0001193125-12-208076.txt : 20120503 0001193125-12-208076.hdr.sgml : 20120503 20120503145603 ACCESSION NUMBER: 0001193125-12-208076 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120503 DATE AS OF CHANGE: 20120503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXXON MOBIL CORP CENTRAL INDEX KEY: 0000034088 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 135409005 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-02256 FILM NUMBER: 12809164 BUSINESS ADDRESS: STREET 1: 5959 LAS COLINAS BLVD CITY: IRVING STATE: TX ZIP: 75039-2298 BUSINESS PHONE: 9724441000 MAIL ADDRESS: STREET 1: 5959 LAS COLINAS BLVD CITY: IRVING STATE: TX ZIP: 75039-2298 FORMER COMPANY: FORMER CONFORMED NAME: EXXON CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD OIL CO OF NEW JERSEY DATE OF NAME CHANGE: 19721123 10-Q 1 d328062d10q.htm FORM 10-Q Form 10-Q
Table of Contents

 

 

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 March 31, 2012

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
incorporation or organization)
  (I.R.S. Employer
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  x    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 March 31, 2012
Common stock, without par value    4,676,165,291

 

 

 


Table of Contents

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2012

TABLE OF CONTENTS

 

         Page
Number
 
PART I. FINANCIAL INFORMATION   

Item 1.

  Financial Statements   

Condensed Consolidated Statement of Income
Three months ended March 31, 2012 and 2011

     3   

Condensed Consolidated Statement of Comprehensive Income
Three months ended March  31, 2012 and 2011

     4   

Condensed Consolidated Balance Sheet
As of March 31, 2012 and December 31, 2011

     5   

Condensed Consolidated Statement of Cash Flows
Three months ended March 31, 2012 and 2011

     6   

Condensed Consolidated Statement of Changes in Equity
Three months ended March 31, 2012 and 2011

     7   

Notes to Condensed Consolidated Financial Statements

     8   

Item 2.

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      19   

Item 3.

  Quantitative and Qualitative Disclosures About Market Risk      23   

Item 4.

  Controls and Procedures      23   
PART II. OTHER INFORMATION   

Item 1.

  Legal Proceedings      24   

Item 2.

  Unregistered Sales of Equity Securities and Use of Proceeds      25   

Item 6.

  Exhibits      25   

Signature

     26   

Index to Exhibits

     27   

 

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Table of Contents

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(millions of dollars)

 

     Three Months Ended
March 31,
 
     2012      2011  

REVENUES AND OTHER INCOME

     

Sales and other operating revenue (1)

   $ 119,189       $ 109,251   

Income from equity affiliates

     4,210         3,827   

Other income

     654         926   
  

 

 

    

 

 

 

Total revenues and other income

     124,053         114,004   
  

 

 

    

 

 

 

COSTS AND OTHER DEDUCTIONS

     

Crude oil and product purchases

     69,825         60,497   

Production and manufacturing expenses

     9,850         9,520   

Selling, general and administrative expenses

     3,601         3,627   

Depreciation and depletion

     3,842         3,761   

Exploration expenses, including dry holes

     522         334   

Interest expense

     107         29   

Sales-based taxes (1)

     8,493         7,916   

Other taxes and duties

     10,298         9,403   
  

 

 

    

 

 

 

Total costs and other deductions

     106,538         95,087   
  

 

 

    

 

 

 

Income before income taxes

     17,515         18,917   

Income taxes

     7,716         8,004   
  

 

 

    

 

 

 

Net income including noncontrolling interests

     9,799         10,913   

Net income attributable to noncontrolling interests

     349         263   
  

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 9,450       $ 10,650   
  

 

 

    

 

 

 

Earnings per common share (dollars)

   $ 2.00       $ 2.14   

Earnings per common share - assuming dilution (dollars)

   $ 2.00       $ 2.14   

Dividends per common share (dollars)

   $ 0.47       $ 0.44   

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

   $ 8,493       $
7,916
  

 

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(millions of dollars)

 

     Three Months Ended
March 31,
 
     2012     2011  

Net income including noncontrolling interests

   $ 9,799      $ 10,913   

Other comprehensive income (net of income taxes)

    

Foreign exchange translation adjustment

     1,045        1,334   

Adjustment for foreign exchange translation loss included in net income

     67        —     

Postretirement benefits reserves adjustment (excluding amortization)

     (404     (405

Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs

     393        310   

Change in fair value of cash flow hedges

     —          3   

Realized (gain)/loss from settled cash flow hedges included in net income

     —          (19
  

 

 

   

 

 

 

Total other comprehensive income

     1,101        1,223   
  

 

 

   

 

 

 

Comprehensive income including noncontrolling interests

     10,900        12,136   

Comprehensive income attributable to noncontrolling interests

     325        319   
  

 

 

   

 

 

 

Comprehensive income attributable to ExxonMobil

   $ 10,575      $ 11,817   
  

 

 

   

 

 

 

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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Table of Contents

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(millions of dollars)

 

     Mar. 31,
2012
    Dec. 31,
2011
 

ASSETS

    

Current assets

    

Cash and cash equivalents

   $ 18,670      $ 12,664   

Cash and cash equivalents – restricted

     477        404   

Notes and accounts receivable – net

     35,844        38,642   

Inventories

    

Crude oil, products and merchandise

     11,343        11,665   

Materials and supplies

     3,406        3,359   

Other current assets

     6,420        6,229   
  

 

 

   

 

 

 

Total current assets

     76,160        72,963   

Investments, advances and long-term receivables

     34,527        34,333   

Property, plant and equipment – net

     214,602        214,664   

Other assets, including intangibles, net

     8,434        9,092   

Assets held for sale

     11,429        —     
  

 

 

   

 

 

 

Total assets

   $ 345,152      $ 331,052   
  

 

 

   

 

 

 

LIABILITIES

    

Current liabilities

    

Notes and loans payable

   $ 6,419      $ 7,711   

Accounts payable and accrued liabilities

     59,084        57,067   

Income taxes payable

     14,491        12,727   
  

 

 

   

 

 

 

Total current liabilities

     79,994        77,505   

Long-term debt

     9,231        9,322   

Postretirement benefits reserves

     23,559        24,994   

Deferred income tax liabilities

     36,286        36,618   

Other long-term obligations

     23,049        21,869   

Liabilities associated with assets held for sale

     8,916        —     
  

 

 

   

 

 

 

Total liabilities

     181,035        170,308   
  

 

 

   

 

 

 

Commitments and contingencies (Note 2)

    

EQUITY

    

Common stock without par value:

    

Authorized: 9,000 million shares

    

Issued: 8,019 million shares

     9,007        9,512   

Earnings reinvested

     338,168        330,939   

Accumulated other comprehensive income

     (7,998     (9,123

Common stock held in treasury:

    

3,343 million shares at March 31, 2012

     (182,165  

3,285 million shares at December 31, 2011

       (176,932
  

 

 

   

 

 

 

ExxonMobil share of equity

     157,012        154,396   

Noncontrolling interests

     7,105        6,348   
  

 

 

   

 

 

 

Total equity

     164,117        160,744   
  

 

 

   

 

 

 

Total liabilities and equity

   $ 345,152      $ 331,052   
  

 

 

   

 

 

 

The number of shares of common stock issued and outstanding at March 31, 2012 and December 31, 2011 were 4,676,165,291 and 4,733,948,268, respectively.

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(millions of dollars)

 

     Three Months Ended
March 31,
 
     2012     2011  

CASH FLOWS FROM OPERATING ACTIVITIES

    

Net income including noncontrolling interests

   $ 9,799      $ 10,913   

Depreciation and depletion

     3,842        3,761   

Changes in operational working capital, excluding cash and debt

     5,792        2,887   

All other items – net

     (146     (705
  

 

 

   

 

 

 

Net cash provided by operating activities

     19,287        16,856   
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

    

Additions to property, plant and equipment

     (7,843     (7,051

Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments

     2,513        1,341   

Other investing activities – net

     (21     357   
  

 

 

   

 

 

 

Net cash used in investing activities

     (5,351     (5,353
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

    

Additions to long-term debt

     129        98   

Reductions in long-term debt

     (5     (29

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

     (527     743   

Cash dividends to ExxonMobil shareholders

     (2,221     (2,188

Cash dividends to noncontrolling interests

     (96     (95

Changes in noncontrolling interests

     212        (9

Common stock acquired

     (5,704     (5,653

Common stock sold

     82        384   
  

 

 

   

 

 

 

Net cash used in financing activities

     (8,130     (6,749
  

 

 

   

 

 

 

Effects of exchange rate changes on cash

     200        254   
  

 

 

   

 

 

 

Increase/(decrease) in cash and cash equivalents

     6,006        5,008   

Cash and cash equivalents at beginning of period

     12,664        7,825   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 18,670      $ 12,833   
  

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES

    

Income taxes paid

   $ 5,416      $ 5,173   

Cash interest paid

   $ 99      $ 103   

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(millions of dollars)

 

     ExxonMobil Share of Equity              
     Common
Stock
    Earnings
Reinvested
    Accumulated
Other
Compre-

hensive
Income
    Common
Stock

Held in
Treasury
    ExxonMobil
Share of
Equity
    Noncontrolling
Interests
    Total
Equity
 

Balance as of December 31, 2010

   $ 9,371      $ 298,899      $ (4,823   $ (156,608   $ 146,839      $ 5,840      $ 152,679   

Amortization of stock-based awards

     203        —          —          —          203        —          203   

Tax benefits related to stock-based awards

     81        —          —          —          81        —          81   

Other

     (499     —          —          —          (499     (4     (503

Net income for the period

     —          10,650        —          —          10,650        263        10,913   

Dividends – common shares

     —          (2,188     —          —          (2,188     (95     (2,283

Other comprehensive income

     —          —          1,167        —          1,167        56        1,223   

Acquisitions, at cost

     —          —          —          (5,653     (5,653     (9     (5,662

Dispositions

     —          —          —          880        880        —          880   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of March 31, 2011

   $ 9,156      $ 307,361      $ (3,656   $ (161,381   $ 151,480      $ 6,051      $ 157,531   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2011

   $ 9,512      $ 330,939      $ (9,123   $ (176,932   $ 154,396      $ 6,348      $ 160,744   

Amortization of stock-based awards

     226        —          —          —          226        —          226   

Tax benefits related to stock-based awards

     22        —          —          —          22        —          22   

Other

     (753     —          —          —          (753     544        (209

Net income for the period

     —          9,450        —          —          9,450        349        9,799   

Dividends – common shares

     —          (2,221     —          —          (2,221     (96     (2,317

Other comprehensive income

     —          —          1,125        —          1,125        (24     1,101   

Acquisitions, at cost

     —          —          —          (5,704     (5,704     (16     (5,720

Dispositions

     —          —          —          471        471        —          471   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of March 31, 2012

   $ 9,007      $ 338,168      $ (7,998   $ (182,165   $ 157,012      $ 7,105      $ 164,117   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended March 31, 2012           Three Months Ended March 31, 2011  

Common Stock Share Activity

   Issued     Held in
Treasury
    Outstanding           Issued     Held in
Treasury
    Outstanding  
     (millions of shares)           (millions of shares)  

Balance as of December 31

     8,019        (3,285     4,734          8,019        (3,040     4,979   

Acquisitions

     —          (66     (66       —          (69     (69

Dispositions

     —          8        8          —          16        16   
  

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

Balance as of March 31

     8,019        (3,343     4,676          8,019        (3,093     4,926   
  

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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Table of Contents

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 2011 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. 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 materially adverse effect upon the Corporation’s operations, financial condition, or financial statements taken as a whole.

On June 30, 2011, a state district court jury in Baltimore County, Maryland returned a verdict against Exxon Mobil Corporation in Allison, et al v. Exxon Mobil Corporation, a case involving an accidental 26,000 gallon gasoline leak at a suburban Baltimore service station. The verdict included approximately $497 million in compensatory damages and approximately $1.0 billion in punitive damages in a finding that ExxonMobil fraudulently misled the plaintiff-residents about the events leading up to the leak, the leak’s discovery, and the nature and extent of any groundwater contamination. ExxonMobil believes the verdict is not justified by the evidence and that the amount of the compensatory award is grossly excessive and the imposition of punitive damages is improper and unconstitutional. The trial court denied a post-trial motion that ExxonMobil filed to overturn the punitive damages verdict. Following the entry of a final judgment, ExxonMobil will appeal the verdict and judgment. In an earlier trial involving the same leak and different plaintiffs, the jury awarded compensatory damages but rejected the plaintiffs’ punitive damages claims. Those plaintiffs did not appeal the jury’s denial of punitive damages. On February 9, 2012, the Maryland Court of Special Appeals reversed in part and affirmed in part the trial court’s decision on compensatory damages in that case. Both the plaintiffs and ExxonMobil have filed petitions for writs of certiorari with the Maryland Court of Appeals seeking reversals of portions of the Court of Special Appeals’ decision. The ultimate outcome of all of this litigation is not expected to have a material adverse effect upon the Corporation’s operations, financial condition, or financial statements taken as a whole.

Other Contingencies

The Corporation and certain of its consolidated subsidiaries were contingently liable at March 31, 2012 for guarantees relating to notes, loans and performance under contracts. 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.

 

-8-


Table of Contents
     As of March 31, 2012  
     Equity
Company
Obligations 
(1)
     Other
Third Party
Obligations
     Total  
     (millions of dollars)  

Guarantees

        

Debt-related

   $ 1,741       $ 64       $ 1,805   

Other

     5,059         3,850         8,909   
  

 

 

    

 

 

    

 

 

 

Total

   $ 6,800       $ 3,914       $ 10,714   
  

 

 

    

 

 

    

 

 

 

 

  (1) ExxonMobil share

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 March 31, 2012, 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.

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 have petitioned a Nigerian federal court for enforcement of the award, and NNPC has petitioned the same court to have the award set aside. Those proceedings are pending. At this time, the net impact of this matter on the Corporation’s consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation’s operations or financial condition.

 

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Table of Contents
3. Other Comprehensive Income Information

 

     ExxonMobil Share of Accumulated
Other Comprehensive Income
 
     Cumulative
Foreign
Exchange
Translation
Adjustment
     Postretirement
Benefits
Reserves
Adjustment
    Unrealized
Change in
Fair Value
on Cash
Flow Hedges
    Total  
     (millions of dollars)  

Balance as of December 31, 2010

   $ 5,011       $ (9,889   $ 55      $ (4,823

Current period change excluding amounts reclassified from accumulated other comprehensive income

     1,249         (362     3        890   

Amounts reclassified from accumulated other comprehensive income

     —           296        (19     277   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total change in accumulated other comprehensive income

     1,249         (66     (16     1,167   
  

 

 

    

 

 

   

 

 

   

 

 

 

Balance as of March 31, 2011

   $ 6,260       $ (9,955   $ 39      $ (3,656
  

 

 

    

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2011

   $ 4,168       $ (13,291   $ —        $ (9,123

Current period change excluding amounts reclassified from accumulated other comprehensive income

     1,065         (366     —          699   

Amounts reclassified from accumulated other comprehensive income

     52         374        —          426   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total change in accumulated other comprehensive income

     1,117         8        —          1,125   
  

 

 

    

 

 

   

 

 

   

 

 

 

Balance as of March 31, 2012

   $ 5,285       $ (13,283   $ —        $ (7,998
  

 

 

    

 

 

   

 

 

   

 

 

 

 

     Three Months Ended
March 31,
 
     2012     2011  
     (millions of dollars)  

INCOME TAX (EXPENSE)/CREDIT FOR
COMPONENTS OF OTHER COMPREHENSIVE INCOME

    

Foreign exchange translation adjustment

   $ (60   $ (36

Postretirement benefits reserves adjustment

    

Postretirement benefits reserves adjustment (excluding amortization)

     161        177   

Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs

     (189     (155

Unrealized change in fair value on cash flow hedges

    

Change in fair value of cash flow hedges

     —          (2

Realized (gain)/loss from settled cash flow hedges included in net income

     —          12   
  

 

 

   

 

 

 

Total

   $ (88   $ (4
  

 

 

   

 

 

 

 

-10-


Table of Contents
4. Earnings Per Share

 

     Three Months Ended
March 31,
 
     2012      2011  

Earnings per common share

     

Net income attributable to ExxonMobil (millions of dollars)

   $ 9,450       $ 10,650   

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

     4,715         4,963   

Earnings per common share (dollars)

   $ 2.00       $ 2.14   

Earnings per common share - assuming dilution

     

Net income attributable to ExxonMobil (millions of dollars)

   $ 9,450       $ 10,650   

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

     4,715         4,963   

Effect of employee stock-based awards

     1         8   
  

 

 

    

 

 

 

Weighted average number of common shares outstanding - assuming dilution

     4,716         4,971   
  

 

 

    

 

 

 

Earnings per common share - assuming dilution (dollars)

   $ 2.00       $ 2.14   

 

-11-


Table of Contents
5. Pension and Other Postretirement Benefits

 

     Three Months Ended
March 31,
 
     2012     2011  
     (millions of dollars)  

Pension Benefits - U.S.

    

Components of net benefit cost

    

Service cost

   $ 156      $ 125   

Interest cost

     205        198   

Expected return on plan assets

     (190     (192

Amortization of actuarial loss/(gain) and prior service cost

     146        123   

Net pension enhancement and curtailment/settlement cost

     123        101   
  

 

 

   

 

 

 

Net benefit cost

   $ 440      $ 355   
  

 

 

   

 

 

 

Pension Benefits - Non-U.S.

    

Components of net benefit cost

    

Service cost

   $ 168      $ 139   

Interest cost

     298        316   

Expected return on plan assets

     (289     (290

Amortization of actuarial loss/(gain) and prior service cost

     254        184   

Net pension enhancement and curtailment/settlement cost

     6        —     
  

 

 

   

 

 

 

Net benefit cost

   $ 437      $ 349   
  

 

 

   

 

 

 

Other Postretirement Benefits

    

Components of net benefit cost

    

Service cost

   $ 33      $ 26   

Interest cost

     103        103   

Expected return on plan assets

     (11     (10

Amortization of actuarial loss/(gain) and prior service cost

     53        57   
  

 

 

   

 

 

 

Net benefit cost

   $ 178      $ 176   
  

 

 

   

 

 

 

 

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, including capitalized lease obligations, was $9.7 billion at March 31, 2012, and $9.8 billion at December 31, 2011, as compared to recorded book values of $9.2 billion at March 31, 2012, and $9.3 billion at December 31, 2011. The fair value of long-term debt by hierarchy level at March 31, 2012 is shown below:

 

     As of March 31, 2012  
     Level 1      Level 2      Level 3      Total  
     (millions of dollars)  

Long-term debt fair value

   $ 6,731       $ 2,576       $ 387       $ 9,694   

The fair value hierarchy for long-term debt is primarily Level 1 and represents quoted prices in active markets. Level 2 includes debt whose fair value is based upon a publicly available index. The Level 3 amount is primarily capitalized leases whose value is typically determined through the use of present value and specific contract terms.

 

-12-


Table of Contents
7. Disclosures about Segments and Related Information

 

     Three Months Ended
March 31,
 
     2012     2011  
     (millions of dollars)  

EARNINGS AFTER INCOME TAX

    

Upstream

    

United States

   $ 1,010      $ 1,279   

Non-U.S.

     6,792        7,396   

Downstream

    

United States

     603        694   

Non-U.S.

     983        405   

Chemical

    

United States

     433        669   

Non-U.S.

     268        847   

All other

     (639     (640
  

 

 

   

 

 

 

Corporate total

   $ 9,450      $ 10,650   
  

 

 

   

 

 

 

SALES AND OTHER OPERATING REVENUE (1)

    

Upstream

    

United States

   $ 2,967      $ 3,286   

Non-U.S.

     7,896        8,878   

Downstream

    

United States

     30,909        27,537   

Non-U.S.

     67,018        59,191   

Chemical

    

United States

     3,927        3,647   

Non-U.S.

     6,468        6,708   

All other

     4        4   
  

 

 

   

 

 

 

Corporate total

   $ 119,189      $ 109,251   
  

 

 

   

 

 

 

(1)    Includes sales-based taxes

    

INTERSEGMENT REVENUE

    

Upstream

    

United States

   $ 2,492      $ 2,359   

Non-U.S.

     12,170        12,305   

Downstream

    

United States

     5,510        4,530   

Non-U.S.

     17,169        16,501   

Chemical

    

United States

     3,128        2,816   

Non-U.S.

     2,693        2,450   

All other

     70        64   

 

8. Accounting for Suspended Exploratory Well Costs

For the category of exploratory well costs at year-end 2011 that were suspended more than one year, a total of $88 million was expensed in the first three months of 2012.

 

-13-


Table of Contents
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 ($2,735 million) 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.

 

     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings,
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated statement of comprehensive income for three months ended March 31, 2012

  

Revenues and other income

              

Sales and other operating revenue,
including sales-based taxes

   $ 4,479       $ —         $ 114,710       $ —         $ 119,189   

Income from equity affiliates

     9,396         5         4,171         (9,362      4,210   

Other income

     124         —           530         —           654   

Intercompany revenue

     14,407         1         116,500         (130,908      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues and other income

     28,406         6         235,911         (140,270      124,053   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Costs and other deductions

              

Crude oil and product purchases

     15,384         —           182,335         (127,894      69,825   

Production and manufacturing expenses

     1,981         —           9,319         (1,450      9,850   

Selling, general and administrative expenses

     801         —           2,963         (163      3,601   

Depreciation and depletion

     404         —           3,438         —           3,842   

Exploration expenses, including dry holes

     117         —           405         —           522   

Interest expense

     149         73         1,306         (1,421      107   

Sales-based taxes

     —           —           8,493         —           8,493   

Other taxes and duties

     10         —           10,288         —           10,298   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and other deductions

     18,846         73         218,547         (130,928      106,538   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     9,560         (67      17,364         (9,342      17,515   

Income taxes

     110         (27      7,633         —           7,716   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income including noncontrolling interests

     9,450         (40      9,731         (9,342      9,799   

Net income attributable to
noncontrolling interests

     —           —           349         —           349   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 9,450       $ (40    $ 9,382       $ (9,342    $ 9,450   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Comprehensive income attributable to ExxonMobil

   $ 10,575       $ (40    $ 10,423       $ (10,383    $ 10,575   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-14-


Table of Contents
Consolidating Consolidating Consolidating Consolidating Consolidating
     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings,
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated statement of comprehensive income for three months ended March 31, 2011

  

Revenues and other income

              

Sales and other operating revenue, including sales-based taxes

   $ 4,247       $ —         $ 105,004       $ —         $ 109,251   

Income from equity affiliates

     11,154         (4      3,795         (11,118      3,827   

Other income

     30         —           896         —           926   

Intercompany revenue

     12,228         1         107,781         (120,010      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues and other income

     27,659         (3      217,476         (131,128      114,004   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Costs and other deductions

              

Crude oil and product purchases

     14,106         —           163,771         (117,380      60,497   

Production and manufacturing expenses

     1,877         —           8,989         (1,346      9,520   

Selling, general and administrative expenses

     730         —           3,069         (172      3,627   

Depreciation and depletion

     386         —           3,375         —           3,761   

Exploration expenses, including dry holes

     64         —           270         —           334   

Interest expense

     54         68         1,039         (1,132      29   

Sales-based taxes

     —           —           7,916         —           7,916   

Other taxes and duties

     9         —           9,394         —           9,403   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and other deductions

     17,226         68         197,823         (120,030      95,087   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     10,433         (71      19,653         (11,098      18,917   

Income taxes

     (217      (25      8,246         —           8,004   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income including noncontrolling interests

     10,650         (46      11,407         (11,098      10,913   

Net income attributable to noncontrolling interests

     —           —           263         —           263   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 10,650       $ (46    $ 11,144       $ (11,098    $ 10,650   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Comprehensive income attributable to ExxonMobil

   $ 11,817       $ (46    $ 12,253       $ (12,207    $ 11,817   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-15-


Table of Contents
     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings,
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated balance sheet as of March 31, 2012

  

           

Cash and cash equivalents

   $ 881       $ —         $ 17,789       $ —         $ 18,670   

Cash and cash equivalents - restricted

     336         —           141         —           477   

Notes and accounts receivable - net

     2,753         12         33,687         (608      35,844   

Inventories

     1,620         —           13,129         —           14,749   

Other current assets

     770         —           5,650         —           6,420   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current assets

     6,360         12         70,396         (608      76,160   

Property, plant and equipment - net

     19,843         —           194,759         —           214,602   

Investments and other assets

     269,984         398         491,194         (718,615      42,961   

Assets held for sale

     —           —           11,429         —           11,429   

Intercompany receivables

     16,782         2,862         564,477         (584,121      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 312,969       $ 3,272       $ 1,332,255       $ (1,303,344    $ 345,152   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Notes and loans payable

   $ 1,434       $ 2,735       $ 2,250       $ —         $ 6,419   

Accounts payable and accrued liabilities

     3,462         43         55,579         —           59,084   

Income taxes payable

     —           —           15,099         (608      14,491   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current liabilities

     4,896         2,778         72,928         (608      79,994   

Long-term debt

     354         —           8,877         —           9,231   

Postretirement benefits reserves

     12,720         —           10,839         —           23,559   

Deferred income tax liabilities

     1,408         —           34,878         —           36,286   

Other long-term liabilities

     4,936         —           18,113         —           23,049   

Liabilities associated with assets held for sale

     —           —           8,916         —           8,916   

Intercompany payables

     131,643         382         452,096         (584,121      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     155,957         3,160         606,647         (584,729      181,035   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings reinvested

     338,168         (1,072      150,747         (149,675      338,168   

Other ExxonMobil equity

     (181,156      1,184         567,756         (568,940      (181,156
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

ExxonMobil share of equity

     157,012         112         718,503         (718,615      157,012   

Noncontrolling interests

     —           —           7,105         —           7,105   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity

     157,012         112         725,608         (718,615      164,117   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities and equity

   $ 312,969       $ 3,272       $ 1,332,255       $ (1,303,344    $ 345,152   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Condensed consolidated balance sheet as of December 31, 2011

  

           

Cash and cash equivalents

   $ 1,354       $ —         $ 11,310       $ —         $ 12,664   

Cash and cash equivalents - restricted

     239         —           165         —           404   

Notes and accounts receivable - net

     2,719         —           36,569         (646      38,642   

Inventories

     1,634         —           13,390         —           15,024   

Other current assets

     353         —           5,876         —           6,229   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current assets

     6,299         —           67,310         (646      72,963   

Property, plant and equipment - net

     19,687         —           194,977         —           214,664   

Investments and other assets

     260,410         393         485,157         (702,535      43,425   

Assets held for sale

     —           —           —           —           —     

Intercompany receivables

     17,325         2,726         543,844         (563,895      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 303,721       $ 3,119       $ 1,291,288       $ (1,267,076    $ 331,052   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Notes and loans payable

   $ 1,851       $ 2,662       $ 3,198       $ —         $ 7,711   

Accounts payable and accrued liabilities

     3,117         57         53,893         —           57,067   

Income taxes payable

     —           2         13,371         (646      12,727   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current liabilities

     4,968         2,721         70,462         (646      77,505   

Long-term debt

     293         —           9,029         —           9,322   

Postretirement benefits reserves

     12,344         —           12,650         —           24,994   

Deferred income tax liabilities

     1,450         —           35,168         —           36,618   

Other long-term liabilities

     5,215         —           16,654         —           21,869   

Liabilities associated with assets held for sale

     —           —           —           —           —     

Intercompany payables

     125,055         386         438,454         (563,895      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     149,325         3,107         582,417         (564,541      170,308   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings reinvested

     330,939         (1,032      141,467         (140,435      330,939   

Other ExxonMobil equity

     (176,543      1,044         561,056         (562,100      (176,543
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

ExxonMobil share of equity

     154,396         12         702,523         (702,535      154,396   

Noncontrolling interests

     —           —           6,348         —           6,348   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity

     154,396         12         708,871         (702,535      160,744   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities and equity

   $ 303,721       $ 3,119       $ 1,291,288       $ (1,267,076    $ 331,052   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-16-


Table of Contents
     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings,
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated statement of cash flows for three months ended March 31, 2012

  

     

Cash provided by/(used in) operating activities

   $ 1,110       $ —         $ 18,279       $ (102    $ 19,287   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities

              

Additions to property, plant and equipment

     (641      —           (7,202      —           (7,843

Proceeds Associated with sales of long-term assets

     265         —           2,248         —           2,513   

Net intercompany investing

     7,150         (136      (7,343      329         —     

All other investing, net

     (97      —           76         —           (21
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) investing activities

     6,677         (136      (12,221      329         (5,351
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities

              

Additions to long-term debt

     —           —           129         —           129   

Reductions in long-term debt

     —           —           (5      —           (5

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

     (417      —           (110      —           (527

Cash dividends

     (2,221      —           (102      102         (2,221

Net ExxonMobil shares sold/(acquired)

     (5,622      —           —           —           (5,622

Net intercompany financing activity

     —           (4      193         (189      —     

All other financing, net

     —           140         116         (140      116   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) financing activities

     (8,260      136         221         (227      (8,130
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Effects of exchange rate changes on cash

     —           —           200         —           200   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Increase/(decrease) in cash and cash equivalents

   $ (473    $ —         $ 6,479       $ —         $ 6,006   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Condensed consolidated statement of cash flows for three months ended March 31, 2011

  

     

Cash provided by/(used in) operating activities

   $ (36    $ 1       $ 16,992       $ (101    $ 16,856   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities

              

Additions to property, plant and equipment

     (600      —           (6,451      —           (7,051

Proceeds Associated with sales of long-term assets

     39         —           1,302         —           1,341   

Net intercompany investing

     7,232         (176      (7,457      401         —     

All other investing, net

     146         —           211         —           357   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) investing activities

     6,817         (176      (12,395      401         (5,353
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities

              

Additions to long-term debt

     —           —           98         —           98   

Reductions in long-term debt

     —           —           (29      —           (29

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

     734         —           9         —           743   

Cash dividends

     (2,188      —           (101      101         (2,188

Net ExxonMobil shares sold/(acquired)

     (5,269      —           —           —           (5,269

Net intercompany financing activity

     —           —           226         (226      —     

All other financing, net

     —           175         (104      (175      (104
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) financing activities

     (6,723      175         99         (300      (6,749
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Effects of exchange rate changes on cash

     —           —           254         —           254   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Increase/(decrease) in cash and cash equivalents

   $ 58       $ —         $ 4,950       $ —         $ 5,008   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-17-


Table of Contents
10. Assets Held for Sale

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

The major classes of assets and liabilities classified as held for sale at March 31, 2012, were as follows:

 

     (millions of dollars)  

Assets

  

Current Assets

  

Cash

   $ 10   

Notes and accounts receivable, net (1)

     4,001   

Inventories (2)

     2,060   

Other current assets

     1,102   
  

 

 

 

Total current assets

     7,173   

Net property, plant and equipment

     4,491   

Other assets

     887   
  

 

 

 

Total assets

   $ 12,551   
  

 

 

 

Liabilities

  

Current Liabilities

  

Notes and loans payable (3)

   $ 741   

Accounts payable and accrued liabilities (1)

     7,460   
  

 

 

 

Total current liabilities

     8,201   

Long-term debt

     21   

Postretirement benefits reserves

     1,988   

Other long-term obligations

     778   
  

 

 

 

Total liabilities

   $ 10,988   

Equity

  

ExxonMobil share of equity (4)

   $ (350

Noncontrolling interests

     1,913   
  

 

 

 

Total equity

   $ 1,563   
  

 

 

 

Total liabilities and equity

   $ 12,551   
  

 

 

 

 

  (1) Accounts receivable includes $1,122 million of intercompany receivables, and accounts payable includes $2,072 million of intercompany payables that are eliminated in the Exxon Mobil Corporation Consolidated Balance Sheet.

 

  (2) The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $3.1 billion at March 31, 2012.

 

  (3) On March 31, 2012, Japan’s unused credit lines for short-term financing were $1.2 billion.

 

  (4) On the date the Corporation transfers control to TG, the ExxonMobil share of accumulated other comprehensive income will be recycled into earnings. At March 31, 2012, the total accumulated other comprehensive income was $1,503 million.

 

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Table of Contents

EXXON MOBIL CORPORATION

 

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

FUNCTIONAL EARNINGS SUMMARY

 

     First Three Months  

Earnings (U.S. GAAP)

   2012     2011  
     (millions of dollars)  

Upstream

    

United States

   $ 1,010      $ 1,279   

Non-U.S.

     6,792        7,396   

Downstream

    

United States

     603        694   

Non-U.S.

     983        405   

Chemical

    

United States

     433        669   

Non-U.S.

     268        847   

Corporate and financing

     (639     (640
  

 

 

   

 

 

 

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

   $ 9,450      $ 10,650   
  

 

 

   

 

 

 

Earnings per common share (dollars)

   $ 2.00      $ 2.14   

Earnings per common share - assuming dilution (dollars)

   $ 2.00      $ 2.14   

References in this discussion to total corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the income statement. Unless otherwise indicated, references to earnings, special items, 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 FIRST QUARTER 2012 RESULTS

ExxonMobil results for the first quarter 2012 reflect our ongoing focus on developing and delivering energy needed to support job creation and economic growth. Despite continuing economic uncertainty, we are progressing our robust investment plans to meet the energy demands of the future.

In the first quarter, capital and exploration expenditures were $8.8 billion.

We continued to generate strong cash flow from operations and asset sales with $21.8 billion in the quarter.

First quarter earnings of $9,450 million were down 11 percent from the first quarter of 2011.

The Corporation distributed more than $7 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.

 

     First Three Months  
     2012      2011  
     (millions of dollars)  

Upstream earnings

     

United States

   $ 1,010       $ 1,279   

Non-U.S.

     6,792         7,396   
  

 

 

    

 

 

 

Total

   $ 7,802       $ 8,675   
  

 

 

    

 

 

 

Upstream earnings for the first three months were $7,802 million, down $873 million from the first quarter of 2011. Higher liquids and natural gas realizations increased earnings by $980 million. Lower sales volumes decreased earnings by $850 million. All other items, primarily higher operating expenses and the absence of gains on asset sales, decreased earnings by $1.0 billion.

 

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Table of Contents

On an oil-equivalent basis, production decreased over 5 percent from the first quarter of 2011. Excluding the impact of higher prices on entitlement volumes, OPEC quota effects and divestments, production was down 1 percent.

Liquids production totaled 2,214 kbd (thousands of barrels per day), down 185 kbd from the first quarter of 2011. Excluding the impact of higher prices on entitlement volumes, OPEC quota effects and divestments, liquids production was down less than 1 percent, as field decline was mostly offset by ramp-up of Angola and Iraq projects, and lower downtime.

First quarter natural gas production was 14,036 mcfd (millions of cubic feet per day), down 489 mcfd from 2011, mainly due to field decline and divestments.

Earnings from U.S. Upstream operations were $1,010 million, $269 million lower than the first quarter of 2011. Non-U.S. Upstream earnings were $6,792 million, down $604 million from the prior year.

 

     First Three Months  
     2012      2011  
     (millions of dollars)  

Downstream earnings

     

United States

   $ 603       $ 694   

Non-U.S.

     983         405   
  

 

 

    

 

 

 

Total

   $ 1,586       $ 1,099   
  

 

 

    

 

 

 

First quarter Downstream earnings of $1,586 million were up $487 million from the first quarter of 2011. Lower margins decreased earnings $40 million. Volume and mix effects increased earnings by $210 million, while all other items, mainly gains on asset sales, increased earnings by $320 million. Petroleum product sales of 6,316 kbd were 49 kbd higher than last year’s first quarter.

Earnings from the U.S. Downstream were $603 million, down $91 million from the first quarter of 2011. Non-U.S. Downstream earnings of $983 million were $578 million higher than last year.

 

     First Three Months  
     2012      2011  
     (millions of dollars)  

Chemical earnings

     

United States

   $ 433       $ 669   

Non-U.S.

     268         847   
  

 

 

    

 

 

 

Total

   $ 701       $ 1,516   
  

 

 

    

 

 

 

Chemical earnings of $701 million for the first three months were $815 million lower than the first quarter of 2011. Weaker margins decreased earnings by $520 million. Other items, including higher planned maintenance and the absence of favorable tax items, decreased earnings by $300 million. First quarter prime product sales of 6,337 kt (thousands of metric tons) were 15 kt higher than last year’s first quarter.

 

     First Three Months  
     2012     2011  
     (millions of dollars)  

Corporate and financing earnings

   $ (639   $ (640

Corporate and financing expenses were $639 million for the first quarter of 2012, consistent with the prior year.

 

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Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

 

     First Three Months  
     2012     2011  
     (millions of dollars)  

Net cash provided by/(used in)

    

Operating activities

   $ 19,287      $ 16,856   

Investing activities

     (5,351     (5,353

Financing activities

     (8,130     (6,749

Effect of exchange rate changes

     200        254   
  

 

 

   

 

 

 

Increase/(decrease) in cash and cash equivalents

   $ 6,006      $ 5,008   
  

 

 

   

 

 

 

Cash and cash equivalents (at end of period)

   $ 18,670      $ 12,833   

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

     477        401   
  

 

 

   

 

 

 

Total cash and cash equivalents (at end of period)

   $ 19,147      $ 13,234   
  

 

 

   

 

 

 

Cash flow from operations and asset sales

    

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

   $ 19,287      $ 16,856   

Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments

     2,513        1,341   
  

 

 

   

 

 

 

Cash flow from operations and asset sales

   $ 21,800      $ 18,197   
  

 

 

   

 

 

 

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

Total cash and cash equivalents of $19.1 billion at the end of the first quarter of 2012 compared to $13.2 billion at the end of the first quarter of 2011.

Cash provided by operating activities totaled $19.3 billion for the first three months of 2012, $2.4 billion higher than 2011. The major source of funds was net income including noncontrolling interests of $9.8 billion, a decrease from the prior year period. The adjustment for the noncash provision of $3.8 billion for depreciation and depletion was flat with 2011. Changes in operational working capital added to cash flows in both periods. For additional details, see the Condensed Consolidated Statement of Cash Flows on page 6.

Investing activities for the first three months of 2012 used net cash of $5.4 billion which was flat when compared to the prior year. Spending for additions to property, plant and equipment increased $0.8 billion to $7.8 billion. Proceeds from asset sales increased $1.2 billion to $2.5 billion.

Cash flow from operations and asset sales for the first three months of 2012 of $21.8 billion, including asset sales of $2.5 billion, increased $3.6 billion from the comparable 2011 period.

Net cash used in financing activities of $8.1 billion in the first three months of 2012 was $1.4 billion higher than 2011, mostly reflecting a decrease in short-term debt.

During the first quarter of 2012, Exxon Mobil Corporation purchased 66 million shares of its common stock for the treasury at a gross cost of $5.7 billion. These purchases included $5 billion to reduce the number of shares outstanding, with the balance used to acquire shares in conjunction with the company’s benefit plans and programs. Shares outstanding decreased from 4,734 million at year-end 2011 to 4,676 million at the end of the first quarter 2012. 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.

The Corporation distributed to shareholders a total of $7.2 billion in the first quarter of 2012 through dividends and share purchases to reduce shares outstanding.

Total debt of $15.7 billion, which excludes $0.8 billion classified as liabilities associated with assets held for sale (see Note 10), at March 31, 2012, compared to $17.0 billion at year-end 2011. The Corporation’s debt to total capital ratio was 8.7 percent at the end of the first quarter of 2012 compared to 9.6 percent at year-end 2011. The debt to capital ratio would have been 9.1 percent at the end of first quarter 2012 if the $0.8 billion of debt classified as liabilities associated with assets held for sale had been included.

 

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Table of Contents

Although the Corporation issues long-term debt from time to time and maintains a revolving commercial paper program, internally generated funds are expected to cover the majority of its net near-term financial requirements.

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

 

     First Three Months  
     2012     2011  
     (millions of dollars)  

Income taxes

   $ 7,716      $ 8,004   

Effective income tax rate

     49     47

Sales-based taxes

     8,493        7,916   

All other taxes and duties

     11,203        10,316   
  

 

 

   

 

 

 

Total

   $ 27,412      $ 26,236   
  

 

 

   

 

 

 

Income, sales-based and all other taxes and duties totaled $27.4 billion for the first quarter of 2012, an increase of $1.2 billion from 2011. Income tax expense decreased by $0.3 billion to $7.7 billion reflecting the lower level of earnings. The effective income tax rate was 49 percent compared to 47 percent in the prior year period. Sales-based taxes and all other taxes and duties increased by $1.5 billion to $19.7 billion reflecting higher prices.

CAPITAL AND EXPLORATION EXPENDITURES

 

     First Three Months  
     2012      2011  
     (millions of dollars)  

Upstream (including exploration expenses)

   $ 8,079       $ 6,900   

Downstream

     439         450   

Chemical

     313         449   

Other

     3         22   
  

 

 

    

 

 

 

Total

   $ 8,834       $ 7,821   
  

 

 

    

 

 

 

Capital and exploration expenditures were $8.8 billion, up 13 percent from the first quarter of 2011, as ExxonMobil continues with plans to invest about $37 billion per year over the next five years to develop new energy supplies to meet expected growth in demand. Actual spending could vary depending on the progress of individual projects.

 

-22-


Table of Contents

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 2011 Form 10-K. We assume no duty to update these statements as of any future date.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information about market risks for the three months ended March 31, 2012, does not differ materially from that discussed under Item 7A of the registrant’s Annual Report on Form 10-K for 2011.

 

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 March 31, 2012. 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.

 

-23-


Table of Contents

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

The United States Environmental Protection Agency (EPA) issued three administrative orders between June 23, 2011 and February 29, 2012 for XTO Energy Inc.’s (XTO) Coastal, Boggess and Fancher well and compressor pad locations in West Virginia for alleged violations of the Clean Water Act. The orders require a delineation to determine Clean Water Act jurisdiction for each site and a restoration plan to address unauthorized impacts to regulated waters. No formal demand has been made by the EPA, but in addition to the requirements contained in the orders, it is expected that the EPA will seek penalties from XTO in excess of $100,000 to resolve the matters at all of the sites.

Following an April 2011 inspection of ExxonMobil Pipeline Company’s (EMPCo) records of its pipeline integrity management program, on November 7, 2011, the U.S. Department of Transportation Pipeline & Hazardous Material Safety Administration (PHMSA) issued a Notice of Probable Violation, Proposed Civil Penalty and Proposed Compliance Order asserting that 1) EMPCo failed to timely conduct hydro-pressure tests to establish Maximum Allowable Operating Pressures (MAOPs) for certain of its pipeline systems (proposed penalty of $109,500), 2) EMPCo inappropriately established a “Discovery” date for a pipeline condition requiring repair (proposed penalty of $20,800), and 3) EMPCo failed to evaluate and repair at least three “immediate repair conditions” in an acceptable amount of time (proposed penalty of $20,800). EMPCo has denied all of the allegations. While the federal regulations require MAOPs for new pipelines to be established via hydro-tests, the regulations set alternative criteria to establish MAOPs for pipelines constructed prior to 1970. EMPCo’s pipelines cited in the Notice were constructed prior to 1970 and their MAOPs were established in conformance with the applicable regulations. An administrative hearing before a PHMSA hearing officer was held in April 2012.

In late 2011 and early 2012, the EPA determined that two suppliers of renewable fuel credits, called Renewable Identification Numbers (RINs), had generated invalid RINs that were subsequently transferred to ExxonMobil and used by ExxonMobil in its 2010 compliance report under the U.S. Renewable Fuel Standard program. On November 7, 2011, the EPA issued a Notice of Violation (NOV) to Exxon Mobil Corporation, concerning the use of the invalid RINs generated by one of the suppliers, but did not make a demand for any penalty at that time. In December 2011, ExxonMobil replaced the invalid RINs that were the subject of the November 2011 NOV, and in anticipation that RINs generated by the second supplier would be declared invalid by the EPA, ExxonMobil also replaced RINs generated by this supplier that had been used by ExxonMobil. In February 2012, the EPA issued an NOV to one of those suppliers, charging it with generating invalid RINs. On March 14, 2012, the EPA proposed an Administrative Settlement Agreement (ASA), which includes an administrative penalty of $165,407 to resolve ExxonMobil’s alleged use of invalid RINs in its 2010 report. ExxonMobil and the EPA executed the ASA in April 2012.

Regarding a matter previously reported in the Corporation’s Form 10-Q for the second quarter of 2008, ExxonMobil Oil Corporation (EMOC) has agreed to settle allegations contained in a civil complaint filed by the Illinois Attorney General and Illinois EPA in the Circuit Court of Will County, Illinois, alleging that the Joliet Refinery violated certain air emission regulations and caused petroleum sheens at the facility wharf, in violation of federal and State of Illinois requirements. EMOC has agreed to install an Uninterrupted Power Supply system at its North Sulfur Unit and to pay a civil penalty of $300,000. An Agreed Consent Order was signed by the Illinois EPA, the Illinois Attorney General’s Office and EMOC by early May 2012.

Regarding a matter previously reported in the Corporation’s Form 10-Q for the third quarter of 2011, on February 7, 2012, EMPCo paid a civil penalty of $100,000 to PHMSA to resolve issues in a Final Order finding that EMPCo failed to establish a written procedure for the removal of a temperature probe from a gasoline storage tank at the EMPCo operated petroleum terminal in Spokane, Washington.

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

 

-24-


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

Issuer Purchase of Equity Securities for Quarter Ended March 31, 2012

 

 

Period

   Total Number
Of Shares
Purchased
     Average
Price Paid
per Share
     Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
     Maximum Number
Of Shares that May
Yet Be Purchased
Under the Plans or
Programs
 

January, 2012

     21,896,469       $ 85.88         21,896,469      

February, 2012

     21,269,601       $ 85.50         21,269,601      

March, 2012

     23,309,221       $ 86.02         23,309,221      
  

 

 

       

 

 

    

Total

     66,475,291       $ 85.81         66,475,291         (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 April 26, 2012, the Corporation stated that second quarter 2012 share purchases to reduce shares outstanding are anticipated to equal $5 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.

 

-25-


Table of Contents

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: May 3, 2012

    By:   /s/    Patrick T. Mulva        
      Name:   Patrick T. Mulva
      Title:  

Vice President, Controller and Principal

Accounting Officer

 

-26-


Table of Contents

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.

 

 

-27-

EX-31.1 2 d328062dex311.htm CERTIFICATION BY CEO PURSUANT TO RULE 13A-14(A) Certification by CEO pursuant to Rule 13a-14(a)

EXHIBIT 31.1

Certification by Rex W. Tillerson

Pursuant to Securities Exchange Act Rule 13a-14(a)

I, Rex W. Tillerson, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Exxon Mobil Corporation;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2012

 

/s/ Rex W. Tillerson
Rex W. Tillerson

Chief Executive Officer

EX-31.2 3 d328062dex312.htm CERTIFICATION BY PFO PURSUANT TO RULE 13A-14(A) Certification by PFO pursuant to Rule 13a-14(a)

EXHIBIT 31.2

Certification by Donald D. Humphreys

Pursuant to Securities Exchange Act Rule 13a-14(a)

I, Donald D. Humphreys, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Exxon Mobil Corporation;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2012

 

/s/ Donald D. Humphreys

Donald D. Humphreys

Senior Vice President

(Principal Financial Officer)

EX-31.3 4 d328062dex313.htm CERTIFICATION BY PAO PURSUANT TO RULE 13A-14(A) Certification by PAO pursuant to Rule 13a-14(a)

EXHIBIT 31.3

Certification by Patrick T. Mulva

Pursuant to Securities Exchange Act Rule 13a-14(a)

I, Patrick T. Mulva, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Exxon Mobil Corporation;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2012

 

/s/ Patrick T. Mulva
Patrick T. Mulva
Vice President and Controller
(Principal Accounting Officer)
EX-32.1 5 d328062dex321.htm SECTION 906 CERTIFICATION BY CEO Section 906 Certification by CEO

EXHIBIT 32.1

Certification of Periodic Financial Report

Pursuant to 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Rex W. Tillerson, the chief executive officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to his knowledge:

(i) the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2012

 

/s/ Rex W. Tillerson

Rex W. Tillerson
Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 d328062dex322.htm SECTION 906 CERTIFICATION BY PFO Section 906 Certification by PFO

EXHIBIT 32.2

Certification of Periodic Financial Report

Pursuant to 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Donald D. Humphreys, the principal financial officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to his knowledge:

(i) the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2012

 

/s/ Donald D. Humphreys

Donald D. Humphreys
Senior Vice President
(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.3 7 d328062dex323.htm SECTION 906 CERTIFICATION BY PAO Section 906 Certification by PAO

EXHIBIT 32.3

Certification of Periodic Financial Report

Pursuant to 18 U.S.C. Section 1350

For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Patrick T. Mulva, the principal accounting officer of Exxon Mobil Corporation (the “Company”), hereby certifies that, to his knowledge:

(i) the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2012

 

/s/ Patrick T. Mulva

Patrick T. Mulva

Vice President and Controller

(Principal Accounting Officer)

A signed original of this written statement required by Section 906 has been provided to Exxon Mobil Corporation and will be retained by Exxon Mobil Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2011 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. The Corporation's exploration and production activities are accounted for under the "successful efforts" method. </font></p> </div> 88000000 7825000000 12833000000 12664000000 11310000000 1354000000 18670000000 17789000000 881000000 10000000 5008000000 4950000000 58000000 6006000000 6479000000 -473000000 0.44 0.47 9000000000 9000000000 8019000000 8019000000 4733948268 4676165291 9512000000 9007000000 11817000000 -12207000000 12253000000 11817000000 -46000000 10575000000 -10383000000 10423000000 10575000000 -40000000 319000000 325000000 12136000000 10900000000 <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><b>3.</b></font></td> <td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Other Comprehensive Income Information </b></font></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="55%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="14" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>ExxonMobil Share of Accumulated</b></font><br /><font style="font-family: ARIAL;" class="_mt" size="1"><b>Other Comprehensive Income</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Cumulative<br />Foreign<br />Exchange<br />Translation<br />Adjustment</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Postretirement<br />Benefits<br />Reserves<br />Adjustment</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Unrealized<br />Change in<br />Fair Value<br />on Cash<br />Flow&nbsp;Hedges</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Total</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="14" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>(millions of dollars)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Balance as of December&nbsp;31, 2010</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">5,011</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(9,889</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">55</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(4,823</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Current period change excluding amounts reclassified from accumulated other comprehensive income</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,249</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(362</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">3</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">890</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Amounts reclassified from accumulated other comprehensive income</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">296</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(19</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">277</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total change in accumulated other comprehensive income</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,249</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(66</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(16</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,167</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Balance as of March&nbsp;31, 2011</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">6,260</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(9,955</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">39</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(3,656</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="16"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="4"> </td> <td height="16" colspan="4"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Balance as of December&nbsp;31, 2011</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,168</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(13,291</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(9,123</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Current period change excluding amounts reclassified from accumulated other comprehensive income</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,065</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(366</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">699</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Amounts reclassified from accumulated other comprehensive income</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">52</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">374</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">426</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total change in accumulated other comprehensive income</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,117</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,125</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Balance as of March&nbsp;31, 2012</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">5,285</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(13,283</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(7,998</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="84%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Three&nbsp;Months&nbsp;Ended<br />March&nbsp;31,</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="6" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>(millions&nbsp;of&nbsp;dollars)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>INCOME TAX (EXPENSE)/CREDIT FOR</b><br /><b>COMPONENTS OF OTHER COMPREHENSIVE INCOME </b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Foreign exchange translation adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(60</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(36</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Postretirement benefits reserves adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Postretirement benefits reserves adjustment (excluding amortization)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">161</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">177</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(189</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(155</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Unrealized change in fair value on cash flow hedges</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Change in fair value of cash flow hedges</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Realized (gain)/loss from settled cash flow hedges included in net income</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">12</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(88</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(4</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 6px; margin-bottom: 0px; font-size: 1px;">&nbsp;</p> </div> 95087000000 -120030000000 197823000000 17226000000 68000000 106538000000 -130928000000 218547000000 18846000000 73000000 7711000000 3198000000 1851000000 2662000000 6419000000 2250000000 1434000000 2735000000 741000000 9800000000 9694000000 6731000000 2576000000 387000000 36618000000 35168000000 1450000000 36286000000 34878000000 1408000000 290000000 10000000 192000000 289000000 11000000 190000000 316000000 103000000 198000000 298000000 103000000 205000000 349000000 176000000 355000000 437000000 178000000 440000000 101000000 6000000 123000000 139000000 26000000 125000000 168000000 33000000 156000000 3761000000 3375000000 386000000 3842000000 3438000000 404000000 <div> <div class="MetaData"> <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><b>10.</b></font></td> <td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Assets Held for Sale </b></font></td></tr></table> <p style="margin-top: 6px; margin-bottom: 0px; margin-left: 4%;"><font style="font-family: ARIAL;" class="_mt" size="2">On January 29, 2012, the Corporation announced that it had entered into an agreement which will result in the restructuring of its Downstream and Chemical holdings in Japan. Under the agreement, TonenGeneral Sekiyu K. K. (TG), a consolidated subsidiary owned&nbsp;<font class="_mt">50</font> percent by the Corporation, will purchase for approximately $<font class="_mt">3.9</font> billion the Corporation's shares of a wholly-owned affiliate in Japan, ExxonMobil Yugen Kaisha, which will result in TG acquiring approximately&nbsp;<font class="_mt">200</font> million of its shares currently owned by the Corporation along with other assets. As a result of the restructuring the Corporation's effective ownership of TG will be reduced to approximately&nbsp;<font class="_mt">22</font> percent. The purchase price is subject to adjustments including changes in working capital. Closing is anticipated in mid-2012. </font></p> <p style="margin-top: 12px; margin-bottom: 0px; margin-left: 4%;"><font style="font-family: ARIAL;" class="_mt" size="2">The major classes of assets and liabilities classified as held for sale at March 31, 2012, were as follows: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <div class="MetaData"> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="83%"> </td> <td valign="bottom" width="12%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>(millions&nbsp;of&nbsp;dollars)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Assets</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Current Assets</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 5em;"><font style="font-family: ARIAL;" class="_mt" size="2">Cash</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">10</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 5em;"><font style="font-family: ARIAL;" class="_mt" size="2">Notes and accounts receivable, net <i>(1)</i></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,001</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 5em;"><font style="font-family: ARIAL;" class="_mt" size="2">Inventories <i>(2)</i></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">2,060</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 5em;"><font style="font-family: ARIAL;" class="_mt" size="2">Other current assets</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,102</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total current assets</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">7,173</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Net property, plant and equipment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,491</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Other assets</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">887</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total assets</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">12,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Liabilities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Current Liabilities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 5em;"><font style="font-family: ARIAL;" class="_mt" size="2">Notes and loans payable <i>(3)</i></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">741</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 5em;"><font style="font-family: ARIAL;" class="_mt" size="2">Accounts payable and accrued liabilities <i>(1)</i></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">7,460</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total current liabilities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">8,201</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Long-term debt</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">21</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Postretirement benefits reserves</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,988</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Other long-term obligations</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">778</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total liabilities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">10,988</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Equity</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">ExxonMobil share of equity <i>(4)</i></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">(350</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Noncontrolling interests</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,913</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total equity</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1,563</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Total liabilities and equity</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">12,551</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" width="4%" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>(1)</i></font></td> <td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>Accounts receivable includes $<font class="_mt">1,122</font> million of intercompany receivables, and accounts payable includes $<font class="_mt">2,072</font> million of intercompany payables that are eliminated in the Exxon Mobil Corporation Consolidated Balance Sheet. </i></font></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" width="4%" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>(2)</i></font></td> <td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $<font class="_mt">3.1</font> billion at March&nbsp;31, 2012. </i></font></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" width="4%" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>(3)</i></font></td> <td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>On March&nbsp;31, 2012, Japan's unused credit lines for short-term financing were $<font class="_mt">1.2</font> billion. </i></font></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" width="4%" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>(4)</i></font></td> <td class="MetaData" valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><i>On the date the Corporation transfers control to TG, the ExxonMobil share of accumulated other comprehensive income will be recycled into earnings. At March&nbsp;31, 2012, the total accumulated other comprehensive income was $<font class="_mt">1,503</font> million. </i></font></td></tr></table></div></div></div> </div> 2283000000 95000000 2188000000 2188000000 2317000000 96000000 2221000000 2221000000 2.14 2.00 2.14 2.00 <div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><b>4.</b></font></td> <td valign="top" align="left"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Earnings Per Share </b></font></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="82%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>Three&nbsp;Months&nbsp;Ended<br />March&nbsp;31,</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: ARIAL;" class="_mt" size="1"><b>2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Earnings per common share</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Net income attributable to ExxonMobil (millions of dollars)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">9,450</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">10,650</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Weighted average number of common shares outstanding (millions of shares)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,715</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,963</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Earnings per common share (dollars)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">2.00</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">2.14</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2"><b>Earnings per common share - assuming dilution</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Net income attributable to ExxonMobil (millions of dollars)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">9,450</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">10,650</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Weighted average number of common shares outstanding (millions of shares)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,715</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,963</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: ARIAL;" class="_mt" size="2">Effect of employee stock-based awards</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">8</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Weighted average number of common shares outstanding - assuming dilution</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,716</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">4,971</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: ARIAL;" class="_mt" size="2">Earnings per common share - assuming dilution (dollars)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">2.00</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: ARIAL;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: ARIAL;" class="_mt" size="2">2.14</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: ARIAL;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr></table> </div> 254000000 254000000 200000000 200000000 3100000000 7916000000 7916000000 8493000000 8493000000 334000000 270000000 64000000 522000000 405000000 117000000 10714000000 1805000000 6800000000 8909000000 3914000000 1741000000 64000000 5059000000 3850000000 18917000000 -11098000000 19653000000 10433000000 -71000000 17515000000 -9342000000 17364000000 9560000000 -67000000 3827000000 -11118000000 3795000000 11154000000 -4000000 4210000000 -9362000000 4171000000 9396000000 5000000 5173000000 5416000000 8004000000 8246000000 -217000000 -25000000 7716000000 7633000000 110000000 -27000000 -2887000000 -5792000000 705000000 146000000 29000000 -1132000000 1039000000 54000000 68000000 107000000 -1421000000 1306000000 149000000 73000000 103000000 99000000 11665000000 11343000000 15024000000 13390000000 1634000000 14749000000 13129000000 1620000000 2060000000 3359000000 3406000000 750000000 170308000000 -564541000000 582417000000 149325000000 3107000000 181035000000 -584729000000 606647000000 155957000000 3160000000 10988000000 331052000000 -1267076000000 1291288000000 303721000000 3119000000 345152000000 -1303344000000 1332255000000 312969000000 3272000000 12551000000 77505000000 -646000000 70462000000 4968000000 2721000000 79994000000 -608000000 72928000000 4896000000 2778000000 8201000000 8916000000 8916000000 1200000000 9322000000 9029000000 293000000 9231000000 8877000000 354000000 21000000 34333000000 34527000000 6348000000 6348000000 7105000000 7105000000 1913000000 0.50 -6749000000 -300000000 99000000 -6723000000 175000000 -8130000000 -227000000 221000000 -8260000000 136000000 -5353000000 401000000 -12395000000 6817000000 -176000000 -5351000000 329000000 -12221000000 6677000000 -136000000 16856000000 -101000000 16992000000 -36000000 1000000 19287000000 -102000000 18279000000 1110000000 10650000000 -11098000000 11144000000 -640000000 847000000 669000000 405000000 694000000 10650000000 -46000000 7396000000 1279000000 9450000000 -9342000000 9382000000 -639000000 268000000 433000000 983000000 603000000 9450000000 -40000000 6792000000 1010000000 263000000 263000000 349000000 349000000 887000000 6229000000 5876000000 353000000 6420000000 5650000000 770000000 1102000000 9092000000 8434000000 -405000000 -404000000 177000000 161000000 -16000000 1249000000 1117000000 1334000000 1249000000 1045000000 1065000000 67000000 52000000 -36000000 -60000000 1223000000 1167000000 56000000 1167000000 1167000000 1101000000 1125000000 -24000000 1125000000 1125000000 -4000000 -88000000 19000000 19000000 12000000 -296000000 -374000000 -155000000 -189000000 3000000 3000000 -2000000 926000000 896000000 30000000 654000000 530000000 124000000 21869000000 16654000000 5215000000 23049000000 18113000000 4936000000 778000000 2735000 -357000000 -211000000 -146000000 21000000 -76000000 97000000 5653000000 5704000000 2188000000 -101000000 101000000 2188000000 2221000000 -102000000