10-Q 1 xom10q2q2014.htm FORM 10-Q  

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2014

or

 

¨  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________to________

 

Commission File Number 1-2256

 

EXXON MOBIL CORPORATION

(Exact name of registrant as specified in its charter)

 

NEW JERSEY

 

13-5409005

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification Number

 

5959 LAS COLINAS BOULEVARD, IRVING, TEXAS 75039-2298

(Address of principal executive offices) (Zip Code)

 

(972) 444-1000

(Registrant's telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No ¨ 

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes x  No ¨     

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

x

Accelerated filer

¨

  

Non-accelerated filer

¨

 

Smaller reporting company

¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨    No x  

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding as of June 30, 2014

Common stock, without par value

 

 4,264,692,028 

 


 

 

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2014

 

TABLE OF CONTENTS

 

 

PART I.  FINANCIAL INFORMATION

 

 

 

Item 1.       Financial Statements

 

 

     Condensed Consolidated Statement of Income

Three and six months ended June 30, 2014 and 2013

 

3

     Condensed Consolidated Statement of Comprehensive Income

Three and six months ended June 30, 2014 and 2013

 

4

     Condensed Consolidated Balance Sheet

As of June 30, 2014 and December 31, 2013

5

 

 

     Condensed Consolidated Statement of Cash Flows

          Six months ended June 30, 2014 and 2013

 

6

     Condensed Consolidated Statement of Changes in Equity

          Six months ended June 30, 2014 and 2013

 

7

     Notes to Condensed Consolidated Financial Statements

 

8

Item 2.       Management's Discussion and Analysis of Financial

                     Condition and Results of Operations

 

13

Item 3.       Quantitative and Qualitative Disclosures About Market Risk

 

20

Item 4.       Controls and Procedures

 

20

 

 

PART II.  OTHER INFORMATION

 

Item 1.       Legal Proceedings

 

21

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds

 

22

Item 6.       Exhibits

 

22

Signature

 

23

Index to Exhibits

 

24


2

 


 

 

 

PART I.  FINANCIAL INFORMATION

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1.  Financial Statements

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Three Months Ended

  

  

Six Months Ended

  

  

  

  

  

June 30,

  

  

June 30,

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

Revenues and other income  

  

  

  

  

  

  

  

  

  

  

  

  

  

Sales and other operating revenue (1) 

  

  

106,158 

  

  

103,050 

  

  

207,918 

  

  

206,428 

  

Income from equity affiliates

  

  

3,312 

  

  

3,098 

  

  

7,420 

  

  

7,516 

  

Other income

  

  

2,177 

  

  

518 

  

  

3,082 

  

  

1,079 

  

  

Total revenues and other income

  

  

111,647 

  

  

106,666 

  

  

218,420 

  

  

215,023 

Costs and other deductions  

  

  

  

  

  

  

  

  

  

  

  

  

  

Crude oil and product purchases

  

  

62,649 

  

  

59,678 

  

  

120,963 

  

  

119,127 

  

Production and manufacturing expenses

  

  

10,478 

  

  

10,278 

  

  

20,566 

  

  

20,014 

  

Selling, general and administrative expenses

  

  

3,169 

  

  

3,268 

  

  

6,301 

  

  

6,386 

  

Depreciation and depletion

  

  

4,285 

  

  

4,405 

  

  

8,477 

  

  

8,515 

  

Exploration expenses, including dry holes

  

  

496 

  

  

454 

  

  

813 

  

  

899 

  

Interest expense

  

  

64 

  

  

85 

  

  

130 

  

  

109 

  

Sales-based taxes (1) 

  

  

7,871 

  

  

7,552 

  

  

15,287 

  

  

15,044 

  

Other taxes and duties

  

  

8,484 

  

  

8,178 

  

  

16,505 

  

  

16,123 

  

  

Total costs and other deductions

  

  

97,496 

  

  

93,898 

  

  

189,042 

  

  

186,217 

Income before income taxes  

  

  

14,151 

  

  

12,768 

  

  

29,378 

  

  

28,806 

  

Income taxes  

  

  

5,034 

  

  

5,793 

  

  

10,891 

  

  

12,070 

Net income including noncontrolling interests  

  

  

9,117 

  

  

6,975 

  

  

18,487 

  

  

16,736 

  

Net income attributable to noncontrolling interests  

  

  

337 

  

  

115 

  

  

607 

  

  

376 

Net income attributable to ExxonMobil  

  

  

8,780 

  

  

6,860 

  

  

17,880 

  

  

16,360 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Earnings per common share (dollars) 

  

  

2.05 

  

  

1.55 

  

  

4.15 

  

  

3.67 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Earnings per common share - assuming dilution (dollars) 

  

  

2.05 

  

  

1.55 

  

  

4.15 

  

  

3.67 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Dividends per common share (dollars) 

  

  

0.69 

  

  

0.63 

  

  

1.32 

  

  

1.20 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

(1) Sales-based taxes included in sales and other

  

  

  

  

  

  

  

  

  

  

  

  

  

  

operating revenue

  

  

7,871 

  

  

7,552 

  

  

15,287 

  

  

15,044 

 

 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


3

 


 

 

 

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Three Months Ended

  

  

Six Months Ended

  

  

  

  

  

  

June 30,

  

  

June 30,

  

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Net income including noncontrolling interests

  

  

9,117 

  

  

6,975 

  

  

18,487 

  

  

16,736 

Other comprehensive income (net of income taxes)

  

  

  

  

  

  

  

  

  

  

  

  

  

Foreign exchange translation adjustment

  

  

1,628 

  

  

(2,337)

  

  

842 

  

  

(3,546)

  

Adjustment for foreign exchange translation (gain)/loss

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 included in net income

  

  

81 

  

  

  

  

163 

  

  

  

Postretirement benefits reserves adjustment

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

(excluding amortization)

  

  

(92)

  

  

99 

  

  

(176)

  

  

164 

  

Amortization and settlement of postretirement benefits reserves

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

adjustment included in net periodic benefit costs

  

  

313 

  

  

454 

  

  

629 

  

  

898 

  

Unrealized change in fair value of stock investments

  

  

18 

  

  

  

  

(36)

  

  

  

  

Total other comprehensive income

  

  

1,948 

  

  

(1,784)

  

  

1,422 

  

  

(2,484)

Comprehensive income including noncontrolling interests

  

  

11,065 

  

  

5,191 

  

  

19,909 

  

  

14,252 

  

Comprehensive income attributable to

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

noncontrolling interests

  

  

556 

  

  

(55)

  

  

615 

  

  

89 

Comprehensive income attributable to ExxonMobil

  

  

10,509 

  

  

5,246 

  

  

19,294 

  

  

14,163 

 

 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


4

 


 

 

 

EXXON MOBIL CORPORATION

  

CONDENSED CONSOLIDATED BALANCE SHEET

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

June 30,

  

  

Dec. 31,

  

  

  

  

  

  

  

2014 

  

  

2013 

  

Assets  

  

  

  

  

  

  

  

  

Current assets

  

  

  

  

  

  

  

  

  

Cash and cash equivalents

  

  

6,083 

  

  

4,644 

  

  

  

Cash and cash equivalents – restricted

  

  

198 

  

  

269 

  

  

  

Notes and accounts receivable – net

  

  

34,182 

  

  

33,152 

  

  

  

Inventories

  

  

  

  

  

  

  

  

  

  

Crude oil, products and merchandise

  

  

13,944 

  

  

12,117 

  

  

  

  

Materials and supplies

  

  

4,233 

  

  

4,018 

  

  

  

Other current assets

  

  

5,373 

  

  

5,108 

  

  

  

  

Total current assets

  

  

64,013 

  

  

59,308 

  

  

Investments, advances and long-term receivables

  

  

35,110 

  

  

36,328 

  

  

Property, plant and equipment – net

  

  

251,353 

  

  

243,650 

  

  

Other assets, including intangibles – net

  

  

8,110 

  

  

7,522 

  

  

  

  

Total assets

  

  

358,586 

  

  

346,808 

  

  

  

  

  

  

  

  

  

  

  

  

Liabilities  

  

  

  

  

  

  

  

  

Current liabilities

  

  

  

  

  

  

  

  

  

Notes and loans payable

  

  

9,948 

  

  

15,808 

  

  

  

Accounts payable and accrued liabilities

  

  

52,363 

  

  

48,085 

  

  

  

Income taxes payable

  

  

7,218 

  

  

7,831 

  

  

  

  

Total current liabilities

  

  

69,529 

  

  

71,724 

  

  

Long-term debt

  

  

11,817 

  

  

6,891 

  

  

Postretirement benefits reserves

  

  

20,161 

  

  

20,646 

  

  

Deferred income tax liabilities

  

  

41,000 

  

  

40,530 

  

  

Long-term obligations to equity companies

  

  

5,041 

  

  

4,742 

  

  

Other long-term obligations

  

  

22,907 

  

  

21,780 

  

  

  

  

Total liabilities

  

  

170,455 

  

  

166,313 

  

  

  

  

  

  

  

  

  

  

  

  

Commitments and contingencies (Note 2)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Equity  

  

  

  

  

  

  

  

  

Common stock without par value

  

  

  

  

  

  

  

  

  

(9,000 million shares authorized,  8,019 million shares issued)

  

  

10,487 

  

  

10,077 

  

  

Earnings reinvested

  

  

399,614 

  

  

387,432 

  

  

Accumulated other comprehensive income

  

  

(9,311)

  

  

(10,725)

  

  

Common stock held in treasury

  

  

  

  

  

  

  

  

  

(3,754 million shares at June 30, 2014 and

  

  

  

  

  

  

  

  

   3,684 million shares at Dec. 31, 2013)

  

  

(219,635)

  

  

(212,781)

  

  

  

  

ExxonMobil share of equity  

  

  

181,155 

  

  

174,003 

  

  

Noncontrolling interests

  

  

6,976 

  

  

6,492 

  

  

  

  

Total equity

  

  

188,131 

  

  

180,495 

  

  

  

  

Total liabilities and equity

  

  

358,586 

  

  

346,808 

  

 

 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


5

 


 

 

 

EXXON MOBIL CORPORATION

  

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Six Months Ended

  

  

  

  

  

  

  

June 30,

  

  

  

  

  

  

  

2014 

  

  

2013 

  

Cash flows from operating activities

  

  

  

  

  

  

  

  

Net income including noncontrolling interests

  

  

18,487 

  

  

16,736 

  

  

Depreciation and depletion

  

  

8,477 

  

  

8,515 

  

  

Changes in operational working capital, excluding cash and debt

  

  

  

  

(2,962)

  

  

All other items – net

  

  

(1,662)

  

  

(1,014)

  

  

  

  

Net cash provided by operating activities

  

  

25,305 

  

  

21,275 

  

  

  

  

  

  

  

  

  

  

  

  

Cash flows from investing activities

  

  

  

  

  

  

  

  

Additions to property, plant and equipment

  

  

(15,870)

  

  

(16,145)

  

  

Proceeds associated with sales of subsidiaries, property, plant and

  

  

  

  

  

  

  

  

  

equipment, and sales and returns of investments

  

  

3,667 

  

  

665 

  

  

Additional investments and advances

  

  

(678)

  

  

(3,464)

  

  

Other investing activities – net

  

  

2,398 

  

  

397 

  

  

  

  

Net cash used in investing activities

  

  

(10,483)

  

  

(18,547)

  

  

  

  

  

  

  

  

  

  

  

  

Cash flows from financing activities

  

  

  

  

  

  

  

  

Additions to long-term debt

  

  

5,500 

  

  

202 

  

  

Additions/(reductions) in short-term debt – net

  

  

(489)

  

  

(362)

  

  

Additions/(reductions) in debt with three months or less maturity

  

  

(5,747)

  

  

7,928 

  

  

Cash dividends to ExxonMobil shareholders

  

  

(5,698)

  

  

(5,355)

  

  

Cash dividends to noncontrolling interests

  

  

(131)

  

  

(185)

  

  

Changes in noncontrolling interests

  

  

 - 

  

  

(1)

  

  

Tax benefits related to stock-based awards

  

  

  

  

  

  

Common stock acquired

  

  

(6,863)

  

  

(9,652)

  

  

Common stock sold

  

  

  

  

  

  

  

  

Net cash used in financing activities

  

  

(13,412)

  

  

(7,409)

  

Effects of exchange rate changes on cash

  

  

29 

  

  

(292)

  

Increase/(decrease) in cash and cash equivalents

  

  

1,439 

  

  

(4,973)

  

Cash and cash equivalents at beginning of period

  

  

4,644 

  

  

9,582 

  

Cash and cash equivalents at end of period

  

  

6,083 

  

  

4,609 

  

  

  

  

  

  

  

  

  

  

  

  

Supplemental Disclosures

  

  

  

  

  

  

  

  

Income taxes paid

  

  

10,366 

  

  

14,660 

  

  

Cash interest paid

  

  

174 

  

  

219 

  

 

 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


6

 


 

 

 

  

EXXON MOBIL CORPORATION

  

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

ExxonMobil Share of Equity

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Accumulated

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Other

  

Common

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Compre-

  

Stock

  

ExxonMobil

  

Non-

  

  

  

  

  

  

  

  

Common

  

Earnings

  

hensive

  

Held in

  

Share of

  

controlling

  

Total

  

  

  

  

  

Stock

  

Reinvested

  

Income

  

Treasury

  

Equity

  

Interests

  

Equity

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Balance as of December 31, 2012

  

  

9,653 

  

  

365,727 

  

  

(12,184)

  

  

(197,333)

  

  

165,863 

  

  

5,797 

  

  

171,660 

  

Amortization of stock-based awards

  

  

428 

  

  

 - 

  

  

 - 

  

  

 - 

  

  

428 

  

  

 - 

  

  

428 

  

Tax benefits related to stock-based

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

awards

  

  

192 

  

  

 - 

  

  

 - 

  

  

 - 

  

  

192 

  

  

 - 

  

  

192 

  

Other

  

  

(391)

  

  

 - 

  

  

 - 

  

  

 - 

  

  

(391)

  

  

241 

  

  

(150)

  

Net income for the period

  

  

 - 

  

  

16,360 

  

  

 - 

  

  

 - 

  

  

16,360 

  

  

376 

  

  

16,736 

  

Dividends – common shares

  

  

 - 

  

  

(5,355)

  

  

 - 

  

  

 - 

  

  

(5,355)

  

  

(185)

  

  

(5,540)

  

Other comprehensive income

  

  

 - 

  

  

 - 

  

  

(2,197)

  

  

 - 

  

  

(2,197)

  

  

(287)

  

  

(2,484)

  

Acquisitions, at cost

  

  

 - 

  

  

 - 

  

  

 - 

  

  

(9,652)

  

  

(9,652)

  

  

(1)

  

  

(9,653)

  

Dispositions

  

  

 - 

  

  

 - 

  

  

 - 

  

  

399 

  

  

399 

  

  

 - 

  

  

399 

Balance as of June 30, 2013

  

  

9,882 

  

  

376,732 

  

  

(14,381)

  

  

(206,586)

  

  

165,647 

  

  

5,941 

  

  

171,588 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Balance as of December 31, 2013

  

  

10,077 

  

  

387,432 

  

  

(10,725)

  

  

(212,781)

  

  

174,003 

  

  

6,492 

  

  

180,495 

  

Amortization of stock-based awards

  

  

402 

  

  

 - 

  

  

 - 

  

  

 - 

  

  

402 

  

  

 - 

  

  

402 

  

Tax benefits related to stock-based

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

awards

  

  

  

  

 - 

  

  

 - 

  

  

 - 

  

  

  

  

 - 

  

  

  

Other

  

  

  

  

 - 

  

  

 - 

  

  

 - 

  

  

  

  

 - 

  

  

  

Net income for the period

  

  

 - 

  

  

17,880 

  

  

 - 

  

  

 - 

  

  

17,880 

  

  

607 

  

  

18,487 

  

Dividends – common shares

  

  

 - 

  

  

(5,698)

  

  

 - 

  

  

 - 

  

  

(5,698)

  

  

(131)

  

  

(5,829)

  

Other comprehensive income

  

  

 - 

  

  

 - 

  

  

1,414 

  

  

 - 

  

  

1,414 

  

  

  

  

1,422 

  

Acquisitions, at cost

  

  

 - 

  

  

 - 

  

  

 - 

  

  

(6,863)

  

  

(6,863)

  

  

 - 

  

  

(6,863)

  

Dispositions

  

  

 - 

  

  

 - 

  

  

 - 

  

  

  

  

  

  

 - 

  

  

Balance as of June 30, 2014

  

  

10,487 

  

  

399,614 

  

  

(9,311)

  

  

(219,635)

  

  

181,155 

  

  

6,976 

  

  

188,131 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Six Months Ended June 30, 2014

  

  

  

  

Six Months Ended June 30, 2013

  

  

  

  

  

  

  

  

Held in

  

  

  

  

  

  

  

  

  

  

Held in

  

  

  

  

Common Stock Share Activity

  

Issued

  

Treasury

  

Outstanding

  

  

  

  

Issued

  

Treasury

  

Outstanding

  

  

  

  

(millions of shares)

  

  

  

  

(millions of shares)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Balance as of December 31

  

  

8,019 

  

  

(3,684)

  

  

4,335 

  

  

  

  

  

8,019 

  

  

(3,517)

  

  

4,502 

  

  

  

Acquisitions

  

  

 - 

  

  

(70)

  

  

(70)

  

  

  

  

  

 - 

  

  

(108)

  

  

(108)

  

  

  

Dispositions

  

  

 - 

  

  

 - 

  

  

 - 

  

  

  

  

  

 - 

  

  

  

  

  

Balance as of June 30

  

  

8,019 

  

  

(3,754)

  

  

4,265 

  

  

  

  

  

8,019 

  

  

(3,617)

  

  

4,402 

 

 

The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


7

 


 

 

EXXON MOBIL CORPORATION

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1.     Basis of Financial Statement Preparation

 

These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2013 Annual Report on Form 10-K.  In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein.  All such adjustments are of a normal recurring nature.  Prior data has been reclassified in certain cases to conform to the current presentation basis.

 

The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

 

2.     Litigation and Other Contingencies

 

Litigation

 

A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, “significant” includes material matters as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.

 

 

Other Contingencies

 

The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, 2014, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management’s estimate of the maximum potential exposure. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

  

  

  

  

  

  

As of June 30, 2014

  

  

  

  

  

  

  

  

Equity

  

  

Other

  

  

  

  

  

  

  

  

  

  

  

Company

  

  

Third Party

  

  

  

  

  

  

  

  

  

  

  

Obligations (1) 

  

  

Obligations

  

  

Total

  

  

  

  

  

  

  

  

(millions of dollars)

  

  

  

Guarantees

  

  

  

  

  

  

  

  

  

  

  

  

  

Debt-related

  

  

3,328 

  

  

50 

  

  

3,378 

  

  

  

  

Other

  

  

3,925 

  

  

4,700 

  

  

8,625 

  

  

  

  

  

Total

  

  

7,253 

  

  

4,750 

  

  

12,003 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

(1) ExxonMobil share

  

  

  

  

  

  

  

  

  

  

  


8

 


 

 

 

Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition. The Corporation's outstanding unconditional purchase obligations at June 30, 2014, were similar to those at the prior year-end period. Unconditional purchase obligations as defined by accounting standards are those long-term commitments that are noncancelable or cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services.

 

The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights and environmental regulations.  Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.  On July 31, 2014, the European Union (EU) issued its latest sanctions against Russia relating to the situation in Ukraine which became effective on August 1, 2014.  On August 1, 2014, the United States (U.S.) through the Department of Commerce, Bureau of Industry and Security issued its latest sanctions against Russia relating to the situation in Ukraine which will become effective when published in the Federal Register.  The extent of the impact of these latest EU and U.S. sanctions on ExxonMobil cannot be determined at this time and continues under evaluation.

 

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 is about $750 million.

 

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 is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award.  The Contractors have appealed that judgment. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. 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. 


9

 


 

 

3.     Other Comprehensive Income Information

 

  

  

  

  

  

  

Cumulative

  

  

Post-

  

  

  

  

  

  

  

  

  

  

Foreign

  

  

retirement

  

  

Unrealized

  

  

  

  

  

  

  

Exchange

  

  

Benefits

  

  

Change in

  

  

ExxonMobil Share of Accumulated Other

  

  

Translation

  

  

Reserves

  

  

Stock

  

  

Comprehensive Income

  

  

Adjustment

  

  

Adjustment

  

  

Investments

Total

  

  

  

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Balance as of December 31, 2012

  

  

2,410 

  

  

(14,594)

  

  

 - 

(12,184)

  

Current period change excluding amounts reclassified

  

  

  

  

  

  

  

  

  

  

  

  

from accumulated other comprehensive income

  

  

(3,214)

  

  

152 

  

  

 - 

(3,062)

  

Amounts reclassified from accumulated other

  

  

  

  

  

  

  

  

  

  

  

  

comprehensive income

  

  

 - 

  

  

865 

  

  

 - 

865 

  

Total change in accumulated other comprehensive income

  

  

(3,214)

  

  

1,017 

  

  

 - 

(2,197)

  

Balance as of June 30, 2013

  

  

(804)

  

  

(13,577)

  

  

 - 

(14,381)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Balance as of December 31, 2013

  

  

(846)

  

  

(9,879)

  

  

 - 

(10,725)

  

Current period change excluding amounts reclassified

  

  

  

  

  

  

  

  

  

  

  

  

from accumulated other comprehensive income

  

  

849 

  

  

(168)

  

  

(36)

645 

  

Amounts reclassified from accumulated other

  

  

  

  

  

  

  

  

  

  

  

  

comprehensive income

  

  

 163 

  

  

606 

  

  

 - 

769 

  

Total change in accumulated other comprehensive income

  

  

1,012 

  

  

438 

  

  

(36)

1,414 

  

Balance as of June 30, 2014

  

  

166 

  

  

(9,441)

  

  

(36)

(9,311)

 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Three Months Ended

  

  

Six Months Ended

  

Amounts Reclassified Out of Accumulated Other

  

  

June 30,

  

  

June 30,

  

Comprehensive Income - Before-tax Income/(Expense)

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Foreign exchange translation gain/(loss) included in net income

  

  

  

  

  

  

  

  

  

  

  

  

(Statement of Income line: Other income)

 (81) 

  

  

 - 

  

  

 (163) 

  

  

 - 

  

Amortization and settlement of postretirement benefits reserves

  

  

  

  

  

  

  

  

  

  

  

  

adjustment included in net periodic benefit costs (1)

(434)

  

  

(659)

  

  

 (885) 

  

  

(1,303)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

(1)     These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 5 – Pension and Other Postretirement Benefits for additional details.)

 

 

  

  

  

  

  

  

Three Months Ended

  

  

Six Months Ended

  

Income Tax (Expense)/Credit For

  

  

June 30,

  

  

June 30,

  

Components of Other Comprehensive Income

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Foreign exchange translation adjustment

  

  

 61 

  

  

 79 

  

  

 29 

  

  

 116 

  

Postretirement benefits reserves adjustment

  

  

  

  

  

  

  

  

  

  

  

  

  

  

(excluding amortization)

  

  

 27 

  

  

 (38) 

  

  

 77 

  

  

 (57) 

  

Amortization and settlement of postretirement benefits reserves

  

  

  

  

  

  

  

  

  

  

  

  

  

adjustment included in net periodic benefit costs

  

  

 (121) 

  

  

 (205) 

  

  

 (256) 

  

  

 (405) 

  

Unrealized change in fair value of stock investments

  

 (10) 

  

  

 - 

  

  

 19 

  

  

 - 

  

Total

  

  

 (43) 

  

  

 (164) 

  

  

 (131) 

  

  

 (346) 


10

 


 

 

4.     Earnings Per Share

 

  

  

  

  

  

Three Months Ended

  

  

Six Months Ended

  

  

  

  

  

June 30,

  

  

June 30,

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Earnings per common share

  

  

  

  

  

  

  

  

  

  

  

  

Net income attributable to ExxonMobil (millions of dollars)

  

8,780 

  

  

6,860 

  

  

17,880 

  

  

16,360 

  

    

  

  

  

  

  

  

  

  

  

  

  

  

Weighted average number of common shares  

  

  

  

  

  

  

  

  

  

  

  

  

  

outstanding (millions of shares)

  

4,297 

  

  

4,433 

  

  

4,312 

  

  

4,459 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Earnings per common share (dollars) (1)

  

2.05 

  

  

1.55 

  

  

4.15 

  

  

3.67 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

(1)  The calculation of earnings per common share and earnings per common share – assuming dilution are the same in each period shown.

 

5.     Pension and Other Postretirement Benefits

 

  

  

  

  

  

  

  

Three Months Ended

  

  

Six Months Ended

  

  

  

  

  

  

  

June 30,

  

  

June 30,

  

  

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

  

  

(millions of dollars)

  

Components of net benefit cost

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Pension Benefits - U.S.  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Service cost

  

  

182 

  

  

188 

  

  

359 

  

  

375 

  

  

  

Interest cost

  

  

201 

  

  

187 

  

  

403 

  

  

374 

  

  

  

Expected return on plan assets

  

  

(200)

  

  

(208)

  

  

(400)

  

  

(417)

  

  

  

Amortization of actuarial loss/(gain) and prior 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

service cost

  

  

104 

  

  

164 

  

  

208 

  

  

328 

  

  

  

Net pension enhancement and

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

curtailment/settlement cost

  

  

113 

  

  

197 

  

  

225 

  

  

364 

  

  

  

Net benefit cost

  

  

400 

  

  

528 

  

  

795 

  

  

1,024 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Pension Benefits - Non-U.S.  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Service cost

  

  

154 

  

  

173 

  

  

304 

  

  

351 

  

  

  

Interest cost

  

  

289 

  

  

261 

  

  

574 

  

  

538 

  

  

  

Expected return on plan assets

  

  

(301)

  

  

(271)

  

  

(599)

  

  

(563)

  

  

  

Amortization of actuarial loss/(gain) and prior 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

service cost

  

  

189 

  

  

235 

  

  

381 

  

  

485 

  

  

  

Net pension enhancement and

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

curtailment/settlement cost  

  

  

 - 

  

  

  

  

 - 

  

  

  

  

  

Net benefit cost

  

  

331 

  

  

399 

  

  

660 

  

  

812 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Other Postretirement Benefits  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Service cost

  

  

38 

  

  

43 

  

  

75 

  

  

79 

  

  

  

Interest cost

  

  

112 

  

  

86 

  

  

204 

  

  

177 

  

  

  

Expected return on plan assets

  

  

(11)

  

  

(10)

  

  

(20)

  

  

(20)

  

  

  

Amortization of actuarial loss/(gain) and prior 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

service cost

  

  

28 

  

  

62 

  

  

71 

  

  

125 

  

  

  

Net benefit cost

  

  

167 

  

  

181 

  

  

330 

  

  

361 


11

 


 

 

6.     Financial Instruments

 

The fair value of financial instruments is determined by reference to observable market data and other valuation techniques as appropriate.  The only category of financial instruments where the difference between fair value and recorded book value is notable is long-term debt.  The estimated fair value of total long-term debt, excluding capitalized lease obligations, was $11,813 million at June 30, 2014, and $6,787 million at December 31, 2013, as compared to recorded book values of $11,448 million at June 30, 2014, and $6,516 million at December 31, 2013.  The increase in the estimated fair value and book value of long-term debt reflects the Corporation’s issuance of $5,500 million of long-term debt in the first quarter of 2014.  The $5,500 million of long-term debt is comprised of $750 million of floating-rate notes due in 2017, $500 million of floating-rate notes due in 2019, $1,500 million of 0.921% notes due in 2017, $1,750 million of 1.819% notes due in 2019, and $1,000 million of 3.176% notes due in 2024.

The fair value of long-term debt by hierarchy level at June 30, 2014, is: Level 1 $10,955 million; Level 2 $795 million; and Level 3 $63 million.  Level 1 represents quoted prices in active markets.  Level 2 includes debt whose fair value is based upon a publicly available index.  Level 3 involves using internal data augmented by relevant market indicators if available.

 

7.     Disclosures about Segments and Related Information

  

  

  

  

  

  

Three Months Ended

  

  

Six Months Ended

  

  

  

  

  

  

June 30,

  

  

June 30,

  

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

Earnings After Income Tax

  

(millions of dollars)

  

  

Upstream

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

1,193 

  

  

1,096 

  

  

2,437 

  

  

1,955 

  

  

  

Non-U.S.

  

  

6,688 

  

  

5,209 

  

  

13,227 

  

  

11,387 

  

  

Downstream

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

536 

  

  

248 

  

  

1,159 

  

  

1,287 

  

  

  

Non-U.S.  

  

  

175 

  

  

148 

  

  

365 

  

  

654 

  

  

Chemical

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

528 

  

  

515 

  

  

1,207 

  

  

1,267 

  

  

  

Non-U.S.  

  

  

313 

  

  

241 

  

  

681 

  

  

626 

  

  

All other

  

  

(653)

  

  

(597)

  

  

(1,196)

  

  

(816)

  

  

Corporate total

  

  

8,780 

  

  

6,860 

  

  

17,880 

  

  

16,360 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Sales and Other Operating Revenue (1)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Upstream

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

4,325 

  

  

3,228 

  

  

8,647 

  

  

6,100 

  

  

  

Non-U.S.

  

  

6,413 

  

  

6,942 

  

  

12,240 

  

  

13,102 

  

  

Downstream

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

32,431 

  

  

29,965 

  

  

62,843 

  

  

60,963 

  

  

  

Non-U.S.

  

  

53,176 

  

  

53,480 

  

  

104,464 

  

  

106,887 

  

  

Chemical

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

3,750 

  

  

3,723 

  

  

7,626 

  

  

7,606 

  

  

  

Non-U.S.

  

  

6,052 

  

  

5,705 

  

  

12,084 

  

  

11,755 

  

  

All other

  

  

11 

  

  

  

  

14 

  

  

15 

  

  

Corporate total

  

  

106,158 

  

  

103,050 

  

  

207,918 

  

  

206,428 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

(1)

Includes sales-based taxes

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Intersegment Revenue

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Upstream

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

2,204 

  

  

2,034 

  

  

4,267 

  

  

4,309 

  

  

  

Non-U.S.

  

  

10,080 

  

  

11,205 

  

  

20,861 

  

  

22,592 

  

  

Downstream

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

4,147 

  

  

5,086 

  

  

9,056 

  

  

10,256 

  

  

  

Non-U.S.

  

  

12,557 

  

  

11,647 

  

  

25,399 

  

  

25,164 

  

  

Chemical

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

2,553 

  

  

2,959 

  

  

5,187 

  

  

6,186 

  

  

  

Non-U.S.

  

  

2,457 

  

  

1,993 

  

  

4,724 

  

  

4,055 

  

  

All other

  

  

71 

  

  

71 

  

  

138 

  

  

138 


12

 


 

 

EXXON MOBIL CORPORATION

 

Item 2.       Management's Discussion and Analysis of Financial Condition and Results of Operations

 

FUNCTIONAL EARNINGS SUMMARY

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Second Quarter

  

  

First Six Months

Earnings (U.S. GAAP)

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

(millions of dollars)

Upstream

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

1,193 

  

  

1,096 

  

  

2,437 

  

  

1,955 

  

Non-U.S.

  

  

6,688 

  

  

5,209 

  

  

13,227 

  

  

11,387 

Downstream

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

536 

  

  

248 

  

  

1,159 

  

  

1,287 

  

Non-U.S.

  

  

175 

  

  

148 

  

  

365 

  

  

654 

Chemical

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

528 

  

  

515 

  

  

1,207 

  

  

1,267 

  

Non-U.S.

  

  

313 

  

  

241 

  

  

681 

  

  

626 

Corporate and financing

  

  

(653)

  

  

(597)

  

  

(1,196)

  

  

(816)

  

Net Income attributable to ExxonMobil (U.S. GAAP)

  

  

8,780 

  

  

6,860 

  

  

17,880 

  

  

16,360 

  

  

  

  

  

  

  

  

  

  

  

  

  

Earnings per common share (dollars)

  

  

2.05 

  

  

1.55 

  

  

4.15 

  

  

3.67 

  

  

  

  

  

  

  

  

  

  

  

  

  

Earnings per common share - assuming dilution (dollars) 

  

  

2.05 

  

  

1.55 

  

  

4.15 

  

  

3.67 

 

References in this discussion to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement.  Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

 

 

REVIEW OF SECOND QUARTER 2014 RESULTS

 

ExxonMobil’s financial results for the second quarter of 2014 were achieved through strong operational performance and portfolio management.  We continue to enhance shareholder value by funding capital projects and delivering robust shareholder returns through dividends and share purchases. 

 

Upstream production for the year remains in line with plans and we continue to add volumes from our high‑quality development portfolio through assets such as the Papua New Guinea LNG project, which started up ahead of schedule during the quarter. 

 

Second quarter 2014 earnings were $8.8 billion, up 28 percent from the second quarter of 2013, reflecting strong operations and asset divestments. 

 

 

 

 

Earnings in the first six months of 2014 of $17,880 million increased $1,520 million from 2013. 

 

Earnings per share – assuming dilution for the first six months of 2014 increased 13 percent to $4.15. 

 

Capital and exploration expenditures for the first six months of 2014 were $18.2 billion, down 17 percent from 2013.

 

Through the first six months of 2014, the Corporation distributed $11.7 billion to shareholders through dividends and share purchases to reduce shares outstanding.


13

 


 

 

 

  

  

  

  

  

Second Quarter

  

  

First Six Months

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

(millions of dollars)

Upstream earnings

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

1,193 

  

  

1,096 

  

  

2,437 

  

  

1,955 

  

Non-U.S.

  

  

6,688 

  

  

5,209 

  

  

13,227 

  

  

11,387 

  

  

Total

  

  

7,881 

  

  

6,305 

  

  

15,664 

  

  

13,342 

 

Upstream earnings were $7,881 million in the second quarter of 2014, up $1,576 million from the second quarter of 2013.  Higher realizations increased earnings by $580 million.  Lower production volumes and sales timing impacts decreased earnings by $200 million.  All other items, primarily asset management impacts in Hong Kong, increased earnings by $1.2 billion.

 

On an oil‑equivalent basis, production decreased 5.7 percent from the second quarter of 2013.  Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.3 percent.

 

Liquids production totaled 2,048 kbd (thousands of barrels per day), down 134 kbd from the second quarter of 2013.  The Abu Dhabi onshore concession expiry reduced volumes by 142 kbd.  Excluding this impact, liquids production was up slightly as project ramp‑up and work programs more than offset field decline.

 

Second quarter natural gas production was 10,750 mcfd (millions of cubic feet per day), down 604 mcfd from 2013, primarily due to lower demand and field decline. 

 

Earnings from U.S. Upstream operations were $1,193 million, $97 million higher than the second quarter of 2013.  Non‑U.S. Upstream earnings were $6,688 million, up $1,479 million from the prior year.

 

 

 

 

Upstream earnings in the first six months of 2014 were $15,664 million, up $2,322 million from 2013.  Higher realizations increased earnings by $990 million.  Production volume and mix effects decreased earnings by $190 million.  All other items, primarily asset sales, increased earnings by $1.5 billion.

 

On an oil‑equivalent basis, production was down 5.6 percent compared to the same period in 2013.  Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.6 percent.

 

Liquids production of 2,098 kbd decreased 90 kbd compared to 2013.  The Abu Dhabi onshore concession expiry reduced volumes by 130 kbd.  Excluding this impact, liquids production was up 1.8 percent, driven by project ramp‑up, work programs, and lower downtime.

 

Natural gas production of 11,380 mcfd decreased 898 mcfd from 2013, as field decline and lower demand in Europe were partially offset by project ramp‑up, work programs, and lower downtime.

 

Earnings in the first six months of 2014 from U.S. Upstream operations were $2,437 million, up $482 million from 2013.  Earnings outside the U.S. were $13,227 million, up $1,840 million from the prior year.


14

 


 

 

 

  

  

  

  

Second Quarter

  

  

First Six Months

Upstream additional information

  

  

  

(thousands of barrels daily)

  

Volumes reconciliation (Oil-equivalent production)(1) 

  

  

  

  

  

  

  

  

  

2013 

  

  

  

4,074 

  

  

  

  

4,234 

  

  

Entitlements - Net Interest

  

  

  

(5)

  

  

  

  

(4)

  

  

Entitlements - Price / Spend

  

  

  

(43)

  

  

  

  

(47)

  

  

Quotas

  

  

  

  

  

  

  

  

  

Divestments

  

  

  

(27)

  

  

  

  

(24)

  

  

United Arab Emirates Onshore Concession Expiry

  

  

  

(142)

  

  

  

  

(130)

  

  

Net Growth

  

  

  

(17)

  

  

  

  

(34)

  

2014 

  

  

  

3,840 

  

  

  

  

3,995 

  

  

  

  

  

  

  

  

  

  

  

  

  

(1) Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.

  

  

 

Listed below are descriptions of ExxonMobil’s entitlement volume effects.  These descriptions are provided to facilitate understanding of the terms.

 

Production Sharing Contract (PSC) Net Interest Reductions are contractual reductions in ExxonMobil’s share of production volumes covered by PSCs. These reductions typically occur when cumulative investment returns or production volumes achieve thresholds as specified in the PSCs. Once a net interest reduction has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices.

 

Price and Spend Impacts on Volumes are fluctuations in ExxonMobil’s share of production volumes caused by changes in oil and gas prices or spending levels from one period to another.  For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. These effects generally vary from period to period with field spending patterns or market prices for crude oil or natural gas.

 

  

  

  

  

  

Second Quarter

  

  

First Six Months

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

(millions of dollars)

Downstream earnings

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

536 

  

  

248 

  

  

1,159 

  

  

1,287 

  

Non-U.S.

  

  

175 

  

  

148 

  

  

365 

  

  

654 

  

  

Total

  

  

711 

  

  

396 

  

  

1,524 

  

  

1,941 

 

Second quarter 2014 Downstream earnings were $711 million, up $315 million from the second quarter of 2013.  Weaker refining margins decreased earnings by $330 million.  Volume and mix effects increased earnings by $280 million.  All other items, including asset management impacts and lower operating expenses, increased earnings by $370 million.  Petroleum product sales of 5,841 kbd were 76 kbd higher than last year's second quarter.

 

Earnings from the U.S. Downstream were $536 million, up $288 million from the second quarter of 2013.  Non‑U.S. Downstream earnings of $175 million were $27 million higher than last year. 

 

 

 

 

Downstream earnings in the first six months of 2014 of $1,524 million decreased $417 million from 2013.  Lower margins, mainly refining, decreased earnings by $1.1 billion.  Volume and mix effects increased earnings by $370 million.  All other items, including lower operating expenses, increased earnings by $300 million.  Petroleum product sales of 5,829 kbd increased 69 kbd from 2013.

 

U.S. Downstream earnings in the first six months of 2014 were $1,159 million, down $128 million from 2013.  Non‑U.S. Downstream earnings were $365 million, a decrease of $289 million from the prior year.


15

 


 

 

 

  

  

  

  

  

Second Quarter

  

  

First Six Months

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

(millions of dollars)

Chemical earnings

  

  

  

  

  

  

  

  

  

  

  

  

  

United States

  

  

528 

  

  

515 

  

  

1,207 

  

  

1,267 

  

Non-U.S.

  

  

313 

  

  

241 

  

  

681 

  

  

626 

  

  

Total

  

  

841 

  

  

756 

  

  

1,888 

  

  

1,893 

 

Second quarter 2014 Chemical earnings of $841 million were $85 million higher than the second quarter of 2013.  Margins were flat as improved commodities were offset by weaker specialties.  Volume and mix effects increased earnings by $60 million.  Second quarter prime product sales of 6,139 kt (thousands of metric tons) were 308 kt higher than last year's second quarter, driven by increased Singapore production.

 

 

 

 

Chemical earnings in the first six months of 2014 of $1,888  million were $5 million lower than 2013.  Lower margins decreased earnings by $160 million, while volume and mix effects increased earnings by $150 million.  Prime product sales of 12,267 kt were up 526 kt from 2013, driven by increased Singapore production.

 

 

  

  

  

Second Quarter

  

  

First Six Months

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

Corporate and financing earnings

  

  

(653)

  

  

(597)

  

  

(1,196)

  

  

(816)

 

Corporate and financing expenses were $653 million for the second quarter of 2014, up $56 million from the second quarter of 2013.

 

 

 

 

Corporate and financing expenses were $1,196 million for the first six months of 2014, up $380 million from 2013, primarily due to unfavorable tax impacts.


16

 


 

 

 

LIQUIDITY AND CAPITAL RESOURCES

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Second Quarter

  

  

First Six Months

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

(millions of dollars)

Net cash provided by/(used in)

  

  

  

  

  

  

  

  

  

  

  

  

  

Operating activities

  

  

  

  

  

  

  

  

25,305 

  

  

21,275 

  

Investing activities

  

  

  

  

  

  

  

  

(10,483)

  

  

(18,547)

  

Financing activities

  

  

  

  

  

  

  

  

(13,412)

  

  

(7,409)

Effect of exchange rate changes

  

  

  

  

  

  

  

  

29 

  

  

(292)

Increase/(decrease) in cash and cash equivalents

  

  

  

  

  

  

  

  

1,439 

  

  

(4,973)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Cash and cash equivalents (at end of period)

  

  

  

  

  

  

  

  

6,083 

  

  

4,609 

Cash and cash equivalents – restricted (at end of period)

  

  

  

  

  

  

  

  

198 

  

  

403 

Total cash and cash equivalents (at end of period)

  

  

  

  

  

  

  

  

6,281 

  

  

5,012 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Cash flow from operations and asset sales

  

  

  

  

  

  

  

  

  

  

  

  

  

Net cash provided by operating activities (U.S. GAAP)

  

  

 10,202 

  

  

 7,683 

  

  

25,305 

  

  

21,275 

  

Proceeds associated with sales of subsidiaries, property,

  

  

  

  

  

  

  

  

  

  

  

  

  

  

plant & equipment, and sales and returns of investments

  

  

 2,556 

  

  

 305 

  

  

3,667 

  

  

665 

  

Cash flow from operations and asset sales

  

  

 12,758 

  

  

 7,988 

  

  

28,972 

  

  

21,940 

 

Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

  

Cash flow from operations and asset sales in the second quarter of 2014 was $12.8 billion, including asset sales of $2.6 billion, and increased $4.8 billion from the comparable 2013 period primarily due to favorable working capital changes and higher proceeds from asset sales. 

 

Cash provided by operating activities totaled $25.3 billion for the first six months of 2014, $4.0 billion higher than 2013. The major source of funds was net income including noncontrolling interests of $18.5 billion, an increase of $1.8 billion from the prior year period.  The adjustment for the noncash provision of $8.5 billion for depreciation and depletion was flat with 2013.  While the net change in operational working capital was flat in 2014, it decreased cash flows by $3.0 billion in 2013, primarily due to an increase in inventory.  All other items net decreased cash by $1.7 billion in 2014 and by $1.0 billion in 2013.  For additional details, see the Condensed Consolidated Statement of Cash Flows on page 6.

 

Investing activities for the first six months of 2014 used net cash of $10.5 billion, a decrease of $8.1 billion compared to the prior year.  Spending for additions to property, plant and equipment of $15.9 billion was $0.3 billion lower than 2013.  Proceeds from asset sales of $3.7 billion increased $3.0 billion.  Additional investment and advances decreased $2.8 billion to $0.7 billion reflecting the absence of the 2013 acquisition of Celtic Exploration Ltd.  Other investing activities – net increased $2.0 billion to $2.4 billion primarily reflecting the collection of an advance.

 

Cash flow from operations and asset sales for the first six months of 2014 was $29.0 billion, including asset sales of $3.7 billion, and increased $7.0 billion from the comparable 2013 period due to the absence of unfavorable 2013 working capital impacts and higher proceeds from asset sales. 

 

During the first quarter of 2014, the Corporation issued $5.5 billion of long-term debt and used the proceeds to reduce short-term debt.  Net cash used in financing activities of $13.4 billion in the first six months of 2014 was $6.0 billion higher than 2013 reflecting total debt reduction in 2014 and short-term debt issuance in 2013, partially offset by a lower level of purchases of shares of ExxonMobil stock in 2014. 

 

During the second quarter of 2014, Exxon Mobil Corporation purchased 30 million shares of its common stock for the treasury at a gross cost of $3.0 billion.  These purchases were to reduce the number of shares outstanding.  Shares outstanding decreased from 4,294 million at the end of the first quarter to 4,265 at the end of the second quarter 2014.  Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.


17

 


 

 

 

The Corporation distributed to shareholders a total of $6.0 billion in the second quarter of 2014 through dividends and share purchases to reduce shares outstanding.

 

Total cash and cash equivalents of $6.3 billion at the end of the second quarter of 2014 compared to $5.0 billion at the end of the second quarter of 2013.

 

Total debt of $21.8 billion compared to $22.7 billion at year-end 2013.  The Corporation's debt to total capital ratio was 10.4 percent at the end of the second quarter of 2014 compared to 11.2 percent at year-end 2013. 

 

While the Corporation issues long-term debt from time to time, the Corporation currently expects to cover its near-term financial requirements predominantly with internally generated funds, supplemented by its revolving commercial paper program. 

 

The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade.  Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses.  Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time.  Key criteria for evaluating acquisitions include potential for future growth and attractive current valuations.  Acquisitions may be made with cash, shares of the Corporation’s common stock, or both. 

 

Litigation and other contingencies are discussed in Note 2 to the unaudited condensed consolidated financial statements.

 

 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

TAXES

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Second Quarter

  

  

First Six Months

  

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Income taxes

  

  

5,034 

  

  

5,793 

  

  

10,891 

  

  

12,070 

  

  

Effective income tax rate

  

  

41 

%

  

51 

%

  

43 

%

  

48 

%

Sales-based taxes

  

  

7,871 

  

  

7,552 

  

  

15,287 

  

  

15,044 

  

All other taxes and duties

  

  

9,306 

  

  

8,986 

  

  

18,163 

  

  

17,767 

  

  

  

Total

  

  

22,211 

  

  

22,331 

  

  

44,341 

  

  

44,881 

  

 

Income, sales-based and all other taxes and duties totaled $22.2 billion for the second quarter of 2014, a decrease of $0.1 billion from 2013.  Income tax expense decreased by $0.8 billion to $5.0 billion with the impact of higher earnings more than offset by the lower effective tax rate.  The effective income tax rate was 41 percent compared to 51 percent in the prior year period due primarily to impacts related to the Corporation’s asset management program.  Sales-based taxes and all other taxes and duties increased by $0.6 billion to $17.2 billion.

 

 

 

 

Income, sales-based and all other taxes and duties totaled $44.3 billion for the first six months of 2014, a decrease of $0.5 billion from 2013.  Income tax expense decreased by $1.2 billion to $10.9 billion with the impact of higher earnings more than offset by the lower effective tax rate.  The effective income tax rate was 43 percent compared to 48 percent in the prior year due primarily to impacts related to the Corporation’s asset management program.  Sales-based and all other taxes increased by $0.6 billion to $33.5 billion.


18

 


 

 

 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

CAPITAL AND EXPLORATION EXPENDITURES

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Second Quarter

  

  

First Six Months

  

  

  

  

  

2014 

  

  

2013 

  

  

2014 

  

  

2013 

  

  

  

  

(millions of dollars)

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Upstream (including exploration expenses)

  

  

8,394 

  

  

9,277 

  

  

15,658 

  

  

20,124 

  

Downstream

  

  

682 

  

  

575 

  

  

1,222 

  

  

1,184 

  

Chemical

  

  

714 

  

  

390 

  

  

1,344 

  

  

706 

  

Other

  

  

10 

  

  

  

  

12 

  

  

  

  

Total

  

  

9,800 

  

  

10,244 

  

  

18,236 

  

  

22,019 

  

 

Capital and exploration expenditures in the second quarter of 2014 were $9.8 billion, down 4 percent from second quarter of 2013.

 

 

 

 

Capital and exploration expenditures in the first six months of 2014 were $18.2 billion, down 17 percent from the first six months of 2013 due primarily to the absence of the $3.1 billion Celtic Exploration Ltd. acquisition.  The Corporation anticipates an average investment profile of about $37 billion per year for the next several years.  Actual spending could vary depending on the progress of individual projects and property acquisitions.


19

 


 

 

RECENTLY ISSUED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS

 

In May 2014, the Financial Accounting Standards Board issued a new standard, Revenue from Contracts with Customers.  The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements and expands disclosure requirements.  The standard is required to be adopted beginning January 1, 2017.  ExxonMobil is evaluating the standard and its effect on the Corporation’s financial statements. 

 

FORWARD-LOOKING STATEMENTS

 

Statements relating to future plans, projections, events or conditions are forward-looking statements.  Actual results, including project plans, costs, timing, and capacities; capital and exploration expenditures; resource recoveries; and share purchase levels, could differ materially due to factors including: changes in oil or gas prices or other market or economic conditions affecting the oil and gas industry, including the scope and duration of economic recessions; the outcome of exploration and development efforts; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" in the “Investors” section of our website and in Item 1A of ExxonMobil's 2013 Form 10-K.  We assume no duty to update these statements as of any future date.

 

The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

 

Information about market risks for the six months ended June 30, 2014, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for 2013.

 

Item 4.  Controls and Procedures

 

As indicated in the certifications in Exhibit 31 of this report, the Corporation’s Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer have evaluated the Corporation’s disclosure controls and procedures as of June 30, 2014.  Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.  There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.


20

 


 

 

PART II.  OTHER INFORMATION

 

Item 1.  Legal Proceedings

 

On May 20, 2014, the Texas Commission on Environmental Quality (TCEQ) issued a Notice of Enforcement and Proposed Agreed Order alleging that record reviews at ExxonMobil Oil Corporation’s (EMOC) Beaumont, Texas, refinery in December 2013 and January and February 2014, identified deficiencies in the refinery’s cooling tower monitoring activities and one air emission event, which allegedly violated provisions of the Texas Health and Safety Code, the Texas Water Code, and the Code of Federal Regulations.  TCEQ is seeking a penalty of $660,325.  EMOC is in discussions with TCEQ in an attempt to resolve the matter.

 

With respect to the enforcement action filed by the United States, on behalf of the United States Environmental Protection Agency (USEPA), and the State of Arkansas, on behalf of the Arkansas Department of Environmental Quality, against ExxonMobil Pipeline Company (EMPCo) related to the discharge of crude oil from the Pegasus Pipeline in Mayflower, Faulkner County, Arkansas, previously reported in the Corporation’s Forms 10-Q for the first, second and third quarters of 2013 and the first quarter of 2014, on June 9, 2014, the court issued an order denying EMPCo’s motion to dismiss the case. On July 1, 2014, the court entered a revised scheduling order setting the trial date for September 21, 2015.

 

As reported in the Corporation’s Form 10-Q for the first and second quarters of 2013, the U. S. Department of Transportation Pipeline & Hazardous Materials Safety Administration (PHMSA) has sought to assess a $1.7 million penalty against EMPCo and to require additional training of certain EMPCo personnel on account of alleged violations of the federal Pipeline Safety Regulations in connection with the July 1, 2011, discharge of crude oil into the Yellowstone River from EMPCo’s Silvertip Pipeline near Laurel, Montana. An administrative hearing requested by EMPCo to contest the PHMSA allegations and the proposed penalty was held on July 17, 2013. No decision has been issued to date. In the second quarter of 2014, the U.S. Department of Justice (DOJ) contacted EMPCo concerning possible civil charges under the Clean Water Act arising in connection with the same incident, for which DOJ would seek civil penalties under the Clean Water Act in excess of $100,000. Negotiations between EMPCo and DOJ are ongoing.

 

As reported in the Corporation’s Forms 10-Q for the first quarter of 2012 and the first quarter of 2014, the USEPA issued administrative orders to XTO Energy Inc. (XTO) for alleged violations of the Clean Water Act at three XTO locations in West Virginia. In addition, XTO has voluntarily disclosed six additional West Virginia sites to the USEPA. Negotiations continue on a Consent Decree to resolve outstanding penalty and compliance issues. It is expected that the USEPA will seek penalties from XTO in excess of $100,000 to resolve the matters at all of the sites.

 

Refer to the relevant portions of Note 2 of this Quarterly Report on Form 10-Q for further information on legal proceedings.


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Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

  

  

  

  

  

  

  

  

  

  

  

  

Issuer Purchase of Equity Securities for Quarter Ended June 30, 2014

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Total Number of

  

Maximum Number

  

  

  

  

  

  

  

  

Shares Purchased

  

of Shares that May

  

  

  

  

Total Number

  

Average

  

as Part of Publicly

  

Yet Be Purchased

  

  

  

  

of Shares

  

Price Paid

  

Announced Plans

  

Under the Plans or

Period

  

  

Purchased

  

per Share

  

or Programs

  

Programs

  

  

  

  

  

  

  

  

  

  

  

April 2014

  

10,128,872 

  

$98.97 

  

10,128,872 

  

  

May 2014

  

9,830,064 

  

$101.72 

  

9,830,064 

  

  

June 2014

  

9,829,451 

  

$101.84 

  

9,829,451 

  

  

  

Total

  

  

29,788,387 

  

$100.82 

  

29,788,387 

  

(See Note 1)

 

Note 1 - On August 1, 2000, the Corporation announced its intention to resume purchases of shares of its common stock for the treasury both to offset shares issued in conjunction with company benefit plans and programs and to gradually reduce the number of shares outstanding.  The announcement did not specify an amount or expiration date.  The Corporation has continued to purchase shares since this announcement and to report purchased volumes in its quarterly earnings releases.  In its most recent earnings release dated July 31, 2014, the Corporation stated that third quarter 2014 share purchases to reduce shares outstanding are anticipated to equal $3 billion.  Purchases may be made in both the open market and through negotiated transactions, and purchases may be increased, decreased or discontinued at any time without prior notice.

 

 

Item 6.  Exhibits

 

Exhibit

 

Description

 

 

 

31.1

 

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.

31.2

 

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer.

31.3

 

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.

32.1

 

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.

32.2

 

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer.

32.3

 

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.

101

 

Interactive Data Files.


22

 


 

 

EXXON MOBIL CORPORATION

 

SIGNATURE

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

EXXON MOBIL CORPORATION

 

Date: August 6, 2014 

By:

/s/  PATRICK T. MULVA

 

 

Patrick T. Mulva

 

 

Vice President, Controller and

 

 

Principal Accounting Officer

 

 

 


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INDEX TO EXHIBITS

 

 

Exhibit

 

Description

 

 

 

31.1

 

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.

31.2

 

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer.

31.3

 

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.

32.1

 

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.

32.2

 

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer.

32.3

 

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.

101

 

Interactive Data Files.

 


24