Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 1-2256

EXXON MOBIL CORPORATION

(Exact name of registrant as specified in its charter)

 

NEW JERSEY   13-5409005
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification Number)
5959 Las Colinas Boulevard, Irving, Texas   75039-2298
(Address of principal executive offices)   (Zip Code)

(972) 444-1000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   x    Accelerated filer   ¨
Non-accelerated filer   ¨    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

   Outstanding as of September 30, 2011
Common stock, without par value    4,793,207,715

 

 

 


Table of Contents

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2011

TABLE OF CONTENTS

 

          Page
Number
 
PART I. FINANCIAL INFORMATION   

Item 1.

   Financial Statements   

Condensed Consolidated Statement of Income
Three and nine months ended September  30, 2011 and 2010

     3   

Condensed Consolidated Balance Sheet
As of September 30, 2011 and December 31, 2010

     4   

Condensed Consolidated Statement of Cash Flows
Nine months ended September 30, 2011 and 2010

     5   

Condensed Consolidated Statement of Changes in Equity
Nine months ended September  30, 2011 and 2010

     6   

Notes to Condensed Consolidated Financial Statements

     7   

Item 2.

   Management’s Discussion and Analysis of Financial Condition and Results of Operations      18   

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk      23   

Item 4.

   Controls and Procedures      23   
PART II. OTHER INFORMATION   

Item 1.

   Legal Proceedings      24   

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds      25   

Item 6.

   Exhibits      25   

Signature

     26   

Index to Exhibits

     27   

 

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PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(millions of dollars)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2011      2010      2011      2010  

REVENUES AND OTHER INCOME

           

Sales and other operating revenue (1)

   $ 120,475       $ 92,353       $ 351,120       $ 269,083   

Income from equity affiliates

     3,915         2,443         11,462         7,224   

Other income

     940         502         2,238         1,728   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues and other income

     125,330         95,298         364,820         278,035   
  

 

 

    

 

 

    

 

 

    

 

 

 

COSTS AND OTHER DEDUCTIONS

           

Crude oil and product purchases

     69,289         48,875         199,233         144,129   

Production and manufacturing expenses

     10,199         8,982         30,041         25,793   

Selling, general and administrative expenses

     3,764         3,707         11,072         10,828   

Depreciation and depletion

     3,866         3,844         11,508         10,490   

Exploration expenses, including dry holes

     728         500         1,654         1,593   

Interest expense

     98         54         172         149   

Sales-based taxes (1)

     8,484         7,172         25,013         20,933   

Other taxes and duties

     10,222         9,306         29,911         26,488   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and other deductions

     106,650         82,440         308,604         240,403   
  

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     18,680         12,858         56,216         37,632   

Income taxes

     8,009         5,297         23,734         15,750   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income including noncontrolling interests

     10,671         7,561         32,482         21,882   

Net income attributable to noncontrolling interests

     341         211         822         672   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 10,330       $ 7,350       $ 31,660       $ 21,210   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per common share (dollars)

   $ 2.13       $ 1.44       $ 6.46       $ 4.38   

Earnings per common share - assuming dilution (dollars)

   $ 2.13       $ 1.44       $ 6.45       $ 4.37   

Dividends per common share (dollars)

   $ 0.47       $ 0.44       $ 1.38       $ 1.30   

(1)    Sales-based taxes included in sales and other operating revenue

   $ 8,484       $ 7,172       $ 25,013       $ 20,933   

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(millions of dollars)

 

     Sept. 30,
2011
    Dec. 31,
2010
 

ASSETS

    

Current assets

    

Cash and cash equivalents

   $ 11,022      $ 7,825   

Cash and cash equivalents – restricted

     233        628   

Notes and accounts receivable – net

     34,368        32,284   

Inventories

    

Crude oil, products and merchandise

     13,398        9,852   

Materials and supplies

     3,332        3,124   

Other current assets

     7,023        5,271   
  

 

 

   

 

 

 

Total current assets

     69,376        58,984   

Investments, advances and long-term receivables

     35,342        35,338   

Property, plant and equipment – net

     209,194        199,548   

Other assets, including intangibles, net

     9,315        8,640   
  

 

 

   

 

 

 

Total assets

   $ 323,227      $ 302,510   
  

 

 

   

 

 

 

LIABILITIES

    

Current liabilities

    

Notes and loans payable

   $ 7,431      $ 2,787   

Accounts payable and accrued liabilities

     54,572        50,034   

Income taxes payable

     12,968        9,812   
  

 

 

   

 

 

 

Total current liabilities

     74,971        62,633   

Long-term debt

     9,331        12,227   

Postretirement benefits reserves

     19,557        19,367   

Deferred income tax liabilities

     36,891        35,150   

Other long-term obligations

     20,265        20,454   
  

 

 

   

 

 

 

Total liabilities

     161,015        149,831   
  

 

 

   

 

 

 

Commitments and contingencies (note 2)

    

EQUITY

    

Common stock, without par value:

    

Authorized: 9,000 million shares

    

Issued: 8,019 million shares

     9,506        9,371   

Earnings reinvested

     323,786        298,899   

Accumulated other comprehensive income

    

Cumulative foreign exchange translation adjustment

     3,901        5,011   

Postretirement benefits reserves adjustment

     (9,258     (9,889

Unrealized gain/(loss) on cash flow hedges

     29        55   

Common stock held in treasury:

    

3,226 million shares at September 30, 2011

     (172,025  

3,040 million shares at December 31, 2010

       (156,608
  

 

 

   

 

 

 

ExxonMobil share of equity

     155,939        146,839   

Noncontrolling interests

     6,273        5,840   
  

 

 

   

 

 

 

Total equity

     162,212        152,679   
  

 

 

   

 

 

 

Total liabilities and equity

   $ 323,227      $ 302,510   
  

 

 

   

 

 

 

The number of shares of common stock issued and outstanding at September 30, 2011 and December 31, 2010 were 4,793,207,715 and 4,978,538,898, respectively.

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(millions of dollars)

 

     Nine Months Ended
September 30,
 
     2011     2010  

CASH FLOWS FROM OPERATING ACTIVITIES

    

Net income including noncontrolling interests

   $ 32,482      $ 21,882   

Depreciation and depletion

     11,508        10,490   

Changes in operational working capital, excluding cash and debt

     2,154        3,722   

All other items – net

     (1,550     (736
  

 

 

   

 

 

 

Net cash provided by operating activities

     44,594        35,358   
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

    

Additions to property, plant and equipment

     (22,341     (19,201

Sales of subsidiaries, investments, and property, plant and equipment

     4,246        1,607   

Additional investments and advances

     (3,122     (411

Additions to marketable securities

     (1,754     (5

Sales of marketable securities

     1,674        141   

Other investing activities – net

     1,144        745   
  

 

 

   

 

 

 

Net cash used in investing activities

     (20,153     (17,124
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

    

Additions to long-term debt

     457        374   

Reductions in long-term debt

     (236     (2,587

Additions/(reductions) in short-term debt – net

     1,414        (729

Cash dividends to ExxonMobil shareholders

     (6,773     (6,286

Cash dividends to noncontrolling interests

     (264     (244

Changes in noncontrolling interests

     (12     (3

Tax benefits related to stock-based awards

     220        47   

Common stock acquired

     (16,633     (7,335

Common stock sold

     616        269   
  

 

 

   

 

 

 

Net cash used in financing activities

     (21,211     (16,494
  

 

 

   

 

 

 

Effects of exchange rate changes on cash

     (33     (189
  

 

 

   

 

 

 

Increase/(decrease) in cash and cash equivalents

     3,197        1,551   

Cash and cash equivalents at beginning of period

     7,825        10,693   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 11,022      $ 12,244   
  

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES

    

Income taxes paid

   $ 20,349      $ 13,950   

Cash interest paid

   $ 390      $ 460   

NON-CASH TRANSACTIONS

    
The Corporation acquired all the outstanding equity of XTO Energy Inc. in an all-stock transaction valued at $24,659 million in 2010.    

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(millions of dollars)

 

    ExxonMobil Share of Equity              
    Common
Stock
    Earnings
Reinvested
    Accumulated
Other
Compre-
hensive
Income
    Common
Stock
Held in
Treasury
    ExxonMobil
Share of
Equity
    Noncontrolling
Interests
    Total
Equity
 

Balance as of December 31, 2009

  $ 5,503      $ 276,937      $ (5,461   $ (166,410   $ 110,569      $ 4,823      $ 115,392   

Amortization of stock-based awards

    572              572          572   

Tax benefits related to stock-based awards

    240              240          240   

Other

    (494           (494     12        (482

Net income for the period

      21,210            21,210        672        21,882   

Dividends - common shares

      (6,286         (6,286     (244     (6,530

Foreign exchange translation adjustment

        74          74        267        341   

Postretirement benefits reserves adjustment

        (6       (6     3        (3

Amortization of postretirement benefits reserves adjustment included in periodic benefit costs

        901          901        39        940   

Change in fair value of cash flow hedges

        195          195          195   

Realized (gain)/loss from settled cash flow hedges included in net income

        (42       (42       (42

Acquisitions at cost

          (7,335     (7,335     (3     (7,338

Issued for XTO merger

    3,520            21,139        24,659          24,659   

Other dispositions

          774        774          774   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of September 30, 2010

  $ 9,341      $ 291,861      $ (4,339   $ (151,832   $ 145,031      $ 5,569      $ 150,600   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2010

  $ 9,371      $ 298,899      $ (4,823   $ (156,608   $ 146,839      $ 5,840      $ 152,679   

Amortization of stock-based awards

    572              572          572   

Tax benefits related to stock-based awards

    159              159          159   

Other

    (596           (596     (4     (600

Net income for the period

      31,660            31,660        822        32,482   

Dividends - common shares

      (6,773         (6,773     (264     (7,037

Foreign exchange translation adjustment

        (1,110       (1,110     (114     (1,224

Postretirement benefits reserves adjustment

        (252       (252     (41     (293

Amortization of postretirement benefits reserves adjustment included in periodic benefit costs

        883          883        46        929   

Change in fair value of cash flow hedges

        24          24          24   

Realized (gain)/loss from settled cash flow hedges included in net income

        (50       (50       (50

Acquisitions at cost

          (16,633     (16,633     (12     (16,645

Dispositions

          1,216        1,216          1,216   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of September 30, 2011

  $ 9,506      $ 323,786      $ (5,328   $ (172,025   $ 155,939      $ 6,273      $ 162,212   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    Nine Months Ended September 30, 2011           Nine Months Ended September 30, 2010  

Common Stock Share Activity

  Issued     Held in
Treasury
    Outstanding           Issued     Held in
Treasury
    Outstanding  
    (millions of shares)           (millions of shares)  

Balance as of December 31

    8,019        (3,040     4,979          8,019        (3,292     4,727   

Acquisitions

      (209     (209         (115     (115

Issued for XTO merger

              416        416   

Other dispositions

      23        23            15        15   
 

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

Balance as of September 30

    8,019        (3,226     4,793          8,019        (2,976     5,043   
 

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

The information in the Notes to Condensed Consolidated Financial Statements

is an integral part of these statements.

 

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Table of Contents

EXXON MOBIL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1. Basis of Financial Statement Preparation

These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation’s 2010 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. The Corporation’s exploration and production activities are accounted for under the “successful efforts” method.

 

2. Litigation and Other Contingencies

Litigation

A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a materially adverse effect upon the Corporation’s operations, financial condition, or financial statements taken as a whole.

On June 30, 2011, a state district court jury in Baltimore County, Maryland returned a verdict against Exxon Mobil Corporation in Allison, et al v. Exxon Mobil Corporation, a case involving an accidental 26,000 gallon gasoline leak at a suburban Baltimore service station. The verdict included approximately $497 million in compensatory damages and approximately $1.0 billion in punitive damages in a finding that ExxonMobil fraudulently misled the plaintiff-residents about the events leading up to the leak, the leak’s discovery, and the nature and extent of any groundwater contamination. ExxonMobil believes the verdict is not justified by the evidence and that the amount of the award is grossly excessive and unconstitutional. ExxonMobil’s post trial motion to overturn the punitive damages verdict is pending before the trial court. In the event ExxonMobil is not granted relief from the verdict, it will appeal the decision following entry of final judgment. In a prior trial involving the same leak, the jury awarded plaintiff-residents compensatory damages but decided against punitive damages. That case is on appeal. The ultimate outcome of this litigation is not expected to have a material adverse effect upon the Corporation’s operations, financial condition, or financial statements taken as a whole.

Other Contingencies

 

     As of September 30, 2011  
     Equity
Company
Obligations
     Other
Third Party
Obligations
     Total  
     (millions of dollars)  

Total guarantees

   $ 5,047       $ 2,736       $ 7,783   

The Corporation and certain of its consolidated subsidiaries were contingently liable at September 30, 2011, for $7,783 million, primarily relating to guarantees for notes, loans and performance under contracts. Included in this amount were guarantees by consolidated affiliates of $5,047 million, representing ExxonMobil’s share of obligations of certain equity companies. These guarantees are not reasonably likely to have a material effect on the Corporation’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

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Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation’s operations or financial condition. The Corporation’s outstanding unconditional purchase obligations at September 30, 2011, were similar to those at the prior year-end period. Unconditional purchase obligations as defined by accounting standards are those long-term commitments that are noncancelable or cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services.

The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable.

In accordance with a nationalization decree issued by Venezuela’s president in February 2007, by May 1, 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed the operatorship of the Cerro Negro Heavy Oil Project. This Project had been operated and owned by ExxonMobil affiliates holding a 41.67 percent ownership interest in the Project. The decree also required conversion of the Cerro Negro Project into a “mixed enterprise” and an increase in PdVSA’s or one of its affiliate’s ownership interest in the Project, with the stipulation that if ExxonMobil refused to accept the terms for the formation of the mixed enterprise within a specified period of time, the government would “directly assume the activities” carried out by the joint venture. ExxonMobil refused to accede to the terms proffered by the government, and on June 27, 2007, the government expropriated ExxonMobil’s 41.67 percent interest in the Cerro Negro Project.

On September 6, 2007, affiliates of ExxonMobil filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) invoking ICSID jurisdiction under Venezuela’s Investment Law and the Netherlands-Venezuela Bilateral Investment Treaty. The ICSID Tribunal issued a decision on June 10, 2010, finding that it had jurisdiction to proceed on the basis of the Netherlands-Venezuela Bilateral Investment Treaty. The ICSID arbitration proceeding is continuing and a hearing on the merits is currently scheduled for the first quarter of 2012. An affiliate of ExxonMobil has also filed an arbitration under the rules of the International Chamber of Commerce (ICC) against PdVSA and a PdVSA affiliate for breach of their contractual obligations under certain Cerro Negro Project agreements. A hearing on the merits of the ICC arbitration concluded in September 2010 and the parties have filed post-hearing briefs. At this time, the net impact of this matter on the Corporation’s consolidated financial results cannot be reasonably estimated. However, the Corporation does not expect the resolution to have a material effect upon the Corporation’s operations or financial condition. ExxonMobil’s remaining net book investment in Cerro Negro producing assets is about $750 million.

 

3. Comprehensive Income

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2011     2010     2011     2010  
     (millions of dollars)  

Net income including noncontrolling interests

   $ 10,671      $ 7,561      $ 32,482      $ 21,882   

Other comprehensive income (net of income taxes)

        

Foreign exchange translation adjustment

     (3,336     2,705        (1,224     341   

Postretirement benefits reserves adjustment
(excluding amortization)

     272        (393     (293     (3

Amortization of postretirement benefits reserves adjustment included in net periodic benefit costs

     298        300        929        940   

Change in fair value of cash flow hedges

     14        115        24        195   

Realized (gain)/loss from settled cash flow hedges included in net income

     (17     (42     (50     (42
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income including noncontrolling interests

     7,902        10,246        31,868        23,313   

Comprehensive income attributable to noncontrolling interests

     101        480        713        981   
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to ExxonMobil

   $ 7,801      $ 9,766      $ 31,155      $ 22,332   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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4. Earnings Per Share

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2011      2010      2011      2010  

Earnings per common share

           

Net income attributable to ExxonMobil (millions of dollars)

   $ 10,330       $ 7,350       $ 31,660       $ 21,210   

Weighted average number of common shares outstanding
(millions of shares)

     4,839         5,076         4,902         4,838   

Earnings per common share (dollars)

   $ 2.13       $ 1.44       $ 6.46       $ 4.38   

Earnings per common share—assuming dilution

           

Net income attributable to ExxonMobil (millions of dollars)

   $ 10,330       $ 7,350       $ 31,660       $ 21,210   

Weighted average number of common shares outstanding
(millions of shares)

     4,839         5,076         4,902         4,838   

Effect of employee stock-based awards

     4         13         6         13   
  

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average number of common shares outstanding - assuming dilution

     4,843         5,089         4,908         4,851   
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings per common share - assuming dilution (dollars)

   $ 2.13       $ 1.44       $ 6.45       $ 4.37   

 

-9-


Table of Contents
5. Pension and Other Postretirement Benefits

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2011     2010     2011     2010  
     (millions of dollars)  

Pension Benefits - U.S.

        

Components of net benefit cost

        

Service cost

   $ 148      $ 125      $ 397      $ 349   

Interest cost

     198        199        594        598   

Expected return on plan assets

     (192     (182     (577     (545

Amortization of actuarial loss/(gain) and prior service cost

     123        132        370        396   

Net pension enhancement and curtailment/settlement cost

     64        127        266        380   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net benefit cost

   $ 341      $ 401      $ 1,050      $ 1,178   
  

 

 

   

 

 

   

 

 

   

 

 

 

Pension Benefits - Non-U.S.

        

Components of net benefit cost

        

Service cost

   $ 147      $ 112      $ 432      $ 348   

Interest cost

     317        288        956        867   

Expected return on plan assets

     (293     (247     (879     (741

Amortization of actuarial loss/(gain) and prior service cost

     189        137        566        462   

Net pension enhancement and curtailment/settlement cost

     7        3        7        4   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net benefit cost

   $ 367      $ 293      $ 1,082      $ 940   
  

 

 

   

 

 

   

 

 

   

 

 

 

Other Postretirement Benefits

        

Components of net benefit cost

        

Service cost

   $ 30      $ 26      $ 94      $ 78   

Interest cost

     96        93        300        304   

Expected return on plan assets

     (10     (9     (32     (29

Amortization of actuarial loss/(gain) and prior service cost

     47        46        153        154   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net benefit cost

   $ 163      $ 156      $ 515      $ 507   
  

 

 

   

 

 

   

 

 

   

 

 

 

The company expects to make contributions in 2011 of $370 million to the U.S. pension fund and $1,600 million to the non-U.S. pension funds, increases of $100 million and $470 million, respectively, from the year-end 2010 estimate for 2011 contributions.

 

-10-


Table of Contents
6. Financial and Derivative Instruments

Financial Instruments. The fair value of financial instruments is determined by reference to observable market data and other valuation techniques as appropriate. The only category of financial instruments where the difference between fair value and recorded book value is notable is long-term debt. The estimated fair value of total long-term debt, including capitalized lease obligations, was $9.8 billion at September 30, 2011, and $12.8 billion at December 31, 2010, as compared to recorded book values of $9.3 billion at September 30, 2011, and $12.2 billion at December 31, 2010. The fair value hierarchy for long-term debt is primarily Level 1 (quoted prices for identical assets in active markets).

Derivative Instruments. The Corporation’s size, strong capital structure, geographic diversity and the complementary nature of the Upstream, Downstream and Chemical businesses reduce the Corporation’s enterprise-wide risk from changes in interest rates, currency rates and commodity prices. As a result, the Corporation makes limited use of derivatives to mitigate the impact of such changes. The Corporation does not engage in speculative derivative activities or derivative trading activities nor does it use derivatives with leveraged features.

When the Corporation does enter into derivative transactions, it is to offset exposures associated with interest rates, foreign currency exchange rates and hydrocarbon prices that arise from existing assets, liabilities and forecasted transactions. For derivatives designated as cash flow hedges, the Corporation’s activity is intended to manage the price risk posed by physical transactions.

The estimated fair value of derivative instruments outstanding and recorded on the balance sheet was a net asset of $77 million and $172 million at September 30, 2011, and at December 31, 2010, respectively. This is the amount that the Corporation would have received from third parties if these derivatives had been settled in the open market. Assets and liabilities associated with derivatives are predominantly recorded either in “Other current assets” or “Accounts payable and accrued liabilities”. The September 30, 2011, net asset balance includes the Corporation’s outstanding cash flow hedge position, acquired as a result of the June 2010 XTO merger, of $74 million. As the current cash flow hedge positions settle, these programs will be discontinued. The fair value hierarchy for derivative instruments is primarily Level 2 (either market prices for similar assets in active markets or prices quoted by a broker or other market-corroborated prices).

The Corporation recognized a before-tax gain related to derivative instruments of $32 million and $92 million during the three month and nine month periods ended September 30, 2011, and $70 million and $103 million during the three month and nine month periods ended September 30, 2010. Income statement effects associated with derivatives are recorded either in “Sales and other operating revenue” or “Crude oil and product purchases”. Of the amount stated above for the nine month period ended September 30, 2011, cash flow hedges resulted in a before-tax gain of $84 million. The ineffective portion of derivatives designated as hedges is de minimis.

The principal natural gas futures contracts and swap agreements acquired as part of the XTO merger that are in place as of September 30, 2011, will expire at the end of 2011. The associated volume of natural gas is 250 mcfd at a weighted average NYMEX price of $7.02 per thousand cubic feet. These derivative contracts qualify for cash flow hedge accounting. The Corporation will receive the cash flow related to these derivative contracts at the price indicated above. However, the amount of the income statement gain or loss realized from these contracts will be limited to the change in fair value of the derivative instruments from the acquisition date of XTO.

The Corporation believes that there are no material market or credit risks to the Corporation’s financial position, results of operations or liquidity as a result of the derivative activities described above.

 

-11-


Table of Contents
7. Disclosures about Segments and Related Information

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2011     2010     2011     2010  
     (millions of dollars)  

EARNINGS AFTER INCOME TAX

        

Upstream

        

United States

   $ 1,184      $ 999      $ 3,912      $ 2,955   

Non-U.S.

     7,210        4,468        21,698        13,662   

Downstream

        

United States

     810        164        2,238        544   

Non-U.S.

     769        996        1,796        1,873   

Chemical

        

United States

     538        676        1,832        1,900   

Non-U.S.

     465        553        2,008        1,946   

All other

     (646     (506     (1,824     (1,670
  

 

 

   

 

 

   

 

 

   

 

 

 

Corporate total

   $ 10,330      $ 7,350      $ 31,660      $ 21,210   
  

 

 

   

 

 

   

 

 

   

 

 

 

SALES AND OTHER OPERATING REVENUE (1)

        

Upstream

        

United States

   $ 3,686      $ 3,278      $ 10,601      $ 5,625   

Non-U.S.

     7,101        5,923        24,684        18,181   

Downstream

        

United States

     31,329        22,787        90,904        68,300   

Non-U.S.

     67,591        51,850        192,742        150,590   

Chemical

        

United States

     4,053        3,352        11,829        10,174   

Non-U.S.

     6,711        5,160        20,345        16,202   

All other

     4        3        15        11   
  

 

 

   

 

 

   

 

 

   

 

 

 

Corporate total

   $ 120,475      $ 92,353      $ 351,120      $ 269,083   
  

 

 

   

 

 

   

 

 

   

 

 

 

(1)    Includes sales-based taxes

        

INTERSEGMENT REVENUE

        

Upstream

        

United States

   $ 2,232      $ 1,716      $ 7,189      $ 5,804   

Non-U.S.

     12,527        9,270        37,705        28,136   

Downstream

        

United States

     4,426        3,213        14,071        10,247   

Non-U.S.

     17,854        12,624        53,987        37,835   

Chemical

        

United States

     2,884        2,380        9,202        7,302   

Non-U.S.

     2,960        2,020        8,095        6,174   

All other

     66        78        192        216   

 

-12-


Table of Contents
8. Condensed Consolidating Financial Information Related to Guaranteed Securities Issued by Subsidiaries

Exxon Mobil Corporation has fully and unconditionally guaranteed the deferred interest debentures due 2012 ($2,594 million short-term) and the debt securities due 2011 ($13 million short-term) of SeaRiver Maritime Financial Holdings, Inc., a 100-percent-owned subsidiary of Exxon Mobil Corporation.

The following condensed consolidating financial information is provided for Exxon Mobil Corporation, as guarantor, and for SeaRiver Maritime Financial Holdings, Inc., as issuer, as an alternative to providing separate financial statements for the issuer. The accounts of Exxon Mobil Corporation and SeaRiver Maritime Financial Holdings, Inc. are presented utilizing the equity method of accounting for investments in subsidiaries.

 

     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated statement of income for three months ended September 30, 2011

  

Revenues and other income

              

Sales and other operating revenue, including sales-based taxes

   $ 4,600       $ —         $ 115,875       $ —         $ 120,475   

Income from equity affiliates

     10,010         (9      3,894         (9,980      3,915   

Other income

     25         —           915         —           940   

Intercompany revenue

     14,052         —           113,499         (127,551      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues and other income

     28,687         (9      234,183         (137,531      125,330   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Costs and other deductions

              

Crude oil and product purchases

     14,641         —           179,354         (124,706      69,289   

Production and manufacturing expenses

     2,062         —           9,601         (1,464      10,199   

Selling, general and administrative expenses

     743         —           3,209         (188      3,764   

Depreciation and depletion

     378         —           3,488         —           3,866   

Exploration expenses, including dry holes

     57         —           671         —           728   

Interest expense

     76         68         1,166         (1,212      98   

Sales-based taxes

     —           —           8,484         —           8,484   

Other taxes and duties

     10         —           10,212         —           10,222   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and other deductions

     17,967         68         216,185         (127,570      106,650   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     10,720         (77      17,998         (9,961      18,680   

Income taxes

     390         (25      7,644         —           8,009   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income including noncontrolling interests

     10,330         (52      10,354         (9,961      10,671   

Net income attributable to noncontrolling interests

     —           —           341         —           341   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 10,330       $ (52    $ 10,013       $ (9,961    $ 10,330   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-13-


Table of Contents
     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated statement of income for three months ended September 30, 2010

  

  

Revenues and other income

              

Sales and other operating revenue,
including sales-based taxes

   $ 3,835       $ —         $ 88,518       $ —         $ 92,353   

Income from equity affiliates

     6,858         (3      2,422         (6,834      2,443   

Other income

     106         —           396         —           502   

Intercompany revenue

     9,244         1         81,258         (90,503      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues and other income

     20,043         (2      172,594         (97,337      95,298   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Costs and other deductions

              

Crude oil and product purchases

     9,545         —           127,361         (88,031      48,875   

Production and manufacturing expenses

     1,972         —           8,229         (1,219      8,982   

Selling, general and administrative expenses

     693         —           3,190         (176      3,707   

Depreciation and depletion

     410         —           3,434         —           3,844   

Exploration expenses, including dry holes

     35         —           465         —           500   

Interest expense

     67         62         1,020         (1,095      54   

Sales-based taxes

     —           —           7,172         —           7,172   

Other taxes and duties

     8         —           9,298         —           9,306   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and other deductions

     12,730         62         160,169         (90,521      82,440   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     7,313         (64      12,425         (6,816      12,858   

Income taxes

     (37      (23      5,357         —           5,297   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income including noncontrolling interests

     7,350         (41      7,068         (6,816      7,561   

Net income attributable to noncontrolling interests

     —           —           211         —           211   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 7,350       $ (41    $ 6,857       $ (6,816    $ 7,350   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Condensed consolidated statement of income for nine months ended September 30, 2011

  

Revenues and other income

              

Sales and other operating revenue,
including sales-based taxes

   $ 13,658       $ —         $ 337,462       $ —         $ 351,120   

Income from equity affiliates

     30,333         (22      11,386         (30,235      11,462   

Other income

     81         —           2,157         —           2,238   

Intercompany revenue

     40,753         2         337,888         (378,643      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues and other income

     84,825         (20      688,893         (408,878      364,820   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Costs and other deductions

              

Crude oil and product purchases

     42,324         —           527,228         (370,319      199,233   

Production and manufacturing expenses

     5,942         —           28,335         (4,236      30,041   

Selling, general and administrative expenses

     2,180         —           9,432         (540      11,072   

Depreciation and depletion

     1,189         —           10,319         —           11,508   

Exploration expenses, including dry holes

     168         —           1,486         —           1,654   

Interest expense

     217         205         3,356         (3,606      172   

Sales-based taxes

     —           —           25,013         —           25,013   

Other taxes and duties

     30         —           29,881         —           29,911   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and other deductions

     52,050         205         635,050         (378,701      308,604   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     32,775         (225      53,843         (30,177      56,216   

Income taxes

     1,115         (76      22,695         —           23,734   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income including noncontrolling interests

     31,660         (149      31,148         (30,177      32,482   

Net income attributable to noncontrolling interests

     —           —           822         —           822   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 31,660       $ (149    $ 30,326       $ (30,177    $ 31,660   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-14-


Table of Contents
     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated statement of income for nine months ended September 30, 2010

  

  

Revenues and other income

              

Sales and other operating revenue, including sales-based taxes

   $ 11,622       $ —         $ 257,461       $ —         $ 269,083   

Income from equity affiliates

     20,445         (3      7,151         (20,369      7,224   

Other income

     403         —           1,325         —           1,728   

Intercompany revenue

     28,330         3         242,859         (271,192      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total revenues and other income

     60,800         —           508,796         (291,561      278,035   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Costs and other deductions

              

Crude oil and product purchases

     29,886         —           377,952         (263,709      144,129   

Production and manufacturing expenses

     5,741         —           23,882         (3,830      25,793   

Selling, general and administrative expenses

     2,159         —           9,191         (522      10,828   

Depreciation and depletion

     1,268         —           9,222         —           10,490   

Exploration expenses, including dry holes

     163         —           1,430         —           1,593   

Interest expense

     199         185         2,949         (3,184      149   

Sales-based taxes

     —           —           20,933         —           20,933   

Other taxes and duties

     23         —           26,465         —           26,488   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total costs and other deductions

     39,439         185         472,024         (271,245      240,403   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income before income taxes

     21,361         (185      36,772         (20,316      37,632   

Income taxes

     151         (68      15,667         —           15,750   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income including noncontrolling interests

     21,210         (117      21,105         (20,316      21,882   

Net income attributable to noncontrolling interests

     —           —           672         —           672   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to ExxonMobil

   $ 21,210       $ (117    $ 20,433       $ (20,316    $ 21,210   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-15-


Table of Contents
     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated balance sheet as of September 30, 2011

  

     

Cash and cash equivalents

   $ 1,000       $ —         $ 10,022       $ —         $ 11,022   

Cash and cash equivalents - restricted

     13         —           220         —           233   

Notes and accounts receivable - net

     3,301         39         32,289         (1,261      34,368   

Inventories

     1,762         —           14,968         —           16,730   

Other current assets

     521         —           6,502         —           7,023   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current assets

     6,597         39         64,001         (1,261      69,376   

Property, plant and equipment - net

     19,398         —           189,796         —           209,194   

Investments and other assets

     283,235         395         484,672         (723,645      44,657   

Intercompany receivables

     16,237         2,674         591,366         (610,277      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 325,467       $ 3,108       $ 1,329,835       $ (1,335,183    $ 323,227   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Notes and loans payable

   $ 1,960       $ 2,607       $ 2,864       $ —         $ 7,431   

Accounts payable and accrued liabilities

     3,477         73         51,022         —           54,572   

Income taxes payable

     —           —           14,229         (1,261      12,968   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current liabilities

     5,437         2,680         68,115         (1,261      74,971   

Long-term debt

     294         —           9,037         —           9,331   

Postretirement benefits reserves

     9,853         —           9,704         —           19,557   

Deferred income tax liabilities

     1,171         —           35,720         —           36,891   

Other long-term obligations

     4,964         —           15,301         —           20,265   

Intercompany payables

     147,809         381         462,087         (610,277      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     169,528         3,061         599,964         (611,538      161,015   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings reinvested

     323,786         (997      161,935         (160,938      323,786   

Other ExxonMobil equity

     (167,847      1,044         561,663         (562,707      (167,847
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

ExxonMobil share of equity

     155,939         47         723,598         (723,645      155,939   

Noncontrolling interests

     —           —           6,273         —           6,273   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity

     155,939         47         729,871         (723,645      162,212   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities and equity

   $ 325,467       $ 3,108       $ 1,329,835       $ (1,335,183    $ 323,227   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Condensed consolidated balance sheet as of December 31, 2010

  

Cash and cash equivalents

   $ 309       $ —         $ 7,516       $ —         $ 7,825   

Cash and cash equivalents - restricted

     371         —           257         —           628   

Notes and accounts receivable - net

     2,104         —           30,346         (166      32,284   

Inventories

     1,457         —           11,519         —           12,976   

Other current assets

     239         —           5,032         —           5,271   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current assets

     4,480         —           54,670         (166      58,984   

Property, plant and equipment - net

     18,830         —           180,718         —           199,548   

Investments and other assets

     255,005         458         462,893         (674,378      43,978   

Intercompany receivables

     18,186         2,457         528,405         (549,048      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 296,501       $ 2,915       $ 1,226,686       $ (1,223,592    $ 302,510   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Notes and loans payable

   $ 1,042       $ 13       $ 1,732       $ —         $ 2,787   

Accounts payable and accrued liabilities

     2,987         —           47,047         —           50,034   

Income taxes payable

     —           3         9,975         (166      9,812   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total current liabilities

     4,029         16         58,754         (166      62,633   

Long-term debt

     295         2,389         9,543         —           12,227   

Postretirement benefits reserves

     9,660         —           9,707         —           19,367   

Deferred income tax liabilities

     642         107         34,401         —           35,150   

Other long-term obligations

     5,632         —           14,822         —           20,454   

Intercompany payables

     129,404         382         419,262         (549,048      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     149,662         2,894         546,489         (549,214      149,831   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings reinvested

     298,899         (848      132,357         (131,509      298,899   

Other ExxonMobil equity

     (152,060      869         542,000         (542,869      (152,060
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

ExxonMobil share of equity

     146,839         21         674,357         (674,378      146,839   

Noncontrolling interests

     —           —           5,840         —           5,840   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total equity

     146,839         21         680,197         (674,378      152,679   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities and equity

   $ 296,501       $ 2,915       $ 1,226,686       $ (1,223,592    $ 302,510   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-16-


Table of Contents
     Exxon Mobil
Corporation
Parent
Guarantor
     SeaRiver
Maritime
Financial
Holdings
Inc.
     All Other
Subsidiaries
     Consolidating
and
Eliminating
Adjustments
     Consolidated  
     (millions of dollars)  

Condensed consolidated statement of cash flows for nine months ended September 30, 2011

  

  

Cash provided by/(used in) operating activities

   $ 5,433       $ 2       $ 39,907       $ (748    $ 44,594   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities

              

Additions to property, plant and equipment

     (1,871      —           (20,470      —           (22,341

Sales of long-term assets

     168         —           4,078         —           4,246   

Net intercompany investing

     19,936         (177      (20,201      442         —     

All other investing, net

     (1,320      —           (738      —           (2,058
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) investing activities

     16,913         (177      (37,331      442         (20,153
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities

              

Additions to long-term debt

     —           —           457         —           457   

Reductions in long-term debt

     —           —           (236      —           (236

Additions/(reductions) in short-term debt - net

     915         —           499         —           1,414   

Cash dividends

     (6,773      —           (748      748         (6,773

Net ExxonMobil shares sold/(acquired)

     (16,017      —           —           —           (16,017

Net intercompany financing activity

     —           —           267         (267      —     

All other financing, net

     220         175         (276      (175      (56
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) financing activities

     (21,655      175         (37      306         (21,211
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Effects of exchange rate changes on cash

     —           —           (33      —           (33
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Increase/(decrease) in cash and cash equivalents

   $ 691       $ —         $ 2,506       $ —         $ 3,197   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Condensed consolidated statement of cash flows for nine months ended September 30, 2010

  

  

Cash provided by/(used in) operating activities

   $ 32,326       $ 2       $ 8,463       $ (5,433    $ 35,358   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from investing activities

              

Additions to property, plant and equipment

     (2,459      —           (16,742      —           (19,201

Sales of long-term assets

     528         —           1,079         —           1,607   

Net intercompany investing

     (18,096      (152      17,894         354         —     

All other investing, net

     7         —           463         —           470   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) investing activities

     (20,020      (152      2,694         354         (17,124
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash flows from financing activities

              

Additions to long-term debt

     —           —           374         —           374   

Reductions in long-term debt

     —           —           (2,587      —           (2,587

Additions/(reductions) in short-term debt - net

     936         —           (1,665      —           (729

Cash dividends

     (6,286      —           (5,433      5,433         (6,286

Net ExxonMobil shares sold/(acquired)

     (7,066      —           —           —           (7,066

Net intercompany financing activity

     —           —           204         (204      —     

All other financing, net

     47         150         (247      (150      (200
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net cash provided by/(used in) financing activities

     (12,369      150         (9,354      5,079         (16,494
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Effects of exchange rate changes on cash

     —           —           (189      —           (189
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Increase/(decrease) in cash and cash equivalents

   $ (63    $ —         $ 1,614       $ —         $ 1,551   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

-17-


Table of Contents

EXXON MOBIL CORPORATION

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FUNCTIONAL EARNINGS SUMMARY

 

     Third Quarter     First Nine Months  

Earnings (U.S. GAAP)

   2011     2010     2011     2010  
     (millions of dollars)  

Upstream

        

United States

   $ 1,184      $ 999      $ 3,912      $ 2,955   

Non-U.S.

     7,210        4,468        21,698        13,662   

Downstream

        

United States

     810        164        2,238        544   

Non-U.S.

     769        996        1,796        1,873   

Chemical

        

United States

     538        676        1,832        1,900   

Non-U.S.

     465        553        2,008        1,946   

Corporate and financing

     (646     (506     (1,824     (1,670
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income attributable to ExxonMobil (U.S. GAAP)

   $ 10,330      $ 7,350      $ 31,660      $ 21,210   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share (dollars)

   $ 2.13      $ 1.44      $ 6.46      $ 4.38   

Earnings per common share - assuming dilution (dollars)

   $ 2.13      $ 1.44      $ 6.45      $ 4.37   

References in this discussion to total corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the income statement. Unless otherwise indicated, references to earnings, special items, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

REVIEW OF THIRD QUARTER 2011 RESULTS

ExxonMobil’s results for the third quarter of 2011 reflect a continued commitment to operational integrity, disciplined investing and superior project execution.

Third quarter earnings of $10,330 million were up 41 percent from the third quarter of 2010, reflecting higher crude oil and natural gas realizations and improved refining margins.

In the third quarter, capital and exploration expenditures were $8.6 billion, and reached a record level of $26.7 billion for the first nine months of the year as we continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation.

The Corporation distributed over $7 billion to shareholders in the third quarter through dividends and share purchases to reduce shares outstanding.

 

 

Earnings in the first nine months of 2011 of $31,660 million increased $10,450 million, or 49 percent, from 2010. Earnings per share - assuming dilution increased 48 percent to $6.45.

 

-18-


Table of Contents
     Third Quarter      First Nine Months  
     2011      2010      2011      2010  
     (millions of dollars)  

Upstream earnings

           

United States

   $ 1,184       $ 999       $ 3,912       $ 2,955   

Non-U.S.

     7,210         4,468         21,698         13,662   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 8,394       $ 5,467       $ 25,610       $ 16,617   
  

 

 

    

 

 

    

 

 

    

 

 

 

Upstream earnings in the third quarter of 2011 were $8,394 million, up $2,927 million from the third quarter of 2010. Higher liquids and natural gas realizations increased earnings by $3 billion. Production mix and volume effects decreased earnings by $660 million. All other items, primarily gains on asset sales partly offset by higher expenses, increased earnings by $600 million.

On an oil-equivalent basis, production decreased 4 percent from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was unchanged.

Liquids production totaled 2,249 kbd (thousands of barrels per day), down 172 kbd from the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was down 1 percent, as increased production in Iraq, Qatar and Russia was more than offset by field decline.

Third quarter natural gas production was 12,197 mcfd (millions of cubic feet per day), about flat with the third quarter of 2010.

Earnings from U.S. Upstream operations were $1,184 million, $185 million higher than the third quarter of 2010. Non-U.S. Upstream earnings were $7,210 million, up $2,742 million from last year.

 

 

Upstream earnings in the first nine months of 2011 were $25,610 million, up $8,993 million from 2010. Higher crude oil and natural gas realizations increased earnings by $8.6 billion. Production mix and volume effects decreased earnings by $1 billion, while all other items, including gains from asset sales, increased earnings by $1.4 billion.

On an oil-equivalent basis, production in the first nine months of 2011 was up 5 percent compared to the same period in 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up 8 percent.

Liquids production in the first nine months of 2011 of 2,332 kbd decreased 55 kbd compared with 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, liquids production was up 2 percent, as higher volumes from Qatar, the U.S., Iraq and Russia more than offset field decline.

Natural gas production in the first nine months of 2011 of 12,988 mcfd increased 1,684 mcfd from 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

Earnings in the first nine months of 2011 from U.S. Upstream operations were $3,912 million, an increase of $957 million. Earnings outside the U.S. were $21,698 million, up $8,036 million.

 

     Third Quarter      First Nine Months  
     2011      2010      2011      2010  
     (millions of dollars)  

Downstream earnings

           

United States

   $ 810       $ 164       $ 2,238       $ 544   

Non-U.S.

     769         996         1,796         1,873   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,579       $ 1,160       $ 4,034       $ 2,417   
  

 

 

    

 

 

    

 

 

    

 

 

 

Third quarter 2011 Downstream earnings of $1,579 million were up $419 million from the third quarter of 2010. Refining margins increased earnings by $1 billion. Volume and mix effects increased earnings by $110 million, while all other items, mainly unfavorable foreign exchange impacts and lower gains on asset sales, decreased earnings by $710 million. Petroleum product sales of 6,558 kbd were 37 kbd lower than last year’s third quarter.

Earnings from the U.S. Downstream were $810 million, up $646 million from the third quarter of 2010. Non-U.S. Downstream earnings of $769 million were $227 million lower than last year.

 

-19-


Table of Contents

 

Downstream earnings in the first nine months of 2011 of $4,034 million increased $1,617 million from 2010. Refining margins increased earnings by $1.5 billion. Volume and mix effects improved earnings by $650 million. All other items, primarily the absence of favorable tax effects and lower asset management gains, decreased earnings by $560 million. Petroleum product sales of 6,386 kbd increased 20 kbd from 2010.

U.S. Downstream earnings in the first nine months of 2011 were $2,238 million, up $1,694 million from 2010. Non-U.S. Downstream earnings were $1,796 million, $77 million lower than last year.

 

     Third Quarter      First Nine Months  
     2011      2010      2011      2010  
     (millions of dollars)  

Chemical earnings

           

United States

   $ 538       $ 676       $ 1,832       $ 1,900   

Non-U.S.

     465         553         2,008         1,946   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,003       $ 1,229       $ 3,840       $ 3,846   
  

 

 

    

 

 

    

 

 

    

 

 

 

Third quarter 2011 Chemical earnings of $1,003 million were $226 million lower than the third quarter of 2010. Improved margins increased earnings by $50 million, while lower volumes decreased earnings by $110 million. Other items, mainly unfavorable tax effects, decreased earnings by $170 million. Third quarter prime product sales of 6,232 kt (thousands of metric tons) were 326 kt lower than last year’s third quarter.

 

 

Chemical earnings in the first nine months of 2011 of $3,840 million were $6 million lower than 2010. Stronger margins increased earnings by $460 million, while lower volumes reduced earnings by $150 million. Other items, including unfavorable tax effects and higher planned maintenance expenses, decreased earnings by $320 million. Prime product sales of 18,735 kt were down 807 kt from 2010.

 

     Third Quarter     First Nine Months  
     2011     2010     2011     2010  
     (millions of dollars)  

Corporate and financing earnings

   $ (646   $ (506   $ (1,824   $ (1,670

Corporate and financing expenses were $646 million during the third quarter of 2011, up $140 million from the third quarter of 2010, mainly due to tax items.

 

 

Corporate and financing expenses were $1,824 million for the first nine months of 2011, up $154 million from 2010.

 

-20-


Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

 

     Third Quarter      First Nine Months  
     2011      2010      2011     2010  
     (millions of dollars)  

Net cash provided by/(used in)

          

Operating activities

         $ 44,594      $ 35,358   

Investing activities

           (20,153     (17,124

Financing activities

           (21,211     (16,494

Effect of exchange rate changes

           (33     (189
        

 

 

   

 

 

 

Increase/(decrease) in cash and cash equivalents

         $ 3,197      $ 1,551   
        

 

 

   

 

 

 

Cash and cash equivalents (at end of period)

         $ 11,022      $ 12,244   

Cash and cash equivalents – restricted (at end of period)

           233        0   
        

 

 

   

 

 

 

Total cash and cash equivalents (at end of period)

         $ 11,255      $ 12,244   
        

 

 

   

 

 

 

Cash flow from operations and asset sales

          

Net cash provided by operating activities (U.S. GAAP)

   $ 14,849       $ 13,077       $ 44,594      $ 35,358   

Sales of subsidiaries, investments and property, plant and equipment

     1,408         755         4,246        1,607   
  

 

 

    

 

 

    

 

 

   

 

 

 

Cash flow from operations and asset sales

   $ 16,257       $ 13,832       $ 48,840      $ 36,965   
  

 

 

    

 

 

    

 

 

   

 

 

 

Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider asset sales proceeds together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities.

Total cash and cash equivalents of $11.3 billion at the end of the third quarter of 2011 compared to $12.2 billion at the end of the third quarter of 2010.

Cash provided by operating activities totaled $44.6 billion for the first nine months of 2011, $9.2 billion higher than 2010. The major source of funds was net income including noncontrolling interests of $32.5 billion, adjusted for the noncash provision of $11.5 billion for depreciation and depletion, both of which increased. Changes in operational working capital added to cash flows in both periods. For additional details, see the Condensed Consolidated Statement of Cash Flows on page 5.

Investing activities for the first nine months of 2011 used net cash of $20.2 billion compared to $17.1 billion in the prior year. Spending for additions to property, plant and equipment increased $3.1 billion to $22.3 billion. Proceeds from the sale of subsidiaries, investments, and property, plant and equipment increased $2.6 billion to $4.2 billion. Additional investments and advances increased $2.7 billion to $3.1 billion.

Cash flow from operations and asset sales in the third quarter of 2011 of $16.3 billion, including asset sales of $1.4 billion, increased $2.4 billion from the comparable 2010 period. Cash flow from operations and asset sales in the first nine months of 2011 of $48.8 billion, including asset sales of $4.2 billion, was up $11.9 billion from 2010.

Net cash used in financing activities of $21.2 billion in the first nine months of 2011 was $4.7 billion higher than 2010, primarily reflecting a higher level of purchases of shares of ExxonMobil stock.

During the third quarter of 2011, Exxon Mobil Corporation purchased 72 million shares of its common stock for the treasury at a gross cost of $5.5 billion. These purchases included $5 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the company’s benefit plans and programs. Shares outstanding decreased from 4,862 million at the end of the second quarter to 4,793 million at the end of the third quarter. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.

The Corporation distributed to shareholders a total of $7.3 billion in the third quarter of 2011 through dividends and share purchases to reduce shares outstanding.

Total debt of $16.8 billion at September 30, 2011 compared to $15.0 billion at year-end 2010. The Corporation’s debt to total capital ratio was 9.4 percent at the end of the third quarter of 2011 compared to 9.0 percent at year-end 2010.

 

-21-


Table of Contents

Although the Corporation issues long-term debt from time to time and maintains a revolving commercial paper program, internally generated funds are expected to cover the majority of its net near-term financial requirements.

The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include potential for future growth and attractive current valuations. Acquisitions may be made with cash, shares of the Corporation’s common stock, or both.

Litigation and other contingencies are discussed in note 2 to the unaudited condensed consolidated financial statements.

TAXES

 

     Third Quarter     First Nine Months  
     2011     2010     2011     2010  
     (millions of dollars)  

Income taxes

   $ 8,009      $ 5,297      $ 23,734      $ 15,750   

Effective income tax rate

     47     45     46     46

Sales-based taxes

     8,484        7,172        25,013        20,933   

All other taxes and duties

     11,084        10,071        32,575        28,664   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 27,577      $ 22,540      $ 81,322      $ 65,347   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income, sales-based and all other taxes and duties for the third quarter of 2011 of $27,577 million were $5,037 million higher than the third quarter of 2010. Income tax expense increased $2,712 million to $8,009 million reflecting the higher level of earnings and a higher effective tax rate which was 47 percent compared to 45 percent in the prior year period. Sales-based taxes and all other taxes and duties increased in 2011 reflecting higher prices.

 

 

Income, sales-based and all other taxes and duties for the first nine months of 2011 of $81,322 million were $15,975 million higher than the comparable period in 2010. Income tax expense increased $7,984 million to $23,734 million reflecting the higher level of earnings. The effective tax rate was 46 percent in both periods. Sales-based taxes and all other taxes and duties increased in 2011 reflecting higher prices.

CAPITAL AND EXPLORATION EXPENDITURES

 

     Third Quarter      First Nine Months  
     2011      2010      2011      2010  
     (millions of dollars)  

Upstream (including exploration expenses)

   $ 7,752       $ 7,632       $ 24,088       $ 18,520   

Downstream

     541         558         1,475         1,816   

Chemical

     321         525         1,122         1,697   

Other

     6         54         62         132   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 8,620       $ 8,769       $ 26,747       $ 22,165   
  

 

 

    

 

 

    

 

 

    

 

 

 

In the third quarter of 2011, capital and exploration expenditures were $8.6 billion, consistent with the third quarter of 2010.

 

 

Capital and exploration expenditures were a record $26.7 billion in the first nine months of 2011, up 21 percent from the first nine months of 2010. ExxonMobil is investing at record levels and pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation.

ExxonMobil continues with plans to invest between $33 billion and $37 billion per year over the next several years to develop new energy supplies to meet growing world demand. Actual spending could vary depending on the progress of individual projects.

 

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FORWARD-LOOKING STATEMENTS

Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, costs, timing, and capacities; capital and exploration expenditures; and share purchase levels, could differ materially due to factors including: changes in oil or gas prices or other market or economic conditions affecting the oil and gas industry, including the scope and duration of economic recessions; the outcome of exploration and development efforts; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed under the heading “Factors Affecting Future Results” in the “Investors” section of our website and in Item 1A of ExxonMobil’s 2010 Form 10-K. We assume no duty to update these statements as of any future date.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information about market risks for the nine months ended September 30, 2011, does not differ materially from that discussed under Item 7A of the registrant’s Annual Report on Form 10-K for 2010.

 

Item 4. Controls and Procedures

As indicated in the certifications in Exhibit 31 of this report, the Corporation’s chief executive officer, principal financial officer and principal accounting officer have evaluated the Corporation’s disclosure controls and procedures as of September 30, 2011. Based on that evaluation, these officers have concluded that the Corporation’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There were no changes during the Corporation’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

 

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PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

Regarding a matter previously reported in the Corporation’s Form 10-K for 2008, on September 8, 2011, Exxon Mobil Corporation paid a civil penalty of $99,600 to resolve allegations brought by the Louisiana Department of Environmental Quality relating to emissions exceedances from the wet gas scrubber and wastewater treatment system at the Corporation’s refinery located in Baton Rouge, Louisiana.

With respect to a matter previously reported in the Corporation’s Form 10-Q for the second quarter of 2011, on October 4, 2011, XTO Energy Inc. (XTO), without admitting any factual or legal allegations, and the New Mexico Environment Department (NMED) agreed to a settlement for XTO’s alleged violations of the New Mexico Air Quality Control Act and implementing regulations for failure to obtain appropriate permits or registrations for compressor engines and other equipment located at XTO operating sites within the state. XTO is in the process of applying for and obtaining appropriate permits and registrations for its equipment. The settlement, through a Stipulated Final Compliance Order, requires XTO to pay NMED $421,340 to resolve the matter.

On April 14, 2011, the Attorney General for the State of New York filed a complaint against ExxonMobil Oil Corporation in New York Supreme Court for Albany County alleging that petroleum was discharged at a former Mobil petroleum terminal at Lighthouse Point in Ogdensburg, New York, causing contamination of soil and groundwater. On May 11, 2011, ExxonMobil filed its answer denying the substantive allegations of the complaint. The complaint does not include a specific penalty demand, but it is possible that the final penalty could exceed $100,000.

As a result of the July 1, 2011, discharge of crude oil into the Yellowstone River from the ExxonMobil Pipeline Company (EMPCO) Silvertip Pipeline in Billings, Montana, the Montana Department of Environmental Quality (MDEQ) has alleged that EMPCO violated Montana law, including the Montana Water Quality Act. EMPCO is in discussions with the MDEQ to resolve the matter, which could result in the assessment of a civil penalty in excess of $100,000.

On July 11, 2011, the U.S. Department of Transportation Pipeline & Hazardous Material Safety Administration (PHMSA) issued a Final Order finding that ExxonMobil Pipeline Company (EMPCO) violated PHMSA requirements by failing to establish a written procedure for the removal of a temperature probe from a gasoline storage tank at its petroleum terminal in Spokane, Washington. The removal of the temperature probe caused a release of petroleum from the tank, which was promptly addressed by the facility. PHMSA assessed a civil penalty of $100,000 in the Final Order. EMPCO filed a Petition for Reconsideration on August 3, 2011.

On August 3, 2011, Harris County filed a lawsuit against ExxonMobil Chemical Company in the 129th Judicial District Court in Houston, Texas, relating to alleged violations of the Clean Air Act at the Company’s Baytown Olefins Plant (BOP) in Texas. The petition alleged that BOP released in excess of 50 tons of propylene over a 52-day period beginning in April 2011 and that the Company failed to report the release in a timely manner. Harris County is seeking in excess of $1 million in penalties. ExxonMobil is contesting the late reporting allegation based on review of the regulations and believes there is a sound legal basis to demonstrate that ExxonMobil complied with the reporting requirements. With regard to the release, initial analyses indicate no negative impacts to human health or the environment and the emissions did not exceed the permitted maximum allowable emissions rates. Efforts to resolve this matter are underway.

Refer to the relevant portions of note 2 on pages 7 and 8 of this Quarterly Report on Form 10-Q for further information on legal proceedings.

 

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchase of Equity Securities for Quarter Ended September 30, 2011

 

 

 

Period

   Total Number
Of Shares
Purchased
     Average
Price Paid
per Share
     Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
     Maximum Number
Of Shares that May
Yet Be Purchased
Under the Plans or
Programs
 

July, 2011

     21,013,102       $ 82.63         21,013,102      

August, 2011

     26,667,467       $ 73.17         26,667,467      

September, 2011

     24,576,599       $ 72.44         24,576,599      
  

 

 

       

 

 

    

Total

     72,257,168       $ 75.67         72,257,168         (See Note 1
  

 

 

       

 

 

    

 

Note 1 —   On August 1, 2000, the Corporation announced its intention to resume purchases of shares of its common stock for the treasury both to offset shares issued in conjunction with company benefit plans and programs and to gradually reduce the number of shares outstanding. The announcement did not specify an amount or expiration date. The Corporation has continued to purchase shares since this announcement and to report purchased volumes in its quarterly earnings releases. In its most recent earnings release dated October 27, 2011, the Corporation stated that fourth quarter 2011 share purchases to reduce shares outstanding are anticipated to equal $5 billion. Purchases may be made in both the open market and through negotiated transactions, and purchases may be increased, decreased or discontinued at any time without prior notice.

 

Item 6. Exhibits

 

Exhibit

 

Description

10(iii)(f.4)   Standing resolution for non-employee director cash fees dated October 26, 2011
31.1   Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
31.2   Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer.
31.3   Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
32.1   Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.
32.2   Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer.
32.3   Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.
101   Interactive Data Files.

 

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EXXON MOBIL CORPORATION

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    EXXON MOBIL CORPORATION

Date: November 3, 2011

    By:   /s/    Patrick T. Mulva        
      Name:   Patrick T. Mulva
      Title:  

Vice President, Controller and Principal

Accounting Officer

 

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INDEX TO EXHIBITS

 

Exhibit

 

Description

10(iii)(f.4)   Standing resolution for non-employee director cash fees dated October 26, 2011
31.1   Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.
31.2   Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer.
31.3   Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.
32.1   Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.
32.2   Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer.
32.3   Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.
101   Interactive Data Files.

 

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