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 provides a measure of cash flow stability despite the volatile nature of each industry. ExxonMobil's diverse operating base also limits the impact of a localized environmental incident, tighter regulation, or community opposition. ExxonMobil's size and scale in the upstream, downstream, and petrochemical industries affords significant economies of scale in each segment, and allows it to invest a portion of its capital in long-term projects, which may not generate positive cash flows for several years. The company's integrated business model provides a measure of cash flow stability during periods of low oil prices, and
