The ratings on Exxon Mobil Corp. reflect the company's outstanding competitive position in all facets of the oil and gas industry, and conservative financial policies. Irving, Texas-based Exxon conducts business in more than 200 countries and territories in the exploration and production, refining, marketing, chemicals, minerals, and power businesses, which provides the company with substantial business and geographic diversification that has substantial positive benefits for the company's business risks and margin volatility. A disciplined management team and ingrained corporate culture, which have helped the company to achieve the best return on capital employed for the industry in the past five years, ensures consistency of operational and financial philosophies. In the exploration and production segment, proved reserves stand at 21 billion
