Exxon Mobil Corp.

Overview Key strengths Key risks Massive, highly diversified, global operations in the oil and gas exploration and production, refining, and petrochemical sectors, which provide stability despite the volatile nature of each industry. Highly capital-intensive operations. Vertical integration among its three segments, providing market intelligence and unique ways to capture value. Large annual dividend payments and history of share repurchases. Above-average profitability and positive free operating cash flow at most points in the commodity cycle. Cash flow leverage that remains high for the rating. Strong track record of completing large scale, complex projects on time and on budget. ExxonMobil has outstanding competitive positions in all facets of the oil and gas industry. Its far-reaching, highly diversified global operations in the upstream,

...Massive, diverse proved reserve and production base, and geographically diversified chemical and refining operations limit the company's financial, operating, environmental, and regulatory risk. ExxonMobil has outstanding competitive positions in all facets of the oil and gas industry. Its far-reaching, highly diversified global operations in the upstream, downstream, and petrochemical sectors provide a measure of cash flow stability despite the volatile nature of each industry. ExxonMobil's diverse operating base also limits the potential financial impact of a localized environmental incident, tighter regulation, or community opposition. Its vertical integration also provides opportunities. The company's integrated business model allows it to capture opportunities across the value chain. For example, ExxonMobil is expanding its refining and petrochemical capacity along the U.S. Gulf Coast to utilize its increasing oil and gas production from the Permian Basin, and its Golden Pass liquefied...

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