Number 4 - ExxonMobil in the UK

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Panorama 29 Briefly The Texas Minority Counsel Program has honored ExxonMobil with its 2008 Champion of Diversity award for the company’s longstanding efforts to support minorities in the legal profession. The State Bar of Texas presents the award annually to companies that provide the program with ongoing support and assistance. ExxonMobil was honored for its demonstrated commitment to hiring minority attorneys and using minority-owned firms as outside counsel. The Texas Minority Counsel Program is just one in a wide range of minority legal organizations that ExxonMobil supports, including the Minority Corporate Counsel Association, the National Bar Association, the National Hispanic Bar Association, the Asian-American Bar Association, Corporate Counsel Women of Color and others. “The returns on the investment in time and sponsorship dollars are numerous,” says Joseph Yao, who represents ExxonMobil on the Texas Minority Counsel Program’s steering committee. “By supporting these organizations, we not only work to improve the legal profession overall but most importantly, we broaden the available talent pool for ExxonMobil. “Our participation enables us to meet and network with highly skilled minority attorneys from around the country,” says Yao. “Sometimes that leads us to new employees; other times it leads us to minority-owned outside counsel that can represent ExxonMobil.” The Exxon Mobil Corporation Board of Directors has changed its Corporate Governance Guidelines to enhance the role of presiding director. Under the changes, a presiding director is selected by nonemployee directors from among their members and would generally be expected to serve a minimum term of two years. Previously, the chair of the Board Affairs Committee and the chair of the Compensation Committee presided at nonemployee director executive sessions on an alternating basis, depending on the subject matter under discussion. In October, nonemployee directors selected Samuel Palmisano, chairman, president and chief executive officer of IBM Corporation, to be presiding director. The presiding director has the authority to call and chair executive sessions of the nonemployee directors and will chair all board meetings in the absence of the chairman. The presiding director will review board-meeting topics, agendas and schedules prior to distribution to the board, which consists of one employee and 10 nonemployees. “This demonstrates the board’s ongoing commitment to independence and the highest standards of corporate governance,” says Rex Tillerson, ExxonMobil chairman and CEO. “The board recognizes that corporate governance is of broad interest and has received input from a wide array of shareholders through the company’s ongoing engagement and dialogue efforts.” Exxon Mobil Corporation’s corporate governance practices are consistent with an overwhelming majority of S&P 500 companies, according to the Spencer Stewart 2007 Board Index. The Index reports that 94 percent of S&P 500 boards have a lead or presiding director and 84 percent of S&P 500 boards have chairs who are either a current chief executive (65 percent) or a former chief executive or senior executive (19 percent). The revised Corporate Governance Guidelines are available on ExxonMobil’s Web site at exxonmobil.com/governanceguidelines. A U.S. television show, Idol Gives Back, has allocated more than $60 million in charitable contributions raised earlier this year by viewers of the American Idol show and corporations, including ExxonMobil. Among the six U.S. and international charities receiving funds was ExxonMobil-supported Malaria No More, which received $12 million to combat the spread of malaria in Africa. The Lamp is published for ExxonMobil shareholders. Others may receive it on request. It is produced by the Public Affairs Department, Exxon Mobil Corporation. Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Esso and Mobil. For convenience and simplicity in this publication, those terms and the terms corporation, company, our, we and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments and others. For convenience and simplicity, words like venture, joint venture, partnership, co-venturer and partner are used to indicate business relationships involving common activities and interests, and those words may or may not indicate precise legal relationships. Trademark ownership: The terms Exxon, Mobil, Exxcore, Exxtral, Mobil 1, Exxsol, Vistamaxx and Taking on the world’s toughest energy challenges are trademarks, service marks or certification marks of Exxon Mobil Corporation or its affiliates. The following terms are trademarks of the entities indicated: Maxxis (Cheng Shin Rubber Company); Maya-300 (Electrovaya); McLaren (McLaren Racing Limited); Mercedes (Daimler AG); American Idol (19 TV Ltd and FremantleMedia North America, Inc.); Berlingo and Partner (PSA Peugeot Citroën); Formula 1 (Formula 1 Licensing B.V.); Fortune 500 (Time Inc.). Forward-Looking Statements: Outlooks, projections, estimates, targets and business plans in this publication are forwardlooking statements. Actual future results, including demand growth and supply mix; ExxonMobil’s own production growth and mix; resource recoveries; project plans, timing, costs and capacities; capital expenditures; revenue enhancements and cost efficiencies; margins; and the impact of technology could differ materially due to a number of factors. These include changes in long-term oil or gas prices or other market conditions affecting the oil, gas and petrochemical industries; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation; the outcome of commercial negotiations; the actions of competitors; unexpected technological developments; the occurrence and duration of economic recessions; unforeseen technical difficulties; and other factors discussed here and under the heading “Factors Affecting Future Results” in item 1 of our most recent Form 10-K and on our Web site at exxonmobil.com. Frequently Used Terms: References to resources, the resource base, recoverable resources, barrels and similar terms include quantities of oil and gas that are not yet classified as proved reserves, but that we believe will likely be moved into the proved reserves category and produced in the future. Discussions of reserves in this publication generally exclude the effects of year-end price/cost revisions and include reserves attributable to equity companies and our Syncrude operations. For definitions of, and information regarding, reserves, return on average capital employed, normalized earnings and other terms that may be used in this publication, including information required by SEC Regulation G, see the “Frequently Used Terms” posted on our Web site. The most recent Financial and Operating Review on our Web site also shows ExxonMobil’s net interest in specific projects.
Third-quarter earnings ExxonMobil’s third-quarter net income was a record $14,830 million, up 58 percent from the third quarter of 2007, while earnings per share were up 68 percent for the same period, reflecting the benefit of the share purchase program. ExxonMobil spent $6.9 billion on capital and exploration projects, an increase of 26 percent over 2007. On an oil-equivalent basis, production decreased by eight percent from the third quarter of 2007. Excluding lower entitlement volumes and impacts associated with the hurricanes, production was down about five percent. Upstream earnings, excluding a special gain from the sale of a natural gas transportation business in Germany, were $9,351 million, up $3,052 million from the third quarter of 2007. Higher crude oil and natural gas realizations increased earnings approximately $4.4 billion. Lower sales volumes decreased earnings about $1.3 billion. Downstream earnings were $3,013 million, up $1,012 million from the third quarter of 2007, on higher margins partially offset by unfavorable foreign exchange effects. Petroleum product sales were 6,688 kbd (thousands of barrels a day), 413 kbd lower than last year’s third quarter. Chemical earnings were $1,087 million, down $115 million from the third quarter of 2007. Prime product sales of 6,060 kt (thousands of metric tons) in the third quarter of 2008 were down 669 kt from the prior year due to hurricane effects and lower demand. Net income for the first nine months of 2008 of $37,400 million was a record and increased $8,450 million from 2007. Earnings per share increased 38 percent during the same period, reflecting strong business results. ExxonMobil quarterly financial summary Third Quarter Nine Months Millions of dollars, except per-share amounts 2008 2007 2008 2007 Functional earnings Upstream $ 10,971 $ 6,299 $ 29,768 $ 18,293 Downstream 3,013 2,001 5,737 7,306 Chemical 1,087 1,202 2,802 3,451 Corporate and financing (241) (92) (907) (100) Net income (U.S. GAAP) $ 14,830 $ 9,410 $ 37,400 $ 28,950 Net income per common share – assuming dilution $ 2.86 $ 1.70 $ 7.11 $ 5.15 Special items $ 1,450 $ 0 $ 1,160 $ 0 Earnings excluding special items $ 13,380 $ 9,410 $ 36,240 $ 28,950 Other financial data Total revenues and other income $ 137,737 $ 102,337 $ 392,663 $ 278,910 Income and other taxes $ 32,510 $ 26,273 $ 94,212 $ 76,892 Capital and exploration expenditures $ 6,853 $ 5,441 $ 19,314 $ 14,702 Dividends on common stock $ 2,063 $ 1,932 $ 6,040 $ 5,718 Dividends per common share $ 0.40 $ 0.35 $ 1.15 $ 1.02 Thousands of barrels daily, except for natural gas and chemical Operating data Net production of crude oil and natural gas liquids 2,291 2,537 2,383 2,650 Natural gas production available for sale (millions of cubic feet daily) 7,823 8,283 8,843 9,037 Oil-equivalent production (6 million cubic feet = 1 thousand barrels) 3,595 3,918 3,857 4,156 Refinery throughput 5,354 5,582 5,450 5,522 Petroleum product sales 6,688 7,101 6,761 7,090 Chemical prime product sales (thousands of metric tons) 6,060 6,729 19,356 20,431 30
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Page 3 and 4: Rex W. Tillerson Chairman and CEO M
Page 5 and 6: Photo by Mike Morrow Aboriginals ha
Page 7 and 8: Old rocks in new places Harnessing
Page 9 and 10: Access to domestic resources Some f
Page 11 and 12: optimal supply logistics, Antwerp w
Page 13 and 14: must work together to develop a sou
Page 15 and 16: “ What’s very important is for
Page 17 and 18: Photo courtesy of Qatargas Bigger,
Page 19 and 20: In 2009, Cheng Shin Rubber Company,
Page 21 and 22: Greg Strickland, field foreman (abo
Page 23 and 24: A real joy Participants are selecte
Page 25 and 26: Julian Proddow, automotive marketin
Page 27 and 28: Deepwater exploration planned in Bl
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Number 4 - ExxonMobil in the UK

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