercisable ratably over a three-year period, and may include a provision for accelerated vesting when the common stock price reaches specified levels. Some stock option tranches vest only when the common stock price reaches specified levels. As of December 31, 2011, unvested stock options of 226 thousand included 10 thousand options that vest ratably over three years and 216 thousand options that vest at a stock price of $126.80.

 

Changes that occurred in the Corporation's stock options in 2011 are summarized below:

 

    2011         
Stock options   Shares     

Avg. Exercise

Price

      

Weighted Average

Remaining Contractual Term

    (thousands)                

Outstanding at January 1

    29,509       $ 44.65        

Exercised

    (23,880    $ 38.81        

Forfeited

    (80    $ 48.01        

Outstanding at December 31

    5,549       $ 69.76         3.0 Years

Exercisable at December 31

    5,323       $ 68.65         3.0 Years

 

Compensation expense of $1 million in 2011 and $2 million in 2010 fully expensed the nonvested merger-related XTO stock options. No compensation expense was recognized for stock options in 2009 as all remaining outstanding stock options at that time were fully vested. Cash received from stock option exercises was $924 million, $1,043 million and $752 million for 2011, 2010 and 2009, respectively. The cash tax benefit realized for the options exercised was $221 million, $89 million and $164 million for 2011, 2010 and 2009, respectively. The aggregate intrinsic value of stock options exercised in 2011, 2010 and 2009 was $986 million, $539 million and $563 million, respectively. The intrinsic value for the balance of outstanding stock options at December 31, 2011, was $98 million. The intrinsic value for the balance of exercisable stock options at December 31, 2011, was $97 million.

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Litigation And Other Contingencies
12 Months Ended
Dec. 31, 2011
Litigation And Other Contingencies [Abstract]
Litigation And Other Contingencies

15. 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.

On June 30, 2011, a state district court jury in Baltimore County, Maryland returned a verdict against Exxon Mobil Corporation in Allison, et al v. Exxon Mobil Corporation, a case involving an accidental 26,000 gallon gasoline leak at a suburban Baltimore service station. The verdict included approximately $497 million in compensatory damages and approximately $1.0 billion in punitive damages in a finding that ExxonMobil fraudulently misled the plantiff-residents about the events leading up to the leak, the leak's discovery, and the nature and extent of any groundwater contamination. ExxonMobil believes the verdict is not justified by the evidence and that the amount of the compensatory award is grossly excessive and the imposition of punitive damages is improper and unconstitutional. The trial court denied a post-trial motion that ExxonMobil filed to overturn the punitive damages verdict. Following the entry of a final judgment, ExxonMobil will appeal the verdict and judgment. In a prior trial involving the same leak, the jury awarded plantiff-residents compensatory damages but decided against punitive damages. The plaintiffs did not appeal the jury's denial of punitive damages. Following an appeal by ExxonMobil of the compensatory damages award, on February 9, 2012, the Maryland Special Court of Appeals reversed in part and affirmed in part the trial court's decision on compensatory damages. The ultimate outcome of this litigation is not expected to 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 December 31, 2011, for guarantees relating to notes, loans and performance under contracts.

 

 

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. 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.

 

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. ExxonMobil's remaining net book investment in Cerro Negro producing assets was about $750 million at year-end 2011.

On September 6, 2007, affiliates of ExxonMobil filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) invoking ICSID jurisdiction under Venezuela's Investment Law and the Netherlands-Venezuela Bilateral Investment Treaty. 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. The ICSID arbitration proceeding is continuing and a hearing on the merits was held in February 2012. At this time, 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, Mobil Cerro Negro, Ltd. (MCN), also filed an arbitration under the rules of the International Chamber of Commerce (ICC) against PdVSA and a PdVSA affiliate, PdVSA CN, for breach of their contractual obligations under certain Cerro Negro Project agreements. On December 23, 2011, the tribunal rendered its award which found PdVSA and PdVSA CN jointly and severally liable to MCN in the amount of about $908 million. The tribunal deducted approximately $161 million of uncontested debt owed by MCN to PdVSA and PdVSA CN, leaving a balance of about $747 million. Post-award interest on this net amount was set at the New York prime rate compounded annually and running from the date of the award. The tribunal granted PdVSA and PdVSA CN a sixty-day grace period in which to comply with the award. On January 26, 2012, MCN filed a motion to confirm the award against PdVSA CN. In response to an order to show cause filed by PdVSA on January 17, 2012, the United States District Court for the Southern District of New York, on February 1, 2012, ordered the release to MCN of approximately $305 million of PdVSA CN funds previously attached in connection with the arbitration in partial satisfaction of the award. MCN received those funds on February 10, 2012. In further satisfaction of the award, PdVSA cancelled approximately $195 million in MCN bond debt on February 13, 2012. PdVSA paid MCN the balance of the monetary portion of the award on February 14, 2012.

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 have petitioned a Nigerian federal court for enforcement of the award, and NNPC has petitioned the same court to have the award set aside. Those proceedings are pending. 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.

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Pension And Other Postretirement Benefits
12 Months Ended
Dec. 31, 2011
Pension And Other Postretirement Benefits [Abstract]
Pension And Other Postretirement Benefits

16. Pension and Other Postretirement Benefits

 

The benefit obligations and plan assets associated with the Corporation's principal benefit plans are measured on December 31.

 

 

 

For U.S. plans, the discount rate is determined by constructing a portfolio of high-quality, noncallable bonds with cash flows that match estimated outflows for benefit payments. For major non-U.S. plans, the discount rate is determined by using bond portfolios with an average maturity approximating that of the liabilities or spot yield curves, both of which are constructed using high-quality, local-currency-denominated bonds.

The measurement of the accumulated postretirement benefit obligation assumes an initial health care cost trend rate of 5.5 percent that declines to 4.5 percent by 2015. A one-percentage-point increase in the health care cost trend rate would increase service and interest cost by $63 million and the postretirement benefit obligation by $696 million. A one-percentage-point decrease in the health care cost trend rate would decrease service and interest cost by $49 million and the postretirement benefit obligation by $567 million.

 

 

 

The funding levels of all qualified pension plans are in compliance with standards set by applicable law or regulation. As shown in the table below, certain smaller U.S. pension plans and a number of non-U.S. pension plans are not funded because local tax conventions and regulatory practices do not encourage funding of these plans. All defined benefit pension obligations, regardless of the funding status of the underlying plans, are fully supported by the financial strength of the Corporation or the respective sponsoring affiliate.

 

                                     
    Pension Benefits  
    U.S.            Non-U.S.  
     2011      2010             2011      2010  
    (millions of dollars)  

Assets in excess of/(less than) benefit obligation

                                        

Balance at December 31

                                        

Funded plans

  $ (4,141    $ (2,349          $ (5,319    $ (2,769

Unfunded plans

    (2,238      (1,823            (6,632      (6,188

Total

  $ (6,379    $ (4,172          $ (11,951    $ (8,957

 

The authoritative guidance for defined benefit pension and other postretirement plans requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income.

 

 

 

The long-term expected rate of return on funded assets shown below is established for each benefit plan by developing a forward-looking, long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation and the long-term return assumption for each asset class.

 

                                                                                 
    Pension Benefits        

Other Postretirement

Benefits

 
    U.S.         Non-U.S.        
     2011     2010     2009          2011     2010     2009          2011     2010     2009  

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31

    (percent)   

Discount rate

    5.50        6.00        6.25            4.80        5.20        5.50            5.50        6.00        6.25   

Long-term rate of return on funded assets

    7.50        7.50        8.00            6.80        6.70        7.30            7.50        7.50        8.00   

Long-term rate of compensation increase

    5.25        5.25        5.00            5.20        5.00        4.70            5.25        5.25        5.00   
   

Components of net periodic benefit cost

    (millions of dollars)   

Service cost

  $ 546      $ 468      $ 438          $ 574      $ 480      $ 421          $ 121      $ 101      $ 94   

Interest cost

    792        798        809            1,267        1,175        1,121            393        395        408   

Expected return on plan assets

    (769     (726     (656         (1,168     (1,010     (886         (41     (37     (35

Amortization of actuarial loss/(gain)

    485        525        694            647        554        648            162        147        176   

Amortization of prior service cost

    9        2                   103        84        79            35        52        69   

Net pension enhancement and curtailment/settlement expense

    286        321        485            34        9        2                            

Net periodic benefit cost

  $ 1,349      $ 1,388      $ 1,770          $ 1,457      $ 1,292      $ 1,385          $ 670      $ 658      $ 712   

Changes in amounts recorded in accumulated other comprehensive income:

                                                                               

Net actuarial loss/(gain)

  $ 2,218      $ 44      $ (231       $ 4,133      $ 1,202      $ (33       $ 468      $ 251      $ (107

Amortization of actuarial (loss)/gain

    (771     (846     (1,179         (681     (563     (650         (162     (147     (176

Prior service cost/(credit)

           80                   187        160        69                   26          

Amortization of prior service (cost)/credit

    (9     (2                (103     (84     (79         (35     (52     (69

Foreign exchange rate changes

                             (90     96        608                   2        2   

Total recorded in other comprehensive income

    1,438        (724     (1,410         3,446        811        (85         271        80        (350

Total recorded in net periodic benefit cost and other comprehensive income, before tax

  $ 2,787      $ 664      $ 360          $ 4,903      $ 2,103      $ 1,300          $ 941      $ 738      $ 362   

Costs for defined contribution plans were $378 million, $347 million and $339 million in 2011, 2010 and 2009, respectively.

A summary of the change in accumulated other comprehensive income is shown in the table below:

 

                         
    Total Pension and Other Postretirement Benefits  
             2011                      2010                      2009          
(Charge)/credit to other comprehensive income, before tax   (millions of dollars)  

U.S. pension

  $ (1,438    $ 724       $ 1,410   

Non-U.S. pension

    (3,446      (811      85   

Other postretirement benefits

    (271      (80      350   

Total (charge)/credit to other comprehensive income, before tax

    (5,155      (167      1,845   

(Charge)/credit to income tax (see Note 18)

    1,495         35         (591

(Charge)/credit to investment in equity companies

    (30      11         (133

(Charge)/credit to other comprehensive income including noncontrolling interests, after tax

  $ (3,690    $ (121    $ 1,121   

Charge/(credit) to equity of noncontrolling interests

    288         95         93   

(Charge)/credit to other comprehensive income attributable to ExxonMobil

  $ (3,402    $ (26    $ 1,214   

 

 

The Corporation's investment strategy for benefit plan assets reflects a long-term view, a careful assessment of the risks inherent in various asset classes and broad diversification to reduce the risk of the portfolio. The benefit plan assets are primarily invested in passive equity and fixed income index funds to diversify risk while minimizing costs. The equity funds hold ExxonMobil stock only to the extent necessary to replicate the relevant equity index. The fixed income funds are largely invested in high-quality corporate and government debt securities.

Studies are periodically conducted to establish the preferred target asset allocation. The target asset allocation for the U.S. benefit plans is 50 percent equity securities and 50 percent debt securities. The target asset allocation for the non-U.S. plans in aggregate is 47 percent equities, 50 percent debt and 3 percent real estate funds. The equity targets for the U.S. and non-U.S. plans include an allocation to private equity partnerships that primarily focus on early-stage venture capital of 5 percent and 3 percent, respectively.

The fair value measurement levels are accounting terms that refer to different methods of valuing assets. The terms do not represent the relative risk or credit quality of an investment.

 

The 2011 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:

 

                                                                     
    U.S. Pension         Non-U.S. Pension  
    Fair Value Measurement at December 31, 2011, Using:               Fair Value Measurement at December 31, 2011, Using:        
    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total         

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total  
    (millions of dollars)         (millions of dollars)  

Asset category:

                                                                   

Equity securities

                                                                   

U.S.

  $    –      $ 2,247 (1)     $      $ 2,247          $      $ 2,589 (1)    $      $ 2,589   

Non-U.S.

           2,636 (1)             2,636            194 (2)      4,835 (1)             5,029   

Private equity

                  458 (3)      458                          393 (3)      393   

Debt securities

                                                                   

Corporate

           2,728 (4)             2,728            2 (5)      1,857 (4)             1,859   

Government

           2,482 (4)             2,482            186 (5)      6,317 (4)             6,503   

Asset-backed

           11 (4)             11                   102 (4)             102   

Private mortgages

                                                  4 (6)      4   

Real estate funds

                                                  397 (7)      397   

Cash

           71 (8)              71            76        13 (9)              89   

Total at fair value

  $    –      $ 10,175      $ 458      $ 10,633          $ 458      $ 15,713      $ 794      $ 16,965   

Insurance contracts at contract value

                            23                                    152   

Total plan assets

                          $ 10,656                                  $ 17,117

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 
    Other Postretirement  
    Fair Value Measurement at December 31, 2011, Using:         
    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

      

Significant

Other

Observable

Inputs

(Level 2)

    

Significant

Unobservable

Inputs

(Level 3)

     Total  
    (millions of dollars)  

Asset category:

                                    

Equity securities

                                    

U.S.

  $   –         $ 166 (1)     $   –       $ 166   

Non-U.S.

              155 (1)               155   

Private equity

                      7 (2)       7   

Debt securities

                                    

Corporate

              77 (3)               77   

Government

              120 (3)               120   

Asset-backed

              12 (3)               12   

Private mortgages

                                

Cash

              1                 1   

Total at fair value

  $   –         $ 531       $   7       $ 538   

 

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

 

(2) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

 

(3) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

The change in the fair value in 2011 of Level 3 assets that use significant unobservable inputs to measure fair value is shown in the table below:

 

                                                                 
    2011  
    Pension             Other Postretirement  
    U.S.           Non U.S.                       
    

Private

Equity

    

Private

Mortgages

          

Private

Equity

    

Private

Mortgages

    

Real

Estate

            

Private

Equity

    

Private

Mortgages

 
    (millions of dollars)  
                   

Fair value at January 1

  $ 408       $ 128            $ 315       $ 4       $ 417              $ 5       $ 2   
                   

Net realized gains/(losses)

    1         5              7                 3                          

Net unrealized gains/(losses)

    56                      33                 6                2           

Net purchases/(sales)

    (7      (133           38                 (29)                        (2)   

Fair value at December 31

  $ 458       $            $ 393       $ 4       $ 397              $ 7       $   

 

The 2010 fair value of the benefit plan assets, including the level within the fair value hierarchy, is shown in the tables below:

 

                                                                     
    U.S. Pension         Non-U.S. Pension  
    Fair Value Measurement at December 31, 2010, Using:               Fair Value Measurement at December 31, 2010, Using:        
    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total         

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total  
    (millions of dollars)         (millions of dollars)  

Asset category:

                                                                   

Equity securities

                                                                   

U.S.

  $     –      $ 2,648 (1)     $      $ 2,648          $      $ 2,443 (1)    $      $ 2,443   

Non-U.S.

           3,530 (1)             3,530            228 (2)       6,502 (1)             6,730   

Private equity

                  408 (3)       408                          315 (3)       315   

Debt securities

                                                                   

Corporate

           1,152 (4)              1,152            2 (5)       1,629 (4)             1,631   

Government

           2,847 (4)             2,847            146 (5)       4,709 (4)             4,855   

Asset-backed

           31 (4)             31                   98 (4)             98   

Private mortgages

                  128 (6)       128                          4 (6)      4   

Real estate funds

                                                  417 (7)      417   

Cash

    68                      68            63        51 (8)              114   

Total at fair value

  $   68      $ 10,208      $ 536      $ 10,812          $ 439      $ 15,432      $ 736      $ 16,607   

Insurance contracts at contract value

                            23                                    158   

Total plan assets

                          $ 10,835                                  $ 16,765   

 

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

 

(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

 

(3) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

 

(4) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 

(5) For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

 

(6) For private mortgages, fair value is based on proprietary credit spread matrices developed using market data and monthly surveys of active mortgage bankers.

 

(7) For real estate funds, fair value is based on appraised values developed using comparable market transactions.

 

(8) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.

 

                                 
    Other Postretirement  
    Fair Value Measurement at December 31, 2010, Using:         
    

Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)

      

Significant

Other

Observable

Inputs

(Level 2)

    

Significant

Unobservable

Inputs

(Level 3)

     Total  
    (millions of dollars)  

Asset category:

                                    

Equity securities

                                    

U.S.

  $         $ 180 (1)     $       $ 180   

Non-U.S.

              191 (1)               191   

Private equity

                      5 (2)       5   

Debt securities

                                    

Corporate

              49 (3)               49   

Government

              117 (3)               117   

Asset-backed

              13 (3)               13   

Private mortgages

                      2 (4)       2   

Cash

      1                     –         1   

Total at fair value

  $ 1         $ 550       $ 7       $ 558   

 

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

 

(2) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

 

(3) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 

(4) For private mortgages, fair value is based on proprietary credit spread matrices developed using market data and monthly surveys of active mortgage bankers.

The change in the fair value in 2010 of Level 3 assets that use significant unobservable inputs to measure fair value is shown in the table below:

 

                                                                 
    2010  
    Pension          Other Postretirement  
    U.S.          Non U.S.                      
     Private
Equity
      

Private

Mortgages

          Private
Equity
    

Private

Mortgages

    

Real

Estate

          Private
Equity
       Private
Mortgages
 
    (millions of dollars)  
                   

Fair value at January 1

  $ 349         $ 280           $ 239       $ 5       $ 413           $ 4         $ 3   
                   

Net realized gains/(losses)

              36             (1      (1                            1   

Net unrealized gains/(losses)

    47           (3          26         1         (4          1             

Net purchases/(sales)

    12           (185          51         (1      8                       (2

Fair value at December 31

  $ 408         $ 128           $ 315       $ 4       $ 417           $ 5         $ 2   

A summary of pension plans with an accumulated benefit obligation in excess of plan assets is shown in the table below:

 

                                     
    Pension Benefits  
    U.S.         Non-U.S.  
     2011     2010          2011     2010  
    (millions of dollars)  

For funded pension plans with an accumulated benefit obligation in excess of plan assets:

                                   

Projected benefit obligation

  $ 14,797      $ 13,184          $ 17,668      $ 9,865   

Accumulated benefit obligation

    12,606        11,383            16,175        9,074   

Fair value of plan assets

    10,655        10,834            12,832        7,131   
           

For unfunded pension plans:

                                   

Projected benefit obligation

  $ 2,238      $ 1,823          $ 6,632      $ 6,188   

Accumulated benefit obligation

    1,475        1,381            5,753        5,413   

 

                             
    Pension Benefits         Other Postretirement
Benefits
 
     U.S.     Non-U.S.         
    (millions of dollars)  

Estimated 2012 amortization from accumulated other comprehensive income:

                           

Net actuarial loss/(gain) (1)

  $ 1,033      $ 889          $ 173   

Prior service cost (2)

    7        109            34   

 

 

 

                                     
       Pension Benefits            Other Postretirement Benefits  
        U.S.        Non-U.S.             Gross        Medicare Subsidy Receipt  
       (millions of dollars)  
           

Contributions expected in 2012

     $ 1,650         $ 1,250             $         $   

Benefit payments expected in:

                                               

2012

       1,490           1,342               442           23   

2013

       1,579           1,360               458           25   

2014

       1,547           1,383               472           26   

2015

       1,524           1,418               485           27   

2016

       1,489           1,462               497           28   

2017 - 2021

       6,616           7,731               2,611           163   

 

------=_NextPart_6505d166_ba8d_4a4e_bc8c_8334e5cba682 Content-Location: file:///C:/6505d166_ba8d_4a4e_bc8c_8334e5cba682/Worksheets/Sheet26.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Disclosures About Segments And Related Information
12 Months Ended
Dec. 31, 2011
Disclosures About Segments And Related Information [Abstract]
Disclosures About Segments And Related Information

17. Disclosures about Segments and Related Information

The Upstream, Downstream and Chemical functions best define the operating segments of the business that are reported separately. The factors used to identify these reportable segments are based on the nature of the operations that are undertaken by each segment. The Upstream segment is organized and operates to explore for and produce crude oil and natural gas. The Downstream segment is organized and operates to manufacture and sell petroleum products. The Chemical segment is organized and operates to manufacture and sell petrochemicals. These segments are broadly understood across the petroleum and petrochemical industries.

These functions have been defined as the operating segments of the Corporation because they are the segments (1) that engage in business activities from which revenues are earned and expenses are incurred; (2) whose operating results are regularly reviewed by the Corporation's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (3) for which discrete financial information is available.

Earnings after income tax include special items, and transfers are at estimated market prices. Earnings for 2009 included a special charge of $140 million in the corporate and financing segment for interest related to the Valdez punitive damages award.

Interest expense includes non-debt-related interest expense of $165 million, $41 million and $500 million in 2011, 2010 and 2009, respectively. Higher expenses in 2009 primarily reflect interest provisions related to the Valdez litigation.

In corporate and financing activities, interest revenue relates to interest earned on cash deposits and marketable securities.

 

 

    Upstream     Downstream     Chemical     Corporate  and
Financing
    Corporate
Total
 
     U.S.     Non-U.S.     U.S.     Non-U.S.     U.S.     Non-U.S.      
    (millions of dollars)  

As of December 31, 2011

               

Earnings after income tax

  $ 5,096      $ 29,343      $ 2,268      $ 2,191      $ 2,215      $ 2,168      $ (2,221   $ 41,060   

Earnings of equity companies included above

    2,045        11,768        7        353        198        1,365        (447     15,289   

Sales and other operating revenue (1)

    14,023        32,419        120,844        257,779        15,466        26,476        22        467,029   

Intersegment revenue

    9,807        49,910        18,489        73,549        12,226        10,563        262          

Depreciation and depletion expense

    4,879        7,021        650        1,560        380        458        635        15,583   

Interest revenue

                                              135        135   

Interest expense

    30        36        10        24        2        (1     146        247   

Income taxes

    2,852        25,755        1,123        696        1,027        465        (867     31,051   

Additions to property, plant and equipment

    10,887        18,934        400        1,334        241        910        932        33,638   

Investments in equity companies

    2,963        8,439        210        1,358        253        3,973        (228     16,968   

Total assets

    82,900        127,977        18,354        51,132        7,245        19,862        23,582        331,052   

As of December 31, 2010

               

Earnings after income tax

  $ 4,272      $ 19,825      $ 770      $ 2,797      $ 2,422      $ 2,491      $ (2,117   $ 30,460   

Earnings of equity companies included above

    1,261        8,415        23        225        171        1,163        (581     10,677   

Sales and other operating revenue (1)

    8,895        26,046        93,599        206,042        13,402        22,119        22        370,125   

Intersegment revenue

    8,102        39,066        13,546        52,697        9,694        8,421        282          

Depreciation and depletion expense

    3,506        7,574        681        1,565        421        432        581        14,760   

Interest revenue

                                              118        118   

Interest expense

    20        25        1        19        1        4        189        259   

Income taxes

    2,219        18,627        360        560        736        347        (1,288     21,561   

Additions to property, plant and equipment

    52,300        16,937        888        1,332        247        1,733        719        74,156   

Investments in equity companies

    2,636        9,625        254        1,240        285        3,586        (197     17,429   

Total assets

    76,725        115,646        18,378        47,402        7,148        19,087        18,124        302,510   

As of December 31, 2009

               

Earnings after income tax

  $ 2,893      $ 14,214      $ (153   $ 1,934      $ 769      $ 1,540      $ (1,917   $ 19,280   

Earnings of equity companies included above

    1,216        5,269        (102     188        164        906        (498     7,143   

Sales and other operating revenue (1)

    3,406        21,355        76,467        173,404        9,962        16,885        21        301,500   

Intersegment revenue

    6,718        32,982        10,168        39,190        7,185        6,947        284          

Depreciation and depletion expense

    1,768        6,376        687        1,665        400        457        564        11,917   

Interest revenue

                                              179        179   

Interest expense

    38        27        10        18        4        1        450        548   

Income taxes

    1,451        15,183        (164     (22     281        (182     (1,428     15,119   

Additions to property, plant and equipment

    2,973        13,307        1,449        1,447        294        2,553        468        22,491   

Investments in equity companies

    2,440        8,864        323        1,190        259        2,873        (207     15,742   

Total assets

    24,940        102,372        17,493        45,098        7,044        17,117        19,259        233,323   

 

 

Geographic
Sales and other operating revenue 
(1)
  2011     2010     2009  
    (millions of dollars)  

United States

  $ 150,343      $ 115,906      $ 89,847   

Non-U.S.

    316,686        254,219        211,653   

Total

  $ 467,029      $ 370,125      $ 301,500   

Significant non-U.S. revenue sources include:

 

United Kingdom

  $ 34,833      $ 24,637      $ 20,293   

Canada

    34,626        27,243        21,151   

Japan

    31,925        27,143        22,054   

Belgium

    26,926        21,139        16,857   

France

    18,510        13,920        12,042   

Germany

    17,034        14,301        14,839   

Italy

    16,288        14,132        12,997   

Singapore

    14,400        11,088        8,400   
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Income, Sales-Based And Other Taxes
12 Months Ended
Dec. 31, 2011
Income, Sales-Based And Other Taxes [Abstract]
Income, Sales-Based And Other Taxes

18. Income, Sales-Based and Other Taxes

 

    2011     2010     2009  
     U.S.     Non-U.S.     Total     U.S.     Non-U.S.     Total     U.S.     Non-U.S.     Total  
    (millions of dollars)  

Income tax expense

                 

Federal and non-U.S.

                 

Current

  $ 1,547      $ 28,849      $ 30,396      $ 1,224      $ 21,093      $ 22,317      $ (838   $ 15,830      $ 14,992   

Deferred – net

    1,577        (1,417     160        49        (1,191     (1,142     650        (665     (15

U.S. tax on non-U.S. operations

    15               15        46               46        32               32   

Total federal and non-U.S.

    3,139        27,432        30,571        1,319        19,902        21,221        (156     15,165        15,009   

State

    480               480        340               340        110               110   

Total income tax expense

    3,619        27,432        31,051        1,659        19,902        21,561        (46     15,165        15,119   

Sales-based taxes

    5,652        27,851        33,503        6,182        22,365        28,547        6,271        19,665        25,936   

All other taxes and duties

                 

Other taxes and duties

    1,539        38,434        39,973        776        35,342        36,118        581        34,238        34,819   

Included in production and manufacturing expenses

    1,342        1,425        2,767        1,001        1,237        2,238        699        1,318        2,017   

Included in SG&A expenses

    181        623        804        201        570        771        197        538        735   

Total other taxes and duties

    3,062        40,482        43,544        1,978        37,149        39,127        1,477        36,094        37,571   

Total

  $ 12,333      $ 95,765      $ 108,098      $ 9,819      $ 79,416      $ 89,235      $ 7,702      $ 70,924      $ 78,626   

 

All other taxes and duties include taxes reported in production and manufacturing and selling, general and administrative (SG&A) expenses. The above provisions for deferred income taxes include net credits of $330 million in 2011 and $9 million in 2009 and a net charge of $175 million in 2010 for the effect of changes in tax laws and rates.

Income taxes (charged)/credited directly to equity were:

 

     2011     2010     2009  
    (millions of dollars)  

Cumulative foreign exchange translation adjustment

  $ 89      $ (42   $ (247

Postretirement benefits reserves adjustment:

     

Net actuarial loss/(gain)

    2,016        553        (94

Amortization of actuarial loss/(gain)

    (503     (609     (649

Prior service cost

    47        92        20   

Amortization of prior service cost

    (41     (45     (43

Foreign exchange rate changes

    (24     44        175   

Total postretirement benefits reserves adjustment

    1,495        35        (591

Other components of equity

    236        246        140   

The reconciliation between income tax expense and a theoretical U.S. tax computed by applying a rate of 35 percent for 2011, 2010 and 2009 is as follows:

 

     2011     2010     2009  
    (millions of dollars)  

Income before income taxes

     

United States

  $ 11,511      $ 7,711      $ 2,576   

Non-U.S.

    61,746        45,248        32,201   

Total

  $ 73,257      $ 52,959      $ 34,777   

Theoretical tax

  $ 25,640      $ 18,536      $ 12,172   

Effect of equity method of accounting

    (5,351     (3,737     (2,500

Non-U.S. taxes in excess of theoretical U.S. tax

    10,385        7,293        5,948   

U.S. tax on non-U.S. operations

    15        46        32   

State taxes, net of federal tax benefit

    312        221        72   

Other U.S.

    50        (798     (605

Total income tax expense

  $ 31,051      $ 21,561      $ 15,119   

Effective tax rate calculation

     

Income taxes

  $ 31,051      $ 21,561      $ 15,119   

ExxonMobil share of equity company income taxes

    5,603        4,058        2,489   

Total income taxes

    36,654        25,619        17,608   

Net income including noncontrolling interests

    42,206        31,398        19,658   

Total income before taxes

  $ 78,860      $ 57,017      $ 37,266   

Effective income tax rate

        46%            45%            47%   

 

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.

Deferred tax liabilities/(assets) are comprised of the following at December 31:

 

Tax effects of temporary differences for:   2011     2010  
    (millions of dollars)  

Property, plant and equipment

  $ 45,951      $ 42,657   

Other liabilities

    4,281        4,278   

Total deferred tax liabilities

  $ 50,232      $ 46,935   

Pension and other postretirement benefits

  $ (7,930   $ (5,634

Asset retirement obligations

    (5,302     (4,461

Tax loss carryforwards

    (3,166     (3,243

Other assets

    (7,079     (6,070

Total deferred tax assets

  $ (23,477   $ (19,408

Asset valuation allowances

    1,304        1,183   

Net deferred tax liabilities

  $ 28,059      $ 28,710   

Deferred income tax (assets) and liabilities are included in the balance sheet as shown below. Deferred income tax (assets) and liabilities are classified as current or long term consistent with the classification of the related temporary difference – separately by tax jurisdiction.

 

Balance sheet classification   2011     2010  
    (millions of dollars)  

Other current assets

  $ (4,549   $ (3,359

Other assets, including intangibles, net

    (4,218     (3,527

Accounts payable and accrued liabilities

    208        446   

Deferred income tax liabilities

    36,618        35,150   

Net deferred tax liabilities

  $ 28,059      $ 28,710   

The Corporation had $47 billion of indefinitely reinvested, undistributed earnings from subsidiary companies outside the U.S. Unrecognized deferred taxes on remittance of these funds are not expected to be material.

Unrecognized Tax Benefits

The Corporation is subject to income taxation in many jurisdictions around the world. Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. Resolution of the related tax positions through negotiations with the relevant tax authorities or through litigation will take many years to complete. It is difficult to predict the timing of resolution for tax positions since such timing is not entirely within the control of the Corporation. It is reasonably possible that the total amount of unrecognized tax benefits could increase by up to 50 percent in the next 12 months, with no material impact on near-term earnings. Given the long time periods involved in resolving tax positions, the Corporation does not expect that the recognition of unrecognized tax benefits will have a material impact on the Corporation's effective income tax rate in any given year.

The following table summarizes the movement in unrecognized tax benefits.

 

Gross unrecognized tax benefits   2011     2010     2009  
    (millions of dollars)  

Balance at January 1

  $ 4,148      $ 4,725      $ 4,976   

Additions based on current year's
tax positions

    822        830        547   

Additions for prior years' tax positions

    451        620        262   

Reductions for prior years' tax positions

    (329     (505     (594

Reductions due to lapse of the statute
of limitations

           (534       

Settlements with tax authorities

    (145     (999     (592

Foreign exchange effects/other

    (25     11        126   

Balance at December 31

  $ 4,922      $ 4,148      $ 4,725   

The additions and reductions in unrecognized tax benefits shown above include effects related to net income and equity, and timing differences for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The 2011, 2010 and 2009 changes in unrecognized tax benefits did not have a material effect on the Corporation's net income or cash flow.

The following table summarizes the tax years that remain subject to examination by major tax jurisdiction:

 

Country of Operation    Open Tax Years

Abu Dhabi

   2000 - 2011

Angola

   2007 - 2011

Australia

   2000 - 2011

Canada

   1994 - 2011

Equatorial Guinea

   2006 - 2011

Germany

   1999 - 2011

Japan

   2004 - 2011

Malaysia

   2005 - 2011

Nigeria

   1998 - 2011

Norway

   2000 - 2011

United Kingdom

   2009 - 2011

United States

  

2004 - 2011

The Corporation classifies interest on income tax-related balances as interest expense or interest income and classifies tax-related penalties as operating expense.

The Corporation incurred $62 million in interest expense on income tax reserves in 2011. For 2010, interest expense was a credit of $39 million, reflecting the effect of credits from the net favorable resolution of prior year tax positions. The Corporation incurred approximately $135 million in interest expense on income tax reserves in 2009. The related interest payable balances were $662 million and $636 million at December 31, 2011, and 2010, respectively.

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Acquisition Of XTO Energy Inc.
12 Months Ended
Dec. 31, 2011
Acquisition Of XTO Energy Inc. [Abstract]
Acquisition Of XTO Energy Inc.

19. Acquisition of XTO Energy Inc.

Description of the Transaction. On June 25, 2010, ExxonMobil acquired XTO Energy Inc. (XTO) by merging a wholly-owned subsidiary of ExxonMobil with and into XTO (the "merger"), with XTO continuing as the surviving corporation and wholly-owned subsidiary of ExxonMobil. XTO is involved in the exploration for, production of, and transportation and sale of crude oil and natural gas.

At the effective time of the merger, each share of XTO common stock was converted into the right to receive 0.7098 shares of common stock of ExxonMobil (the "Exchange Ratio"), with cash being paid in lieu of any fractional shares of ExxonMobil stock. Also at the effective time, each outstanding option to purchase XTO common stock was converted into an option to purchase a number of shares of ExxonMobil stock based on the Exchange Ratio, and each outstanding stock-based award of XTO was converted into a stock-based award of ExxonMobil stock based on the Exchange Ratio.

The components of the consideration transferred follow:

Recording of Assets Acquired and Liabilities Assumed. The transaction was accounted for using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date.

The following table summarizes the assets acquired and liabilities assumed:

 

(millions of dollars)

 

Current assets

  $ 2,053   

Property, plant and equipment (1)

    47,300   

Goodwill (2)

    39   

Other assets

    620   

Total assets acquired

  $ 50,012   

Current liabilities

  $ 2,615   

Long-term debt (3)

    10,574   

Deferred income tax liabilities (4)

    11,204   

Other long-term obligations

    960   

Total liabilities assumed

  $ 25,353   

Net assets acquired

  $ 24,659   

 

 

The 2010 unaudited pro forma revenues of $373 billion, net income attributable to ExxonMobil of $31 billion, earnings per common share of $6.03 and earnings per common share assuming dilution of $6.01 for the Corporation were calculated as if the merger of XTO had occurred at the beginning of 2010. The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the merger and factually supportable. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2010. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the combined company. The unaudited pro forma consolidated results reflect pro forma adjustments for the elimination of deferred gains and losses recognized in earnings for derivatives outstanding at the beginning of the year, depreciation expense related to the fair value adjustment to property, plant and equipment acquired, additional amortization expense related to the fair value of identifiable intangible assets acquired, capitalization of interest expense and applicable income tax impacts.

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Subsequent Event
12 Months Ended
Dec. 31, 2011
Subsequent Event [Abstract]
Subsequent Event

20. Subsequent Event

On January 29, 2012, the Corporation announced that it had entered into an agreement which will result in the restructuring of its Downstream and Chemical holdings in Japan. Under the agreement, TonenGeneral Sekiyu K. K. (TG), a consolidated subsidiary owned 50 percent by the Corporation, will purchase for approximately $3.9 billion the Corporation's shares of a wholly-owned affiliate in Japan, ExxonMobil Yugen Kaisha, which will result in TG acquiring approximately 200 million of its shares currently owned by the Corporation along with other assets. As a result of the restructuring the Corporation's effective ownership of TG will be reduced to approximately 22 percent. Closing is anticipated in mid-2012.

The major classes of assets and liabilities that would have been classified as held for sale if the transaction had met the criteria for held for sale accounting at December 31, 2011, were as follows:

 

(millions of dollars)  

Assets

 

Current assets (1)

  $ 6,862   

Net property, plant and equipment

    4,740   

Other assets

    1,757   

Total assets

  $ 13,359   

Liabilities

 

Current liabilities

  $ 8,450   

Postretirement benefits reserves

    2,103   

Other long-term obligations

    1,179   

Total liabilities

  $ 11,732   

Equity

 

ExxonMobil share of equity (2)

  $ (467

Noncontrolling interests

    2,094   

Total equity

  $ 1,627   

Total liabilities and equity

  $ 13,359   

 

 

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Summary Of Accounting Policies (Policy)
12 Months Ended
Dec. 31, 2011
Summary Of Accounting Policies [Abstract]
Principles Of Consolidation

Principles of Consolidation. The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls. They also include the Corporation's share of the undivided interest in certain upstream assets and liabilities.

Amounts representing the Corporation's percentage interest in the underlying net assets of entities that it does not control, but over which it exercises significant influence, are included in "Investments, advances and long-term receivables". The Corporation's share of the net income of these companies is included in the Consolidated Statement of Income caption "Income from equity affiliates."

Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and therefore should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted by law or by contract substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans.

The Corporation's share of the cumulative foreign exchange translation adjustment for equity method investments is reported in the Consolidated Statement of Changes in Equity.

Evidence of loss in value that might indicate impairment of investments in companies accounted for on the equity method is assessed to determine if such evidence represents a loss in value of the Corporation's investment that is other than temporary. Examples of key indicators include a history of operating losses, a negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee's business segment or geographic region. If evidence of an other than temporary loss in fair value below carrying amount is determined, an impairment is recognized. In the absence of market prices for the investment, discounted cash flows are used to assess fair value.

Revenue Recognition

Revenue Recognition. The Corporation generally sells crude oil, natural gas and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments. Revenues are recognized when the products are delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectibility is reasonably assured.

Revenues from the production of natural gas properties in which the Corporation has an interest with other producers are recognized on the basis of the Corporation's net working interest. Differences between actual production and net working interest volumes are not significant.

Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold.

Sales-Based Taxes

Sales-Based Taxes. The Corporation reports sales, excise and value-added taxes on sales transactions on a gross basis in the Consolidated Statement of Income (included in both revenues and costs).

Derivative Instruments

Derivative Instruments. The Corporation makes limited use of derivative instruments. The Corporation does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features. When the Corporation does enter into derivative transactions, it is to offset exposures associated with interest rates, foreign currency exchange rates and hydrocarbon prices that arise from existing assets, liabilities and forecasted transactions.

The gains and losses resulting from changes in the fair value of derivatives are recorded in income. In some cases, the Corporation designates derivatives as fair value hedges, in which case the gains and losses are offset in income by the gains and losses arising from changes in the fair value of the underlying hedged item.

Fair Value

Fair Value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Hierarchy Level 3 inputs are inputs that are not observable in the market.

Inventories

Inventories. Crude oil, products and merchandise inventories are carried at the lower of current market value or cost (generally determined under the last-in, first-out method – LIFO). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of materials and supplies are valued at cost or less.

Property, Plant And Equipment

Property, Plant and Equipment. Depreciation, depletion and amortization, based on cost less estimated salvage value of the asset, are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized and the assets replaced are retired.

Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant and equipment and are depreciated over the service life of the related assets.

The Corporation uses the "successful efforts" method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis with certain exploratory expenditures and exploratory dry holes being expensed as incurred. Costs of productive wells and development dry holes are capitalized and amortized on the unit-of-production method.

The Corporation carries as an asset exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred.

Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and gas reserves.

Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using unit-of-production rates based on the amount of proved developed reserves of oil, gas and other minerals that are estimated to be recoverable from existing facilities using current operating methods.

Under the unit-of-production method, oil and gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.

Production costs are expensed as incurred. Production involves lifting the oil and gas to the surface and gathering, treating, field processing and field storage of the oil and gas. The production function normally terminates at the outlet valve on the lease or field production storage tank. Production costs are those incurred to operate and maintain the Corporation's wells and related equipment and facilities. They become part of the cost of oil and gas produced. These costs, sometimes referred to as lifting costs, include such items as labor costs to operate the wells and related equipment; repair and maintenance costs on the wells and equipment; materials, supplies and energy costs required to operate the wells and related equipment; and administrative expenses related to the production activity.

Proved oil and gas properties held and used by the Corporation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets.

The Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. Cash flows used in impairment evaluations are developed using annually updated corporate plan investment evaluation assumptions for crude oil commodity prices and foreign currency exchange rates. Annual volumes are based on field production profiles, which are also updated annually. Prices for natural gas and other products are based on corporate plan assumptions developed annually by major region and also for investment evaluation purposes. Cash flow estimates for impairment testing exclude derivative instruments.

Impairment analyses are generally based on proved reserves. Where probable reserves exist, an appropriately risk-adjusted amount of these reserves may be included in the impairment evaluation. Impairments are measured by the amount the carrying value exceeds the fair value.

Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the estimated economic chance of success and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. The valuation allowances are reviewed at least annually.

Gains on sales of proved and unproved properties are only recognized when there is no uncertainty about the recovery of costs applicable to any interest retained or where there is no substantial obligation for future performance by the Corporation.

Losses on properties sold are recognized when incurred or when the properties are held for sale and the fair value of the properties is less than the carrying value.

Asset Retirement Obligations And Environmental Liabilities

Asset Retirement Obligations and Environmental Liabilities. The Corporation incurs retirement obligations for certain assets at the time they are installed. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value.

Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties and projected cash expenditures are not discounted.

Foreign Currency Translation
Stock-Based Payments

Stock-Based Payments. The Corporation awards stock-based compensation to employees in the form of restricted stock and restricted stock units. Compensation expense is measured by the market price of the restricted shares at the date of grant and is recognized in the income statement over the requisite service period of each award. See Note 14, Incentive Program, for further details.

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Miscellaneous Financial Information (Tables)
12 Months Ended
Dec. 31, 2011
Miscellaneous Financial Information [Abstract]
Crude Oil, Products And Merchandise
     2011        2010  
    (billions of dollars)  

Petroleum products

  $ 4.1         $ 3.5   

Crude oil

    4.8           3.8   

Chemical products

    2.3           2.1   

Gas/other

    0.5           0.5   

Total

  $ 11.7         $ 9.9
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Cash Flow Information (Tables)
12 Months Ended
Dec. 31, 2011
Cash Flow Information [Abstract]
Cash payments for interest and income taxes
     2011        2010        2009  
    (millions of dollars)  

Cash payments for interest

  $ 557         $ 703         $ 820   

Cash payments for income taxes

  $ 27,254         $ 18,941         $ 15,427
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Additional Working Capital Information (Tables)
12 Months Ended
Dec. 31, 2011
Additional Working Capital Information [Abstract]
Schedule Of Notes, Accounts Receivable And Payable, Loans Payable, And Accrued Liabilities
    

Dec. 31

2011

      

Dec. 31

2010

 
    (millions of dollars)  

Notes and accounts receivable

      

Trade, less reserves of $128 million and $152 million

  $ 30,044         $ 25,439   

Other, less reserves of $39 million and $34 million

    8,598           6,845   

Total

  $ 38,642         $ 32,284   

Notes and loans payable

      

Bank loans

  $ 1,237         $ 532   

Commercial paper

    2,281           1,346   

Long-term debt due within one year

    3,431           345   

Other

    762           564   

Total

  $ 7,711         $ 2,787   

Accounts payable and accrued liabilities

      

Trade payables

  $ 33,969         $ 30,780   

Payables to equity companies

    5,553           5,450   

Accrued taxes other than income taxes

    7,123           6,778   

Other

    10,422           7,026   

Total

  $ 57,067         $ 50,034   
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Equity Company Information (Tables)
12 Months Ended
Dec. 31, 2011
Equity Company Information [Abstract]
Schedule Of Equity Company Financial Summary
     2011      2010      2009  
Equity Company Financial Summary    Total     

ExxonMobil

Share

     Total     

ExxonMobil

Share

     Total     

ExxonMobil

Share

 
     (millions of dollars)  

Total revenues

   $ 204,635       $ 65,147       $ 153,020       $ 48,355       $ 112,153       $ 36,570   

Income before income taxes

   $ 68,908       $ 20,892       $ 48,075       $ 14,735       $ 28,472       $ 9,632   

Income taxes

     19,812         5,603         13,962         4,058         7,775         2,489   

Income from equity affiliates

   $ 49,096       $ 15,289       $ 34,113       $ 10,677       $ 20,697       $ 7,143   
                 

Current assets

   $ 52,879       $ 17,317       $ 48,573       $ 15,860       $ 37,376       $ 12,843   

Long-term assets

     96,908         30,833         90,646         29,805         88,153         27,983   

Total assets

   $ 149,787       $ 48,150       $ 139,219       $ 45,665       $ 125,529       $ 40,826   

Current liabilities

   $ 41,016       $ 12,454       $ 33,160       $ 10,260       $ 24,854       $ 8,085   

Long-term liabilities

     62,472         18,728         59,596         17,976         57,384         16,999   

Net assets

   $ 46,299       $ 16,968       $ 46,463       $ 17,429       $ 43,291       $ 15,742   
Schedule Of The Corporation's Percentage Ownership Interest
    

Percentage

Ownership

Interest

 

Upstream

 

Aera Energy LLC

    48   

BEB Erdgas und Erdoel GmbH

    50   

Cameroon Oil Transportation Company S.A.

    41   

Castle Peak Power Company Limited

    60   

Golden Pass LNG Terminal LLC

    18   

Nederlandse Aardolie Maatschappij B.V.

    50   

Qatar Liquefied Gas Company Limited

    10   

Qatar Liquefied Gas Company Limited 2

    24   

Ras Laffan Liquefied Natural Gas Company Limited

    25   

Ras Laffan Liquefied Natural Gas Company Limited II

    31   

Ras Laffan Liquefied Natural Gas Company Limited (3)

    30   

South Hook LNG Terminal Company Limited

    24   

Tengizchevroil, LLP

    25   

Terminale GNL Adriatico S.r.l.

    71   

Downstream

 

Chalmette Refining, LLC

    50   

Fujian Refining & Petrochemical Co. Ltd.

    25   

Saudi Aramco Mobil Refinery Company Ltd.

    50   

Chemical

 

Al-Jubail Petrochemical Company

    50   

Infineum Holdings B.V.

    50   

Saudi Yanbu Petrochemical Co.

    50   

Toray Tonen Specialty Separator Godo Kaisha

    50   
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Investments, Advances And Long-Term Receivables (Tables)
12 Months Ended
Dec. 31, 2011
Investments, Advances And Long-Term Receivables [Abstract]
Schedule Of Investments, Advances And Long-Term Receivables
       

Dec. 31,

2011

       Dec. 31,
2010
 
       (millions of dollars)  

Companies carried at equity in underlying assets

         

Investments

     $ 16,968         $ 17,429   

Advances

       9,740           9,286   

Total equity company investments and advances

     $ 26,708         $ 26,715   

Companies carried at cost or less and stock investments carried at fair value

       1,544           1,557   

Long-term receivables and miscellaneous investments at cost or less, net of reserves of $469 million and $292 million

       6,081           7,066   

Total

     $ 34,333         $ 35,338
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Property, Plant And Equipment And Asset Retirement Obligations (Tables)
12 Months Ended
Dec. 31, 2011
Property, Plant And Equipment And Asset Retirement Obligations [Abstract]
Property, Plant And Equipment
    Dec. 31, 2011        Dec. 31, 2010  
Property, Plant and Equipment   Cost        Net        Cost        Net  
    (millions of dollars)  

Upstream

  $ 283,710         $ 163,975         $ 264,136         $ 148,152   

Downstream

    67,900           28,801           68,652           30,095   

Chemical

    30,405           14,469           29,524           14,255   

Other

    11,980           7,419           11,626           7,046   

Total

  $ 393,995         $ 214,664         $ 373,938         $ 199,548   
Asset Retirement Obligations
     2011      2010  
    (millions of dollars)  

Beginning balance

  $ 9,614       $ 8,473   

Accretion expense and other provisions

    581         563   

Reduction due to property sales

    (854      (183

Payments made

    (662      (638

Liabilities incurred

    117         1,094   

Foreign currency translation

    (62      (45

Revisions

    1,844         350   

Ending balance

  $ 10,578       $ 9,614
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Accounting For Suspended Exploratory Well Costs (Tables)
12 Months Ended
Dec. 31, 2011
Accounting For Suspended Exploratory Well Costs [Abstract]
Change In Capitalized Suspended Exploratory Well Costs
     2011      2010      2009  
    (millions of dollars)  

Balance beginning at January 1

  $ 2,893       $ 2,005       $ 1,585   

Additions pending the determination of proved reserves

    310         1,103         624   

Charged to expense

    (213      (104      (51

Reclassifications to wells, facilities and equipment based on the determination of proved reserves

    (149      (136      (200

Other

    40         25         47   

Ending balance

  $ 2,881       $ 2,893       $ 2,005   

Ending balance attributed to equity companies included above

  $       $       $ 9   
Period End Capitalized Suspended Exploratory Well Costs
     2011        2010        2009  
    (millions of dollars)  

Capitalized for a period of one year or less

  $ 310         $ 1,103         $ 624   

Capitalized for a period of between one and five years

    1,922           1,294           924   

Capitalized for a period of between five and ten years

    409           278           220   

Capitalized for a period of greater than ten years

    240           218           237   

Capitalized for a period greater than one year – subtotal

  $ 2,571         $ 1,790         $ 1,381   

Total

  $ 2,881         $ 2,893         $ 2,005   
Number Of Projects With Suspended Exploratory Wells Costs
     2011        2010        2009  

Number of projects with first capitalized well drilled in the preceding 12 months

             4                    9                 18   

Number of projects that have exploratory well costs capitalized for a period of greater than 12 months

           58                  59                 57   

Total

           62                  68                 75   
Additional Detail For The 32 Projects With Completed Exploratory Activity Progressing Toward Development
Country/Project   Dec. 31,
2011
    Years
Wells Drilled
  Comment

                             (millions of dollars)

    

Angola

               

– Perpetua-Zina-Acacia

  $ 15      2008 - 2009   Oil field near Pazflor development, awaiting capacity in existing/planned infrastructure.

Australia

               

– East Pilchard

    10      2001   Gas field near Kipper/Tuna development, awaiting capacity in existing/planned infrastructure.

– SE Longtom

    15      2010   Gas field near Tuna development, awaiting capacity in existing/planned infrastructure.

Indonesia

               

– Natuna

    118      1981 - 1983   Development activity under way, while continuing discussions with the government on contract terms pursuant to executed Heads of Agreement.

Kazakhstan

               

– Kairan

    53      2004 - 2007   Declarations involving field commerciality filed with Kazakhstan government in 2008; progressing commercialization and field development studies.

Malaysia

               

– Besar

    18      1992 - 2010   Gas field off the east coast of Malaysia; progressing development plan.

– Other (2 projects)

    8      1979 - 1995   Projects primarily awaiting capacity in existing or planned infrastructure.

Nigeria

               

– Bolia

    15      2002 - 2006   Evaluating development plan, while continuing discussions with the government regarding regional hub strategy.

– Bosi

    79      2002 - 2006   Development activity under way, while continuing discussions with the government regarding development plan.

– Pegi

    32      2009   Awaiting capacity in existing/planned infrastructure

– Other (4 projects)

    13      2002   Pursuing development of several additional offshore satellite discoveries which will tie back to existing/planned production facilities.

Norway

               

– Gamma

    20      2008 - 2009   Evaluating development plan for tieback to existing production facilities.

– H-North

    15      2007   Discovery near existing facilities in Fram area; progressing development plans.

– Lavrans

    22      1995 - 1999   Development awaiting capacity in existing Kristin production facility; evaluating development concepts for phased ullage scenarios.

– Nyk High

    19      2008   Evaluating field development alternatives.

– Other (6 projects)

    26      1992 - 2010   Evaluating development plans, including potential for tieback to existing production facilities.

Papua New Guinea

               

– Juha

    28      2007   Working on development plans to tie into planned LNG facilities.

United Kingdom

               

– Fram

    55      2009   Progressing development and commercialization plans.

– Other (2 projects)

    14      2001 - 2004   Projects primarily awaiting capacity in existing or planned infrastructure.

United States

               

– Julia Unit

    78      2007 - 2008   Reached agreement with the Department of Interior and Department of Justice providing for suspension of production; progressing development plans with partners.

– Point Thomson

    449      1977 - 2010   Continuing discussions with government and partners on development plan.

– Tip Top

    31      2009   Evaluating development concept and requisite facility upgrades.

Total 2011 (32 projects)

  $           
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Leased Facilities (Tables)
12 Months Ended
Dec. 31, 2011
Leased Facilities [Abstract]
Leased Facilities
    

Lease Payments

Under Minimum

Commitments

      

Related

Sublease
Rental

Income

 
    (millions of dollars)  

2012

  $ 2,152         $ 18   

2013

    1,696           17   

2014

    1,219           15   

2015

    802           12   

2016

    415           10   

2017 and beyond

    1,630           35   

Total

  $ 7,914         $ 107   
Net Rental Cost
     2011        2010        2009  
    (millions of dollars)  

Rental cost

  $ 4,061         $ 3,762         $ 4,426   

Less sublease rental income

    74           90           98   

Net rental cost

  $ 3,987         $ 3,672         $ 4,328
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Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]
Earnings Per Share Computation
     2011        2010        2009  

Earnings per common share

           

Net income attributable to ExxonMobil (millions of dollars)

  $ 41,060         $ 30,460         $ 19,280   

Weighted average number of common shares outstanding (millions of shares)

    4,870           4,885           4,832   

Earnings per common share (dollars)

  $ 8.43         $ 6.24         $ 3.99   

Earnings per common share – assuming dilution

           

Net income attributable to ExxonMobil (millions of dollars)

  $ 41,060         $ 30,460         $ 19,280   

Weighted average number of common shares outstanding (millions of shares)

    4,870           4,885           4,832   

Effect of employee stock-based awards

    5           12           16   

Weighted average number of common shares outstanding – assuming dilution

    4,875           4,897           4,848   

Earnings per common share – assuming dilution (dollars)

  $ 8.42         $ 6.22         $ 3.98   

Dividends paid per common share (dollars)

  $ 1.85         $ 1.74         $ 1.66  
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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2011
Long-Term Debt [Abstract]
Summarized Long-Term Debt
Condensed Consolidated Statement Of Income
Condensed Consolidated Balance Sheet
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 Consolidated Statement Of Cash Flows
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Incentive Program (Tables)
12 Months Ended
Dec. 31, 2011
Incentive Program [Abstract]
Summary Of Restricted Stock And Units Outstanding
    2011  
Restricted stock and units outstanding   Shares     

Weighted Average

Grant-Date

Fair Value per Share

 
    (thousands)         

Issued and outstanding at January 1

    47,306       $ 69.74   

2010 award issued in 2011

    10,639       $ 68.74   

Vested

    (10,628    $ 64.37   

Forfeited

    (536    $ 67.35   

Issued and outstanding at December 31

    46,781       $ 70.76   
Grant Value Of Restricted Stock And Units
Value of restricted stock and units   2011        2010        2009  

Grant price

  $ 79.52         $ 66.07         $ 75.40   
Value at date of grant:      
    (millions of dollars)  

Restricted stock and units settled in stock

  $ 766         $ 672         $ 711   

Merger-related granted and converted XTO awards

              250             

Units settled in cash

    72           60           53   

Total value

  $ 838         $ 982         $ 764   
Summary Of Stock Options Outstanding
    2011         
Stock options   Shares     

Avg. Exercise

Price

      

Weighted Average

Remaining Contractual Term

    (thousands)                

Outstanding at January 1

    29,509       $ 44.65        

Exercised

    (23,880    $ 38.81        

Forfeited

    (80    $ 48.01        

Outstanding at December 31

    5,549       $ 69.76         3.0 Years

Exercisable at December 31

    5,323       $ 68.65         3.0 Years
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Litigation And Other Contingencies (Tables)
12 Months Ended
Dec. 31, 2011
Litigation And Other Contingencies [Abstract]
Schedule Of Guarantees
Unconditional Purchase Obligations
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Pension And Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Pension And Other Postretirement Benefits [Abstract]
Change In Benefit Obligation Of Pension And Other Postretirement Benefits
Change In Plan Assets Of Pension And Other Postretirement Benefits
Summary Of Assets In Excess Of/(Less Than) Benefit Obligation
                                     
    Pension Benefits  
    U.S.            Non-U.S.  
     2011      2010             2011      2010  
    (millions of dollars)  

Assets in excess of/(less than) benefit obligation

                                        

Balance at December 31

                                        

Funded plans

  $ (4,141    $ (2,349          $ (5,319    $ (2,769

Unfunded plans

    (2,238      (1,823            (6,632      (6,188

Total

  $ (6,379    $ (4,172          $ (11,951    $ (8,957
Amounts Recorded In Balance Sheet And Other Comprehensive Income
Schedule Of Assumptions, Components Of Benefit Cost And Amounts Recorded In Accumulated Other Comprehensive Income For Pension And Other Postretirement Benefits
                                                                                 
    Pension Benefits        

Other Postretirement

Benefits

 
    U.S.         Non-U.S.        
     2011     2010     2009          2011     2010     2009          2011     2010     2009  

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31

    (percent)   

Discount rate

    5.50        6.00        6.25            4.80        5.20        5.50            5.50        6.00        6.25   

Long-term rate of return on funded assets

    7.50        7.50        8.00            6.80        6.70        7.30            7.50        7.50        8.00   

Long-term rate of compensation increase

    5.25        5.25        5.00            5.20        5.00        4.70            5.25        5.25        5.00   
   

Components of net periodic benefit cost

    (millions of dollars)   

Service cost

  $ 546      $ 468      $ 438          $ 574      $ 480      $ 421          $ 121      $ 101      $ 94   

Interest cost

    792        798        809            1,267        1,175        1,121            393        395        408   

Expected return on plan assets

    (769     (726     (656         (1,168     (1,010     (886         (41     (37     (35

Amortization of actuarial loss/(gain)

    485        525        694            647        554        648            162        147        176   

Amortization of prior service cost

    9        2                   103        84        79            35        52        69   

Net pension enhancement and curtailment/settlement expense

    286        321        485            34        9        2                            

Net periodic benefit cost

  $ 1,349      $ 1,388      $ 1,770          $ 1,457      $ 1,292      $ 1,385          $ 670      $ 658      $ 712   

Changes in amounts recorded in accumulated other comprehensive income:

                                                                               

Net actuarial loss/(gain)

  $ 2,218      $ 44      $ (231       $ 4,133      $ 1,202      $ (33       $ 468      $ 251      $ (107

Amortization of actuarial (loss)/gain

    (771     (846     (1,179         (681     (563     (650         (162     (147     (176

Prior service cost/(credit)

           80                   187        160        69                   26          

Amortization of prior service (cost)/credit

    (9     (2                (103     (84     (79         (35     (52     (69

Foreign exchange rate changes

                             (90     96        608                   2        2   

Total recorded in other comprehensive income

    1,438        (724     (1,410         3,446        811        (85         271        80        (350

Total recorded in net periodic benefit cost and other comprehensive income, before tax

  $ 2,787      $ 664      $ 360          $ 4,903      $ 2,103      $ 1,300          $ 941      $ 738      $ 362   
Summary Of Change In Accumulated Other Comprehensive Income
                         
    Total Pension and Other Postretirement Benefits  
             2011                      2010                      2009          
(Charge)/credit to other comprehensive income, before tax   (millions of dollars)  

U.S. pension

  $ (1,438    $ 724       $ 1,410   

Non-U.S. pension

    (3,446      (811      85   

Other postretirement benefits

    (271      (80      350   

Total (charge)/credit to other comprehensive income, before tax

    (5,155      (167      1,845   

(Charge)/credit to income tax (see Note 18)

    1,495         35         (591

(Charge)/credit to investment in equity companies

    (30      11         (133

(Charge)/credit to other comprehensive income including noncontrolling interests, after tax

  $ (3,690    $ (121    $ 1,121   

Charge/(credit) to equity of noncontrolling interests

    288         95         93   

(Charge)/credit to other comprehensive income attributable to ExxonMobil

  $ (3,402    $ (26    $ 1,214   
Fair Value Of The Benefit Plan Assets (Pension)
    U.S. Pension         Non-U.S. Pension  
    Fair Value Measurement at December 31, 2011, Using:               Fair Value Measurement at December 31, 2011, Using:        
    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total         

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total  
    (millions of dollars)         (millions of dollars)  

Asset category:

                 

Equity securities

                 

U.S.

  $    –      $ 2,247 (1)     $      $ 2,247        $      $ 2,589 (1)    $      $ 2,589   

Non-U.S.

           2,636 (1)             2,636          194 (2)      4,835 (1)             5,029   

Private equity

                  458 (3)      458                        393 (3)      393   

Debt securities

                 

Corporate

           2,728 (4)             2,728          2 (5)      1,857 (4)             1,859   

Government

           2,482 (4)             2,482          186 (5)      6,317 (4)             6,503   

Asset-backed

           11 (4)             11                 102 (4)             102   

Private mortgages

                                                4 (6)      4   

Real estate funds

                                                397 (7)      397   

Cash

           71 (8)              71          76        13 (9)              89   

Total at fair value

  $    –      $ 10,175      $ 458      $ 10,633        $ 458      $ 15,713      $ 794      $ 16,965   

Insurance contracts at contract value

          23                152   

Total plan assets

        $ 10,656              $ 17,117   

 

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

 

(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

 

(3) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

 

(4) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 

(5) For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

 

(6) For private mortgages, fair value is based on proprietary credit spread matrices developed using market data and monthly surveys of active mortgage bankers.

 

(7) For real estate funds, fair value is based on appraised values developed using comparable market transactions.

 

(8) For cash balances held in the form of short-term fund units that are redeemable at the measurement date, the fair value is treated as a Level 2 input.

 

(9) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
U.S. Pension         Non-U.S. Pension  
    Fair Value Measurement at December 31, 2010, Using:               Fair Value Measurement at December 31, 2010, Using:        
    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total         

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

    Total  
    (millions of dollars)         (millions of dollars)  

Asset category:

                 

Equity securities

                 

U.S.

  $     –      $ 2,648 (1)     $      $ 2,648        $      $ 2,443 (1)    $      $ 2,443   

Non-U.S.

           3,530 (1)             3,530          228 (2)       6,502 (1)             6,730   

Private equity

                  408 (3)       408                        315 (3)       315   

Debt securities

                 

Corporate

           1,152 (4)              1,152          2 (5)       1,629 (4)             1,631   

Government

           2,847 (4)             2,847          146 (5)       4,709 (4)             4,855   

Asset-backed

           31 (4)             31                 98 (4)             98   

Private mortgages

                  128 (6)       128                        4 (6)      4   

Real estate funds

                                                417 (7)      417   

Cash

    68                      68          63        51 (8)              114   

Total at fair value

  $   68      $ 10,208      $ 536      $ 10,812        $ 439      $ 15,432      $ 736      $ 16,607   

Insurance contracts at contract value

          23                158   

Total plan assets

        $ 10,835              $ 16,765   

 

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

 

(2) For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.

 

(3) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

 

(4) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 

(5) For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.

 

(6) For private mortgages, fair value is based on proprietary credit spread matrices developed using market data and monthly surveys of active mortgage bankers.

 

(7) For real estate funds, fair value is based on appraised values developed using comparable market transactions.

 

(8) For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
Fair Value Of The Benefit Plan Assets (Other Postretirement)
    Other Postretirement  
    Fair Value Measurement at December 31, 2011, Using:         
    

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

      

Significant

Other

Observable

Inputs

(Level 2)

    

Significant

Unobservable

Inputs

(Level 3)

     Total  
    (millions of dollars)  

Asset category:

            

Equity securities

            

U.S.

  $   –         $ 166 (1)     $   –       $ 166   

Non-U.S.

              155 (1)               155   

Private equity

                      7 (2)       7   

Debt securities

            

Corporate

              77 (3)               77   

Government

              120 (3)               120   

Asset-backed

              12 (3)               12   

Private mortgages

                                

Cash

              1                 1   

Total at fair value

  $   –         $ 531       $   7       $ 538   

 

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

 

(2) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

 

(3) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
    Other Postretirement  
    Fair Value Measurement at December 31, 2010, Using:         
    

Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)

      

Significant

Other

Observable

Inputs

(Level 2)

    

Significant

Unobservable

Inputs

(Level 3)

     Total  
    (millions of dollars)  

Asset category:

            

Equity securities

            

U.S.

  $         $ 180 (1)     $       $ 180   

Non-U.S.

              191 (1)               191   

Private equity

                      5 (2)       5   

Debt securities

            

Corporate

              49 (3)               49   

Government

              117 (3)               117   

Asset-backed

              13 (3)               13   

Private mortgages

                      2 (4)       2   

Cash

      1                     –         1   

Total at fair value

  $ 1         $ 550       $ 7       $ 558   

 

(1) For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.

 

(2) For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.

 

(3) For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.

 

(4) For private mortgages, fair value is based on proprietary credit spread matrices developed using market data and monthly surveys of active mortgage bankers.
Change In Fair Value Of Level 3 Assets
                                                                 
    2011  
    Pension             Other Postretirement  
    U.S.           Non U.S.                       
    

Private

Equity

    

Private

Mortgages

          

Private

Equity

    

Private

Mortgages

    

Real

Estate

            

Private

Equity

    

Private

Mortgages

 
    (millions of dollars)  
                   

Fair value at January 1

  $ 408       $ 128            $ 315       $ 4       $ 417              $ 5       $ 2   
                   

Net realized gains/(losses)

    1         5              7                 3                          

Net unrealized gains/(losses)

    56                      33                 6                2           

Net purchases/(sales)

    (7      (133           38                 (29)                        (2)   

Fair value at December 31

  $ 458       $            $ 393       $ 4       $ 397              $ 7       $   
                                                                 
    2010  
    Pension          Other Postretirement  
    U.S.          Non U.S.                      
     Private
Equity
      

Private

Mortgages

          Private
Equity
    

Private

Mortgages

    

Real

Estate

          Private
Equity
       Private
Mortgages
 
    (millions of dollars)  
                   

Fair value at January 1

  $ 349         $ 280           $ 239       $ 5       $ 413           $ 4         $ 3   
                   

Net realized gains/(losses)

              36             (1      (1                            1   

Net unrealized gains/(losses)

    47           (3          26         1         (4          1             

Net purchases/(sales)

    12           (185          51         (1      8                       (2

Fair value at December 31

  $ 408         $ 128           $ 315       $ 4       $ 417           $ 5         $ 2   
Pension Plans With Accumulated Benefit Obligation In Excess Of Plan Assets
    Pension Benefits  
    U.S.         Non-U.S.  
     2011     2010          2011     2010  
    (millions of dollars)  

For funded pension plans with an accumulated benefit obligation in excess of plan assets:

         

Projected benefit obligation

  $ 14,797      $ 13,184        $ 17,668      $ 9,865   

Accumulated benefit obligation

    12,606        11,383          16,175        9,074   

Fair value of plan assets

    10,655        10,834          12,832        7,131   

For unfunded pension plans:

         

Projected benefit obligation

  $ 2,238      $ 1,823        $ 6,632      $ 6,188   

Accumulated benefit obligation

    1,475        1,381          5,753        5,413   

 

    Pension Benefits         Other Postretirement
Benefits
 
     U.S.     Non-U.S.         
    (millions of dollars)  

Estimated 2012 amortization from accumulated other comprehensive income:

       

Net actuarial loss/(gain) (1)

  $ 1,033      $ 889        $ 173   

Prior service cost (2)

    7        109          34   

 

(1) The Corporation amortizes the net balance of actuarial losses/(gains) as a component of net periodic benefit cost over the average remaining service period of active plan participants.

 

(2) The Corporation amortizes prior service cost on a straight-line basis as permitted under authoritative guidance for defined benefit pension and other postretirement benefit plans.
Expected Contribution Pension Benefits And Other Postretirement Benefits
                                     
       Pension Benefits            Other Postretirement Benefits  
        U.S.        Non-U.S.             Gross        Medicare Subsidy Receipt  
       (millions of dollars)  
           

Contributions expected in 2012

     $ 1,650         $ 1,250             $         $   

Benefit payments expected in:

                                               

2012

       1,490           1,342               442           23   

2013

       1,579           1,360               458           25   

2014

       1,547           1,383               472           26   

2015

       1,524           1,418               485           27   

2016

       1,489           1,462               497           28   

2017 - 2021

       6,616           7,731               2,611           163   
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Disclosures About Segments And Related Information (Tables)
12 Months Ended
Dec. 31, 2011
Disclosures About Segments And Related Information [Abstract]
Disclosures About Segments And Related Information
    Upstream     Downstream     Chemical     Corporate  and
Financing
    Corporate
Total
 
     U.S.     Non-U.S.     U.S.     Non-U.S.     U.S.     Non-U.S.      
    (millions of dollars)  

As of December 31, 2011

               

Earnings after income tax

  $ 5,096      $ 29,343      $ 2,268      $ 2,191      $ 2,215      $ 2,168      $ (2,221   $ 41,060   

Earnings of equity companies included above

    2,045        11,768        7        353        198        1,365        (447     15,289   

Sales and other operating revenue (1)

    14,023        32,419        120,844        257,779        15,466        26,476        22        467,029   

Intersegment revenue

    9,807        49,910        18,489        73,549        12,226        10,563        262          

Depreciation and depletion expense

    4,879        7,021        650        1,560        380        458        635        15,583   

Interest revenue

                                              135        135   

Interest expense

    30        36        10        24        2        (1     146        247   

Income taxes

    2,852        25,755        1,123        696        1,027        465        (867     31,051   

Additions to property, plant and equipment

    10,887        18,934        400        1,334        241        910        932        33,638   

Investments in equity companies

    2,963        8,439        210        1,358        253        3,973        (228     16,968   

Total assets

    82,900        127,977        18,354        51,132        7,245        19,862        23,582        331,052   

As of December 31, 2010

               

Earnings after income tax

  $ 4,272      $ 19,825      $ 770      $ 2,797      $ 2,422      $ 2,491      $ (2,117   $ 30,460   

Earnings of equity companies included above

    1,261        8,415        23        225        171        1,163        (581     10,677   

Sales and other operating revenue (1)

    8,895        26,046        93,599        206,042        13,402        22,119        22        370,125   

Intersegment revenue

    8,102        39,066        13,546        52,697        9,694        8,421        282          

Depreciation and depletion expense

    3,506        7,574        681        1,565        421        432        581        14,760   

Interest revenue

                                              118        118   

Interest expense

    20        25        1        19        1        4        189        259   

Income taxes

    2,219        18,627        360        560        736        347        (1,288     21,561   

Additions to property, plant and equipment

    52,300        16,937        888        1,332        247        1,733        719        74,156   

Investments in equity companies

    2,636        9,625        254        1,240        285        3,586        (197     17,429   

Total assets

    76,725        115,646        18,378        47,402        7,148        19,087        18,124        302,510   

As of December 31, 2009

               

Earnings after income tax

  $ 2,893      $ 14,214      $ (153   $ 1,934      $ 769      $ 1,540      $ (1,917   $ 19,280   

Earnings of equity companies included above

    1,216        5,269        (102     188        164        906        (498     7,143   

Sales and other operating revenue (1)

    3,406        21,355        76,467        173,404        9,962        16,885        21        301,500   

Intersegment revenue

    6,718        32,982        10,168        39,190        7,185        6,947        284          

Depreciation and depletion expense

    1,768        6,376        687        1,665        400        457        564        11,917   

Interest revenue

                                              179        179   

Interest expense

    38        27        10        18        4        1        450        548   

Income taxes

    1,451        15,183        (164     (22     281        (182     (1,428     15,119   

Additions to property, plant and equipment

    2,973        13,307        1,449        1,447        294        2,553        468        22,491   

Investments in equity companies

    2,440        8,864        323        1,190        259        2,873        (207     15,742   

Total assets

    24,940        102,372        17,493        45,098        7,044        17,117        19,259        233,323   
Geographic Sales And Other Operating Revenue
Geographic
Sales and other operating revenue 
(1)
  2011     2010     2009  
    (millions of dollars)  

United States

  $ 150,343      $ 115,906      $ 89,847   

Non-U.S.

    316,686        254,219        211,653   

Total

  $ 467,029      $ 370,125      $ 301,500   

Significant non-U.S. revenue sources include:

 

United Kingdom

  $ 34,833      $ 24,637      $ 20,293   

Canada

    34,626        27,243        21,151   

Japan

    31,925        27,143        22,054   

Belgium

    26,926        21,139        16,857   

France

    18,510        13,920        12,042   

Germany

    17,034        14,301        14,839   

Italy

    16,288        14,132        12,997   

Singapore

    14,400        11,088        8,400   
Schedule Of Long-Lived Assets By Geographic Regions
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Income, Sales-Based And Other Taxes (Tables)
12 Months Ended
Dec. 31, 2011
Income, Sales-Based And Other Taxes [Abstract]
Schedule Of Income, Sales-Based And Other Taxes
    2011     2010     2009  
     U.S.     Non-U.S.     Total     U.S.     Non-U.S.     Total     U.S.     Non-U.S.     Total  
    (millions of dollars)  

Income tax expense

                 

Federal and non-U.S.

                 

Current

  $ 1,547      $ 28,849      $ 30,396      $ 1,224      $ 21,093      $ 22,317      $ (838   $ 15,830      $ 14,992   

Deferred – net

    1,577        (1,417     160        49        (1,191     (1,142     650        (665     (15

U.S. tax on non-U.S. operations

    15               15        46               46        32               32   

Total federal and non-U.S.

    3,139        27,432        30,571        1,319        19,902        21,221        (156     15,165        15,009   

State

    480               480        340               340        110               110   

Total income tax expense

    3,619        27,432        31,051        1,659        19,902        21,561        (46     15,165        15,119   

Sales-based taxes

    5,652        27,851        33,503        6,182        22,365        28,547        6,271        19,665        25,936   

All other taxes and duties

                 

Other taxes and duties

    1,539        38,434        39,973        776        35,342        36,118        581        34,238        34,819   

Included in production and manufacturing expenses

    1,342        1,425        2,767        1,001        1,237        2,238        699        1,318        2,017   

Included in SG&A expenses

    181        623        804        201        570        771        197        538        735   

Total other taxes and duties

    3,062        40,482        43,544        1,978        37,149        39,127        1,477        36,094        37,571   

Total

  $ 12,333      $ 95,765      $ 108,098      $ 9,819      $ 79,416      $ 89,235      $ 7,702      $ 70,924      $ 78,626   
Income Taxes (Charged)/Credited Directly To Equity
     2011     2010     2009  
    (millions of dollars)  

Cumulative foreign exchange translation adjustment

  $ 89      $ (42   $ (247

Postretirement benefits reserves adjustment:

     

Net actuarial loss/(gain)

    2,016        553        (94

Amortization of actuarial loss/(gain)

    (503     (609     (649

Prior service cost

    47        92        20   

Amortization of prior service cost

    (41     (45     (43

Foreign exchange rate changes

    (24     44        175   

Total postretirement benefits reserves adjustment

    1,495        35        (591

Other components of equity

    236        246        140   
Reconciliation Between Income Tax Expense And A Theoretical U.S. Tax
     2011     2010     2009  
    (millions of dollars)  

Income before income taxes

     

United States

  $ 11,511      $ 7,711      $ 2,576   

Non-U.S.

    61,746        45,248        32,201   

Total

  $ 73,257      $ 52,959      $ 34,777   

Theoretical tax

  $ 25,640      $ 18,536      $ 12,172   

Effect of equity method of accounting

    (5,351     (3,737     (2,500

Non-U.S. taxes in excess of theoretical U.S. tax

    10,385        7,293        5,948   

U.S. tax on non-U.S. operations

    15        46        32   

State taxes, net of federal tax benefit

    312        221        72   

Other U.S.

    50        (798     (605

Total income tax expense

  $ 31,051      $ 21,561      $ 15,119   

Effective tax rate calculation

     

Income taxes

  $ 31,051      $ 21,561      $ 15,119   

ExxonMobil share of equity company income taxes

    5,603        4,058        2,489   

Total income taxes

    36,654        25,619        17,608   

Net income including noncontrolling interests

    42,206        31,398        19,658   

Total income before taxes

  $ 78,860      $ 57,017      $ 37,266   

Effective income tax rate

        46%            45%            47%   
Deferred Tax Liabilities/(Assets)
Tax effects of temporary differences for:   2011     2010  
    (millions of dollars)  

Property, plant and equipment

  $ 45,951      $ 42,657   

Other liabilities

    4,281        4,278   

Total deferred tax liabilities

  $ 50,232      $ 46,935   

Pension and other postretirement benefits

  $ (7,930   $ (5,634

Asset retirement obligations

    (5,302     (4,461

Tax loss carryforwards

    (3,166     (3,243

Other assets

    (7,079     (6,070

Total deferred tax assets

  $ (23,477   $ (19,408

Asset valuation allowances

    1,304        1,183   

Net deferred tax liabilities

  $ 28,059      $ 28,710   
Deferred Income Tax (Assets) And Liabilities By Balance Sheet Classification
Balance sheet classification   2011     2010  
    (millions of dollars)  

Other current assets

  $ (4,549   $ (3,359

Other assets, including intangibles, net

    (4,218     (3,527

Accounts payable and accrued liabilities

    208        446   

Deferred income tax liabilities

    36,618        35,150   

Net deferred tax liabilities

  $ 28,059      $ 28,710   
Unrecognized Tax Benefits
Gross unrecognized tax benefits   2011     2010     2009  
    (millions of dollars)  

Balance at January 1

  $ 4,148      $ 4,725      $ 4,976   

Additions based on current year's
tax positions

    822        830        547   

Additions for prior years' tax positions

    451        620        262   

Reductions for prior years' tax positions

    (329     (505     (594

Reductions due to lapse of the statute
of limitations

           (534       

Settlements with tax authorities

    (145     (999     (592

Foreign exchange effects/other

    (25     11        126   

Balance at December 31

  $ 4,922      $ 4,148      $ 4,725   
Remaining Tax Years Subject To Examination By Major Tax Jurisdiction
Country of Operation    Open Tax Years

Abu Dhabi

   2000 - 2011

Angola

   2007 - 2011

Australia

   2000 - 2011

Canada

   1994 - 2011

Equatorial Guinea

   2006 - 2011

Germany

   1999 - 2011

Japan

   2004 - 2011

Malaysia

   2005 - 2011

Nigeria

   1998 - 2011

Norway

   2000 - 2011

United Kingdom

   2009 - 2011

United States

  

2004 - 2011

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Acquisition Of XTO Energy Inc. (Tables)
12 Months Ended
Dec. 31, 2011
Acquisition Of XTO Energy Inc. [Abstract]
Components Of Consideration Transferred In Merger Of XTO Energy Inc.
Recording Of Assets Acquired And Liabilities Assumed In Merger Of XTO Energy Inc.

(millions of dollars)

 

Current assets

  $ 2,053   

Property, plant and equipment (1)

    47,300   

Goodwill (2)

    39   

Other assets

    620   

Total assets acquired

  $ 50,012   

Current liabilities

  $ 2,615   

Long-term debt (3)

    10,574   

Deferred income tax liabilities (4)

    11,204   

Other long-term obligations

    960   

Total liabilities assumed

  $ 25,353   

Net assets acquired

  $ 24,659   

 

 

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Subsequent Event (Tables)
12 Months Ended
Dec. 31, 2011
Subsequent Event [Abstract]
Major Classes Of Assets And Liabilities Classified As Held For Sale Had Transaction Met Criteria As Of December 31, 2011

 

(millions of dollars)  

Assets

 

Current assets (1)

  $ 6,862   

Net property, plant and equipment

    4,740   

Other assets

    1,757   

Total assets

  $ 13,359   

Liabilities

 

Current liabilities

  $ 8,450   

Postretirement benefits reserves

    2,103   

Other long-term obligations

    1,179   

Total liabilities

  $ 11,732   

Equity

 

ExxonMobil share of equity (2)

  $ (467

Noncontrolling interests

    2,094   

Total equity

  $ 1,627   

Total liabilities and equity

  $ 13,359   

 

(1) Current assets include $1,882 million of crude oil, products and merchandise inventory.

 

(2) On the date the Corporation transfers control to TG, the ExxonMobil share of accumulated other comprehensive income will be recycled as a benefit to earnings. At December 31, 2011, the total accumulated other comprehensive income was $1,482 million.
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Miscellaneous Financial Information (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Miscellaneous Financial Information [Abstract]
Research and development costs $ 1,044,000,000 $ 1,012,000,000 $ 1,050,000,000
Foreign currency transaction losses, before tax 184,000,000 251,000,000
Foreign currency transaction gains, before tax 54,000,000
Gains on combined effects of LIFO inventory accumulations and draw-downs 292,000,000 317,000,000 207,000,000
Replacement cost of inventories estimated to exceed LIFO carrying values $ 25,600,000,000 $ 21,300,000,000
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Miscellaneous Financial Information (Crude Oil, Products And Merchandise) (Details) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Miscellaneous Financial Information [Abstract]
Petroleum products $ 4,100,000,000 $ 3,500,000,000
Crude oil 4,800,000,000 3,800,000,000
Chemical products 2,300,000,000 2,100,000,000
Gas / other 500,000,000 500,000,000
Total $ 11,665,000,000 $ 9,852,000,000
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Cash Flow Information (Cash Payments For Interest And Income Taxes) (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash Flow Information [Abstract]
Cash payments for interest $ 557,000,000 $ 703,000,000 $ 820,000,000
Cash payments for income taxes 27,254,000,000 18,941,000,000 15,427,000,000
Deposit for potential asset sale $ 3,600,000,000
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Additional Working Capital Information (Narrative) (Details) (USD $)
In Billions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Additional Working Capital Information [Abstract]
Unused credit lines for short-term financing $ 5.5
Commercial paper programs under terms negotiated $ 2.8
The weighted-average interest rate on short-term borrowings outstanding 1.90% 1.20%
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Additional Working Capital Information (Schedule Of Notes, Accounts Receivable And Payable, Loans Payable, Accrued Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Additional Working Capital Information [Abstract]
Trade, less reserves of $128 million and $152 million $ 30,044 $ 25,439
Other, less reserves of $39 million and $34 million 8,598 6,845
Total 38,642 32,284
Bank loans 1,237 532
Commercial paper 2,281 1,346
Long-term debt due within one year 3,431 345
Other 762 564
Total 7,711 2,787
Trade payables 33,969 30,780
Payables to equity companies 5,553 5,450
Accrued taxes other than income taxes 7,123 6,778
Other 10,422 7,026
Total 57,067 50,034
Trade, reserves 128 152
Other, reserves $ 39 $ 34
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Equity Company Information (Narrative) (Details)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Equity Company Information [Abstract]
Share of equity company sales revenues from consolidated companies 19.00% 18.00% 19.00%
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Equity Company Information (Schedule Of Equity Company Financial Summary) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Subsidiary or Equity Method Investee [Line Items]
Income before income taxes $ 73,257 $ 52,959 $ 34,777
Net assets 16,968 17,429 15,742
ExxonMobil Share Of Equity [Member]
Subsidiary or Equity Method Investee [Line Items]
Total revenues 65,147 48,355 36,570
Income before income taxes 20,892 14,735 9,632
Income taxes 5,603 4,058 2,489
Income from equity affiliates 15,289 10,677 7,143
Current assets 17,317 15,860 12,843
Long-term assets 30,833 29,805 27,983
Total assets 48,150 45,665 40,826
Current liabilities 12,454 10,260 8,085
Long-term liabilities 18,728 17,976 16,999
Net assets 16,968 17,429 15,742
Total Equity Company Including All Owners [Member]
Subsidiary or Equity Method Investee [Line Items]
Total revenues 204,635 153,020 112,153
Income before income taxes 68,908 48,075 28,472
Income taxes 19,812 13,962 7,775
Income from equity affiliates 49,096 34,113 20,697
Current assets 52,879 48,573 37,376
Long-term assets 96,908 90,646 88,153
Total assets 149,787 139,219 125,529
Current liabilities 41,016 33,160 24,854
Long-term liabilities 62,472 59,596 57,384
Net assets $ 46,299 $ 46,463 $ 43,291
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Equity Company Information (Schedule Of Corporation's Percentage Ownership Interest) (Details)
Dec. 31, 2011
Upstream [Member] | Aera Energy LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 48.00%
Upstream [Member] | BEB Erdgas und Erdoel GmbH [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
Upstream [Member] | Cameroon Oil Transportation Company S.A. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 41.00%
Upstream [Member] | Castle Peak Power Company Limited [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 60.00%
Upstream [Member] | Golden Pass LNG Terminal LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 18.00%
Upstream [Member] | Nederlandse Aardolie Maatschappij B.V. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
Upstream [Member] | Qatar Liquefied Gas Company Limited [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 10.00%
Upstream [Member] | Qatar Liquefied Gas Company Limited 2 [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 24.00%
Upstream [Member] | Ras Laffan Liquefied Natural Gas Company Limited [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 25.00%
Upstream [Member] | Ras Laffan Liquefied Natural Gas Company Limited II [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 31.00%
Upstream [Member] | Ras Laffan Liquefied Natural Gas Company Limited (3) [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 30.00%
Upstream [Member] | South Hook LNG Terminal Company Limited [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 24.00%
Upstream [Member] | Tengizchevroil, LLP [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 25.00%
Upstream [Member] | Terminale GNL Adriatico S.R.L. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 71.00%
Downstream [Member] | Chalmette Refining, LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
Downstream [Member] | Fujian Refining And Petrochemical Co. LTD. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 25.00%
Downstream [Member] | Saudi Aramco Mobil Refinery Company LTD. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
Chemical [Member] | Al-Jubail Petrochemical Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
Chemical [Member] | Infineum Holdings B.V. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
Chemical [Member] | Saudi Yanbu Petrochemical Co. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
Chemical [Member] | Toray Tonen Specialty Separator Godo Kaisha [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage Ownership Interest 50.00%
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Investments, Advances And Long-Term Receivables (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Investments, Advances And Long-Term Receivables [Abstract]
Investments (Companies carried at equity in underlying assets) $ 16,968 $ 17,429 $ 15,742
Advances (Companies carried at equity in underlying assets) 9,740 9,286
Total equity company investments and advances 26,708 26,715
Companies carried at cost or less and stock investments carried at fair value 1,544 1,557
Long-term receivables and miscellaneous investments at cost or less, net of reserves of $469 million and $292 million 6,081 7,066
Total 34,333 35,338
Reserves for Long-term receivables and miscellaneous investments $ 469 $ 292
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Property, Plant And Equipment And Asset Retirement Obligations (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Property, Plant and Equipment [Line Items]
Accumulated depreciation and depletion $ 179,331 $ 174,390
Interest capitalized $ 593 $ 532 $ 425
Refinery And Lubes Basestock [Member] | Downstream [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of equipment, years 25
Service Station Buildings And Fixed Improvements [Member] | Downstream [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of equipment, years 20
Chemical [Member] | Investments In Process Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of equipment, years 20
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Property, Plant And Equipment And Asset Retirement Obligations (Property, Plant And Equipment) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost $ 393,995 $ 373,938
Property, Plant and Equipment, Net 214,664 199,548 139,116
Upstream [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost 283,710 264,136
Property, Plant and Equipment, Net 163,975 148,152
Downstream [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost 67,900 68,652
Property, Plant and Equipment, Net 28,801 30,095
Chemical [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost 30,405 29,524
Property, Plant and Equipment, Net 14,469 14,255
Other [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost 11,980 11,626
Property, Plant and Equipment, Net $ 7,419 $ 7,046
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Property, Plant And Equipment And Asset Retirement Obligations (Asset Retirement Obligations) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Property, Plant And Equipment And Asset Retirement Obligations [Abstract]
Beginning balance $ 9,614 $ 8,473
Accretion expense and other provisions 581 563
Reduction due to property sales (854) (183)
Payments made (662) (638)
Liabilities incurred 117 1,094
Foreign currency translation (62) (45)
Revisions 1,844 350
Ending balance $ 10,578 $ 9,614
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Accounting For Suspended Exploratory Well Costs (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Exploratory Wells Drilled [Line Items]
Number of projects that have exploratory well costs capitalized for a period greater than twelve months as of December 31, 2011 58 59 57
Number of projects that have drilling in the preceding twelve months or exploratory activity planned in the next two years as of December 31, 2011 26
Number of projects with completed exploratory activity progressing toward development as of December 31, 2011 32
Capitalized exploratory well costs $ 2,881 $ 2,893 $ 2,005 $ 1,585
Total 32 Projects [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs $ 1,133
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Accounting For Suspended Exploratory Well Costs (Change In Capitalized Suspended Exploratory Well Costs) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Accounting For Suspended Exploratory Well Costs [Abstract]
Capitalized exploratory well costs, beginning balance $ 2,893 $ 2,005 $ 1,585
Additions pending the determination of proved reserves 310 1,103 624
Charged to expense (213) (104) (51)
Reclassifications to wells, facilities and equipment based on the determination of proved reserves (149) (136) (200)
Other 40 25 47
Capitalized exploratory well costs, ending balance 2,881 2,893 2,005
Ending balance attributed to equity companies included above $ 9
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Accounting For Suspended Exploratory Well Costs (Schedule Of Period End Capitalized Suspended Exploratory Well Costs) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized for a period of one year or less $ 310 $ 1,103 $ 624
Capitalized suspended exploratory well costs, total 2,881 2,893 2,005 1,585
Capitalized For A Period Of Between One And Five Years [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized suspended exploratory well costs 1,922 1,294 924
Capitalized For A Period Of Between Five And Ten Years [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized suspended exploratory well costs 409 278 220
Capitalized For A Period Of Greater Than Ten Years [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized suspended exploratory well costs 240 218 237
Capitalized For A Period Greater Than One Year [Member]
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized suspended exploratory well costs $ 2,571 $ 1,790 $ 1,381
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Accounting For Suspended Exploratory Well Costs (Schedule Of Number Of Projects With Suspended Exploratory Well Costs) (Details)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Accounting For Suspended Exploratory Well Costs [Abstract]
Number of projects with first capitalized well drilled in the preceding 12 months 4 9 18
Number of projects that have exploratory well costs capitalized for a period of greater than 12 months 58 59 57
Total 62 68 75
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Accounting For Suspended Exploratory Well Costs (Schedule Of Additional Detail For The Projects) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs $ 2,881 $ 2,893 $ 2,005 $ 1,585
Total 32 Projects [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 1,133
Angola [Member] | Project In Angola - Perpetua-Zina- Acacia [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 15
Years wells drilled, period 2008 - 2009
Australia [Member] | Project In Australia - East Pilchard [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 10
Years wells drilled, period 2001
Australia [Member] | Projects In Australia - SE Longtom [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 15
Years wells drilled, period 2010
Indonesia [Member] | Project In Indonesia - Natuna [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 118
Years wells drilled, period 1981 - 1983
Kazakhstan [Member] | Project In Kazakhstan - Kairan [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 53
Years wells drilled, period 2004 - 2007
Malaysia [Member] | Project In Malaysia - Besar [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 18
Years wells drilled, period 1992 - 2010
Malaysia [Member] | Other 2 Projects In Malaysia [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 8
Years wells drilled, period 1979 - 1995
Nigeria [Member] | Project In Nigeria - Bolia [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 15
Years wells drilled, period 2002 - 2006
Nigeria [Member] | Project In Nigeria - Bosi [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 79
Years wells drilled, period 2002 - 2006
Nigeria [Member] | Project In Nigeria - Pegi [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 32
Years wells drilled, period 2009
Nigeria [Member] | Other 4 Projects In Nigeria [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 13
Years wells drilled, period 2002
Norway [Member] | Project In Norway - Gamma [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 20
Years wells drilled, period 2008 - 2009
Norway [Member] | Project In Norway - H-North [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 15
Years wells drilled, period 2007
Norway [Member] | Project In Norway - Lavrans [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 22
Years wells drilled, period 1995 - 1999
Norway [Member] | Project In Norway - Nyk High [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 19
Years wells drilled, period 2008
Norway [Member] | Other 6 Projects In Norway [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 26
Years wells drilled, period 1992 - 2010
Papua New Guinea [Member] | Project In Papua New Guinea - Juha [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 28
Years wells drilled, period 2007
United Kingdom [Member] | Project In United Kingdom - Fram [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 55
Years wells drilled, period 2009
United Kingdom [Member] | Other 2 Projects In United Kingdom [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 14
Years wells drilled, period 2001 - 2004
United States [Member] | Project In United States - Julia Unit [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 78
Years wells drilled, period 2007 - 2008
United States [Member] | Project In United States - Point Thomson [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs 449
Years wells drilled, period 1977 - 2010
United States [Member] | Project In United States - Tip Top [Member]
Exploratory Wells Drilled [Line Items]
Capitalized exploratory well costs $ 31
Years wells drilled, period 2009
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Leased Facilities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Leased Facilities [Abstract]
Minimum undiscounted lease commitments $ 7,914
Estimated related rental income from noncancelable subleases $ 107
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Leased Facilities (Leased Facilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Leased Facilities [Abstract]
Lease Payments Under Minimum Commitments, 2012 $ 2,152
Lease Payments Under Minimum Commitments, 2013 1,696
Lease Payments Under Minimum Commitments, 2014 1,219
Lease Payments Under Minimum Commitments, 2015 802
Lease Payments Under Minimum Commitments, 2016 415
Lease Payments Under Minimum Commitments, 2017 and beyond 1,630
Lease Payments Under Minimum Commitments, Total 7,914
Related Sublease Rental Income, 2012 18
Related Sublease Rental Income, 2013 17
Related Sublease Rental Income, 2014 15
Related Sublease Rental Income, 2015 12
Related Sublease Rental Income, 2016 10
Related Sublease Rental Income, 2017 and beyond 35
Related Sublease Rental Income, Total $ 107
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Leased Facilities (Net Rental Cost) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Leased Facilities [Abstract]
Rental cost $ 4,061 $ 3,762 $ 4,426
Less sublease rental income 74 90 98
Net rental cost $ 3,987 $ 3,672 $ 4,328
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Earnings Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to ExxonMobil $ 41,060 $ 30,460 $ 19,280
Earnings per common share (dollars) $ 8.43 $ 6.24 $ 3.99
Earnings per common share - assuming dilution (dollars) $ 8.42 $ 6.22 $ 3.98
Dividends paid per common share (dollars) $ 1.85 $ 1.74 $ 1.66
Earnings Per Common Share [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to ExxonMobil 41,060 30,460 19,280
Weighted average number of common shares outstanding 4,870 4,885 4,832
Earnings per common share (dollars) $ 8.43 $ 6.24 $ 3.99
Earnings Per Common Share - Assuming Dilution [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to ExxonMobil $ 41,060 $ 30,460 $ 19,280
Weighted average number of common shares outstanding 4,870 4,885 4,832
Effect of employee stock-based awards 5 12 16
Weighted average number of common shares outstanding - assuming dilution 4,875 4,897 4,848
Earnings per common share - assuming dilution (dollars) $ 8.42 $ 6.22 $ 3.98
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Financial Instruments And Derivatives (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Financial Instruments And Derivatives [Line Items]
Estimated fair value of total long-term debt, including capitalized lease obligations $ 9,800,000,000 $ 12,800,000,000
Recorded book values of total long-term debt, including capitalized lease obligations 9,322,000,000 12,227,000,000
Derivative asset at fair value, net 172,000,000
Derivative liability at fair value, net 3,000,000
Gain (loss) before-tax earnings impact of derivatives 131,000,000 221,000,000 (73,000,000)
Cash Flow Hedges [Member]
Financial Instruments And Derivatives [Line Items]
Gain (loss) before-tax earnings impact of derivatives $ 136,000,000
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Long-Term Debt (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
SeaRiver Maritime Financial Holdings, Inc. [Member]
Dec. 31, 2011
Guaranteed Deferred Interest Debentures Due 2012 [Member]
SeaRiver Maritime Financial Holdings, Inc. [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt due in U.S. dollars $ 8,855
U.S. dollar equivalent at year-end exchange rates of amounts payable in foreign currencies 467
Portion of long-term debt included in current liability 3,431 345
Long-term debt maturing - 2013 967
Long-term debt maturing - 2014 871
Long-term debt maturing - 2015 606
Long-term debt maturing - 2016 503
Other short-term borrowings $ 2,662
Exxon Mobil Corporation ownership percent 100.00%
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Long-Term Debt (Summarized Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Debt Instrument, Unamortized Premium 421
Long-term debt 9,322 12,227
SeaRiver Maritime Financial Holdings, Inc. [Member]
Long-term debt 2,389
Esso (Thailand) Public Company Ltd. [Member]
Debt Instrument, maturity date range, start 2012-12-31 2012-12-31
Debt Instrument, maturity date range, end 2017-12-31 2017-12-31
Guaranteed Debt Securities Due 2011 [Member] | SeaRiver Maritime Financial Holdings, Inc. [Member]
Debt maturity Oct 1, 2011
Guaranteed Deferred Interest Debentures Due 2012 [Member] | SeaRiver Maritime Financial Holdings, Inc. [Member]
Long-term debt 2,389 [1]
Debt maturity Sep 1, 2012 Sep 1, 2012 [1]
7.500% Senior Note Due 2012 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 199
Interest rate 7.50%
Debt maturity Apr 15, 2012
5.900% Senior Note Due 2012 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 233
Interest rate 5.90%
Debt maturity Aug 1, 2012
6.250% Senior Note Due 2013 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 185 193
Interest rate 6.25%
Debt maturity Apr 15, 2013
4.625% Senior Note Due 2013 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 145 149
Interest rate 4.63%
Debt maturity Jun 15, 2013
5.750% Senior Note Due 2013 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 346 359
Interest rate 5.75%
Debt maturity Dec 15, 2013
4.900% Senior Note Due 2014 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 260 267
Interest rate 4.90%
Debt maturity Feb 1, 2014
5.000% Senior Note Due 2015 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 138 142
Interest rate 5.00%
Debt maturity Jan 31, 2015
5.300% Senior Note Due 2015 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 255 262
Interest rate 5.30%
Debt maturity Jun 30, 2015
5.650% Senior Note Due 2016 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 222 227
Interest rate 5.65%
Debt maturity Apr 1, 2016
6.250% Senior Note Due 2017 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 513 534
Interest rate 6.25%
Debt maturity Aug 1, 2017
5.500% Senior Note Due 2018 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 402 420
Interest rate 5.50%
Debt maturity Jun 15, 2018
6.500% Senior Note Due 2018 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 506 524
Interest rate 6.50%
Debt maturity Dec 15, 2018
6.100% Senior Note Due 2036 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 203 204
Interest rate 6.10%
Debt maturity Apr 1, 2036
6.750% Senior Note Due 2037 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 317 329
Interest rate 6.75%
Debt maturity Aug 1, 2037
6.375% Senior Note Due 2038 [Member] | XTO Energy Inc. [Member]
Senior notes, noncurrent 241 258
Interest rate 6.38%
Debt maturity Jun 15, 2038
Variable Note Due 2035 [Member] | Mobil Services (Bahamas) Ltd. [Member]
Senior notes, noncurrent 972 [2] 972 [2]
Debt maturity May 18, 2035 May 18, 2035
Average effective interest rate 0.20% 0.30%
Variable Note Due 2034 [Member] | Mobil Services (Bahamas) Ltd. [Member]
Senior notes, noncurrent 311 [3] 311 [3]
Debt maturity Sep 15, 2034 Sep 15, 2034
Average effective interest rate 0.30% 0.40%
Variable Notes Due 2013-2017 [Member] | Mobil Producing Nigeria Unlimited [Member]
Senior notes, noncurrent 543 [4] 415 [4]
Debt Instrument, maturity date range, start 2012-12-31 2012-12-31
Debt Instrument, maturity date range, end 2017-12-31 2017-12-31
Average effective interest rate 4.20% 4.60%
Variable Notes Due 2013-2017 [Member] | Esso (Thailand) Public Company Ltd. [Member]
Senior notes, noncurrent 413 [5] 522 [5]
Average effective interest rate 3.20% 1.70%
Debentures Due 2021 [Member] | Mobil Corporation [Member]
Other long-term debt 248 248
Interest rate 8.63%
Debt maturity Aug 15, 2021 Aug 15, 2021
Industrial Revenue Bonds Due 2012-2051 [Member] | Combined Exxon Mobil And Affiliates [Member]
Other long-term debt 2,315 [6] 2,247 [6]
Debt Instrument, maturity date range, start 2012-12-31 2012-12-31
Debt Instrument, maturity date range, end 2051-12-31 2051-12-31
Average effective interest rate 0.10% 0.20%
Other U.S. Dollar Obligations [Member] | Combined Exxon Mobil And Affiliates [Member]
Other U.S. dollar obligations 496 [7] 454 [7]
Average effective interest rate 4.80% 4.70%
Other Foreign Currency Obligations [Member] | Combined Exxon Mobil And Affiliates [Member]
Other foreign currency obligations 31 65
Capitalized Lease Obligations [Member] | Combined Exxon Mobil And Affiliates [Member]
Average effective interest rate 8.50% 8.10%
Long-term debt 260 [8] 304 [8]
[1] Additional information is provided for this subsidiary on the following pages.
[2] Average effective interest rate of 0.2% in 2011 and 0.3% in 2010.
[3] Average effective interest rate of 0.3% in 2011 and 0.4% in 2010.
[4] Average effective interest rate of 4.2% in 2011 and 4.6% in 2010.
[5] Average effective interest rate of 3.2% in 2011 and 1.7% in 2010.
[6] Average effective interest rate of 0.1% in 2011 and 0.2% in 2010.
[7] Average effective interest rate of 4.8% in 2011 and 4.7% in 2010.
[8] Average imputed interest rate of 8.5% in 2011 and 8.1% in 2010.
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Long-Term Debt (Condensed Consolidated Statement Of Income) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Sales and other operating revenue, including sales-based taxes $ 467,029 [1],[2] $ 370,125 [1],[2] $ 301,500 [1],[2]
Income from equity affiliates 15,289 10,677 7,143
Other income 4,111 2,419 1,943
Intercompany revenue   
Total revenues and other income 486,429 383,221 310,586
Crude oil and product purchases 266,534 197,959 152,806
Production and manufacturing expenses 40,268 35,792 33,027
Selling, general and administrative expenses 14,983 14,683 14,735
Depreciation and depletion 15,583 14,760 11,917
Exploration expenses, including dry holes 2,081 2,144 2,021
Interest expense 247 259 548
Sales-based taxes 33,503 [2] 28,547 [2] 25,936 [2]
Other taxes and duties 39,973 36,118 34,819
Total costs and other deductions 413,172 330,262 275,809
Income before income taxes 73,257 52,959 34,777
Income taxes 31,051 21,561 15,119
Net income including noncontrolling interests 42,206 31,398 19,658
Net income attributable to noncontrolling interests 1,146 938 378
Net income attributable to ExxonMobil 41,060 30,460 19,280
Exxon Mobil Corporation Parent Guarantor [Member]
Sales and other operating revenue, including sales-based taxes 17,942 15,382 11,352
Income from equity affiliates 39,198 28,401 19,852
Other income 472 790 813
Intercompany revenue 54,891 39,433 30,889
Total revenues and other income 112,503 84,006 62,906
Crude oil and product purchases 57,604 40,788 31,419
Production and manufacturing expenses 7,827 7,627 7,811
Selling, general and administrative expenses 2,936 2,871 2,574
Depreciation and depletion 1,660 1,761 1,571
Exploration expenses, including dry holes 219 251 230
Interest expense 305 217 1,200
Other taxes and duties 40 29 (29)
Total costs and other deductions 70,591 53,544 44,776
Income before income taxes 41,912 30,462 18,130
Income taxes 852 2 (1,150)
Net income including noncontrolling interests 41,060 30,460 19,280
Net income attributable to ExxonMobil 41,060 30,460 19,280
SeaRiver Maritime Financial Holdings, Inc. [Member]
Sales and other operating revenue, including sales-based taxes      
Income from equity affiliates (14) (2) 7
Other income      
Intercompany revenue 3 4 4
Total revenues and other income (11) 2 11
Crude oil and product purchases      
Production and manufacturing expenses      
Selling, general and administrative expenses      
Depreciation and depletion      
Exploration expenses, including dry holes      
Interest expense 274 246 222
Sales-based taxes      
Other taxes and duties      
Total costs and other deductions 274 246 222
Income before income taxes (285) (244) (211)
Income taxes (101) (90) (81)
Net income including noncontrolling interests (184) (154) (130)
Net income attributable to noncontrolling interests      
Net income attributable to ExxonMobil (184) (154) (130)
All Other Subsidiaries [Member]
Sales and other operating revenue, including sales-based taxes 449,087 354,743 290,148
Income from equity affiliates 15,196 10,589 7,060
Other income 3,639 1,629 1,130
Intercompany revenue 451,627 332,483 271,663
Total revenues and other income 919,549 699,444 570,001
Crude oil and product purchases 704,125 518,961 411,689
Production and manufacturing expenses 38,234 33,400 30,805
Selling, general and administrative expenses 12,748 12,482 12,852
Depreciation and depletion 13,923 12,999 10,346
Exploration expenses, including dry holes 1,862 1,893 1,791
Interest expense 4,512 4,035 5,126
Sales-based taxes 33,503 28,547 25,936
Other taxes and duties 39,933 36,089 34,848
Total costs and other deductions 848,840 648,406 533,393
Income before income taxes 70,709 51,038 36,608
Income taxes 30,300 21,649 16,350
Net income including noncontrolling interests 40,409 29,389 20,258
Net income attributable to noncontrolling interests 1,146 938 378
Net income attributable to ExxonMobil 39,263 28,451 19,880
Consolidating And Eliminating Adjustments [Member]
Sales and other operating revenue, including sales-based taxes      
Income from equity affiliates (39,091) (28,311) (19,776)
Other income      
Intercompany revenue (506,521) (371,920) (302,556)
Total revenues and other income (545,612) (400,231) (322,332)
Crude oil and product purchases (495,195) (361,790) (290,302)
Production and manufacturing expenses (5,793) (5,235) (5,589)
Selling, general and administrative expenses (701) (670) (691)
Depreciation and depletion      
Exploration expenses, including dry holes      
Interest expense (4,844) (4,239) (6,000)
Sales-based taxes      
Other taxes and duties      
Total costs and other deductions (506,533) (371,934) (302,582)
Income before income taxes (39,079) (28,297) (19,750)
Income taxes      
Net income including noncontrolling interests (39,079) (28,297) (19,750)
Net income attributable to noncontrolling interests      
Net income attributable to ExxonMobil $ (39,079) $ (28,297) $ (19,750)
[1] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009. See Note 1, Summary of Accounting Policies.
[2] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009.
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Long-Term Debt (Condensed Consolidated Balance Sheet) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Cash and cash equivalents $ 12,664 $ 7,825 $ 10,693 $ 31,437
Cash and cash equivalents - restricted 404 628
Notes and accounts receivable - net 38,642 32,284
Inventories 15,024 12,976
Other current assets 6,229 5,271
Total current assets 72,963 58,984
Investments and other assets 43,425 43,978
Property, plant and equipment - net 214,664 199,548 139,116
Other long-term assets 9,092 8,640
Intercompany receivables   
Total assets 331,052 302,510 233,323
Notes and loans payable 7,711 2,787
Accounts payable and accrued liabilities 57,067 50,034
Income taxes payable 12,727 9,812
Total current liabilities 77,505 62,633
Long-term debt 9,322 12,227
Postretirement benefits reserves 24,994 19,367
Deferred income tax liabilities 36,618 35,150
Other long-term liabilities 21,869 20,454
Intercompany payables      
Total liabilities 170,308 149,831
Earnings reinvested 330,939 298,899
Other equity (176,543) (152,060)
ExxonMobil share of equity 154,396 146,839
Noncontrolling interests 6,348 5,840
Total equity 160,744 152,679 115,392 117,523
Total liabilities and equity 331,052 302,510
Exxon Mobil Corporation Parent Guarantor [Member]
Cash and cash equivalents 1,354 309
Cash and cash equivalents - restricted 239 371
Notes and accounts receivable - net 2,719 2,104
Inventories 1,634 1,457
Other current assets 353 239
Total current assets 6,299 4,480
Investments and other assets 260,410 255,005
Property, plant and equipment - net 19,687 18,830
Intercompany receivables 17,325 18,186
Total assets 303,721 296,501
Notes and loans payable 1,851 1,042
Accounts payable and accrued liabilities 3,117 2,987
Total current liabilities 4,968 4,029
Long-term debt 293 295
Postretirement benefits reserves 12,344 9,660
Deferred income tax liabilities 1,450 642
Other long-term liabilities 5,215 5,632
Intercompany payables 125,055 129,404
Total liabilities 149,325 149,662
Earnings reinvested 330,939 298,899
Other equity (176,543) (152,060)
ExxonMobil share of equity 154,396 146,839
Total equity 154,396 146,839
Total liabilities and equity 303,721 296,501
SeaRiver Maritime Financial Holdings, Inc. [Member]
Investments and other assets 393 458
Intercompany receivables 2,726 2,457
Total assets 3,119 2,915
Notes and loans payable 2,662 13
Accounts payable and accrued liabilities 57
Income taxes payable 2 3
Total current liabilities 2,721 16
Long-term debt 2,389
Deferred income tax liabilities 107
Intercompany payables 386 382
Total liabilities 3,107 2,894
Earnings reinvested (1,032) (848)
Other equity 1,044 869
ExxonMobil share of equity 12 21
Total equity 12 21
Total liabilities and equity 3,119 2,915
All Other Subsidiaries [Member]
Cash and cash equivalents 11,310 7,516
Cash and cash equivalents - restricted 165 257
Notes and accounts receivable - net 36,569 30,346
Inventories 13,390 11,519
Other current assets 5,876 5,032
Total current assets 67,310 54,670
Investments and other assets 485,157 462,893
Property, plant and equipment - net 194,977 180,718
Intercompany receivables 543,844 528,405
Total assets 1,291,288 1,226,686
Notes and loans payable 3,198 1,732
Accounts payable and accrued liabilities 53,893 47,047
Income taxes payable 13,371 9,975
Total current liabilities 70,462 58,754
Long-term debt 9,029 9,543
Postretirement benefits reserves 12,650 9,707
Deferred income tax liabilities 35,168 34,401
Other long-term liabilities 16,654 14,822
Intercompany payables 438,454 419,262
Total liabilities 582,417 546,489
Earnings reinvested 141,467 132,357
Other equity 561,056 542,000
ExxonMobil share of equity 702,523 674,357
Noncontrolling interests 6,348 5,840
Total equity 708,871 680,197
Total liabilities and equity 1,291,288 1,226,686
Consolidating And Eliminating Adjustments [Member]
Notes and accounts receivable - net (646) (166)
Total current assets (646) (166)
Investments and other assets (702,535) (674,378)
Intercompany receivables (563,895) (549,048)
Total assets (1,267,076) (1,223,592)
Income taxes payable (646) (166)
Total current liabilities (646) (166)
Intercompany payables (563,895) (549,048)
Total liabilities (564,541) (549,214)
Earnings reinvested (140,435) (131,509)
Other equity (562,100) (542,869)
ExxonMobil share of equity (702,535) (674,378)
Total equity (702,535) (674,378)
Total liabilities and equity $ (1,267,076) $ (1,223,592)
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Long-Term Debt (Condensed Consolidated Statement Of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash provided by/(used in) operating activities $ 55,345 $ 48,413 $ 28,438
Additions to property, plant and equipment (30,975) (26,871) (22,491)
Proceeds associated with sales of long-term assets 11,133 3,261 1,545
Decrease/(increase) in restricted cash and cash equivalents 224 (628)
All other investing, net (2,547) 34 (1,473)
Net cash provided by/(used in) investing activities (22,165) (24,204) (22,419)
Additions to short- and long-term debt 1,765 1,741 1,561
Reductions in short- and long-term debt (1,369) (8,660) (1,643)
Additions/(reductions) in debt with three months or less maturity 1,561 709 (71)
Cash dividends to ExxonMobil shareholders (9,020) (8,498) (8,023)
Common stock acquired (22,055) (13,093) (19,703)
All other financing, net 862 877 596
Net cash provided by/(used in) financing activities (28,256) (26,924) (27,283)
Effects of exchange rate changes on cash (85) (153) 520
Increase/(decrease) in cash and cash equivalents 4,839 (2,868) (20,744)
Exxon Mobil Corporation Parent Guarantor [Member]
Cash provided by/(used in) operating activities 37,752 35,740 27,424
Additions to property, plant and equipment (2,516) (2,922) (2,686)
Proceeds associated with sales of long-term assets 667 1,484 228
Decrease/(increase) in restricted cash and cash equivalents 132 (371)
Net intercompany investing (4,227) (13,966) (1,826)
All other investing, net (1,679) (672)
Net cash provided by/(used in) investing activities (7,623) (16,447) (4,284)
Additions to short- and long-term debt   
Reductions in short- and long-term debt (2) (3) (3)
Additions/(reductions) in debt with three months or less maturity 809 997 39
Cash dividends to ExxonMobil shareholders (9,020) (8,498) (8,023)
Common stock acquired (22,055) (13,093) (19,703)
All other financing, net 1,184 1,164 988
Net cash provided by/(used in) financing activities (29,084) (19,433) (26,702)
Increase/(decrease) in cash and cash equivalents 1,045 (140) (3,562)
SeaRiver Maritime Financial Holdings, Inc. [Member]
Cash provided by/(used in) operating activities 63 63 72
Net intercompany investing (229) (200) (209)
Net cash provided by/(used in) investing activities (229) (200) (209)
Reductions in short- and long-term debt (13) (13) (13)
Net intercompany financing activity 4
All other financing, net 175 150 150
Net cash provided by/(used in) financing activities 166 137 137
All Other Subsidiaries [Member]
Cash provided by/(used in) operating activities 47,683 18,307 28,024
Additions to property, plant and equipment (28,459) (23,949) (19,805)
Proceeds associated with sales of long-term assets 10,466 1,777 1,317
Decrease/(increase) in restricted cash and cash equivalents 92 (257)
Net intercompany investing 4,015 13,813 1,717
All other investing, net (868) 706 (1,473)
Net cash provided by/(used in) investing activities (14,754) (7,910) (18,244)
Additions to short- and long-term debt 1,765 1,741 1,561
Reductions in short- and long-term debt (1,354) (8,644) (1,627)
Additions/(reductions) in debt with three months or less maturity 752 (288) (110)
Cash dividends to ExxonMobil shareholders (30,153) (5,697) (27,082)
Net intercompany financing activity 262 202 168
All other financing, net (322) (286) (392)
Net cash provided by/(used in) financing activities (29,050) (12,972) (27,482)
Effects of exchange rate changes on cash (85) (153) 520
Increase/(decrease) in cash and cash equivalents 3,794 (2,728) (17,182)
Consolidating And Eliminating Adjustments [Member]
Cash provided by/(used in) operating activities (30,153) (5,697) (27,082)
Net intercompany investing 441 353 318
Net cash provided by/(used in) investing activities 441 353 318
Cash dividends to ExxonMobil shareholders 30,153 5,697 27,082
Net intercompany financing activity (266) (202) (168)
All other financing, net (175) (151) (150)
Net cash provided by/(used in) financing activities $ 29,712 $ 5,344 $ 26,764
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Incentive Program (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Minimum ownership of affiliates needed for awards 50.00%
Number of shares issuable under 2003 incentive program, maximum 220,000,000
Remaining shares available for award under 2003 incentive program 133,183,000
Options and stock appreciation rights grant, minimum percentage of market value, date of grant 100.00%
Award grant, maximum life or term, years 10
Cash received from stock option exercises $ 924 $ 1,043 $ 752
Cash tax benefit realized for options exercised 221 89 164
Aggregate intrinsic value of stock options exercised 986 539 563
Aggregate intrinsic value of stock options exercisable 97
Intrinsic value, outstanding stock options 98
Non-Vested XTO Stock Options [Member]
Compensation cost charged against income 1 2
Unvested converted stock options at period end 226,000
Options that vest ratably 10,000
Options that vest at stock prices 216,000
Options that vest at stock prices, maximum $ 126.8
Stock Options [Member]
Stock options exercisable, vesting period, years 3
Restricted Stock [Member]
Long-term incentive awards 10,533,000 10,648,000 10,133,000
Award vesting period, first half of awards, years 3
Awards granted to senior executives, vesting periods, first half of awards, years 5
Awards granted to senior executives, vesting periods, remaining awards, years 10
Unrecognized compensation cost 2,168
Unrecognized compensation cost, weighted-average period of recognition, years 4.5
Compensation cost charged against income 793 801 723
Income tax benefit recognized in income 73 81 76
Fair value of shares/awards vested 801 718 763
Cash payments, vested restricted stock units 46 42 41
Award vesting period, maximum 7
Percent of the shares in each award vesting after three years 50.00%
Percent of the shares in each award vesting after seven years 50.00%
Percent of shares in each award vesting after five years 50.00%
Percent of shares in each award vesting in later of ten years or retirement 50.00%
Acquisition Of XTO Energy Inc [Member]
Long-term incentive awards 4,206,000
Fair value of shares/awards vested 182
Value of restricted stock granted $ 250
Converted stock options granted 12,393,000
Unvested converted stock options at grant date 893,000
Period the majority of converted XTO awards vest over in annual installments minimum, years 3
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Incentive Program (Summary Of Restricted Stock And Units Outstanding) (Details) (Restricted Stock [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Restricted Stock [Member]
Issued and outstanding at January 1, Restricted stock, Shares 47,306
2010 award issued in 2011, Shares 10,639
Vested, Shares (10,628)
Forfeited, Shares (536)
Issued and outstanding at December 31, Restricted stock, Shares 46,781
Issued and outstanding at January 1, Weighted Average Grant-Date Fair Value per Share $ 69.74
2010 award issued in 2011, Weighted Average Grant-Date Fair Value per Share $ 68.74
Vested, Weighted Average Grant-Date Fair Value per Share $ 64.37
Forfeited, Weighted Average Grant-Date Fair Value per Share $ 67.35
Issued and outstanding at December 31, Weighted Average Grant-Date Fair Value per Share $ 70.76
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Incentive Program (Grant Value Of Restricted Stock And Units) (Details) (Restricted Stock [Member], USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Restricted Stock [Member]
Incentive Program [Line Items]
Grant price, per share $ 79.52 $ 66.07 $ 75.4
Restricted stock and units settled in stock $ 766 $ 672 $ 711
Merger-related granted and converted XTO awards 250
Units settled in cash 72 60 53
Total value $ 838 $ 982 $ 764
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Incentive Program (Summary Of Stock Options Outstanding) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Incentive Program [Line Items]
Outstanding at December 31, Weighted Average Remaining Contractual Term, in Years 3
Exercisable at December 31, Weighted Average Remaining Contractual Term, in Years 3
Stock Option [Member]
Incentive Program [Line Items]
Outstanding at January 1, Shares 29,509
Outstanding at January 1, Avg. Exercise Price $ 44.65
Exercised, shares (23,880)
Exercised, Avg. Exercise Price $ 38.81
Forfeited, Shares (80)
Forfeited, Avg. Exercise Price $ 48.01
Outstanding at December 31, Shares 5,549
Outstanding at December 31, Avg. Exercise Price $ 69.76
Exercisable at December 31, Shares 5,323
Exercisable at December 31, Avg. Exercise Price $ 68.65
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Litigation And Other Contingencies (Narrative) (Details) (USD $)
Dec. 31, 2011
Dec. 23, 2011
days
Jun. 30, 2011
gal
May 01, 2007
Dec. 31, 2011
Equity Company Obligations [Member]
Jun. 27, 2007
Expropriation Of Assets [Member]
Jun. 30, 2011
Compensatory Damages [Member]
Jun. 30, 2011
Punitive Damages [Member]
Feb. 13, 2012
Mobil Cerro Negro, Ltd. (MCN) [Member]
Dec. 23, 2011
Mobil Cerro Negro, Ltd. (MCN) [Member]
Oct. 24, 2011
Production Sharing Contract (PSC) [Member]
Feb. 01, 2012
Settlement Of Litigation [Member]
Mobil Cerro Negro, Ltd. (MCN) [Member]
Oct. 24, 2011
Pending Or Threatened Litigation [Member]
Loss Contingencies [Line Items]
Accidental gasoline leak (gallons) 26,000
Litigation court verdict $ 497,000,000 $ 1,000,000,000
Guarantees 8,456,000,000 4,607,000,000 [1]
Percentage ownership interest in Cerro Negro Project 41.67% 41.67%
Net book investment in Cerro Negro Project 750,000,000
Amount awarded for contractual obligations, before deductions 908,000,000
Amount arbitration award reduced by due to debt owed to PDVSA and PdVSA CN 161,000,000
Arbitration awarded for contractual obligations after debt deducted 747,000,000
Number of days to comply with arbitration verdict 60
Partial payment of arbitration awarded for breach of contractual obligations 305,000,000
Cancellation of bond debt 195,000,000
Percent interest in Erha block PSC 56.25%
Amount of award relating to excess lifting of crude oil 1,800,000,000
Accrued interest relating to award for excess lifting of crude oil $ 234,000,000
[1] ExxonMobil share.
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Litigation And Other Contingencies (Schedule Of Guarantees) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Loss Contingencies [Line Items]
Guarantees $ 8,456
Equity Company Obligations [Member]
Loss Contingencies [Line Items]
Guarantees 4,607 [1]
Other Third-Party Obligations [Member]
Loss Contingencies [Line Items]
Guarantees 3,849
Debt-Related Guarantees [Member]
Loss Contingencies [Line Items]
Guarantees 1,611
Debt-Related Guarantees [Member] | Equity Company Obligations [Member]
Loss Contingencies [Line Items]
Guarantees 1,546 [1]
Debt-Related Guarantees [Member] | Other Third-Party Obligations [Member]
Loss Contingencies [Line Items]
Guarantees 65
Other Guarantees [Member]
Loss Contingencies [Line Items]
Guarantees 6,845
Other Guarantees [Member] | Equity Company Obligations [Member]
Loss Contingencies [Line Items]
Guarantees 3,061 [1]
Other Guarantees [Member] | Other Third-Party Obligations [Member]
Loss Contingencies [Line Items]
Guarantees $ 3,784
[1] ExxonMobil share.
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Litigation And Other Contingencies (Schedule Of Unconditional Purchase Obligations) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Loss Contingencies [Line Items]
2012 $ 243 [1]
2013-2016 660 [1]
2017 and Beyond 410 [1]
Total 1,313 [1]
Present value of these commitments 1,084
Undiscounted unconditional purchase obligations 1,313
Imputed interest 229
Equity Company Obligations [Member]
Loss Contingencies [Line Items]
Undiscounted unconditional purchase obligations $ 856
[1] Undiscounted obligations of $1,313 million mainly pertain to pipeline throughput agreements and include $856 million of obligations to equity companies. The present value of these commitments, which excludes imputed interest of $229 million, totaled $1,084 million.
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Pension And Other Postretirement Benefits (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate 5.50%
Health care cost trend rate projected in 2015 4.50%
Year that rate reaches ultimate trend rate 2015
Effect of one-percentage-point increase on service and interest costs $ 63
Effect of one-percentage-point increase on postretirement benefit obligation 696
Effect of one-percentage-point decrease on service and interest costs 49
Effect of one-percentage-point decrease on postretirement benefit obligation 567
Costs for defined contribution plans $ 378 $ 347 $ 339
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation, equity securities 50.00%
Target asset allocation, debt securities 50.00%
Target asset allocation, venture capital 5.00%
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Target asset allocation, equity securities 47.00%
Target asset allocation, debt securities 50.00%
Target asset allocation, real estate funds 3.00%
Target asset allocation, venture capital 3.00%
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Pension And Other Postretirement Benefits (Benefit Obligations And Plan Assets Associated With Principal Benefit Plans) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
Medicare subsidy receipts $ 29 $ 15
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate 5.00% 5.50%
Long-term rate of compensation increase 5.75% 5.25%
Benefit obligation at January 1 15,007 13,981
Service cost 546 468 438
Interest cost 792 798 809
Actuarial loss/(gain) 1,954 553
Foreign exchange rate changes      
Plan amendments, other 80
Benefit obligation at December 31 17,035 15,007 13,981
Accumulated benefit obligation at December 31 14,081 12,764
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate 4.00% 4.80%
Long-term rate of compensation increase 5.40% 5.20%
Benefit obligation at January 1 25,722 23,344
Service cost 574 480 421
Interest cost 1,267 1,175 1,121
Actuarial loss/(gain) 3,086 1,672
Foreign exchange rate changes (303) 169
Plan amendments, other 192 163
Benefit obligation at December 31 29,068 25,722 23,344
Accumulated benefit obligation at December 31 25,480 22,958
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate 5.00% 5.50%
Long-term rate of compensation increase 5.75% 5.25%
Benefit obligation at January 1 7,331 6,748
Service cost 121 101 94
Interest cost 393 395 408
Actuarial loss/(gain) 427 277
Foreign exchange rate changes (11) 26
Plan amendments, other 92 178
Benefit obligation at December 31 7,880 7,331 6,748
Accumulated benefit obligation at December 31      
Benefit Payments For Funded And Unfunded Plans [Member] | Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits paid (1,264) [1],[2] (873) [1],[2]
Benefit Payments For Funded And Unfunded Plans [Member] | Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits paid (1,470) [1],[2] (1,281) [1],[2]
Benefit Payments For Funded And Unfunded Plans [Member] | Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits paid $ (473) [1],[2] $ (394) [1],[2]
[1] Benefit payments for funded and unfunded plans.
[2] For 2011 and 2010, other postretirement benefits paid are net of $29 million and $15 million of Medicare subsidy receipts, respectively.
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Pension And Other Postretirement Benefits (Change In Plan Assets Of Pension And Other Postretirement Benefits) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 $ 10,835 $ 10,277
Actual return on plan assets 505 1,235
Foreign exchange rate changes   
Company contribution 370
Other   
Fair value at December 31 10,656 10,835
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 16,765 15,401
Actual return on plan assets 123 1,482
Foreign exchange rate changes (192) 99
Company contribution 1,623 1,184
Other (156) (528)
Fair value at December 31 17,117 16,765
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 558 514
Actual return on plan assets 63
Foreign exchange rate changes   
Company contribution 39 38
Other 2
Fair value at December 31 538 558
Benefit Payments For Funded Plans [Member] | Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits paid (1,054) [1] (677) [1]
Benefit Payments For Funded Plans [Member] | Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits paid (1,046) [1] (873) [1]
Benefit Payments For Funded Plans [Member] | Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits paid $ (59) [1] $ (59) [1]
[1] Benefit payments for funded plans.
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Pension And Other Postretirement Benefits (Summary Of Assets In Excess Of/(Less Than) Benefit Obligation) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Funded Status of Plan $ (6,379) [1] $ (4,172) [1]
Total (6,379) (4,172)
Pension Benefits - U.S. [Member] | Funded Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Funded Status of Plan (4,141) (2,349)
Pension Benefits - U.S. [Member] | Unfunded Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Unfunded plans (2,238) (1,823)
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Funded Status of Plan (11,951) [1] (8,957) [1]
Total (11,951) (8,957)
Pension Benefits - Non-U.S. [Member] | Funded Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Funded Status of Plan (5,319) (2,769)
Pension Benefits - Non-U.S. [Member] | Unfunded Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Unfunded plans $ (6,632) $ (6,188)
[1] Fair value of assets less benefit obligation shown on the preceding page.
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Pension And Other Postretirement Benefits (Assets Recorded In Balance Sheet And Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Defined Benefit Plan Disclosure [Line Items]
Postretirement benefits reserves $ (24,994) $ (19,367)
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at December 31 (6,379) [1] (4,172) [1]
Other assets 1 1
Current liabilities (237) (257)
Postretirement benefits reserves (6,143) (3,916)
Total recorded (6,379) (4,172)
Net actuarial loss/(gain) 6,475 5,028
Prior service cost 74 83
Total recorded in accumulated other comprehensive income 6,549 5,111
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at December 31 (11,951) [1] (8,957) [1]
Other assets 245 400
Current liabilities (346) (336)
Postretirement benefits reserves (11,850) (9,021)
Total recorded (11,951) (8,957)
Net actuarial loss/(gain) 11,170 7,795
Prior service cost 745 674
Total recorded in accumulated other comprehensive income 11,915 8,469
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at December 31 (7,342) [1] (6,773) [1]
Current liabilities (341) (343)
Postretirement benefits reserves (7,001) (6,430)
Total recorded (7,342) (6,773)
Net actuarial loss/(gain) 2,291 1,985
Prior service cost 119 154
Total recorded in accumulated other comprehensive income $ 2,410 $ 2,139
[1] Fair value of assets less benefit obligation shown on the preceding page.
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Pension And Other Postretirement Benefits (Long-Term Rates Of Pension And Other Postretirement Benefits) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate 5.50% 6.00% 6.25%
Long-term rate of return on funded assets 7.50% 7.50% 8.00%
Long-term rate of compensation increase 5.25% 5.25% 5.00%
Service cost $ 546 $ 468 $ 438
Interest cost 792 798 809
Expected return on plan assets (769) (726) (656)
Amortization of actuarial loss/(gain) 485 525 694
Amortization of prior service cost 9 2
Net pension enhancement and curtailment/settlement expense 286 321 485
Net periodic benefit cost 1,349 1,388 1,770
Net actuarial loss/(gain) 2,218 44 (231)
Amortization of actuarial (loss)/gain (771) (846) (1,179)
Prior service cost/(credit) 80
Amortization of prior service (cost)/credit (9) (2)
Total recorded in other comprehensive income 1,438 (724) (1,410)
Total recorded in net periodic benefit cost and other comprehensive income, before tax 2,787 664 360
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate 4.80% 5.20% 5.50%
Long-term rate of return on funded assets 6.80% 6.70% 7.30%
Long-term rate of compensation increase 5.20% 5.00% 4.70%
Service cost 574 480 421
Interest cost 1,267 1,175 1,121
Expected return on plan assets (1,168) (1,010) (886)
Amortization of actuarial loss/(gain) 647 554 648
Amortization of prior service cost 103 84 79
Net pension enhancement and curtailment/settlement expense 34 9 2
Net periodic benefit cost 1,457 1,292 1,385
Net actuarial loss/(gain) 4,133 1,202 (33)
Amortization of actuarial (loss)/gain (681) (563) (650)
Prior service cost/(credit) 187 160 69
Amortization of prior service (cost)/credit (103) (84) (79)
Foreign exchange rate changes (90) 96 608
Total recorded in other comprehensive income 3,446 811 (85)
Total recorded in net periodic benefit cost and other comprehensive income, before tax 4,903 2,103 1,300
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate 5.50% 6.00% 6.25%
Long-term rate of return on funded assets 7.50% 7.50% 8.00%
Long-term rate of compensation increase 5.25% 5.25% 5.00%
Service cost 121 101 94
Interest cost 393 395 408
Expected return on plan assets (41) (37) (35)
Amortization of actuarial loss/(gain) 162 147 176
Amortization of prior service cost 35 52 69
Net periodic benefit cost 670 658 712
Net actuarial loss/(gain) 468 251 (107)
Amortization of actuarial (loss)/gain (162) (147) (176)
Prior service cost/(credit) 26
Amortization of prior service (cost)/credit (35) (52) (69)
Foreign exchange rate changes 2 2
Total recorded in other comprehensive income 271 80 (350)
Total recorded in net periodic benefit cost and other comprehensive income, before tax $ 941 $ 738 $ 362
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Pension And Other Postretirement Benefits (Summary Of The Change In Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
Total (charge)/credit to other comprehensive income, before tax $ (5,155) $ (167) $ 1,845
(Charge)/credit to income tax (see Note 18) 1,495 35 (591)
(Charge)/credit to investment in equity companies (30) 11 (133)
(Charge)/credit to other comprehensive income including noncontrolling interests, after tax (3,690) (121) 1,121
Charge/(credit) to equity of noncontrolling interests 288 95 93
(Charge)/credit to other comprehensive income attributable to ExxonMobil (3,402) (26) 1,214
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Total (charge)/credit to other comprehensive income, before tax (1,438) 724 1,410
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Total (charge)/credit to other comprehensive income, before tax (3,446) (811) 85
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Total (charge)/credit to other comprehensive income, before tax $ (271) $ (80) $ 350
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Pension And Other Postretirement Benefits (Fair Value Of Benefit Plan Assets- U.S. Pension) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Insurance contracts at contract value $ 23 $ 23
Fair value of plan assets 10,656 10,835 10,277
Pension Benefits - U.S. [Member] | U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,247 2,648
Pension Benefits - U.S. [Member] | Non-U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,636 3,530
Pension Benefits - U.S. [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 458 408
Pension Benefits - U.S. [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,728 1,152
Pension Benefits - U.S. [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,482 2,847
Pension Benefits - U.S. [Member] | Asset-Backed Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 11 31
Pension Benefits - U.S. [Member] | Private Mortgages Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 128
Pension Benefits - U.S. [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 71 68
Pension Benefits - U.S. [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 10,633 10,812
Pension Benefits - U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 68
Pension Benefits - U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 68
Pension Benefits - U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,247 [1] 2,648 [1]
Pension Benefits - U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Non-U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,636 [1] 3,530 [1]
Pension Benefits - U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,728 [2] 1,152 [2]
Pension Benefits - U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,482 [2] 2,847 [2]
Pension Benefits - U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 11 [2] 31 [2]
Pension Benefits - U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 71 [3]
Pension Benefits - U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 10,175 10,208
Pension Benefits - U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 458 [4] 408 [4]
Pension Benefits - U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private Mortgages Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 128 [5]
Pension Benefits - U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 458 536
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Insurance contracts at contract value 152 158
Fair value of plan assets 17,117 16,765 15,401
Pension Benefits - Non-U.S. [Member] | U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,589 2,443
Pension Benefits - Non-U.S. [Member] | Non-U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 5,029 6,730
Pension Benefits - Non-U.S. [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 393 315
Pension Benefits - Non-U.S. [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 1,859 1,631
Pension Benefits - Non-U.S. [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 6,503 4,855
Pension Benefits - Non-U.S. [Member] | Asset-Backed Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 102 98
Pension Benefits - Non-U.S. [Member] | Private Mortgages Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 4 4
Pension Benefits - Non-U.S. [Member] | Real Estate Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 397 417
Pension Benefits - Non-U.S. [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 89 114
Pension Benefits - Non-U.S. [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 16,965 16,607
Pension Benefits - Non-U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Non-U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 194 [6] 228 [6]
Pension Benefits - Non-U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2 [7] 2 [7]
Pension Benefits - Non-U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 186 [7] 146 [7]
Pension Benefits - Non-U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 76 63
Pension Benefits - Non-U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 458 439
Pension Benefits - Non-U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2,589 [1] 2,443 [1]
Pension Benefits - Non-U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Non-U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 4,835 [1] 6,502 [1]
Pension Benefits - Non-U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 1,857 [2] 1,629 [2]
Pension Benefits - Non-U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 6,317 [2] 4,709 [2]
Pension Benefits - Non-U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 102 [2] 98 [2]
Pension Benefits - Non-U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 13 [8] 51 [8]
Pension Benefits - Non-U.S. [Member] | Significant Other Observable Inputs (Level 2) [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 15,713 15,432
Pension Benefits - Non-U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 393 [4] 315 [4]
Pension Benefits - Non-U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private Mortgages Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 4 [5] 4 [5]
Pension Benefits - Non-U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | Real Estate Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 397 [9] 417 [9]
Pension Benefits - Non-U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | Total At Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets $ 794 $ 736
[1] For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.
[2] For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
[3] For cash balances held in the form of short-term fund units that are redeemable at the measurement date, the fair value is treated as a Level 2 input.
[4] For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.
[5] For private mortgages, fair value is based on proprietary credit spread matrices developed using market data and monthly surveys of active mortgage bankers.
[6] For non-U.S. equity securities held in separate accounts, fair value is based on observable quoted prices on active exchanges.
[7] For corporate and government debt securities that are traded on active exchanges, fair value is based on observable quoted prices.
[8] For cash balances that are subject to withdrawal penalties or other adjustments, the fair value is treated as a Level 2 input.
[9] For real estate funds, fair value is based on appraised values developed using comparable market transactions.
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Pension And Other Postretirement Benefits (Fair Value Of Benefit Plan Assets- Other Postretirement) (Details) (Other Postretirement Benefits [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets $ 538 $ 558 $ 514
U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 166 180
Non-U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 155 191
Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 7 5
Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 77 49
Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 120 117
Asset-Backed Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 12 13
Private Mortgages Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 2
Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 1 1
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 1
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 1
Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 531 550
Significant Other Observable Inputs (Level 2) [Member] | U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 166 [1] 180 [1]
Significant Other Observable Inputs (Level 2) [Member] | Non-U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 155 [1] 191 [1]
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 77 [2] 49 [2]
Significant Other Observable Inputs (Level 2) [Member] | Government Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 120 [2] 117 [2]
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 12 [2] 13 [2]
Significant Other Observable Inputs (Level 2) [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 1
Significant Unobservable Inputs (Level 3) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 7 7
Significant Unobservable Inputs (Level 3) [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets 7 [3] 5 [3]
Significant Unobservable Inputs (Level 3) [Member] | Private Mortgages Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets $ 2 [4]
[1] For U.S. and non-U.S. equity securities held in the form of fund units that are redeemable at the measurement date, the unit value is treated as a Level 2 input. The fair value of the securities owned by the funds is based on observable quoted prices on active exchanges, which are Level 1 inputs.
[2] For corporate, government and asset-backed debt securities, fair value is based on observable inputs of comparable market transactions.
[3] For private equity, fair value is generally established by using revenue or earnings multiples or other relevant market data including Initial Public Offerings.
[4] For private mortgages, fair value is based on proprietary credit spread matrices developed using market data and monthly surveys of active mortgage bankers.
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Pension And Other Postretirement Benefits (Change In The Fair Value Of Level 3 Assets) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Pension Benefits - U.S. [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 $ 408 $ 349
Net realized gains/(losses) 1
Net unrealized gains/(losses) 56 47
Net purchases/(sales) (7) 12
Fair value at December 31 458 408
Pension Benefits - U.S. [Member] | Private Mortgages [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 128 280
Net realized gains/(losses) 5 36
Net unrealized gains/(losses) (3)
Net purchases/(sales) (133) (185)
Fair value at December 31 128
Pension Benefits - Non-U.S. [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 315 239
Net realized gains/(losses) 7 (1)
Net unrealized gains/(losses) 33 26
Net purchases/(sales) 38 51
Fair value at December 31 393 315
Pension Benefits - Non-U.S. [Member] | Private Mortgages [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 4 5
Net realized gains/(losses)    (1)
Net unrealized gains/(losses)    1
Net purchases/(sales)    (1)
Fair value at December 31 4 4
Pension Benefits - Non-U.S. [Member] | Real Estate Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 417 413
Net realized gains/(losses) 3
Net unrealized gains/(losses) 6 (4)
Net purchases/(sales) (29) 8
Fair value at December 31 397 417
Other Postretirement Benefits [Member] | Private Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 5 4
Net unrealized gains/(losses) 2 1
Fair value at December 31 7 5
Other Postretirement Benefits [Member] | Private Mortgages [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value at January 1 2 3
Net realized gains/(losses) 1
Net purchases/(sales) (2) (2)
Fair value at December 31 $ 2
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Pension And Other Postretirement Benefits (Pension Plans With Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Pension Benefits - U.S. [Member]
Dec. 31, 2011
Pension Benefits - Non-U.S. [Member]
Dec. 31, 2011
Other Postretirement Benefits [Member]
Dec. 31, 2011
Funded Pension Plans [Member]
Pension Benefits - U.S. [Member]
Dec. 31, 2010
Funded Pension Plans [Member]
Pension Benefits - U.S. [Member]
Dec. 31, 2011
Funded Pension Plans [Member]
Pension Benefits - Non-U.S. [Member]
Dec. 31, 2010
Funded Pension Plans [Member]
Pension Benefits - Non-U.S. [Member]
Dec. 31, 2011
Unfunded Pension Plans [Member]
Pension Benefits - U.S. [Member]
Dec. 31, 2010
Unfunded Pension Plans [Member]
Pension Benefits - U.S. [Member]
Dec. 31, 2011
Unfunded Pension Plans [Member]
Pension Benefits - Non-U.S. [Member]
Dec. 31, 2010
Unfunded Pension Plans [Member]
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation $ 14,797 $ 13,184 $ 17,668 $ 9,865 $ 2,238 $ 1,823 $ 6,632 $ 6,188
Accumulated benefit obligation 12,606 11,383 16,175 9,074 1,475 1,381 5,753 5,413
Fair value of plan assets 10,655 10,834 12,832 7,131
Net actuarial loss/(gain) 1,033 [1] 889 [1] 173 [1]
Prior service cost $ 7 [2] $ 109 [2] $ 34 [2]
[1] The Corporation amortizes the net balance of actuarial losses/(gains) as a component of net periodic benefit cost over the average remaining service period of active plan participants.
[2] The Corporation amortizes prior service cost on a straight-line basis as permitted under authoritative guidance for defined benefit pension and other postretirement benefit plans.
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Pension And Other Postretirement Benefits (Expected Contribution Pension Benefits And Other Postretirement Benefits) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Pension Benefits - U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions expected in 2012 $ 1,650
Benefits payments expected in 2012 1,490
Benefits payments expected in 2013 1,579
Benefits payments expected in 2014 1,547
Benefits payments expected in 2015 1,524
Benefits payments expected in 2016 1,489
Benefits payments expected in 2017-2021 6,616
Pension Benefits - Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions expected in 2012 1,250
Benefits payments expected in 2012 1,342
Benefits payments expected in 2013 1,360
Benefits payments expected in 2014 1,383
Benefits payments expected in 2015 1,418
Benefits payments expected in 2016 1,462
Benefits payments expected in 2017-2021 7,731
Gross Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits payments expected in 2012 442
Benefits payments expected in 2013 458
Benefits payments expected in 2014 472
Benefits payments expected in 2015 485
Benefits payments expected in 2016 497
Benefits payments expected in 2017-2021 2,611
Other Postretirement Benefits Medicare Subsidy Receipt [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefits payments expected in 2012 23
Benefits payments expected in 2013 25
Benefits payments expected in 2014 26
Benefits payments expected in 2015 27
Benefits payments expected in 2016 28
Benefits payments expected in 2017-2021 $ 163
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Disclosures About Segments And Related Information (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Disclosures About Segments And Related Information [Abstract]
Interest related to Valdez punitive damages award $ 140
Non-debt-related interest expense $ 165 $ 41 $ 500
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Disclosures About Segments And Related Information (Schedule Of Segments And Related Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Earnings after income tax $ 41,060 $ 30,460 $ 19,280
Earnings of equity companies included above 15,289 10,677 7,143
Sales and other operating revenue 467,029 [1],[2] 370,125 [1],[2] 301,500 [1],[2]
Depreciation and depletion expense 15,583 14,760 11,917
Interest revenue 135 118 179
Interest expense 247 259 548
Income taxes 31,051 21,561 15,119
Additions to property, plant and equipment 33,638 74,156 22,491
Investments in equity companies 16,968 17,429 15,742
Total assets 331,052 302,510 233,323
Upstream U.S. [Member]
Earnings after income tax 5,096 4,272 2,893
Earnings of equity companies included above 2,045 1,261 1,216
Sales and other operating revenue 14,023 [1] 8,895 [1] 3,406 [1]
Intersegment revenue 9,807 8,102 6,718
Depreciation and depletion expense 4,879 3,506 1,768
Interest expense 30 20 38
Income taxes 2,852 2,219 1,451
Additions to property, plant and equipment 10,887 52,300 2,973
Investments in equity companies 2,963 2,636 2,440
Total assets 82,900 76,725 24,940
Upstream Non-U.S. [Member]
Earnings after income tax 29,343 19,825 14,214
Earnings of equity companies included above 11,768 8,415 5,269
Sales and other operating revenue 32,419 [1] 26,046 [1] 21,355 [1]
Intersegment revenue 49,910 39,066 32,982
Depreciation and depletion expense 7,021 7,574 6,376
Interest expense 36 25 27
Income taxes 25,755 18,627 15,183
Additions to property, plant and equipment 18,934 16,937 13,307
Investments in equity companies 8,439 9,625 8,864
Total assets 127,977 115,646 102,372
Downstream U.S. [Member]
Earnings after income tax 2,268 770 (153)
Earnings of equity companies included above 7 23 (102)
Sales and other operating revenue 120,844 [1] 93,599 [1] 76,467 [1]
Intersegment revenue 18,489 13,546 10,168
Depreciation and depletion expense 650 681 687
Interest expense 10 1 10
Income taxes 1,123 360 (164)
Additions to property, plant and equipment 400 888 1,449
Investments in equity companies 210 254 323
Total assets 18,354 18,378 17,493
Downstream Non-U.S. [Member]
Earnings after income tax 2,191 2,797 1,934
Earnings of equity companies included above 353 225 188
Sales and other operating revenue 257,779 [1] 206,042 [1] 173,404 [1]
Intersegment revenue 73,549 52,697 39,190
Depreciation and depletion expense 1,560 1,565 1,665
Interest expense 24 19 18
Income taxes 696 560 (22)
Additions to property, plant and equipment 1,334 1,332 1,447
Investments in equity companies 1,358 1,240 1,190
Total assets 51,132 47,402 45,098
Chemical U.S. [Member]
Earnings after income tax 2,215 2,422 769
Earnings of equity companies included above 198 171 164
Sales and other operating revenue 15,466 [1] 13,402 [1] 9,962 [1]
Intersegment revenue 12,226 9,694 7,185
Depreciation and depletion expense 380 421 400
Interest expense 2 1 4
Income taxes 1,027 736 281
Additions to property, plant and equipment 241 247 294
Investments in equity companies 253 285 259
Total assets 7,245 7,148 7,044
Chemical Non-U.S. [Member]
Earnings after income tax 2,168 2,491 1,540
Earnings of equity companies included above 1,365 1,163 906
Sales and other operating revenue 26,476 [1] 22,119 [1] 16,885 [1]
Intersegment revenue 10,563 8,421 6,947
Depreciation and depletion expense 458 432 457
Interest expense (1) 4 1
Income taxes 465 347 (182)
Additions to property, plant and equipment 910 1,733 2,553
Investments in equity companies 3,973 3,586 2,873
Total assets 19,862 19,087 17,117
Corporate And Financing [Member]
Earnings after income tax (2,221) (2,117) (1,917)
Earnings of equity companies included above (447) (581) (498)
Sales and other operating revenue 22 [1] 22 [1] 21 [1]
Intersegment revenue 262 282 284
Depreciation and depletion expense 635 581 564
Interest revenue 135 118 179
Interest expense 146 189 450
Income taxes (867) (1,288) (1,428)
Additions to property, plant and equipment 932 719 468
Investments in equity companies (228) (197) (207)
Total assets $ 23,582 $ 18,124 $ 19,259
[1] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009. See Note 1, Summary of Accounting Policies.
[2] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009.
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Disclosures About Segments And Related Information (Schedule Of Geographic Sales And Other Operating Revenue) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Geographic sales and other operating revenue $ 467,029 [1] $ 370,125 [1] $ 301,500 [1]
Sales-based taxes 33,503 28,547 25,936
U.S. [Member]
Geographic sales and other operating revenue 150,343 [1] 115,906 [1] 89,847 [1]
Non-U.S. [Member]
Geographic sales and other operating revenue 316,686 [1] 254,219 [1] 211,653 [1]
Canada [Member]
Geographic sales and other operating revenue 34,626 [1] 27,243 [1] 21,151 [1]
Japan [Member]
Geographic sales and other operating revenue 31,925 [1] 27,143 [1] 22,054 [1]
United Kingdom [Member]
Geographic sales and other operating revenue 34,833 [1] 24,637 [1] 20,293 [1]
Belgium [Member]
Geographic sales and other operating revenue 26,926 [1] 21,139 [1] 16,857 [1]
Germany [Member]
Geographic sales and other operating revenue 17,034 [1] 14,301 [1] 14,839 [1]
Italy [Member]
Geographic sales and other operating revenue 16,288 [1] 14,132 [1] 12,997 [1]
France [Member]
Geographic sales and other operating revenue 18,510 [1] 13,920 [1] 12,042 [1]
Singapore [Member]
Geographic sales and other operating revenue $ 14,400 [1] $ 11,088 [1] $ 8,400 [1]
[1] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009. See Note 1, Summary of Accounting Policies.
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Disclosures About Segments And Related Information (Schedule Of Long-Lived Assets By Geographic Regions) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Long-lived assets $ 214,664 $ 199,548 $ 139,116
U.S. [Member]
Long-lived assets 91,146 86,021 37,138
Non-U.S. [Member]
Long-lived assets 123,518 113,527 101,978
Canada [Member]
Long-lived assets 24,458 20,879 15,919
Nigeria [Member]
Long-lived assets 11,806 11,429 11,046
Singapore [Member]
Long-lived assets 9,285 8,610 7,238
Angola [Member]
Long-lived assets 10,395 8,570 7,320
Norway [Member]
Long-lived assets 6,039 6,988 7,251
Australia [Member]
Long-lived assets 9,474 6,570 4,247
United Kingdom [Member]
Long-lived assets 5,008 6,177 7,609
Kazakhstan [Member]
Long-lived assets $ 7,022 $ 5,938 $ 4,748
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Income, Sales-Based And Other Taxes (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income, Sales-Based And Other Taxes [Abstract]
Net credits/(charges) of deferred income taxes $ 330,000,000 $ (175,000,000) $ 9,000,000
Reconciliation between income tax expense and theoretical U.S. tax rate, statutory rate 35.00% 35.00% 35.00%
Indefinitely reinvested, undistributed earnings from subsidiary companies outside the U.S. 47,000,000,000
Potential percentage increase in unrecognized tax benefits 50.00%
Credit of net interest expense on income tax reserves 39,000,000
Interest expense on income tax reserves 62,000,000 135,000,000
Interest payable on income tax reserves $ 662,000,000 $ 636,000,000
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Income, Sales-Based And Other Taxes (Schedule Of Income, Sales-Based And Other Taxes) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income, Sales-Based and Other Taxes [Line Items]
Current $ 30,396 $ 22,317 $ 14,992
Deferred - net 160 (1,142) (15)
U.S. tax on non-U.S. operations 15 46 32
Total federal and non-U.S. 30,571 21,221 15,009
State 480 340 110
Total income tax expense 31,051 21,561 15,119
Sales-based taxes 33,503 [1] 28,547 [1] 25,936 [1]
Other taxes and duties 39,973 36,118 34,819
Other taxes and duties included in production and manufacturing expenses 2,767 2,238 2,017
Other taxes and duties included in SG&A expenses 804 771 735
Total other taxes and duties 43,544 39,127 37,571
Total 108,098 89,235 78,626
U.S. [Member]
Income, Sales-Based and Other Taxes [Line Items]
Current 1,547 1,224 (838)
Deferred - net 1,577 49 650
U.S. tax on non-U.S. operations 15 46 32
Total federal and non-U.S. 3,139 1,319 (156)
State 480 340 110
Total income tax expense 3,619 1,659 (46)
Sales-based taxes 5,652 6,182 6,271
Other taxes and duties 1,539 776 581
Other taxes and duties included in production and manufacturing expenses 1,342 1,001 699
Other taxes and duties included in SG&A expenses 181 201 197
Total other taxes and duties 3,062 1,978 1,477
Total 12,333 9,819 7,702
Non-U.S. [Member]
Income, Sales-Based and Other Taxes [Line Items]
Current 28,849 21,093 15,830
Deferred - net (1,417) (1,191) (665)
Total federal and non-U.S. 27,432 19,902 15,165
Total income tax expense 27,432 19,902 15,165
Sales-based taxes 27,851 22,365 19,665
Other taxes and duties 38,434 35,342 34,238
Other taxes and duties included in production and manufacturing expenses 1,425 1,237 1,318
Other taxes and duties included in SG&A expenses 623 570 538
Total other taxes and duties 40,482 37,149 36,094
Total $ 95,765 $ 79,416 $ 70,924
[1] Sales and other operating revenue includes sales-based taxes of $33,503 million for 2011, $28,547 million for 2010 and $25,936 million for 2009.
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Income, Sales-Based And Other Taxes (Income Taxes Charged/Credited Directly To Equity) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income, Sales-Based And Other Taxes [Abstract]
Cumulative foreign exchange translation adjustment $ 89 $ (42) $ (247)
Net actuarial loss / (gain) 2,016 553 (94)
Amortization of actuarial loss / (gain) (503) (609) (649)
Prior service cost 47 92 20
Amortization of prior service cost (41) (45) (43)
Foreign exchange rate changes (24) 44 175
Total postretirement benefits reserves adjustment 1,495 35 (591)
Other components of equity $ 236 $ 246 $ 140
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Income, Sales-Based And Other Taxes (Reconciliation Between Income Tax Expense And Theoretical U.S. Tax) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income, Sales-Based And Other Taxes [Abstract]
United States Income before income taxes $ 11,511 $ 7,711 $ 2,576
Non-U.S. Income before income taxes 61,746 45,248 32,201
Income before income taxes 73,257 52,959 34,777
Theoretical tax 25,640 18,536 12,172
Effect of equity method of accounting (5,351) (3,737) (2,500)
Non-U.S. taxes in excess of theoretical U.S. tax 10,385 7,293 5,948
U.S. tax on non-U.S. operations 15 46 32
State taxes, net of federal tax benefit 312 221 72
Other U.S. 50 (798) (605)
Total income tax expense 31,051 21,561 15,119
ExxonMobil share of equity company income taxes 5,603 4,058 2,489
Total income taxes 36,654 25,619 17,608
Net income including noncontrolling interests 42,206 31,398 19,658
Total income before taxes $ 78,860 $ 57,017 $ 37,266
Effective income tax rate 46.00% 45.00% 47.00%
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Income, Sales-Based And Other Taxes (Deferred Income Taxes Assets And Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Income, Sales-Based And Other Taxes [Abstract]
Property, plant and equipment $ 45,951 $ 42,657
Other liabilities 4,281 4,278
Total deferred tax liabilities 50,232 46,935
Pension and other postretirement benefits (7,930) (5,634)
Asset retirement obligations (5,302) (4,461)
Tax loss carryforwards (3,166) (3,243)
Other assets (7,079) (6,070)
Total deferred tax assets (23,477) (19,408)
Asset valuation allowances 1,304 1,183
Net deferred tax liabilities $ 28,059 $ 28,710
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Income, Sales-Based And Other Taxes (Deferred Income Tax (Assets) And Liabilities By Balance Sheet Classification) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Income, Sales-Based and Other Taxes [Line Items]
Other current assets $ (6,229) $ (5,271)
Other assets, including intangibles, net (9,092) (8,640)
Accounts payable and accrued liabilities 57,067 50,034
Deferred income tax liabilities 36,618 35,150
Net deferred tax liabilities 28,059 28,710
Deferred Taxes [Member]
Income, Sales-Based and Other Taxes [Line Items]
Other current assets (4,549) (3,359)
Other assets, including intangibles, net (4,218) (3,527)
Accounts payable and accrued liabilities 208 446
Deferred income tax liabilities 36,618 35,150
Net deferred tax liabilities $ 28,059 $ 28,710
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Income, Sales-Based And Other Taxes (Unrecognized Tax Benefits) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Income, Sales-Based And Other Taxes [Abstract]
Balance at January 1 $ 4,148 $ 4,725 $ 4,976
Additions based on current year's tax positions 822 830 547
Additions for prior years' tax positions 451 620 262
Reductions for prior years' tax positions (329) (505) (594)
Reductions due to lapse of the statute of limitations (534)
Settlements with tax authorities (145) (999) (592)
Foreign exchange effects / other (25) 11 126
Balance at December 31 $ 4,922 $ 4,148 $ 4,725
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Income, Sales-Based And Other Taxes (Remaining Tax Years Subject To Examination By Major Tax Jurisdiction) (Details)
12 Months Ended
Dec. 31, 2011
Abu Dhabi [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2000 - 2011
Angola [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2007 - 2011
Australia [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2000 - 2011
Canada [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 1994 - 2011
Equatorial Guinea [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2006 - 2011
Germany [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 1999 - 2011
Japan [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2004 - 2011
Malaysia [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2005 - 2011
Nigeria [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 1998 - 2011
Norway [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2000 - 2011
United Kingdom [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2009 - 2011
United States [Member]
Income, Sales-Based and Other Taxes [Line Items]
Open Tax Years by major tax jurisdiction 2004 - 2011
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Acquisition Of XTO Energy Inc. (Narrative) (Details) (USD $)
In Billions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Acquisition Of XTO Energy Inc. [Abstract]
Business acquisition, effective date of acquisition 2010/06/25
Exchange ratio, number of common ExxonMobil shares converted from each share of XTO common stock 0.7098
Unaudited pro forma revenues $ 373
Net income attributable to ExxonMobil $ 31
Earnings per common share $ 6.03
Earnings per common share - assuming dilution $ 6.01
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Acquisition Of XTO Energy Inc. (Components Of Consideration Transferred In Merger Of XTO Energy Inc.) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
1 Months Ended
Jun. 25, 2010
Dec. 31, 2010
Acquisition Of XTO Energy Inc. [Abstract]
Consideration attributable to stock issued $ 24,480 [1],[2]
Consideration attributable to converted stock options 179 [2]
Total consideration transferred 24,659 24,659
Common stock fair market value per share $ 59.1
Stock issued during period, shares, treasury stock reissued 416
Stock issued during period, value, treasury stock reissued 21,139
Excess fair value over cost of treasury stock issued used in XTO acquisition $ 3,520
[1] The fair value of the Corporation's common stock on the acquisition date was $59.10 per share based on the closing value on the NYSE. The Corporation issued 416 million shares of stock previously held in treasury. The treasury stock issued, based on the average cost, was valued at $21,139 million. The excess of the fair value of the consideration transferred over the cost of treasury stock issued was $3,520 million and was included in common stock without par value.
[2] The portion of the fair value of XTO converted stock-based awards attributable to pre-merger employee service was part of consideration. The remaining fair value of the awards is recognized over the requisite service period.
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Acquisition Of XTO Energy Inc. (Recording Of Assets Acquired And Liabilities Assumed In Merger Of XTO Energy Inc.) (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended
Jun. 25, 2010
Acquisition Of XTO Energy Inc. [Abstract]
Current assets $ 2,053
Property, plant and equipment 47,300 [1]
Goodwill 39 [2]
Other assets 620
Total assets acquired 50,012
Current liabilities 2,615
Long-term debt 10,574 [3]
Deferred income tax liabilities 11,204 [4]
Other long-term obligations 960
Total liabilities assumed 25,353
Net assets acquired $ 24,659
Risk adjusted discount rate for PP&E fair value measurement 7.00%
Inflation rate for PP&E fair value measurement 2.00%
[1] Property, plant and equipment were measured primarily using an income approach. The fair value measurements of the oil and gas assets were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. The significant inputs included XTO resources, assumed future production profiles, commodity prices (mainly based on observable market inputs), risk adjusted discount rate of 7 percent, inflation of 2 percent and assumptions on the timing and amount of future development and operating costs. The property, plant and equipment additions were segmented to the Upstream business, with substantially all of the assets in the United States.
[2] Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized in the Upstream reporting unit. Goodwill is not amortized and is not deductible for tax purposes.
[3] Long-term debt was recognized at market rates at closing (Level 1).
[4] Deferred income taxes reflect the temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.
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Subsequent Event (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended
Jan. 31, 2012
Subsequent Event [Abstract]
Corporation's ownership percentage of TonenGeneral Sekiyu K.K. 50.00%
Payment for shares of ExxonMobil Yugen Kaisha (ExxonMobil wholly-own parent of TonenGeneral) $ 3,900
Shares of TonenGeneral owned by ExxonMobil Yugen Kaisha when sold 200
Corporation's ownership percentage of TonenGeneral after Tonen Geneal acquistion of ExxonMobil Yugen Kaisha 22.00%
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Subsequent Event (Major Classes Of Assets And Liabilities Classified As Held For Sale) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Current assets $ 72,963 $ 58,984
Property, plant and equipment - net 214,664 199,548 139,116
Total assets 331,052 302,510 233,323
Current Liabilities 77,505 62,633
Postretirement benefits reserves 24,994 19,367
Other long-term obligations 21,869 20,454
Total liabilities 170,308 149,831
ExxonMobil share of equity 154,396 146,839
Noncontrolling interests 6,348 5,840
Total equity 160,744 152,679 115,392 117,523
Total liabilities and equity 331,052 302,510
Crude oil, products and merchandise inventory 1,882
Total accumulated comprehensive income 1,482
Sale [Member] | Under Held For Sale Accounting Criteria [Member]
Current assets 6,862 [1]
Property, plant and equipment - net 4,740
Other Assets 1,757
Total assets 13,359
Current Liabilities 8,450
Postretirement benefits reserves 2,103
Other long-term obligations 1,179
Total liabilities 11,732
ExxonMobil share of equity (467) [2]
Noncontrolling interests 2,094
Total equity 1,627
Total liabilities and equity $ 13,359
[1] Current assets include $1,882 million of crude oil, products and merchandise inventory.
[2] On the date the Corporation transfers control to TG, the ExxonMobil share of accumulated other comprehensive income will be recycled as a benefit to earnings. At December 31, 2011, the total accumulated other comprehensive income was $1,482 million.
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