The term Upstream refers to exploration, development, production, and gas and power marketing. Downstream refers to the refining and marketing of petroleum products such as motor fuels and lubricants.

Projections, targets, expectations, estimates, and business plans in this report are forward-looking statements. Actual future results, including demand growth and energy mix; capacity growth; the impact of new technologies; capital expenditures; project plans, dates, and capacities; production rates and resource recoveries; efficiency gains and cost savings; and benefits of the XTO Energy transaction could differ materially due to, for example, changes in oil and gas prices or other market conditions affecting the oil and gas industry; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation; the actions of competitors; unexpected technological developments; the occurrence and duration of economic recessions; the outcome of commercial negotiations; unforeseen technical difficulties; the timing and conditions of regulatory clearance for the XTO Energy transaction; our ability to integrate effectively XTO Energy’s business with our own; and other factors discussed in this report and in Item 1A of ExxonMobil’s most recent Form 10-K.

Definitions of certain financial and operating measures and other terms used in this report, including ExxonMobil’s definition of “proved reserves,” are contained in the section titled “Frequently Used Terms” on pages 100 through 103. In the case of financial measures, the definitions also include information required by SEC Regulation G.

“Factors Affecting Future Results” and “Frequently Used Terms” are also posted on the “investors” section of our Web site.

Prior years’ data have been reclassified in certain cases to conform to the 2009 presentation basis.

 

 

 

ExxonMobil has a consistent and straightforward business model that combines our long-term perspective, disciplined approach to capital investment, and focus on operational excellence to grow shareholder value. We identify, develop, and execute projects using global best practices that ensure project returns will be resilient across a range of economic scenarios. We operate our facilities using proven management systems to achieve operational excellence. As a result, we consistently generate more income from a highly efficient capital base, as demonstrated by our superior return on average capital employed. We deliver industry-leading financial and operating results that grow long-term shareholder value.

ExxonMobil’s long-term safety performance leads the industry. Our commitment to safety, security, health, and the environment creates a solid foundation for superior results in all aspects of our business. ExxonMobil’s senior management and employees are committed to the goal of creating an incident-free workplace, and our culture reflects this objective.

ExxonMobil drives improvement in environmental performance with the goal of reducing incidents with real environmental impact to zero. We conduct business using an approach that is compatible with both the environmental and economic needs of the communities in which we operate.

Operations safety and integrity are central to the successful execution of ExxonMobil’s business strategies. The objective of operational excellence is embedded in our company culture and drives continuous improvements in all areas of our business.

ExxonMobil has developed a wide range of management and operating systems that address critical aspects of our business, including: ethics, safety, corporate governance, security, health, environmental performance, operations reliability, business controls, project investment and execution, energy efficiency, profit improvement, and external affairs. The disciplined application of these management and operating systems, deployed through our functional organization, has consistently delivered superior results.

ExxonMobil adheres to all applicable laws and regulations as a minimum standard, and, when requirements do not exist, we apply responsible standards to our operations.

We believe that a well-founded reputation for high ethical standards, strong business controls, and good corporate governance is a priceless corporate asset. This means that how we achieve results is as important as the results themselves. We choose the course of highest integrity in all of our business interactions. Directors, officers, and employees must comply with our Standards of Business Conduct.

The energy industry is a long-term business that requires decisions to be made with a time horizon that is measured in decades, rather than months or years, and that spans multiple business cycles. Projects are tested over a range of economic scenarios to ensure that risks are properly identified, evaluated, and managed. This approach enables superior investment returns through the business cycle.

Our proven project management system incorporates best practices developed around the world. Emphasis on the early phases of concept selection and effective project execution results in investments that maximize resource and asset value. We complete a rigorous reappraisal of all major projects and incorporate learnings into future project planning and design, further strengthening our capabilities.

Technology is vital to meeting the world’s growing demand for energy. Technological innovation creates resource opportunities by delivering cost-effective solutions in challenging environments, and enables the development of high-performance products and improved manufacturing processes.

ExxonMobil has a long-standing commitment to fundamental research to develop and grow our technical capabilities and to deliver advantaged technologies for all of our businesses. We have a wide array of research programs designed to meet the needs identified in our functional businesses. Over the past five years, we have invested more than $4 billion in research and development. Our global functional organization enables rapid deployment of new technologies to ensure early value capture.

Optimize Results Through
Functional Diversity and Integration

ExxonMobil’s business portfolio and level of global integration are unique in our industry. Our portfolio of assets provides advantages in scale, geographic diversity, and business mix, and mitigates risks that arise from changes in commodity prices, product margins, and business cycles.

Through integration, we are able to capture new opportunities and deliver greater value than any of our businesses could achieve on a stand-alone basis. The combination of our global scale and integration across our businesses gives ExxonMobil a competitive advantage that is difficult to replicate.

Increase Efficiency Through
Our Global Functional Organization

ExxonMobil’s global functional organization is fundamental to our ongoing success. Developed over many years, it is built on the common standards, processes, and culture of the Corporation, and generates a unique competitive advantage.

Our organizational structure requires senior management involvement in all major decisions and ensures consistent global execution of our business processes. We continue to discover new ways to leverage and enhance the approach to deliver increased value.

Delivering outstanding performance requires exceptional people. Our goal is to develop our employees to have the highest technical and leadership capabilities in the industry. We focus on merit-based, long-term career development and are committed to maintaining a diverse workforce. We recruit talented people from around the world and provide them with formal training and a broad range of global experiences to develop them into the next generation of company leaders. Investing in our people creates a sustainable source of competitive advantage.

ExxonMobil has a long tradition of making a positive contribution to the communities and economies in which we operate through programs that seek to foster social and economic development including health, education, and infrastructure. We partner with local institutions, nongovernmental organizations, governments, and development agencies to design our community investment programs. Through the ExxonMobil Foundation, we provide grants to fund projects in areas such as our two signature initiatives – the Malaria Initiative and the Women’s Economic Opportunity Initiative.

ExxonMobil’s financial position remains unparalleled in industry. In today’s challenging economic environment, this represents a unique competitive advantage. Moody’s and Standard & Poor’s recognize our superior financial strength by assigning the highest credit rating to our financial obligations. ExxonMobil is one of very few public companies that has maintained this credit rating consistently for decades.

Our financial strength gives us the flexibility to pursue and finance attractive investment opportunities through business cycles. Host governments and project partners recognize our unique capabilities and benefit from the financial strength and expertise we bring to the development of resources.

•		Record performance in workforce safety
•		Reduced Upstream hydrocarbon flaring by more than 20 percent
•		Zero spills greater than a barrel from company-operated marine vessels
•		Expanded research in advanced biofuels

ExxonMobil is committed to conducting business in a manner that protects the safety, security, and health of our employees, those involved with our operations, our customers, and the public. We are committed to conducting business in a manner that is compatible with the environmental and economic needs of the communities in which we operate. These commitments are documented in our safety, health, environmental, and product safety policies that are put into practice through a disciplined management framework called the Operations Integrity Management System (OIMS).

All operating organizations are required to maintain the systems and practices needed to conform to the expectations described in the OIMS framework. To drive continuous improvement, the framework is periodically updated. The latest revision, completed in 2009, strengthens framework expectations with respect to leadership, process safety, environmental performance, and the assessment of OIMS effectiveness. With this revision, we seek to:

•		Reinforce our belief that all safety, health, and environmental incidents are preventable; and,
•		Promote and maintain a work environment in which each of us accepts personal responsibility for our own safety and that of our colleagues, and in which everyone actively intervenes to ensure the safety, security, and wellness of others.

Since the inception of OIMS, our SSH&E performance has improved substantially. We continue to lead the industry with our low incident rates for work-related injuries and illnesses. Risks to the environment have been reduced, with a significant decline in marine spills and continuing reductions in emissions. We are proud of these achievements and remain committed to maintaining and improving these high levels of performance.

We have been cited by Lloyd’s Register Quality Assurance (LRQA) for “being among the leaders in the extent to which environmental management considerations have been integrated into our ongoing business practices.” We are

pleased that in 2009, LRQA recognized OIMS as meeting all requirements of the Occupational Health and Safety Assessment Series for health and safety management systems (OHSAS 18001:1999) and the International Organization for Standardization’s specification for environmental management systems (ISO 14001:2004).

At ExxonMobil, excellence in safety and health in the workplace is a core value. Our approach to safety and health management is yielding good results. Since 2000, we have reduced our workforce lost-time incidents by an average of over 14 percent per year and achieved best-ever performance for combined employee and contractor workforce incident rates in 2009. However, we are saddened to report that in 2009 we had eight workforce fatalities. We will not be satisfied until we have achieved a workplace in which Nobody Gets Hurt.

ExxonMobil has a long-standing commitment to the protection of our people, facilities, information, and other assets leading each business to reinforce the importance of security. Through the Security is Everybody’s Business initiative, we continue to stress awareness of security-related issues, from site security to cyber security.

We believe that a successful business relies on a healthy workforce – and we take seriously those health issues that impact our workforce – whether work-related or not. By providing voluntary health promotion programs designed to enhance employees’ well-being, productivity, and personal safety, we aim to improve the health of our workforce.

We also maintain an active commitment to the communities in which we work. We believe that self-sustaining improvements in public health are a key enabler for broader economic and social gains.

Through this initiative, we set goals to improve performance and drive incidents with real environmental impact to zero. Progress toward these goals is managed through Environmental Business Planning, which integrates environmental improvement efforts with other business plans.

Through strong environmental management, our businesses have made major improvements in environmental performance. For example, since 2004, we have reduced total oil spills greater than one barrel by about 50 percent. In 2009, we had zero spills from company-owned and

performance throughout our facilities worldwide. Since 2004, we have invested $1.9 billion in activities that reduce greenhouse gas emissions and improve energy efficiency in our operations. In addition, we are spending more than $5 billion in gas utilization and commercialization projects to reduce routine natural gas flaring.

We are also investing in cogeneration, which provides significant environmental benefits because it uses less fuel and produces fewer greenhouse gas emissions than conventional power generation. ExxonMobil has interests in about 4.9 gigawatts of cogeneration capacity in

operated marine vessels in ExxonMobil’s service.

No discussion of environmental performance would be complete without talking about the risks of climate change. We have the same concerns as people everywhere – and that is how to provide the world with the energy it needs while reducing greenhouse gas (GHG) emissions.

more than 30 locations worldwide. These operations have the capacity to produce enough electricity to supply the needs of more than 2 million U.S. homes.

Since the launch of our Global Energy Management System in 2000, we have identified opportunities to improve energy efficiency by 15 to 20 percent at our refineries and chemical plants and have already implemented over 60

We take the issue of climate change seriously and the risks warrant action. Our strategy to achieve reductions in GHG emissions is focused on increasing our own energy efficiency and reducing flaring in the short term; advancing current proven emissions-reducing technologies in the medium term; and developing breakthrough, game-changing technologies for long-term emissions reduction. These initiatives will reduce emissions generated both internally by our own operations and externally by our customers.

Internally, new energy efficiency technologies and day-to-day operational efficiency activities generate significant energy savings and reduce GHG emissions. ExxonMobil has systematically worked to improve efficiency and environmental

percent of these. Across our operations, we are working to reduce flaring of gas. In 2009, we reduced Upstream hydrocarbon flaring by about 23 percent.

Steps taken in these programs since 2005 have resulted in reductions in greenhouse gas emissions of more than 8 million tonnes in 2009, the equivalent of removing 1.7 million cars from U.S. roads.

We also believe that it is critically important – and ultimately most effective – to invest in research for fundamentally new technologies and innovative approaches that will be efficient in reducing future emissions. Technology is the single element that is common to all efforts to attain our energy and environmental goals. ExxonMobil is a world leader in carbon management technologies, and has researched and developed carbon-handling technologies for more than 30 years.

We have an active portfolio of research in a wide range of future technologies, including carbon capture and storage, hydrogen production, biomass conversion, and algae.

We launched a biofuels program with leading genomics innovator, Synthetic Genomics Inc. (SGI) to research and develop next-generation biofuels from photosynthetic algae. We believe that biofuel produced by algae has the potential to be an economically viable transportation fuel with low net emissions of greenhouse gases.

We are also a founding sponsor of the Global Climate and Energy Project (GCEP) at Stanford University, a pioneering research effort to identify potentially game-changing, breakthrough science to reduce GHG emissions.

In our Outlook for Energy – A View to 2030, we see significant opportunities for economic growth, improved living standards, and exciting new energy technologies. But we also see tremendous challenges: how to meet the world’s growing energy needs to support and expand prosperity for people, while also reducing the impact of energy use on the environment.

In considering these challenges, our Outlook for Energy takes a comprehensive look at long-term trends in energy demand, supply, emissions, and technology. ExxonMobil uses the Outlook to guide our long-term investment decisions. We also share it publicly to encourage a better understanding of the scale and nature of global energy challenges.

Meeting Key Energy Challenges

Our energy future is about people improving their daily lives and countries advancing through different stages of economic development and progress. Expanding access to energy – and the opportunities it affords – is a common goal around the world.

Meeting this challenge with reliable, affordable energy will not be easy, recognizing that increasing populations and economic prosperity will push global energy demand almost 35 percent higher by 2030 versus 2005. This means the industry will need to invest and operate on a scale even larger than today.

At the same time, we need to manage risks to our environment and take sensible steps to curb greenhouse gas (GHG) emissions. We also need to utilize local resources and promote trade to help maintain secure supplies.

Solutions to these challenges require a variety of approaches to expand supplies, improve efficiency, and mitigate emissions. These solutions will require trillions of dollars in new energy investment, a long-term focus, and constant technological innovation.

Prosperity and Energy Remain Linked

The evolution of energy and technology has enabled people in many countries to achieve a modern lifestyle in which access to energy is largely taken for granted. But in many parts of the world, the challenge is far more basic, as billions of people still lack access to electricity and modern fuels for cooking and heating.

Our Outlook begins with an assessment of how, where, and to what extent energy is used today to support people and their economic activities. Looking ahead, despite the recent recession, the long-term economic trend is encouraging. We expect global gross domestic product (GDP)  will expand at an average annual rate of 2.7 percent from 2005 through 2030.

In non-OECD countries – even with significant gains in energy efficiency – we expect rapid economic growth to produce a steep climb in energy demand. In fact, between 2005 and 2030, non-OECD energy demand will grow about 65 percent.

By contrast, in OECD countries, energy demand will be essentially flat through 2030 even though economic output will increase more than 50 percent on average. This demand profile will be driven by substantial improvements in efficiency.

In fact, one of the most important “fuels” of all is energy efficiency. The energy saved by improved efficiency will be larger in 2030 than from any other single source, including oil.

Transportation Demand Reflects Efficiency and Prosperity

Transportation is one of the most visible activities requiring energy today. Moving people and goods across cities, across regions, and around the world will continue to require substantial energy.

At the same time, we anticipate many shifts will occur within the transportation sector. For example, trends within the largest sub-sector – light-duty vehicles (cars, SUVs, and light pickup trucks) – will change dramatically. Through 2030, global energy demand from light-duty vehicles is expected to flatten as more efficient vehicles enter the market.

 

 

In contrast, energy for heavy-duty vehicles (trucks and buses) will grow significantly, reflecting economic growth and the increased shipment of goods. By 2030, heavy-duty vehicles will become the largest transportation demand segment. Over the outlook period, aviation and marine transport also will grow significantly, reflecting expanding prosperity and trade.

We classify transportation into two categories – personal transport (such as cars) and commercial transport. Over the outlook period, we see significant shifts in personal transport as OECD demand is expected to drop by 25 percent by 2030, while non-OECD demand more than doubles. Why is this? In OECD economies, where vehicles-per-capita is already high, better fuel economy over time will more than offset additional demand created by a growing fleet. However, in non-OECD countries, rapid growth in personal vehicle ownership will cause personal transport energy demand to rise dramatically.

Commercial transportation demand will grow significantly in all regions, but far more rapidly in non-OECD countries. Between 2005 and 2030, these fast-developing nations will have overtaken the OECD as the largest source of commercial transportation demand and will account for all of the growth in global transportation demand.

Rising Electricity Demand Drives Power Generation

Growing demand for electricity and the fuels used for power generation will continue to be a major trend. By 2030, global electricity demand will be about four times higher than in 1980. As a result, power generation will remain not only the largest energy-demand sector, but will also be the fastest-growing sector. Over the outlook period, this sector alone will contribute about 55 percent of the total growth in energy demand.

This remarkable increase in energy demand for power generation will be driven not only by the high-tech demands of the developed world, but also by the basic needs and

 

rapid economic growth of the developing world. From 2005 to 2030, non-OECD nations will account for nearly 80 percent of worldwide growth in electricity demand.

We also anticipate there will be a shift away from coal toward less carbon-intensive fuels including natural gas, nuclear, and renewable fuels. This shift will be driven by economics and national policies, including those that seek to reduce emissions by establishing a direct cost on GHG emissions. By 2030, we expect 40 percent of the world’s electricity will be generated by nuclear and renewable fuels.

Global Energy Demand and Supply Increasing

Through 2030, the global energy demand picture will be shaped by economic expansion and progress, particularly in non-OECD countries. Even with dramatic gains in efficiency, we expect global energy demand will rise 1.2 percent a year on average.

Fossil fuels – oil, natural gas, and coal – will continue to meet most of the world’s needs – accounting for nearly 80 percent of demand. No other energy sources can match their availability, versatility, affordability, and scale.

Oil will still account for the largest share, but natural gas will move into second place on very strong growth, driven by increasing power generation needs and the ability of natural gas to serve as a reliable, affordable, and clean-burning energy source. From 2005 to 2030, global demand for natural gas will increase about 55 percent. Nuclear power will also grow significantly to help meet rising electricity demand.

Wind, solar, and biofuels will grow most rapidly through 2030, at nearly 10 percent a year on average. However, starting from a small base, their contribution by 2030 will remain relatively small at about 2.5 percent of total energy.

In total, we expect global energy demand will rise by almost 35 percent from 2005 to 2030, with essentially all this growth occurring in non-OECD countries. Energy saved through efficiency gains will reach about twice the growth in global energy demand through 2030.

Meeting the Growing Worldwide Need for Liquid Fuels

The world’s liquid fuels supply comprises mostly crude oil, but also includes condensate, natural gas liquids, and biofuels. Liquid fuels will remain especially important for meeting projected strong growth in transportation demand. Nearly all the world’s transportation runs on liquid fuels because they provide a large quantity of energy in small volumes, making them easy to transport and widely available.

Meeting this demand has important implications for potential sources of supply. Supplies of all liquids excluding OPEC crude are projected to reach about 67 million oil-equivalent barrels per day by 2030, including about 3 million barrels per day from biofuels. The gap between these supplies and total liquids demand – known as the “call on OPEC crude” – is expected to expand to about 37 million oil-equivalent barrels per day in 2030.

Overall, the increase in liquids supply needed in 2030 will be met by non-OPEC and OPEC liquids in nearly equal share. Meeting this demand in an economic and environmentally sound manner is an ongoing priority of the industry. It will require large investments to maximize yields from mature fields as they naturally decline, and to develop new sources of supplies in existing development areas as well as promising new regions.

 

 

Natural Gas to Meet a Rising Share of Energy Needs

Natural gas will meet a growing share of the world’s energy needs through 2030. Given its abundance and properties as a clean-burning fuel, expanded use of natural gas can serve economic progress and help advance environmental goals.

Total natural gas demand in the United States and Europe will follow a similar pattern, with modest growth through 2030. In contrast, Asia Pacific demand will grow much more rapidly, at almost 4 percent per year on average.

An important supply development has been the expansion of unconventional natural gas – the result of recent improvements in technologies used to tap these hard-to-produce resources. This is particularly the case in the United States, where unconventional sources are expected to satisfy more than 50 percent of gas demand in 2030. In Europe, local natural gas production continues to decline, driving imports from about 45 percent of total supply in 2005 to about 70 percent in 2030. In Asia Pacific, domestic natural gas production continues to climb, but at a slower pace than demand. As a result, Asia Pacific will need to rely more heavily on gas imports. Common to all these areas will be the need for liquefied natural gas (LNG) imports to meet growing demand through 2030.

Growing Global Energy Demand and CO₂ Emissions

The outlook for energy-related carbon dioxide (CO₂) emissions is linked directly to the types and amounts of energy required globally. In our view, global CO₂ emissions are likely to rise about 25 percent from 2005 to 2030. While significant, that increase is substantially lower than the projected growth in energy demand. This outlook reflects substantial efficiency gains, as well as a shift over time to a significantly less carbon-intensive energy mix.

Importantly, because countries are at different stages in their economic development, the outlook for CO₂ emissions varies greatly between OECD and non-OECD countries.

Non-OECD emissions surpassed OECD emissions in 2004. By 2030, non-OECD countries will account for two-thirds of the global total.

This outcome reflects our view that CO₂ emissions in the OECD have already peaked and will decline by about 15 percent by 2030, reaching a level similar to that in 1980. This will be a noteworthy achievement considering that OECD economic output will have tripled from 1980 to 2030 and population will have grown by about 30 percent.

Providing Integrated Solutions

The scale of our economic, energy, and environmental challenges is huge and growing. To achieve significant scale, solutions to these challenges must make sense for investors and consumers. Further, to satisfy broad and diverse needs around the world, solutions must also be affordable, versatile, and efficient.

As an integrated set of solutions, we must pursue three key elements related to energy:

•		Moderating energy demand through efficiency;
•		Expanding all commercially viable energy sources; and,
•		Mitigating emissions.

Technology and diversity of economic supplies remain important. In addition, sensible and stable policy environments will continue to be essential to stimulate our creative human capacity as well as to encourage the huge investments necessary to address these challenges.

For our part, ExxonMobil is making enormous investments to provide solutions to help meet future energy demand. We are confident that by pursuing an integrated set of solutions, people around the world will realize great progress in meeting economic, energy, and environmental challenges.

The Outlook for Energy is available on our Web site at exxonmobil.com/energyoutlook.

High-resolution electron microscope imaging is used to study the structure of shale gas reservoirs, an increasingly important source of natural gas production. Shale pores can be as small as one-billionth of a meter in size.

Advances in seismic imaging are critical to finding and producing the world’s remaining hydrocarbon reserves. ExxonMobil’s leading-edge seismic imaging technologies are providing more accurate representations of the subsurface in structurally complex areas, such as below salt or in highly folded and faulted regions. These sophisticated imaging approaches utilize algorithms that incorporate a realistic simulation of the way seismic waves propagate through the subsurface. The resulting high-fidelity images will play a key role in enhancing decisions as our exploration, development, and production efforts progress into more challenging geologic settings.

ExxonMobil’s leading-edge seismic processing technology provides a more accurate image of the subsurface below salt bodies.

In 2009, ExxonMobil raised annual dividends to our shareholders to $1.66 per share, an increase of 7 percent versus the previous year. We have paid a dividend each year for more than a century and have increased annual dividends per share in each of the last 27 years.

ExxonMobil reduced the number of shares outstanding by 26 percent over the last five years through our flexible share purchase program. Reducing shares outstanding increases the percent ownership of the company that each remaining share represents, and contributes to increased earnings and cash flow per share.

 

 

Return on Average
Capital Employed

(percent)		2009				2008				2007				2006				2005
Upstream
United States			18.2				42.6				34.7				37.1				46.0
Non-U.S.			24.8				56.7				43.7				47.9				45.6
Total			23.4				53.6				41.7				45.3				45.7
Downstream
United States			(2.1	)			23.7				65.1				65.8				58.8
Non-U.S.			10.9				34.8				28.7				24.5				22.6
Total			7.1				31.8				37.8				35.8				32.4
Chemical
United States			17.6				16.0				24.9				27.7				23.1
Non-U.S.			12.6				22.4				39.0				36.5				30.9
Total			13.9				20.4				34.0				33.2				28.0
Corporate and financing			N.A.				N.A.				N.A.				N.A.				N.A.
Corporate total			16.3				34.2				31.8				32.2				31.3

(1)		Capital employed consists of ExxonMobil’s share of equity and consolidated debt, including ExxonMobil’s share of amounts applicable to equity companies. See Frequently Used Terms on pages 100 through 103.

Average Capital Employed

(millions of dollars)		2009				2008				2007				2006				2005
Upstream
United States			15,865				14,651				14,026				13,940				13,491
Non-U.S.			57,336				51,413				49,539				43,931				39,770
Total			73,201				66,064				63,565				57,871				53,261
Downstream
United States			7,306				6,963				6,331				6,456				6,650
Non-U.S.			17,793				18,664				18,983				17,172				18,030
Total			25,099				25,627				25,314				23,628				24,680
Chemical
United States			4,370				4,535				4,748				4,911				5,145
Non-U.S.			12,190				9,990				8,682				8,272				8,919
Total			16,560				14,525				13,430				13,183				14,064
Corporate and financing			10,190				23,467				26,451				27,891				24,956
Corporate total			125,050				129,683				128,760				122,573				116,961
Average capital employed applicable to equity companies included above			27,684				25,651				24,267				22,106				20,256

(1)		Average capital employed is the average of beginning- and end-of-year business segment capital employed, including ExxonMobil’s share of amounts applicable to equity companies. See Frequently Used Terms on pages 100 through 103.