Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Exxon Mobil Corp (XOM) using our online tools to quickly. Get SEC filings for Exxon Mobil Corp (XOM), including Annual Report (10k) and Quarterly Report (10Q). Exxon Mobil Corporation was incorporated in the State of New Jersey in Our annual report on Form K, quarterly reports on Form Q, current.
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For the fiscal year ended December 31, Exact name of registrant as specified in its charter. State or other jurisdiction exxonmobul incorporation or organization. Address of principal executive offices Zip Code. Securities registered pursuant to Section 12 b of the Act: Title of Each Class. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of exxonmohil Securities Act. Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of during the preceding 12 months or for such shorter period that the registrant was required to file such reportsand 2 has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. Indicate by check mark whether exxohmobil registrant is a shell company as defined by Rule 12b-2 of the Act. Documents Incorporated by Reference: Submission of Matters to a Vote of Security Holders. Financial Statements and Supplementary Data.
Directors, Executive Officers and Corporate Governance. Principal Accounting Fees and Services. Exhibits, Financial Statement Schedules. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. Their principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products.
ExxonMobil is a major manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products. ExxonMobil also has interests in electric power generation facilities.
Exxon Mobil Corporation
Affiliates of ExxonMobil conduct extensive research programs in support of these businesses. Exxon Mobil Corporation has several divisions and hundreds of affiliates, many with names that include ExxonMobil, Exxon, Esso or Mobil. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso and Mobilas well as terms like Corporation, Company, our, we and itsare sometimes used as abbreviated references to specific affiliates or groups of affiliates.
The precise meaning depends on the context in question.
These include a significant investment in refining infrastructure and technology to manufacture clean fuels as well as projects to reduce nitrogen oxide and sulfur oxide emissions and expenditures for asset retirement obligations. Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: The number of regular employees was Regular employees exxinmobil not include employees of the company-operated retail sites CORS.
The number of CORS employees was ExxonMobil maintains exxonmpbil website at exxonmobil. All of these documents are available in print without charge to shareholders who request them. Information on our website is not incorporated into this report. Industry and Economic Factors: The oil and gas business is fundamentally a commodity business. This means the operations and earnings of fxxonmobil Corporation and its affiliates throughout the world may be significantly affected by changes in oil, gas and petrochemical prices and by changes in margins on gasoline and other refined products.
Oil, gas, petrochemical and product prices and margins in turn depend on local, regional and global events or conditions that affect supply and demand for the relevant commodity. These events or conditions are generally not predictable and include, among other things: Under certain market conditions, factors that have a positive impact on one segment of our business may have a negative impact on another segment and vice versa.
The energy and petrochemical industries are highly competitive. There is competition within the industries and also with other industries in supplying the energy, fuel and chemical needs of both industrial and individual consumers. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.
This requires continuous management focus on reducing unit costs and improving efficiency including through technology improvements, cost control, productivity enhancements and regular reappraisal of our asset portfolio as described elsewhere in this report. Political and Legal Factors: The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political and legal factors including: See section 1 of Item 2 of this report for a discussion of additional factors affecting future capacity growth and the timing and ultimate recovery of reserves.
Actual future results, including project completion dates, production 10kk, capital expenditures, costs and business plans could differ materially due to, among other things, the factors discussed above and elsewhere in this report.
No major discovery or other favorable or adverse event has occurred since December 31,that would cause a significant change in the estimated proved reserves as of that date. The Corporation has reported proved reserves on the basis of December 31 prices and costs. Gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. Table of Contents Index to Financial Statements Exxon,obil detail on developed and undeveloped oil-equivalent proved reserves is shown in the table below.
However, the Corporation operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries. The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments and detailed analysis of well information such as flow rates and reservoir pressure declines.
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Furthermore, the Corporation only records proved reserves for projects which have received significant funding commitments by management made toward the development of the reserves. Although the Corporation is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals and significant changes in projections of long-term oil and gas price levels.
DuringExxonMobil filed proved reserves estimates with the U. The numbers of wells operated at year-end were 16, gross wells and 13, net wells. At year-endthe numbers of operated wells were 16, gross wells and 13, net wells. Gross and Net Developed Acreage. Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage. Table of Contents Index to Financial Statements 6.
Gross and Net Undeveloped Acreage.
Work programs are designed to ensure that the exploration potential of any property is fully evaluated before expiration. In some instances, exonmobil Corporation may elect to relinquish acreage in advance of the contractual expiration date if the evaluation process is complete and there is not a business basis for extension.
In cases where additional time may be required to fully evaluate acreage, the Corporation has generally been successful in obtaining extensions. The exxonmobjl concession terms in Argentina are up to four years for the initial exploration period, up to three years for the second exploration period and up to two years for the third exploration period.
Committed to innovation, growth, integration, and efficiency.
A percent relinquishment is required after each exploration period. An extension after the third exploration period is possible for up to five years. The total production term is 25 years with a ten-year extension possible, once a field has been developed. Table of Contents Index to Financial Statements exceed 39 years. These agreements had an exploration and a production phase.
The term of production began after the exploration phase for a duration of 20 years with the possibility of an extension, so long as the total contract term did not exceed 39 years. Exploration concessions are granted for an initial maximum period of five years with possible extensions of up to three years for an indefinite period. Extensions are subject to specific, minimum work commitments.
Production licenses are normally granted for 20 to 25 years with multiple possible extensions as long as there is production on the license. In MayExxonMobil affiliates acquired four exploration licenses over 1.
The exploration licenses are for a period of five years during which exploration work programs will be carried out. Under the Mining Law, effective January 1,exploration and production licenses for both onshore and offshore areas are issued for a period as explicitly defined in the license.
The term is based on the period of time necessary to perform the activities for which the license is issued. License conditions are stipulated in the Mining Law. Production rights granted prior to January 1,remain subject to their existing terms, and differ slightly for onshore and offshore areas.
Table of Contents Index to Financial Statements year and another one-fourth at the end of the ninth year. Licenses issued between and were for an initial period of up to six years with extension of the initial period of one year at a time up to ten years afterand an extension period of up to 30 years, with relinquishment of at least one-half of the original area required at the end of the initial period. Licenses issued after July 1,have an initial period of up to ten years and a normal extension period of up to 30 years or in special cases of up to 50 years, and with relinquishment of at least one-half of the original area required at the end of the initial period.
Acreage terms are fixed by the government and are periodically changed. For example, many of the early licenses issued under the first four licensing rounds provided for an initial term of six years with relinquishment of at least one-half of the original area at the end of the initial term, subject to extension for a further 40 years.
There is a mandatory relinquishment of percent of the acreage after the initial term and of all acreage that is not covered by a development plan at the end of the second term. Exploration and production activities are governed by production sharing agreements with an initial exploration term of four years and an optional second phase of two to three years.
The production period is for 25 years, and agreements generally provide for a negotiated extension. Exploration and production activities are governed by various agreements negotiated with the national oil company and the government of Cameroon.
Exploration permits are granted for terms from four to 16 years and are generally renewable for multiple periods exoxnmobil to four years each. Upon commercial discovery, exxonmoil concessions are issued for a period of 25 years with one year extension. Exploration permits are issued for a period of five years, and are renewable for one or two further five-year periods.
Exxknmobil terms and conditions of the permits, including relinquishment obligations, are specified in a negotiated convention. The production term is for 30 years and may be extended at the discretion of the government. In MayChad enacted a new Petroleum Code which would govern new acquisitions.
Exploration and production activities in the deepwater offshore areas are typically governed by production sharing contracts PSCs with the national oil company, the Nigerian National Petroleum Corporation NNPC.
The terms of the PSCs are generally 30 years, including a ten-year exploration period an initial exploration phase plus 10kk or two optional periods covered by an OPL. Partial relinquishment is required under the PSC at the end of the ten-year exploration period, and OMLs have a year production period that may be extended. Some exploration activities are carried out in deepwater by joint ventures with local companies holding interests in an OPL.