Exxon Mobil has a disciplined management team with a strong continuity of strategy and philosophy. Of these, an emphasis on achieving superior returns on capital employed and maintaining low debt leverage are the most critical. Exxon Mobil's operations are highly cost competitive and geographically diversified. Sustainable competitive advantages are provided by their economies of scale, technical complexity, acreage, and market positions. A large backlog of projects should provide moderate production growth for much of the next decade at attractive rates of return. Exxon Mobil has ample liquidity and financial flexibility provided by enormous free operating cash flow, large cash balances, and unfettered access to capital. Exxon Mobil's outstanding technical talent enables the company to replace reserves while maintaining very low
