Statement Of Income Alternative
Statement Of Income Alternative (USD $) | |||||||||||||||||||
In Millions, except Per Share data | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 | |||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||
Sales and other operating revenue | $72,167 | [2] | $133,776 | [2] | $134,295 | [2] | $246,999 | [2] | |||||||||||
Income from equity affiliates | 1,583 | 2,983 | 3,053 | 5,792 | |||||||||||||||
Other income | 707 | 1,313 | [1] | 1,137 | 2,135 | [1] | |||||||||||||
Total revenues and other income | 74,457 | 138,072 | 138,485 | 254,926 | |||||||||||||||
COSTS AND OTHER DEDUCTIONS | |||||||||||||||||||
Crude oil and product purchases | 36,903 | 76,695 | 64,697 | 137,666 | |||||||||||||||
Production and manufacturing expenses | 8,029 | 10,066 | 16,008 | 18,959 | |||||||||||||||
Selling, general and administrative expenses | 3,519 | 4,389 | 6,967 | 8,191 | |||||||||||||||
Depreciation and depletion | 3,004 | 3,090 | 5,797 | 6,194 | |||||||||||||||
Exploration expenses, including dry holes | 490 | 338 | 841 | 680 | |||||||||||||||
Interest expense | 343 | 107 | 450 | 237 | |||||||||||||||
Sales-based taxes | 6,216 | [2] | 9,538 | [2] | 12,122 | [2] | 17,970 | [2] | |||||||||||
Other taxes and duties | 8,436 | 11,418 | 16,236 | 22,124 | |||||||||||||||
Total costs and other deductions | 66,940 | 115,641 | 123,118 | 212,021 | |||||||||||||||
Income before income taxes | 7,517 | 22,431 | 15,367 | 42,905 | |||||||||||||||
Income taxes | 3,571 | 10,526 | 6,719 | 19,828 | |||||||||||||||
Net income including noncontrolling interests | 3,946 | 11,905 | 8,648 | 23,077 | |||||||||||||||
Net income/(loss) attributable to noncontrolling interests | (4) | 225 | 148 | 507 | |||||||||||||||
Net income attributable to ExxonMobil | $3,950 | $11,680 | $8,500 | $22,570 | |||||||||||||||
Earnings per common share (dollars) | 0.82 | 2.24 | 1.74 | 4.27 | |||||||||||||||
Earnings per common share - assuming dilution (dollars) | 0.81 | 2.22 | 1.73 | 4.24 | |||||||||||||||
Dividends per common share (dollars) | 0.42 | 0.4 | 0.82 | 0.75 | |||||||||||||||
[1]Included in the three months and six months ended June 30, 2008, is a $62 million gain from sale of non-U.S. investment, net of related $143 million of foreign exchange loss. | |||||||||||||||||||
[2]Sales-based taxes included in sales and other operating revenue for the three months ended June 30, 2009, and 2008, were $6,216 million and $9,538 million, respectively, and for the six months ended June 30, 2009, and 2008, were $12,122 million and $17,970 million, respectively. |
Statement Of Financial Position
Statement Of Financial Position Classified (USD $) | ||
In Millions | Jun. 30, 2009
| Dec. 31, 2008
|
Current assets | ||
Cash and cash equivalents | $15,576 | $31,437 |
Marketable securities | 153 | 570 |
Notes and accounts receivable - net | 26,862 | 24,702 |
Inventories | ||
Crude oil, products and merchandise | 9,855 | 9,331 |
Materials and supplies | 2,586 | 2,315 |
Other current assets | 4,464 | 3,911 |
Total current assets | 59,496 | 72,266 |
Investments, advances and long-term assets | 30,358 | 28,556 |
Property, plant and equipment - net | 127,861 | 121,346 |
Other assets, including intangibles, net | 6,946 | 5,884 |
Total assets | 224,661 | 228,052 |
Current liabilities | ||
Notes and loans payable | 2,157 | 2,400 |
Accounts payable and accrued liabilities | 41,895 | 36,643 |
Income taxes payable | 7,562 | 10,057 |
Total current liabilities | 51,614 | 49,100 |
Long-term debt | 7,117 | 7,025 |
Postretirement benefits reserves | 18,287 | 20,729 |
Deferred income tax liabilities | 21,880 | 19,726 |
Other long-term liabilities | 14,610 | 13,949 |
Total liabilities | 113,508 | 110,529 |
Commitments and contingencies (note 3) | 0 | 0 |
EQUITY | ||
Common stock, without par value: Authorized: 9,000 million shares Issued: 8,019 million shares | 5,260 | 5,314 |
Earnings reinvested | 270,160 | 265,680 |
Accumulated other comprehensive income | ||
Cumulative foreign exchange translation adjustment | 2,676 | 1,146 |
Postretirement benefits reserves adjustment | (10,925) | (11,077) |
Common stock held in treasury: 3,213 million shares at June 30, 2009 3,043 million shares at December 31, 2008 | (160,579) | (148,098) |
ExxonMobil share of equity | 106,592 | 112,965 |
Noncontrolling interests | 4,561 | 4,558 |
Total equity | 111,153 | 117,523 |
Total liabilities and equity | $224,661 | $228,052 |
1_Statement Of Financial Positi
Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
Share data in Millions | Jun. 30, 2009
| Dec. 31, 2008
|
Common stock, without par value | $0 | $0 |
Common stock, Authorized | 9,000 | 9,000 |
Common stock, Issued | 8,019 | 8,019 |
Common stock held in treasury, shares | 3,213 | 3,043 |
Statement Of Cash Flows Indirec
Statement Of Cash Flows Indirect (USD $) | ||
In Millions | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income including noncontrolling interests | $8,648 | $23,077 |
Depreciation and depletion | 5,797 | 6,194 |
Changes in operational working capital, excluding cash and debt | (992) | 7,286 |
All other items - net | (2,346) | (1,719) |
Net cash provided by operating activities | 11,107 | 34,838 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (10,238) | (8,851) |
Sales of subsidiaries, investments, and property, plant and equipment | 911 | 1,572 |
Other investing activities - net | (386) | (1,489) |
Net cash used in investing activities | (9,713) | (8,768) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Additions to long-term debt | 145 | 36 |
Reductions in long-term debt | (20) | (53) |
Additions/(reductions) in short-term debt - net | (350) | (215) |
Cash dividends to ExxonMobil shareholders | (4,020) | (3,977) |
Cash dividends to noncontrolling interests | (133) | (215) |
Changes in noncontrolling interests | (124) | (142) |
Tax benefits related to stock-based awards | 55 | 150 |
Common stock acquired | (13,098) | (18,226) |
Common stock sold | 185 | 438 |
Net cash used in financing activities | (17,360) | (22,204) |
Effects of exchange rate changes on cash | 105 | 1,121 |
Increase/(decrease) in cash and cash equivalents | (15,861) | 4,987 |
Cash and cash equivalents at beginning of period | 31,437 | 33,981 |
Cash and cash equivalents at end of period | 15,576 | 38,968 |
SUPPLEMENTAL DISCLOSURES | ||
Income taxes paid | 8,540 | 15,927 |
Cash interest paid | $195 | $337 |
Notes to Financial Statements
Notes to Financial Statements | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Notes to Financial Statements [Abstract] | |
1.Basis of Financial Statement Preparation | 1. Basis of Financial Statement Preparation These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporations 2008 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Subsequent events have been evaluated through August5, 2009, the date the financial statements were issued. The Corporations exploration and production activities are accounted for under the successful efforts method. |
2.Accounting Changes | 2. Accounting Changes Effective January1, 2009, ExxonMobil adopted the Financial Accounting Standards Boards (FASB) Statement No.157 (FAS 157), Fair Value Measurements for nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis. FAS 157 defines fair value, establishes a framework for measuring fair value when an entity is required to use a fair value measure for recognition or disclosure purposes and expands the disclosures about fair value measures. The adoption did not have a material impact on the Corporations financial statements. The Corporation previously adopted FAS 157 for financial assets and liabilities that are measured at fair value and for nonfinancial assets and liabilities that are measured at fair value on a recurring basis. Effective January1, 2009, ExxonMobil adopted Financial Accounting Standards Boards (FASB) Statement No.160 (FAS 160), Noncontrolling Interests in Consolidated Financial Statements an Amendment of ARB No.51. FAS 160 changed the accounting and reporting for minority interests, which were recharacterized as noncontrolling interests and classified as a component of equity. FAS 160 required retrospective adoption of the presentation and disclosure requirements for existing minority interests. All other requirements of FAS 160 will be applied prospectively. The adoption of FAS 160 did not have a material impact on the Corporations financial statements. Effective January1, 2009, ExxonMobil adopted the Financial Accounting Standards Boards Staff Position (FSP) on the Emerging Issues Task Force (EITF) Issue No.03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities. The FSP required that all unvested share-based payment awards that contain nonforfeitable rights to dividends should be included in the basic Earnings Per Share (EPS) calculation. Prior-year EPS numbers have been adjusted retrospectively on a consistent basis with 2009 reporting. This standard did not affect the consolidated financial position or results of operations. |
3.Litigation and Other Contingencies | 3. Litigation and Other Contingencies Litigation A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. 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 materially adverse effect upon the Corporations operations or financial condition. A number of lawsuits, including class actions, were brought in various courts against Exxon Mobil Corporation and certain of its subsidiaries relating to the accidental release of crude oil from the tanker Exxon Valdez in 1989. All the compensatory claims have been resolved and paid. All of the punitive damage claims were consolidated in the civil trial that began in 1994. On June25, 2008, the U.S. Supreme Court vacated the $2.5 billion punitive damage award previously entered by the Ninth Circuit Court of Appeals and remanded the case to the Circuit Court with an instruction that punitive damages in the case may not exceed a maximum amount of $507.5 million. The parties filed briefs in the Ninth Circuit Court of Appeals on the issue of post-judgment interest and recovery of costs. Exxon Mobil Corporation recorded total after-tax charges of $460 million in 2008 reflecting an estimate of the resolution of these issues. On June15, 2009, the U. S. Court of Appeals for the Ninth Circuit awarded plaintiffs in the Valdez litigation interest on the $507.5 million punitive damages award from the date of the original trial court judgment in 1996. The Court also denied the Corporations claims to recover up to $70 million in appeal costs. An after-tax charge of $140 million was recorded in the second quarter of 2009 to reflect the Courts decision. Other Contingencies As of June30, 2009 Equity Company Obligations Other ThirdParty Obligations Total (millions of dollars) Total guarantees $ 6,599 $ 1,985 $ 8,584 The Corporation and certain of its consolidated subsidiaries were contingently liable at June30, 2009, for $8,584 million, pr |
4.Comprehensive Income | 4. Comprehensive Income ThreeMonthsEnded June30, Six Months Ended June30, 2009 2008 2009 2008 (millions of dollars) Net income including noncontrolling interests $ 3,946 $ 11,905 $ 8,648 $ 23,077 Other comprehensive income (net of income taxes) Foreign exchange translation adjustment 3,035 (110 ) 1,624 1,602 Adjustment for foreign exchange translation loss included in net income 0 171 0 171 Postretirement benefits reserves adjustment (excluding amortization) (492 ) (107 ) (534 ) (247 ) Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs 354 186 704 375 Comprehensive income including noncontrolling interests 6,843 12,045 10,442 24,978 Comprehensive income attributable to noncontrolling interests 242 22 260 550 Comprehensive income attributable to ExxonMobil $ 6,601 $ 12,023 $ 10,182 $ 24,428 |
5.Earnings Per Share | 5. Earnings Per Share ThreeMonthsEnded June30, Six Months Ended June30, 2009 2008 2009 2008 EARNINGS PER COMMON SHARE Net income attributable to ExxonMobil (millions of dollars) $ 3,950 $ 11,680 $ 8,500 $ 22,570 Weighted average number of common shares outstanding (millions of shares) 4,851 5,248 4,896 5,296 Earnings per common share (dollars) $ 0.82 $ 2.24 $ 1.74 $ 4.27 EARNINGS PER COMMON SHARE - ASSUMING DILUTION Net income attributable to ExxonMobil (millions of dollars) $ 3,950 $ 11,680 $ 8,500 $ 22,570 Weighted average number of common shares outstanding (millions of shares) 4,851 5,248 4,896 5,296 Effect of employee stock-based awards 20 33 20 33 Weighted average number of common shares outstanding - assuming dilution 4,871 5,281 4,916 5,329 Earnings per common share - assuming dilution (dollars) $ 0.81 $ 2.22 $ 1.73 $ 4.24 |
6.Pension and Other Postretirement Benefits | 6. Pension and Other Postretirement Benefits ThreeMonthsEnded June30, SixMonthsEnded June30, 2009 2008 2009 2008 (millions of dollars) Pension Benefits - U.S. Components of net benefit cost Service cost $ 106 $ 96 $ 209 $ 191 Interest cost 202 182 404 364 Expected return on plan assets (164 ) (229 ) (328 ) (458 ) Amortization of actuarial loss/(gain) and prior service cost 174 59 347 118 Net pension enhancement and curtailment/settlement cost 121 43 242 87 Net benefit cost $ 439 $ 151 $ 874 $ 302 Pension Benefits - Non-U.S. Components of net benefit cost Service cost $ 100 $ 114 $ 203 $ 227 Interest cost 275 305 536 606 Expected return on plan assets (216 ) (317 ) (421 ) (635 ) Amortization of actuarial loss/(gain) and prior service cost 177 109 344 210 Net pension enhancement and curtailment/settlement cost 0 2 0 2 Net benefit cost $ 336 $ 213 $ 662 $ 410 Other Postretirement Benefits Components of net benefit cost Service cost $ 23 $ 28 $ 50 $ 57 Interest cost 104 129 214 237 Expected return on plan assets (2 ) (22 ) (18 ) (34 ) Amortization of actuarial loss/(gain) and prior service cost 58 72 129 156 Net benefit cost $ 183 $ 207 $ 375 $ 416 |
7.Financial Instruments and Derivatives | 7. Financial Instruments and Derivatives The fair value of financial instruments is determined by reference to various 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 of significance is long-term debt. The estimated fair value of total long-term debt, including capitalized lease obligations, was $7.8 billion and $7.6 billion, at June30, 2009 and December31, 2008, respectively, as compared to recorded book values of $7.1 billion and $7.0 billion at June30, 2009 and December31, 2008, respectively. The estimated fair value of derivatives outstanding and recorded on the balance sheet was a net payable of $122 million and a net receivable of $118 million on June30, 2009 and December31, 2008, respectively. The Corporation would have paid or received this amount from third parties if these derivatives had been settled in the open market based on observable market inputs. The fair value of derivatives outstanding at June30, 2009, is immaterial in relation to total assets of $225 billion or net income attributable to ExxonMobil for the six months ended June30, 2009, of $8.5 billion. |
8.Disclosures about Segments and Related Information | 8. Disclosures about Segments and Related Information Three Months Ended June30, Six Months Ended June30, 2009 2008 2009 2008 (millions of dollars) EARNINGS AFTER INCOME TAX Upstream United States $ 813 $ 2,034 $ 1,173 $ 3,665 Non-U.S. 2,999 7,978 6,142 15,132 Downstream United States (15 ) 293 337 691 Non-U.S. 527 1,265 1,308 2,033 Chemical United States 79 102 162 386 Non-U.S. 288 585 555 1,329 All other (741 ) (577 ) (1,177 ) (666 ) Corporate total $ 3,950 $ 11,680 $ 8,500 $ 22,570 SALES AND OTHER OPERATING REVENUE (1) Upstream United States $ 753 $ 2,010 $ 1,574 $ 3,774 Non-U.S. 5,101 8,989 10,277 17,388 Downstream United States 18,853 36,066 34,046 64,524 Non-U.S. 41,238 75,667 77,223 140,184 Chemical United States 2,317 4,170 4,165 7,822 Non-U.S. 3,897 6,870 7,000 13,299 All other 8 4 10 8 Corporate total $ 72,167 $ 133,776 $ 134,295 $ 246,999 (1)Includes sales-based taxes INTERSEGMENT REVENUE Upstream United States $ 1,615 $ 3,072 $ 2,819 $ 5,633 Non-U.S. 7,250 17,260 13,826 32,141 Downstream United States 2,568 5,241 4,237 9,102 Non-U.S. 9,525 21,406 16,404 37,949 Chemical United States 1,834 3,177 3,055 5,605 Non-U.S. 1,647 2,670 2,931 5,102 All other 72 71 143 138 |
9.Condensed Consolidating Financial Information Related to Guaranteed Securities Issued by Subsidiaries | 9. 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 ($2,034 million long-term at June30, 2009) and the debt securities due 2009-2011 ($26 million long-term and $13 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. ExxonMobil Corporation Parent Guarantor SeaRiver Maritime Financial Holdings Inc. All Other Subsidiaries Consolidating and Eliminating Adjustments Consolidated (millions of dollars) Condensed consolidated statement of income for three months ended June30, 2009 Revenues and other income Salesandotheroperatingrevenue, including sales-based taxes $ 2,633 $ $ 69,534 $ $ 72,167 Income from equity affiliates 4,271 (3 ) 1,560 (4,245 ) 1,583 Other income 440 267 707 Intercompany revenue 7,441 1 64,665 (72,107 ) Total revenues and other income 14,785 (2 ) 136,026 (76,352 ) 74,457 Costs and other deductions Crude oil and product purchases 7,511 98,426 (69,034 ) 36,903 Production and manufacturing expenses 1,913 7,458 (1,342 ) 8,029 Selling, general and administrative expenses 560 3,128 (169 ) 3,519 Depreciation and depletion 361 2,643 3,004 Explorationexpenses,includingdry holes 77 413 490 Interest expense 597 56 1,272 (1,582 ) 343 Sales-based taxes 6,216 6,216 Other taxes and duties (43 ) 8,479 8,436 Total costs and other deductions 10,976 56 128,035 (72,127 ) 66,940 Income before income taxes 3,809 (58 ) 7,991 (4,225 ) 7,517 Income taxes (141 ) (21 ) 3,733 3,571 Net income including noncontrolling interests 3,950 (37 ) 4,258 (4,225 ) 3,946 Net income attributable to noncontrolling interests (4 ) (4 ) Net income attributable to ExxonMobil $ 3,950 $ (37 ) $ 4,262 $ (4,225 ) $ |
Document Information
Document Information | |
6 Months Ended
Jun. 30, 2009 USD / shares | |
Document Information [Text Block] | |
Document Type | 10-Q |
Amendment Flag | false |
Amendment Description | N.A. |
Document Period End Date | 2009-06-30 |
Entity Information
Entity Information (USD $) | ||
6 Months Ended
Jun. 30, 2009 | Jun. 30, 2008
| |
Entity [Text Block] | ||
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 | 4,805,790,141 | |
Entity Public Float | $457,000,000,000 |