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 oil and gas industry and its minimal financial risk. Irving, Texas-based Exxon Mobil operates in many segments of the energy industry, but its exploration and production (E&P) unit is by far the most important contributor to profitability and cash flow. At year-end 2006, Exxon Mobil's proved reserves totaled more than 22 billion barrels of oil equivalent (boe)--the largest among the supermajors. Factors that mitigate depletion risk are a long reserve life (about 14 years) and a large resource base (estimated at 74 billion boe) from which future commercial projects are likely to arise. Exxon Mobil has
