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, due to substantial free cash flow generation and large cash balances; and 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; and Potential for litigation that can result in high judgments. The ratings on ExxonMobil Corp. reflect the company's excellent business risk profile, because of an outstanding competitive position in all facets of the oil and gas industry, and its minimal financial risk. Irving, Texas-based Exxon operates in many
