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 Mobil conducts business in more than 200 countries and territories in the exploration and production (E&P), refining, marketing, chemicals, minerals, and power businesses, providing the company with substantial business and geographic diversification, which has substantial, positive benefits for the company's business risks and margin volatility. A disciplined management team and ingrained corporate culture, which has helped the company to achieve a return on capital employed (ROCE) that ranks consistently among the best of public companies, ensure consistency of operational and financial philosophies. In the E&P segment, proved reserves stand at 21.9 billion
