Exhibit 99.3
Frequently Used Terms
Listed below are definitions of several of ExxonMobils key business and financial performance measures and other terms. These definitions are provided to facilitate understanding of the terms and their calculation. In the case of financial measures that we believe constitute non-GAAP financial measures under Securities and Exchange Commission Regulation G, we provide a reconciliation to the most comparable Generally Accepted Accounting Principles (GAAP) measure and other information required by that rule.
EARNINGS EXCLUDING MERGER EXPENSES, DISCONTINUED OPERATIONS, ACCOUNTING CHANGE, AND OTHER SPECIAL ITEMS
In addition to reporting U.S. GAAP defined net income, ExxonMobil also presents a measure of earnings that excludes merger effects, earnings from discontinued operations, a required accounting change, and other special items quantified and described in our quarterly and annual earnings press releases. Earnings excluding the aforementioned items is a non-GAAP financial measure, and is included to facilitate comparisons of base business performance across periods. A reconciliation to net income is shown on page 5. We also refer to earnings excluding merger expenses, discontinued operations, accounting changes, and other special items as normalized earnings. Earnings per share amounts use the same average common shares outstanding as used for the calculation of net income per common share and net income per common share assuming dilution.
OPERATING COSTS
Operating costs are the combined total of production, manufacturing, selling, general, administrative, exploration, depreciation, and depletion expenses from the Consolidated Statement of Income and ExxonMobils share of similar costs for equity companies. Operating costs are the costs during the period to produce, manufacture, and otherwise prepare the companys products for sale including energy costs, staffing, maintenance, and other costs to explore for and produce oil and gas, and operate refining and chemical plants. Distribution and marketing expenses are also included. Operating costs exclude the cost of raw materials, taxes, merger expenses, discontinued operations, and interest expense. These expenses are on a before-tax basis. While ExxonMobils management is responsible for all revenue and expense elements of net income, operating costs, as defined below, represent the expenses most directly under managements control. Information regarding these costs is therefore useful for investors and ExxonMobil management in evaluating managements performance.
Reconciliation of Operating Costs | ||||||
(millions of dollars) |
2005 | 2004 | 2003 | |||
From ExxonMobils Consolidated Statement of Income |
||||||
Total costs and other deductions |
311,248 | 256,794 | 214,772 | |||
Less: |
||||||
Crude oil and product purchases |
185,219 | 139,224 | 107,658 | |||
Interest expense |
496 | 638 | 207 | |||
Excise taxes |
30,742 | 27,263 | 23,855 | |||
Other taxes and duties |
41,554 | 40,954 | 37,645 | |||
Income applicable to minority and preferred interests |
799 | 776 | 694 | |||
Subtotal |
52,438 | 47,939 | 44,713 | |||
ExxonMobils share of equity-company expenses |
4,520 | 4,209 | 3,937 | |||
Total operating costs |
56,958 | 52,148 | 48,650 | |||
Components of Operating Costs | ||||||
(millions of dollars) |
2005 | 2004 | 2003 | |||
From ExxonMobils Consolidated Statement of Income |
||||||
Production and manufacturing expenses |
26,819 | 23,225 | 21,260 | |||
Selling, general, and administrative expenses |
14,402 | 13,849 | 13,396 | |||
Depreciation and depletion |
10,253 | 9,767 | 9,047 | |||
Exploration expenses, including dry holes |
964 | 1,098 | 1,010 | |||
Subtotal |
52,438 | 47,939 | 44,713 | |||
ExxonMobils share of equity-company expenses |
4,520 | 4,209 | 3,937 | |||
Total operating costs |
56,958 | 52,148 | 48,650 | |||
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CAPITAL EMPLOYED
Capital employed is a measure of net investment. When viewed from the perspective of how the capital is used by the businesses, it includes ExxonMobils net share of property, plant, and equipment and other assets less liabilities, excluding both short-term and long-term debt. When viewed from the perspective of the sources of capital employed in total for the Corporation, it includes ExxonMobils share of total debt and shareholders equity. Both of these views include ExxonMobils share of amounts applicable to equity companies, which the Corporation believes should be included to provide a more comprehensive measure of capital employed.
(millions of dollars) |
2005 | 2004 | 2003 | ||||||
Business uses: asset and liability perspective |
|||||||||
Total assets |
208,335 | 195,256 | 174,278 | ||||||
Less liabilities and minority share of assets and liabilities |
|||||||||
Total current liabilities excluding notes and loans payable |
(44,536 | ) | (39,701 | ) | (33,597 | ) | |||
Total long-term liabilities excluding long-term debt and equity of minority and preferred shareholders in affiliated companies |
(41,095 | ) | (41,554 | ) | (37,839 | ) | |||
Minority share of assets and liabilities |
(4,863 | ) | (5,285 | ) | (4,945 | ) | |||
Add ExxonMobil share of debt-financed equity-company net assets |
3,450 | 3,914 | 4,151 | ||||||
Total capital employed |
121,291 | 112,630 | 102,048 | ||||||
Total corporate sources: debt and equity perspective |
|||||||||
Notes and loans payable |
1,771 | 3,280 | 4,789 | ||||||
Long-term debt |
6,220 | 5,013 | 4,756 | ||||||
Shareholders equity |
111,186 | 101,756 | 89,915 | ||||||
Less minority share of total debt |
(1,336 | ) | (1,333 | ) | (1,563 | ) | |||
Add ExxonMobil share of equity-company debt |
3,450 | 3,914 | 4,151 | ||||||
Total capital employed |
121,291 | 112,630 | 102,048 | ||||||
RETURN ON AVERAGE CAPITAL EMPLOYED (ROCE)
Return on average capital employed (ROCE) is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment capital employed (average of beginning- and end-of-year amounts). These segment earnings include ExxonMobils share of segment earnings of equity companies, consistent with the Corporations definition of capital employed and excluding the cost of financing. The Corporations total ROCE is net income excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as the best measure of historical capital productivity in our capital-intensive, long-term industry, both to evaluate managements performance and to demonstrate to shareholders that capital has been used wisely over the long term. Additional measures, which tend to be more cash-flow based, are used for future investment decisions.
Return on Average Capital Employed
(millions of dollars) |
2005 | 2004 | 2003 | ||||||
Net income |
36,130 | 25,330 | 21,510 | ||||||
Financing costs (after tax) |
|||||||||
Third-party debt |
(1 | ) | (137 | ) | (69 | ) | |||
ExxonMobil share of equity companies |
(144 | ) | (185 | ) | (172 | ) | |||
All other financing costs net |
(295 | ) | 54 | 1,775 | (1) | ||||
Total financing costs |
(440 | ) | (268 | ) | 1,534 | ||||
Earnings excluding financing costs |
36,570 | 25,598 | 19,976 | ||||||
Average capital employed |
116,961 | 107,339 | 95,373 | ||||||
Return on average capital employed corporate total |
31.3 | % | 23.8 | % | 20.9 | % |
(1) | All other financing costs net in 2003 includes interest income (after tax) associated with the settlement of a U.S. tax dispute. |
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TOTAL SHAREHOLDER RETURN
Shareholder return measures the change in value of an investment in stock over a specified period of time, assuming dividend reinvestment. We calculate shareholder return over a particular measurement period by: dividing (1) the sum of (a) the cumulative value of dividends received during the measurement period, assuming reinvestment, plus (b) the difference between the stock price at the end and at the beginning of the measurement period; by (2) the stock price at the beginning of the measurement period. For this purpose, we assume dividends are reinvested in stock at market prices at approximately the same time actual dividends are paid. Shareholder return is usually quoted on an annualized basis.
CAPITAL AND EXPLORATION EXPENDITURES (CAPEX)
Capital and exploration expenditures (Capex) are the combined total of additions at cost to property, plant, and equipment and exploration expenses on a before-tax basis from the Consolidated Statement of Income. ExxonMobils Capex includes its share of similar costs for equity companies. Capex excludes depreciation on the cost of exploration support equipment and facilities recorded to property, plant, and equipment when acquired. While ExxonMobils management is responsible for all investments and elements of net income, particular focus is placed on managing the controllable aspects of this group of expenditures.
FINDING AND RESOURCE-ACQUISITION COSTS
Finding and resource-acquisition costs per oil-equivalent barrel is a performance measure that is calculated using the Exploration portion of Upstream capital and exploration expenditures and proved property acquisition costs divided by resource additions (in oil-equivalent barrels). ExxonMobil refers to new discoveries and acquisitions of discovered resources as resource additions. In addition to proved reserves, resource additions include quantities of oil and gas that are not yet classified as proved reserves, but which ExxonMobil believes will likely be moved into the proved reserves category and produced in the future.
2005 | 2004 | 2003 | ||||
Exploration portion of Upstream capital and exploration expenditures (millions of dollars) |
1,693 | 1,283 | 1,215 | |||
Proved property acquisition costs (millions of dollars) |
174 | 93 | | |||
Total exploration and proved property acquisition costs (millions of dollars) |
1,867 | 1,376 | 1,215 | |||
Resource additions (millions of oil-equivalent barrels) |
4,365 | 2,950 | 2,115 | |||
Finding and resource-acquisition costs per oil-equivalent barrel (dollars) |
0.43 | 0.47 | 0.57 |
LIQUIDS AND NATURAL GAS PROVED RESERVES
In this report, we use the term proved reserves to mean quantities of oil and gas that ExxonMobil has determined to be reasonably certain of recovery under existing economic and operating conditions on the basis of our long-standing, rigorous management review process. We only book proved reserves when we have made significant funding commitments for the related projects. In this report, we aggregate proved reserves of consolidated and equity companies, excluding royalties and quantities due others, since ExxonMobil does not view these reserves differently from a management perspective. To reflect managements view of ExxonMobils total liquids reserves, proved reserves in this report also include tar-sands reserves from Canadian Syncrude operations, which are reported separately as mining reserves in our SEC filings. Tar-sands reserves included in this report totaled 738 million barrels at year-end 2005, 757 million barrels at year-end 2004, 781 million barrels at year-end 2003, 800 million barrels at year-end 2002, and 821 million barrels at year-end 2001. For our own management purposes and as discussed in this report, we determine proved reserves based on our long-term view of future price levels consistent with our investment decisions. Based on Securities and Exchange Commission guidance, ExxonMobil also began in 2004 to state our results to reflect the impacts on proved reserves of utilizing December 31 liquids and natural gas prices (year-end price/cost revisions). On this basis, year-end proved reserves, including year-end price/cost revisions, totaled 22.4 billion oil-equivalent barrels in 2005 and 21.7 billion oil-equivalent barrels in 2004. Excluding year-end price/cost revisions, 2005 proved reserves also totaled 22.4 billion oil-equivalent barrels, while 2004 proved reserves totaled 22.2 billion oil-equivalent barrels.
RESOURCES, RESOURCE BASE, AND RECOVERABLE RESOURCES
Resources, resource base, recoverable oil, recoverable hydrocarbons, recoverable resources, and similar terms used in this report are the total remaining estimated quantities of oil and gas that are expected to be ultimately recoverable. In addition to proved reserves, the resource base includes quantities of oil and gas that are not yet classified as proved reserves, but which ExxonMobil believes will likely be moved into the proved reserves category and produced in the future.
PROVED RESERVES REPLACEMENT RATIO
Proved reserves replacement ratio is a performance measure that is calculated using proved oil-equivalent reserves additions divided by oil-equivalent production. Both proved reserves additions and production include amounts applicable to equity companies. The ratio usually reported by ExxonMobil excludes sales and year-end price/cost revisions, and includes Canadian tar-sands mining operations in both additions and production volumes. See the definition of liquids and natural gas proved reserves above. When reporting the ratio, the inclusions and exclusions are listed, as appropriate.
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PROVED RESERVES REPLACEMENT COSTS
Proved reserves replacement costs per oil-equivalent barrel is a performance measure ratio. Proved reserves replacement costs per barrel are costs incurred in property acquisition and exploration, plus costs incurred in development activities divided by proved oil-equivalent reserves additions, excluding sales. Both the costs incurred and the proved reserves additions include amounts applicable to equity companies as well as Canadian tar-sands operations and exclude year-end price/cost revisions. See the definition of liquids and natural gas proved reserves on the preceding page.
(millions of dollars) |
2005 | 2004 | 2003 | |||
Costs incurred |
||||||
Property acquisition costs |
453 | 134 | 45 | |||
Exploration costs |
1,420 | 1,255 | 1,181 | |||
Development costs |
10,561 | 9,122 | 9,856 | |||
Total costs incurred |
12,434 | 10,511 | 11,082 | |||
(millions of barrels) |
2005 | 2004 | 2003 | |||
Proved oil-equivalent reserves additions |
||||||
Revisions |
377 | 140 | 619 | |||
Improved recovery |
31 | 28 | 116 | |||
Extensions/discoveries |
1,461 | 1,809 | 961 | |||
Purchases |
122 | 11 | 2 | |||
Total oil-equivalent reserves additions |
1,991 | 1,988 | 1,698 | |||
Proved reserves replacement costs |
6.25 | 5.29 | 6.53 |
HEAVY OIL
Heavy oil, for the purpose of this report, includes heavy oil, extra heavy oil, and bitumen, as defined by the World Petroleum Congress in 1987 based on API gravity and viscosity at reservoir conditions. Heavy oil has an API gravity between 10 and 22.3 degrees. The API gravity of extra heavy oil and bitumen is less than 10 degrees. Extra heavy oil has a viscosity less than 10 thousand centipoise, whereas the viscosity of bitumen is greater than 10 thousand centipoise. The term tar sands is used to indicate heavy oil (generally bitumen) that is recovered in a mining operation.
CASH FLOW FROM OPERATIONS AND ASSET SALES
Cash flow from operations and asset sales is the sum of the net cash provided by operating activities and proceeds from sales of subsidiaries, investments, and property, plant, and equipment from the Summary Statement of Cash Flows. This cash flow is the total sources of cash from both operating the Corporations assets and from the divesting of assets. The Corporation employs a long-standing and regular disciplined review process to ensure that all assets are contributing to the Corporations strategic and financial objectives. Assets are divested when they are no longer meeting these objectives, or are worth considerably more to others. Because of the regular nature of this activity, we believe it is useful for investors to consider sales proceeds together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.
(millions of dollars) |
2005 | 2004 | 2003 | |||
Net cash provided by operating activities |
48,138 | 40,551 | 28,498 | |||
Sales of subsidiaries, investments and property, plant, and equipment |
6,036 | 2,754 | 2,290 | |||
Cash flow from operations and asset sales |
54,174 | 43,305 | 30,788 | |||
DISTRIBUTIONS TO SHAREHOLDERS
The Corporation distributed cash to shareholders in the form of both dividends and share purchases. Shares are purchased both to reduce shares outstanding and to offset shares issued in conjunction with company benefit plans and programs. For purposes of calculating distributions to shareholders, the Corporation only includes the cost of those shares purchased to reduce shares outstanding.
(millions of dollars) |
2005 | 2004 | 2003 | |||
Dividends paid to ExxonMobil shareholders |
7,185 | 6,896 | 6,515 | |||
Cost of shares purchased to reduce shares outstanding |
16,000 | 8,000 | 5,000 | |||
Distributions to ExxonMobil shareholders |
23,185 | 14,896 | 11,515 | |||
Memo: Gross cost of shares purchased to offset shares issued under benefit plans and programs |
2,221 | 1,951 | 881 |
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Exxon Mobil Corporation
FUNCTIONAL EARNINGS
2005 Quarters | ||||||||||||||||||||||||||
(millions of dollars) |
First | Second | Third | Fourth | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||
Net Income (U.S. GAAP) |
||||||||||||||||||||||||||
Upstream |
||||||||||||||||||||||||||
United States |
1,353 | 1,389 | 1,671 | 1,787 | 6,200 | 4,948 | 3,905 | 2,524 | 3,933 | |||||||||||||||||
Non-U.S. |
3,701 | 3,519 | 5,678 | 5,251 | 18,149 | 11,727 | 10,597 | 7,074 | 6,803 | |||||||||||||||||
Total |
5,054 | 4,908 | 7,349 | 7,038 | 24,349 | 16,675 | 14,502 | 9,598 | 10,736 | |||||||||||||||||
Downstream |
||||||||||||||||||||||||||
United States |
645 | 999 | 1,109 | 1,158 | 3,911 | 2,186 | 1,348 | 693 | 1,924 | |||||||||||||||||
Non-U.S. |
808 | 1,022 | 1,019 | 1,232 | 4,081 | 3,520 | 2,168 | 607 | 2,303 | |||||||||||||||||
Total |
1,453 | 2,021 | 2,128 | 2,390 | 7,992 | 5,706 | 3,516 | 1,300 | 4,227 | |||||||||||||||||
Chemical |
||||||||||||||||||||||||||
United States |
492 | 343 | 70 | 281 | 1,186 | 1,020 | 381 | 384 | 298 | |||||||||||||||||
Non-U.S. |
940 | 471 | 402 | 944 | 2,757 | 2,408 | 1,051 | 446 | 409 | |||||||||||||||||
Total |
1,432 | 814 | 472 | 1,225 | 3,943 | 3,428 | 1,432 | 830 | 707 | |||||||||||||||||
Corporate and financing |
(79 | ) | (103 | ) | (29 | ) | 57 | (154 | ) | (479 | ) | 1,510 | (442 | ) | (142 | ) | ||||||||||
Merger expenses |
0 | 0 | 0 | 0 | 0 | 0 | 0 | (275 | ) | (525 | ) | |||||||||||||||
Discontinued operations |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 449 | 102 | |||||||||||||||||
Extraordinary gain |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 215 | |||||||||||||||||
Accounting change |
0 | 0 | 0 | 0 | 0 | 0 | 550 | 0 | 0 | |||||||||||||||||
Net income (U.S. GAAP) |
7,860 | 7,640 | 9,920 | 10,710 | 36,130 | 25,330 | 21,510 | 11,460 | 15,320 | |||||||||||||||||
Net income per common share (dollars) |
1.23 | 1.21 | 1.60 | 1.72 | 5.76 | 3.91 | 3.24 | 1.69 | 2.23 | |||||||||||||||||
Net income per common share - assuming dilution (dollars) |
1.22 | 1.20 | 1.58 | 1.71 | 5.71 | 3.89 | 3.23 | 1.68 | 2.21 | |||||||||||||||||
Merger Effects, Discontinued Operations, Accounting Change, and Other Special Items |
| |||||||||||||||||||||||||
Upstream |
||||||||||||||||||||||||||
United States |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Non-U.S. |
0 | 0 | 1,620 | 0 | 1,620 | 0 | 1,700 | (215 | ) | 0 | ||||||||||||||||
Total |
0 | 0 | 1,620 | 0 | 1,620 | 0 | 1,700 | (215 | ) | 0 | ||||||||||||||||
Downstream |
||||||||||||||||||||||||||
United States |
0 | (200 | ) | 0 | 0 | (200 | ) | (550 | ) | 0 | 0 | 0 | ||||||||||||||
Non-U.S. |
310 | 0 | 0 | 0 | 310 | 0 | 0 | 0 | 0 | |||||||||||||||||
Total |
310 | (200 | ) | 0 | 0 | 110 | (550 | ) | 0 | 0 | 0 | |||||||||||||||
Chemical |
||||||||||||||||||||||||||
United States |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Non-U.S. |
150 | 0 | 0 | 390 | 540 | 0 | 0 | 0 | 0 | |||||||||||||||||
Total |
150 | 0 | 0 | 390 | 540 | 0 | 0 | 0 | 0 | |||||||||||||||||
Corporate and financing |
0 | 0 | 0 | 0 | 0 | 0 | 2,230 | 0 | 0 | |||||||||||||||||
Merger expenses |
0 | 0 | 0 | 0 | 0 | 0 | 0 | (275 | ) | (525 | ) | |||||||||||||||
Discontinued operations |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 449 | 102 | |||||||||||||||||
Extraordinary gain |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 215 | |||||||||||||||||
Accounting change |
0 | 0 | 0 | 0 | 0 | 0 | 550 | 0 | 0 | |||||||||||||||||
Corporate total |
460 | (200 | ) | 1,620 | 390 | 2,270 | (550 | ) | 4,480 | (41 | ) | (208 | ) | |||||||||||||
Earnings Excluding Merger Effects, Discontinued Operations, Accounting Change, and Other Special Items (1) |
| |||||||||||||||||||||||||
Upstream |
||||||||||||||||||||||||||
United States |
1,353 | 1,389 | 1,671 | 1,787 | 6,200 | 4,948 | 3,905 | 2,524 | 3,933 | |||||||||||||||||
Non-U.S. |
3,701 | 3,519 | 4,058 | 5,251 | 16,529 | 11,727 | 8,897 | 7,289 | 6,803 | |||||||||||||||||
Total |
5,054 | 4,908 | 5,729 | 7,038 | 22,729 | 16,675 | 12,802 | 9,813 | 10,736 | |||||||||||||||||
Downstream |
||||||||||||||||||||||||||
United States |
645 | 1,199 | 1,109 | 1,158 | 4,111 | 2,736 | 1,348 | 693 | 1,924 | |||||||||||||||||
Non-U.S. |
498 | 1,022 | 1,019 | 1,232 | 3,771 | 3,520 | 2,168 | 607 | 2,303 | |||||||||||||||||
Total |
1,143 | 2,221 | 2,128 | 2,390 | 7,882 | 6,256 | 3,516 | 1,300 | 4,227 | |||||||||||||||||
Chemical |
||||||||||||||||||||||||||
United States |
492 | 343 | 70 | 281 | 1,186 | 1,020 | 381 | 384 | 298 | |||||||||||||||||
Non-U.S. |
790 | 471 | 402 | 554 | 2,217 | 2,408 | 1,051 | 446 | 409 | |||||||||||||||||
Total |
1,282 | 814 | 472 | 835 | 3,403 | 3,428 | 1,432 | 830 | 707 | |||||||||||||||||
Corporate and financing |
(79 | ) | (103 | ) | (29 | ) | 57 | (154 | ) | (479 | ) | (720 | ) | (442 | ) | (142 | ) | |||||||||
Corporate total |
7,400 | 7,840 | 8,300 | 10,320 | 33,860 | 25,880 | 17,030 | 11,501 | 15,528 | |||||||||||||||||
Earnings per common share (dollars) |
1.16 | 1.24 | 1.34 | 1.66 | 5.40 | 3.99 | 2.57 | 1.70 | 2.27 | |||||||||||||||||
Earnings per common share - assuming dilution (dollars) |
1.15 | 1.23 | 1.32 | 1.65 | 5.35 | 3.97 | 2.56 | 1.69 | 2.25 |
(1) | See Frequently Used Terms. |
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Exxon Mobil Corporation
RETURN ON AVERAGE CAPITAL EMPLOYED (1) BY BUSINESS
(percent) |
2005 | 2004 | 2003 | 2002 | 2001 | |||||
Upstream |
||||||||||
United States |
46.0 | 37.0 | 28.9 | 19.0 | 30.4 | |||||
Non-U.S. |
45.6 | 31.5 | 31.0 | 23.7 | 25.1 | |||||
Total |
45.7 | 32.9 | 30.4 | 22.3 | 26.8 | |||||
Downstream |
||||||||||
United States |
58.8 | 28.6 | 16.7 | 8.6 | 25.0 | |||||
Non-U.S. |
22.6 | 18.0 | 11.5 | 3.4 | 12.4 | |||||
Total |
32.4 | 21.0 | 13.0 | 5.0 | 16.1 | |||||
Chemical |
||||||||||
United States |
23.1 | 19.4 | 7.3 | 7.3 | 7.2 | |||||
Non-U.S. |
30.9 | 25.7 | 11.8 | 5.3 | 5.8 | |||||
Total |
28.0 | 23.5 | 10.2 | 6.1 | 6.4 | |||||
Corporate and financing |
NA | NA | NA | NA | NA | |||||
Discontinued operations |
| | | 63.2 | 7.2 | |||||
Corporate total |
31.3 | 23.8 | 20.9 | 13.5 | 17.8 | |||||
(1) Capital employed consists of shareholders equity and their share of consolidated debt, including ExxonMobils share of amounts applicable to equity companies. See Frequently Used Terms. | ||||||||||
AVERAGE CAPITAL EMPLOYED (1) BY BUSINESS | ||||||||||
(millions of dollars) |
2005 | 2004 | 2003 | 2002 | 2001 | |||||
Upstream |
||||||||||
United States |
13,491 | 13,355 | 13,508 | 13,264 | 12,952 | |||||
Non-U.S. |
39,770 | 37,287 | 34,164 | 29,800 | 27,077 | |||||
Total |
53,261 | 50,642 | 47,672 | 43,064 | 40,029 | |||||
Downstream |
||||||||||
United States |
6,650 | 7,632 | 8,090 | 8,060 | 7,711 | |||||
Non-U.S. |
18,030 | 19,541 | 18,875 | 17,985 | 18,610 | |||||
Total |
24,680 | 27,173 | 26,965 | 26,045 | 26,321 | |||||
Chemical |
||||||||||
United States |
5,145 | 5,246 | 5,194 | 5,235 | 5,506 | |||||
Non-U.S. |
8,919 | 9,362 | 8,905 | 8,410 | 8,333 | |||||
Total |
14,064 | 14,608 | 14,099 | 13,645 | 13,839 | |||||
Corporate and financing |
24,956 | 14,916 | 6,637 | 4,878 | 6,399 | |||||
Discontinued operations |
0 | 0 | 0 | 710 | 1,412 | |||||
Corporate total |
116,961 | 107,339 | 95,373 | 88,342 | 88,000 | |||||
Average capital employed applicable to equity companies included above |
20,256 | 18,049 | 15,587 | 14,001 | 13,902 | |||||
(1) Average capital employed is the average of the beginning- and end-of-year business segment capital employed. See Frequently Used Terms. |
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