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Products: Exxon Mobil Corporation (XOM)

Exxon Mobil Corporation

Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. Their principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. ExxonMobil is a major manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products. Affiliates of ExxonMobil conduct extensive research programs in support of these businesses.

Exxon Mobil Corporation has several divisions and hundreds of affiliates, many with names that include ExxonMobil, Exxon, Esso, Mobil or XTO. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso, Mobil and XTO, as well as terms like Corporation, Company, our, we  and its, are sometimes used as abbreviated references to specific affiliates or groups of affiliates. The precise meaning depends on the context in question.

The energy and petrochemical industries are highly competitive. There is competition within the industries and also with other industries in supplying the energy, fuel and chemical needs of both industrial and individual consumers. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.

The number of regular employees was 69.6 thousand, 71.1 thousand, and 73.5 thousand at years ended 2017, 2016 and 2015, respectively. Regular employees are defined as active executive, management, professional, technical and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs. Regular employees do not include employees of the company‑operated retail sites (CORS). The number of CORS employees was 1.6 thousand, 1.6 thousand, and 2.1 thousand at years ended 2017, 2016 and 2015, respectively.

Throughout ExxonMobil’s businesses, new and ongoing measures are taken to prevent and minimize the impact of our operations on air, water and ground. These include a significant investment in refining infrastructure and technology to manufacture clean fuels, as well as projects to monitor and reduce nitrogen oxide, sulfur oxide and greenhouse gas emissions, and expenditures for asset retirement obligations. Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil’s 2017 worldwide environmental expenditures for all such preventative and remediation steps, including ExxonMobil’s share of equity company expenditures, were $4.7 billion, of which $3.3 billion were included in expenses with the remainder in capital expenditures. The total cost for such activities is expected to increase to approximately $5 billion in 2018 and 2019. Capital expenditures are expected to account for approximately 30 percent of the total.

Summary of Oil and Gas Reserves at Year-End 2017

The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidated subsidiaries and equity companies. Gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels. The Corporation has reported proved reserves on the basis of the average of the first-day-of-the-month price for each month during the last 12-month period. No major discovery or other favorable or adverse event has occurred since December 31, 2017, that would cause a significant change in the estimated proved reserves as of that date.


 

          Crude Natural Gas   Synthetic Natural Oil-Equivalent 
          Oil Liquids Bitumen Oil Gas Basis
          (million bbls) (million bbls) (million bbls) (million bbls) (billion cubic ft) (million bbls)
Proved Reserves            
  Developed            
    Consolidated Subsidiaries            
      United States 1,137 352 - - 12,649 3,597
      Canada/Other Americas 85 7 657 473 512 1,307
      Europe 93 26 - - 1,231 325
      Africa 593 83 - - 584 773
      Asia 2,070 112 - - 4,030 2,854
      Australia/Oceania 85 46 - - 4,420 868
        Total Consolidated 4,063 626 657 473 23,426 9,724
                     
    Equity Companies            
      United States 201 7 - - 154 234
      Europe 14 - - - 4,899 830
      Africa - - - - - -
      Asia 715 304 - - 12,898 3,168
        Total Equity Company 930 311 - - 17,951 4,232
        Total Developed 4,993 937 657 473 41,377 13,956
                     
  Undeveloped            
    Consolidated Subsidiaries            
      United States 1,558 609 - - 6,384 3,231
      Canada/Other Americas 325 12 355 - 860 835
      Europe 26 4 - - 137 53
      Africa 136 1 - - 11 139
      Asia 1,426 - - - 310 1,478
      Australia/Oceania 25 6 - - 2,474 443
        Total Consolidated 3,496 632 355 - 10,176 6,179
                     
    Equity Companies            
      United States 44 4 - - 69 60
      Europe 1 - - - 1,265 212
      Africa 6 - - - 914 158
      Asia 382 49 - - 1,350 656
        Total Equity Company 433 53 - - 3,598 1,086
        Total Undeveloped 3,929 685 355 - 13,774 7,265
Total Proved Reserves 8,922 1,622 1,012 473 55,151 21,221

Oil and Gas Production

The table below summarizes production by final product sold and by geographic area for the last three years.


 

          2017   2016   2015
          (thousands of barrels daily)
Crude oil and natural gas liquids production   Crude Oil NGL   Crude Oil NGL   Crude Oil NGL
  Consolidated Subsidiaries                  
    United States   361 96   347 87   326 86
    Canada/Other Americas    44 6   53 6   47 8
    Europe   147 31   171 31   173 28
    Africa   412 11   459 15   511 18
    Asia   373 26   383 27   346 29
    Australia/Oceania   35 19   37 19   33 17
      Total Consolidated Subsidiaries 1,372 189   1,450 185   1,436 186
                         
  Equity Companies                  
    United States   55 2   58 2   61 3
    Europe   4 -   2 -   3 -
    Asia   235 64   232 65   241 68
      Total Equity Companies   294 66   292 67   305 71
                         
Total crude oil and natural gas liquids production   1,666 255   1,742 252   1,741 257
                         
Bitumen production                  
  Consolidated Subsidiaries                  
    Canada/Other Americas    305     304     289  
                         
Synthetic oil production                  
  Consolidated Subsidiaries                  
    Canada/Other Americas    57     67     58  
                         
Total liquids production   2,283     2,365     2,345  
                         
          (millions of cubic feet daily)  
Natural gas production available for sale                  
  Consolidated Subsidiaries                  
    United States   2,910     3,052     3,116  
    Canada/Other Americas (1)    218     239     261  
    Europe   1,046     1,093     1,110  
    Africa   5     7     5  
    Asia   906     927     1,080  
    Australia/Oceania   1,310     887     677  
      Total Consolidated Subsidiaries 6,395     6,205     6,249  
                         
  Equity Companies                  
    United States   26     26     31  
    Europe   902     1,080     1,176  
    Asia   2,888     2,816     3,059  
      Total Equity Companies   3,816     3,922     4,266  
Total natural gas production available for sale   10,211     10,127     10,515  
                         
          (thousands of oil-equivalent barrels daily)  
Oil-equivalent production   3,985     4,053     4,097  

Review of Principal Ongoing Activities

UNITED STATES

ExxonMobil’s year-end 2017 acreage holdings totaled 12.8 million net acres, of which 0.9 million net acres were offshore. ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska.

During the year, 444.9 net development wells were completed in the inland lower 48 states. Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico and the Bakken oil play in North Dakota. In addition, gas development activities continued in the Marcellus Shale of Pennsylvania and West Virginia, the Utica Shale of Ohio  and the Haynesville Shale of East Texas and Louisiana. In 2017, ExxonMobil acquired a number of oil and gas properties in the Permian Basin.

ExxonMobil’s net acreage in the Gulf of Mexico at year-end 2017 was 0.8 million acres. A total of 2.3 net development wells were completed during the year.

Participation in Alaska production and development continued with a total of 10.9 net development wells completed.

CANADA / OTHER AMERICAS  

Canada

Oil and Gas Operations:  ExxonMobil’s year-end 2017 acreage holdings totaled 6.5 million net acres, of which 3.2 million net acres were offshore. A total of 10.8 net development wells were completed during the year. The Hebron project started up in 2017.

In Situ Bitumen Operations:  ExxonMobil’s year-end 2017 in situ bitumen acreage holdings totaled 0.7 million net onshore acres.  

Argentina

ExxonMobil’s net acreage totaled 0.3 million onshore acres at year-end 2017, and there were 4.0 net exploration and development wells completed during the year.

Guyana

ExxonMobil’s net acreage totaled 5.2 million offshore acres at year-end 2017, and there were 2.3 net exploration wells completed during the year. The Liza Phase 1 project was funded in 2017.

EUROPE

Germany

A total of 2.8 million net onshore acres were held by ExxonMobil at year-end 2017, with 1.3 net development wells completed during the year.

Netherlands

ExxonMobil’s net interest in licenses totaled approximately 1.5 million acres at year-end 2017, of which 1.1 million acres were onshore. A total of 1.3 net exploration and development wells were completed during the year.

Norway

ExxonMobil’s net interest in licenses at year-end 2017 totaled approximately 0.1 million acres, all offshore. A total of 3.9 net development wells were completed during the year. In 2017, ExxonMobil divested approximately 81 thousand net operated acres in Norway.

United Kingdom

ExxonMobil’s net interest in licenses at year-end 2017 totaled approximately 0.6 million acres, all offshore. A total of 1.2 net exploration and development wells were completed during the year.  The Penguins Redevelopment project was funded in 2017.  

AFRICA

Angola

ExxonMobil’s net acreage totaled 0.2 million offshore acres at year-end 2017, with 5.9 net development wells completed during the year. On Block 32, development activities continued on the Kaombo Split Hub project.  

Chad

ExxonMobil’s net year-end 2017 acreage holdings consisted of 46 thousand onshore acres.

Equatorial Guinea

ExxonMobil’s acreage totaled 0.3 million net offshore acres at year-end 2017, with 2.4 net exploration wells completed during the year.  

Mozambique

ExxonMobil’s net acreage totaled approximately 0.1 million offshore acres at year-end 2017. ExxonMobil acquired an interest in Area 4 offshore Mozambique in December 2017. The Coral South Floating LNG project was funded in 2017.

Nigeria

ExxonMobil’s net acreage totaled 1.1 million offshore acres at year-end 2017, with 0.8 net development wells completed during the year.

ASIA

Azerbaijan

At year-end 2017, ExxonMobil’s net acreage totaled 9 thousand offshore acres. A total of 1.3 net development wells were completed during the year.  

Indonesia

At year-end 2017, ExxonMobil had 0.1 million net acres onshore. In 2017, ExxonMobil relinquished approximately 0.4 million net acres offshore.

Iraq

At year-end 2017, ExxonMobil’s onshore acreage was 0.1 million net acres. A total of 4.5 net development wells were completed at the West Qurna Phase I oil field during the year. Oil field rehabilitation activities continued during 2017 and across the life of this project will include drilling of new wells, working over of existing wells, and optimization and debottlenecking of existing facilities. In the Kurdistan Region of Iraq, ExxonMobil continued exploration activities.

Kazakhstan

ExxonMobil’s net acreage totaled 0.1 million acres onshore and 0.2 million acres offshore at year-end 2017. A total of 4.3 net development wells were completed during 2017. Development activities continued on the Tengiz Expansion project.

Malaysia

ExxonMobil’s interests in production sharing contracts covered 2.5 million net acres offshore at year-end 2017. During the year, a total of 1.5 net development wells were completed. ExxonMobil acquired deepwater acreage offshore Sabah.

Qatar

Through our joint ventures with Qatar Petroleum, ExxonMobil’s net acreage totaled 65 thousand acres offshore at year-end 2017. ExxonMobil participated in 62.2 million tonnes per year gross liquefied natural gas capacity and 2.0 billion cubic feet per day of flowing gas capacity at year end. Development activities continued on the Barzan project in 2017.

Republic of Yemen

ExxonMobil’s net acreage in the Republic of Yemen production sharing areas totaled 10 thousand acres onshore at year-end 2017.

Russia

ExxonMobil’s net acreage holdings in Sakhalin at year-end 2017 were 85 thousand acres, all offshore. A total of 2.1 net exploration and development wells were completed. The Odoptu Stage 2 project started up in 2017.

At year-end 2017, ExxonMobil’s net acreage in the Rosneft joint venture agreements for the Kara, Laptev, Chukchi and Black Seas was 63.6 million acres, all offshore. ExxonMobil and Rosneft formed a joint venture to evaluate the development of tight-oil reserves in western Siberia in 2013. Equity Company Information” of the Financial Section of this report for additional information on the Corporation’s participation in Rosneft joint venture activities.

Thailand

ExxonMobil’s net onshore acreage in Thailand concessions totaled 21 thousand acres at year-end 2017.

United Arab Emirates

ExxonMobil’s net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 81 thousand acres at year-end 2017. A total of 5.3 net development wells were completed. During 2017, development activities continued on the Upper Zakum 750 project, and agreements were signed for the Upper Zakum 1MBD (million barrels per day) project, including a 10-year extension to 2051 for the Upper Zakum concession.

AUSTRALIA / OCEANIA

Australia

ExxonMobil’s year-end 2017 acreage holdings totaled 2.0 million net offshore acres. The Gas Conditioning Plant at Longford started up in 2017.

The third train of the co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) project started up in 2017. The project consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million tonnes per year LNG facility and a 280 million cubic feet per day domestic gas plant located on Barrow Island, Western Australia.

Papua New Guinea

A total of 10.1 million net acres were held by ExxonMobil at year-end 2017, of which 5.4 million net acres were offshore. A total of 0.7 net exploration and development wells were completed during the year. The Papua New Guinea (PNG) LNG integrated development includes gas production and processing facilities in the southern PNG Highlands, onshore and offshore pipelines, and a 6.9 million tonnes per year LNG facility near Port Moresby. In 2017, ExxonMobil acquired InterOil Corporation (IOC), an exploration and production business focused on Papua New Guinea.

WORLDWIDE EXPLORATION

At year-end 2017, exploration activities were under way in several areas in which ExxonMobil has no established production operations and thus are not included above. A total of 30.1 million net acres were held at year-end 2017 in these countries.

Exxon Mobil Corporation Products