A disciplined management team with a strong continuity of strategy and philosophy. Massive, highly profitable, and geographically diverse oil and gas operations. A large backlog of projects, which should help stem production declines. Outstanding financial flexibility, highlighted by substantial free cash flow generation and large cash balances. Excellent technical talent and a track record of completing large, complex projects on time and on budget. Exposure to a volatile and capital-intensive industry. Reserve additions becoming increasingly dependent on the company's Asia-Pacific/Middle East geographic segment, and Qatar in particular. Potential for litigation that can result in high judgments. The ratings on Exxon Mobil Corp. reflect the company's excellent business risk profile, characterized by an outstanding competitive position in all facets of the
