The ratings on ExxonMobil Corp. (Exxon) 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 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 2010, Exxon's proved reserves totaled more than 24 billion barrels of oil equivalent (boe)--the largest among the supermajors (the six largest nonstate owned oil companies in the world). A long reserve life (over 15 years) and a large resource base (estimated at more than 84 billion boe), from which future commercial projects are likely to
