2004 Summary Annual Report - ExxonMobil

Operating and capital discipline positions ExxonMobil’s
Downstream as an industry leader, capable of outperforming
the competition under a variety of market conditions.
Refining and Supply, Fuels Marketing, and Lubricants and Specialties
2004 RESULTS AND HIGHLIGHTS
Continued leadership in safety, reliability, scale, and
technology helped contribute to our best-ever financial
and operating results.
Earnings increased 62 percent to $5.7 billion versus 2003.
More than $1.7 billion of pretax cost efficiencies and
revenue enhancements were achieved. We have delivered
an average of $1.4 billion in pretax savings per year since
2000 through improvements that leverage our industryleading
proprietary technology, scale, and global
functional organization.
Downstream capital expenditures were $2.4 billion in 2004,
down 14 percent versus 2003, reflecting the completion of
many low-sulfur fuel projects.
Downstream return on average capital employed was
21 percent, up from 13 percent in 2003, aided by stronger
industry margins and ongoing “self-help” improvements.
Refinery throughput, at 5.7 million barrels per day,
was up 4 percent versus 2003, with improved unit
reliability that captured stronger industry margins.
Petroleum product sales were up 3 percent in 2004,
largely due to stronger industry demand and higher
refinery throughput.
D OWNSTREAM RETURN
ON AVERAGE CAPITAL EMPLOYED
ExxonMobil Integrated Oil Competitor Average
(percent)
(1)
2000 2001 2002 2003 2004
STATISTICAL RECAP 2004 2003 2002 2001 2000
Earnings (millions of dollars) 5,706 3,516 1,300 4,227 3,418
Refinery throughput (thousands of barrels per day) 5,713 5,510 5,443 5,542 5,642
Petroleum product sales (thousands of barrels per day) 8,210 7,957 7,757 7,971 7,993
Average capital employed (millions of dollars) 27,173 26,965 26,045 26,321 27,732
Return on average capital employed (percent) 21.0 13.0 5.0 16.1 12.3
Capital expenditures (millions of dollars) 2,405 2,781 2,450 2,322 2,618
24
20
16
12
8
4
0
(1) Royal Dutch Shell, BP, and ChevronTexaco values calculated on a consistent basis
with ExxonMobil, based on public information. Competitor data estimated for 2004.
S TRONG D OWNSTREAM EARNINGS CONTRIBUTIONS
(billions of dollars)
7
6
5
4
3
2
1
0
2000 2001 2002 2003 2004
EXXON MOBIL CORPORATION • 2004 SUMMARY ANNUAL REPORT
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