The Quarterly
XOM 2014 10-K

Exxon Mobil Corp (XOM) SEC Quarterly Report (10-Q) for Q2 2015

XOM Q3 2015 10-Q
XOM 2014 10-K XOM Q3 2015 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

or

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to________

Commission File Number 1-2256

EXXON MOBIL CORPORATION

(Exact name of registrant as specified in its charter)

NEW JERSEY

13-5409005

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification Number ) 

5959 LAS COLINAS BOULEVARD, IRVING, TEXAS 75039-2298

(Address of principal executive offices) (Zip Code)

(972) 444-1000

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑   No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ☑   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐    No ☑

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class

Outstanding as of June 30, 2015

Common stock, without par value

 4,169,448,719  

EXXON MOBIL CORPORATION

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2015

TABLE OF CONTENTS

PART I.  FINANCIAL INFORMATION

Item 1.       Financial Statements

Condensed Consolidated Statement of Income

Three and six months ended June 30, 2015 and 2014

3

     Condensed Consolidated Statement of Comprehensive Income

Three and six months ended June 30, 2015 and 2014

4

     Condensed Consolidated Balance Sheet

As of June 30, 2015 and December 31, 2014

5

     Condensed Consolidated Statement of Cash Flows

          Six months ended June 30, 2015 and 2014

6

     Condensed Consolidated Statement of Changes in Equity

Six months ended June 30, 2015 and 2014

7

     Notes to Condensed Consolidated Financial Statements

8

Item 2.       Management's Discussion and Analysis of Financial

     Condition and Results of Operations

14

Item 3.       Quantitative and Qualitative Disclosures About Market Risk

22

Item 4. Controls and Procedures

22

PART II.  OTHER INFORMATION

Item 1.       Legal Proceedings

23

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

24

Item 6.       Exhibits

24

Signature

25

Index to Exhibits

26


2

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(millions of dollars)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Revenues and other income

Sales and other operating revenue (1) 

71,360

105,719

136,118

207,031

Income from equity affiliates

2,081

3,312

4,342

7,420

Other income

672

2,177

1,271

3,082

Total revenues and other income

74,113

111,208

141,731

217,533

Costs and other deductions

Crude oil and product purchases

37,312

62,210

70,010

120,076

Production and manufacturing expenses

9,235

10,478

17,965

20,566

Selling, general and administrative expenses

2,831

3,169

5,544

6,301

Depreciation and depletion

4,451

4,285

8,751

8,477

Exploration expenses, including dry holes

370

496

681

813

Interest expense

85

64

173

130

Sales-based taxes (1) 

5,965

7,871

11,495

15,287

Other taxes and duties

6,910

8,484

13,523

16,505

Total costs and other deductions

67,159

97,057

128,142

188,155

Income before income taxes

6,954

14,151

13,589

29,378

Income taxes

2,692

5,034

4,252

10,891

Net income including noncontrolling interests

4,262

9,117

9,337

18,487

Net income attributable to noncontrolling interests

72

337

207

607

Net income attributable to ExxonMobil

4,190

8,780

9,130

17,880

Earnings per common share (dollars) 

1.00

2.05

2.17

4.15

Earnings per common share - assuming dilution (dollars) 

1.00

2.05

2.17

4.15

Dividends per common share (dollars) 

0.73

0.69

1.42

1.32

(1) Sales-based taxes included in sales and other

operating revenue

5,965

7,871

11,495

15,287


The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


3

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(millions of dollars)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Net income including noncontrolling interests

4,262

9,117

9,337

18,487

Other comprehensive income (net of income taxes)

Foreign exchange translation adjustment

997

1,628

(4,356)

842

Adjustment for foreign exchange translation (gain)/loss

 included in net income

 -  

81

 -  

163

Postretirement benefits reserves adjustment

(excluding amortization)

(186)

(92)

627

(176)

Amortization and settlement of postretirement benefits reserves

adjustment included in net periodic benefit costs

357

313

708

629

Unrealized change in fair value of stock investments

17

18

19

(36)

Realized (gain)/loss from stock investments included in

net income

4

 -  

12

 -  

Total other comprehensive income

1,189

1,948

(2,990)

1,422

Comprehensive income including noncontrolling interests

5,451

11,065

6,347

19,909

Comprehensive income attributable to

noncontrolling interests

159

556

(247)

615

Comprehensive income attributable to ExxonMobil

5,292

10,509

6,594

19,294


The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


4

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(millions of dollars)

June 30,

Dec. 31,

2015

2014

Assets

Current assets

Cash and cash equivalents

4,343

4,616

Cash and cash equivalents – restricted

35

42

Notes and accounts receivable – net

25,957

28,009

Inventories

Crude oil, products and merchandise

12,299

12,384

Materials and supplies

4,364

4,294

Other current assets

4,649

3,565

Total current assets

51,647

52,910

Investments, advances and long-term receivables

34,162

35,239

Property, plant and equipment – net

253,653

252,668

Other assets, including intangibles – net

8,798

8,676

Total assets

348,260

349,493

Liabilities

Current liabilities

Notes and loans payable

14,409

17,468

Accounts payable and accrued liabilities

39,914

42,227

Income taxes payable

4,049

4,938

Total current liabilities

58,372

64,633

Long-term debt

19,431

11,653

Postretirement benefits reserves

25,039

25,802

Deferred income tax liabilities

39,419

39,230

Long-term obligations to equity companies

5,487

5,325

Other long-term obligations

21,514

21,786

Total liabilities

169,262

168,429

Commitments and contingencies (Note 3)

Equity

Common stock without par value

(9,000 million shares authorized,  8,019 million shares issued)

11,224

10,792

Earnings reinvested

411,538

408,384

Accumulated other comprehensive income

(21,493)

(18,957)

Common stock held in treasury

(3,850 million shares at June 30, 2015 and

   3,818 million shares at December 31, 2014)

(228,601)

(225,820)

ExxonMobil share of equity

172,668

174,399

Noncontrolling interests

6,330

6,665

Total equity

178,998

181,064

Total liabilities and equity

348,260

349,493


The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


5

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(millions of dollars)

Six Months Ended

June 30,

2015

2014

Cash flows from operating activities

Net income including noncontrolling interests

9,337

18,487

Depreciation and depletion

8,751

8,477

Changes in operational working capital, excluding cash and debt

(1,533)

3

All other items – net

235

(1,662)

Net cash provided by operating activities

16,790

25,305

Cash flows from investing activities

Additions to property, plant and equipment

(13,953)

(15,870)

Proceeds associated with sales of subsidiaries, property, plant and

equipment, and sales and returns of investments

1,113

3,667

Additional investments and advances

(363)

(678)

Other investing activities – net

360

2,398

Net cash used in investing activities

(12,843)

(10,483)

Cash flows from financing activities

Additions to long-term debt

8,000

5,500

Reductions in long-term debt

(13)

 -  

Additions/(reductions) in short-term debt – net

(414)

(489)

Additions/(reductions) in debt with three months or less maturity

(2,773)

(5,747)

Cash dividends to ExxonMobil shareholders

(5,976)

(5,698)

Cash dividends to noncontrolling interests

(88)

(131)

Tax benefits related to stock-based awards

 -  

7

Common stock acquired

(2,784)

(6,863)

Common stock sold

 -  

9

Net cash used in financing activities

(4,048)

(13,412)

Effects of exchange rate changes on cash

(172)

29

Increase/(decrease) in cash and cash equivalents

(273)

1,439

Cash and cash equivalents at beginning of period

4,616

4,644

Cash and cash equivalents at end of period

4,343

6,083

Supplemental Disclosures

Income taxes paid

4,072

10,366

Cash interest paid

263

174


The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


6

EXXON MOBIL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(millions of dollars)

ExxonMobil Share of Equity

Accumulated

Other

Common

Compre-

Stock

ExxonMobil

Non-

Common

Earnings

hensive

Held in

Share of

controlling

Total

Stock

Reinvested

Income

Treasury

Equity

Interests

Equity

Balance as of December 31, 2013

10,077

387,432

(10,725)

(212,781)

174,003

6,492

180,495

Amortization of stock-based awards

402

 -  

 -  

 -  

402

 -  

402

Tax benefits related to stock-based

awards

7

 -  

 -  

 -  

7

 -  

7

Other

1

 -  

 -  

 -  

1

 -  

1

Net income for the period

 -  

17,880

 -  

 -  

17,880

607

18,487

Dividends – common shares

 -  

(5,698)

 -  

 -  

(5,698)

(131)

(5,829)

Other comprehensive income

 -  

 -  

1,414

 -  

1,414

8

1,422

Acquisitions, at cost

 -  

 -  

 -  

(6,863)

(6,863)

 -  

(6,863)

Dispositions

 -  

 -  

 -  

9

9

 -  

9

Balance as of June 30, 2014

10,487

399,614

(9,311)

(219,635)

181,155

6,976

188,131

Balance as of December 31, 2014

10,792

408,384

(18,957)

(225,820)

174,399

6,665

181,064

Amortization of stock-based awards

429

 -  

 -  

 -  

429

 -  

429

Tax benefits related to stock-based

awards

6

 -  

 -  

 -  

6

 -  

6

Other

(3)

 -  

 -  

 -  

(3)

 -  

(3)

Net income for the period

 -  

9,130

 -  

 -  

9,130

207

9,337

Dividends – common shares

 -  

(5,976)

 -  

 -  

(5,976)

(88)

(6,064)

Other comprehensive income

 -  

 -  

(2,536)

 -  

(2,536)

(454)

(2,990)

Acquisitions, at cost

 -  

 -  

 -  

(2,784)

(2,784)

 -  

(2,784)

Dispositions

 -  

 -  

 -  

3

3

 -  

3

Balance as of June 30, 2015

11,224

411,538

(21,493)

(228,601)

172,668

6,330

178,998

Six Months Ended June 30, 2015

Six Months Ended June 30, 2014

Held in

Held in

Common Stock Share Activity

Issued

Treasury

Outstanding

Issued

Treasury

Outstanding

(millions of shares)

(millions of shares)

Balance as of December 31

8,019

(3,818)

4,201

8,019

(3,684)

4,335

Acquisitions

 -  

(32)

(32)

 -  

(70)

(70)

Dispositions

 -  

 -  

 -  

 -  

 -  

 -  

Balance as of June 30

8,019

(3,850)

4,169

8,019

(3,754)

4,265


The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements.


7

EXXON MOBIL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Financial Statement Preparation

These unaudited condensed consolidated financial statements should be read in the context of the consolidated financial statements and notes thereto filed with the Securities and Exchange Commission in the Corporation's 2014 Annual Report on Form 10-K. In the opinion of the Corporation, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. Prior data has been reclassified in certain cases to conform to the current presentation basis.

The Corporation's exploration and production activities are accounted for under the "successful efforts" method.

2.     Recently Issued Accounting Standard

In May 2014, the Financial Accounting Standards Board issued a new standard, Revenue from Contracts with Customers . The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements, and expands disclosure requirements. The standard is expected to be adopted beginning January 1, 2018. ExxonMobil is evaluating the standard and its effect on the Corporation's financial statements. 

3. Litigation and Other Contingencies

Litigation

A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Corporation accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Corporation does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Corporation discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our contingency disclosures, "significant" includes material matters as well as other matters which management believes should be disclosed. ExxonMobil will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Corporation does not believe the ultimate outcome of any currently pending lawsuit against ExxonMobil will have a material adverse effect upon the Corporation's operations, financial condition, or financial statements taken as a whole.

Other Contingencies

The Corporation and certain of its consolidated subsidiaries were contingently liable at June 30, 2015, for guarantees relating to notes, loans and performance under contracts. Where guarantees for environmental remediation and other similar matters do not include a stated cap, the amounts reflect management's estimate of the maximum potential exposure. These guarantees are not reasonably likely to have a material effect on the Corporation's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

As of June 30, 2015

Equity

Other

Company

Third Party

Obligations (1) 

Obligations

Total

(millions of dollars)

Guarantees

Debt-related

86

38

124

Other

3,015

4,151

7,166

Total

3,101

4,189

7,290

(1) ExxonMobil share


8

Additionally, the Corporation and its affiliates have numerous long-term sales and purchase commitments in their various business activities, all of which are expected to be fulfilled with no adverse consequences material to the Corporation's operations or financial condition. The Corporation's outstanding unconditional purchase obligations at June 30, 2015, were similar to those at the prior year-end period. Unconditional purchase obligations as defined by accounting standards are those long-term commitments that are noncancelable or cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services.

The operations and earnings of the Corporation and its affiliates throughout the world have been, and may in the future be, affected from time to time in varying degree by political developments and laws and regulations, such as forced divestiture of assets; restrictions on production, imports and exports; price controls; tax increases and retroactive tax claims; expropriation of property; cancellation of contract rights and environmental regulations. Both the likelihood of such occurrences and their overall effect upon the Corporation vary greatly from country to country and are not predictable. 

In accordance with a nationalization decree issued by Venezuela's president in February 2007, by May 1, 2007, a subsidiary of the Venezuelan National Oil Company (PdVSA) assumed the operatorship of the Cerro Negro Heavy Oil Project. This Project had been operated and owned by ExxonMobil affiliates holding a 41.67 percent ownership interest in the Project. The decree also required conversion of the Cerro Negro Project into a "mixed enterprise" and an increase in PdVSA's or one of its affiliate's ownership interest in the Project, with the stipulation that if ExxonMobil refused to accept the terms for the formation of the mixed enterprise within a specified period of time, the government would "directly assume the activities" carried out by the joint venture. ExxonMobil refused to accede to the terms proffered by the government, and on June 27, 2007, the government expropriated ExxonMobil's 41.67 percent interest in the Cerro Negro Project.

On September 6, 2007, affiliates of ExxonMobil filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID). The ICSID Tribunal issued a decision on June 10, 2010, finding that it had jurisdiction to proceed on the basis of the Netherlands-Venezuela Bilateral Investment Treaty. On October 9, 2014, the ICSID Tribunal issued its final award finding in favor of the ExxonMobil affiliates and awarding $1.6 billion as of the date of expropriation, June 27, 2007, and interest from that date at 3.25% compounded annually until the date of payment in full. The Tribunal also noted that one of the Cerro Negro Project agreements provides a mechanism to prevent double recovery between the ICSID award and all or part of an earlier award of $908 million to an ExxonMobil affiliate, Mobil Cerro Negro, Ltd., against PdVSA and a PdVSA affiliate, PdVSA CN, in an arbitration under the rules of the International Chamber of Commerce (ICC).

On June 12, 2015, the Tribunal rejected in its entirety Venezuela's October 23, 2014, application to revise the ICSID award. The Tribunal also lifted the associated stay of enforcement that had been entered upon the filing of the application to revise.

Still pending is Venezuela's February 2, 2015, application to ICSID seeking annulment of the ICSID award. That application alleges that, in issuing the ICSID award, the Tribunal exceeded its powers, failed to state reasons on which the ICSID award was based, and departed from a fundamental rule of procedure. A separate stay of the ICSID award was entered following the filing of the annulment application. On July 7, 2015, the ICSID Committee considering the annulment application heard arguments from the parties on whether to lift the stay of the award associated with that application. On July 28, 2015, the Committee issued an order that would lift the stay of enforcement unless, within 30 days, Venezuela delivers a commitment to pay the award if the application to annul is denied. In that event, the ICSID Committee would require, as a condition to the lifting of the stay, that the ExxonMobil affiliates give a commitment within 15 days that any attempt to enforce the ICSID award will take full account of the requirement in the award to avoid double recovery of amounts received under the ICC award. 

The United States District Court for the Southern District of New York entered judgment on the ICSID award on October 10, 2014. Motions filed by Venezuela to vacate that judgment on procedural grounds and to modify the judgment by reducing the rate of interest to be paid on the ICSID award from the entry of the court's judgment, until the date of payment, were denied on February 13, 2015, and March 4, 2015, respectively. On March 9, 2015, Venezuela filed a notice of appeal of the court's actions on the two motions.

The District Court's judgment on the ICSID award is currently stayed until such time as ICSID's stay of the award entered following Venezuela's filing of its application to annul has been lifted. The net impact of these matters on the Corporation's consolidated financial results cannot be reasonably estimated. Regardless, the Corporation does not expect the resolution to have a material effect upon the Corporation's operations or financial condition.


9

An affiliate of ExxonMobil is one of the Contractors under a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC) covering the Erha block located in the offshore waters of Nigeria. ExxonMobil's affiliate is the operator of the block and owns a 56.25 percent interest under the PSC. The Contractors are in dispute with NNPC regarding NNPC's lifting of crude oil in excess of its entitlement under the terms of the PSC. In accordance with the terms of the PSC, the Contractors initiated arbitration in Abuja, Nigeria, under the Nigerian Arbitration and Conciliation Act. On October 24, 2011, a three-member arbitral Tribunal issued an award upholding the Contractors' position in all material respects and awarding damages to the Contractors jointly in an amount of approximately $1.8 billion plus $234 million in accrued interest. The Contractors petitioned a Nigerian federal court for enforcement of the award, and NNPC petitioned the same court to have the award set aside. On May 22, 2012, the court set aside the award. The Contractors have appealed that judgment. In June 2013, the Contractors filed a lawsuit against NNPC in the Nigerian federal high court in order to preserve their ability to seek enforcement of the PSC in the courts if necessary. In October 2014, the Contractors filed suit in the United States District Court for the Southern District of New York to enforce, if necessary, the arbitration award against NNPC assets residing within that jurisdiction. At this time, the net impact of this matter on the Corporation's consolidated financial results cannot be reasonably estimated. However, regardless of the outcome of enforcement proceedings, the Corporation does not expect the proceedings to have a material effect upon the Corporation's operations or financial condition. 


10

4.     Other Comprehensive Income Information

Cumulative

Post-

Foreign

retirement

Unrealized

Exchange

Benefits

Change in

ExxonMobil Share of Accumulated Other

Translation

Reserves

Stock

Comprehensive Income

Adjustment

Adjustment

Investments

Total

(millions of dollars)

Balance as of December 31, 2013

(846)

(9,879)

 -  

(10,725)

Current period change excluding amounts reclassified

from accumulated other comprehensive income

849

(168)

(36)

645

Amounts reclassified from accumulated other

comprehensive income

163

606

 -  

769

Total change in accumulated other comprehensive income

1,012

438

(36)

1,414

Balance as of June 30, 2014

166

(9,441)

(36)

(9,311)

Balance as of December 31, 2014

(5,952)

(12,945)

(60)

(18,957)

Current period change excluding amounts reclassified

from accumulated other comprehensive income

(3,873)

620

19

(3,234)

Amounts reclassified from accumulated other

comprehensive income

 -  

686

12

698

Total change in accumulated other comprehensive income

(3,873)

1,306

31

(2,536)

Balance as of June 30, 2015

(9,825)

(11,639)

(29)

(21,493)

Three Months Ended

Six Months Ended

Amounts Reclassified Out of Accumulated Other

June 30,

June 30,

Comprehensive Income - Before-tax Income/(Expense)

2015

2014

2015

2014

(millions of dollars)

Foreign exchange translation gain/(loss) included in net income

(Statement of Income line: Other income)

 -  

(81)

 -  

(163)

Amortization and settlement of postretirement benefits reserves

adjustment included in net periodic benefit costs (1) 

(507)

(434)

(1,018)

(885)

Realized change in fair value of stock investments included in

net income (Statement of Income line: Other income)

(6)

 -  

(18)

 -  

(1)   These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 6 – Pension and Other Postretirement Benefits for additional details.)

Three Months Ended

Six Months Ended

Income Tax (Expense)/Credit For

June 30,

June 30,

Components of Other Comprehensive Income

2015

2014

2015

2014

(millions of dollars)

Foreign exchange translation adjustment

(25)

61

65

29

Postretirement benefits reserves adjustment

(excluding amortization)

75

27

(302)

77

Amortization and settlement of postretirement benefits reserves

adjustment included in net periodic benefit costs

(150)

(121)

(310)

(256)

Unrealized change in fair value of stock investments

(10)

(10)

(11)

19

Realized change in fair value of stock investments

included in net income

(2)

 -  

(6)

 -  

Total

(112)

(43)

(564)

(131)


11

5.     Earnings Per Share

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Earnings per common share

Net income attributable to ExxonMobil (millions of dollars)

4,190

8,780

9,130

17,880

Weighted average number of common shares

outstanding (millions of shares)

4,200

4,297

4,205

4,312

Earnings per common share (dollars) (1) 

1.00

2.05

2.17

4.15

(1)  The calculation of earnings per common share and earnings per common share – assuming dilution are the same in each period shown.

6.     Pension and Other Postretirement Benefits

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

(millions of dollars)

Components of net benefit cost

Pension Benefits - U.S.

Service cost

199

182

394

359

Interest cost

197

201

393

403

Expected return on plan assets

(207)

(200)

(414)

(400)

Amortization of actuarial loss/(gain) and prior

service cost

136

104

274

208

Net pension enhancement and

curtailment/settlement cost

117

113

234

225

Net benefit cost

442

400

881

795

Pension Benefits - Non-U.S.

Service cost

172

154

348

304

Interest cost

212

289

430

574

Expected return on plan assets

(273)

(301)

(551)

(599)

Amortization of actuarial loss/(gain) and prior

service cost

208

189

419

381

Net benefit cost

319

331

646

660

Other Postretirement Benefits

Service cost

48

38

85

75

Interest cost

83

112

173

204

Expected return on plan assets

(7)

(11)

(14)

(20)

Amortization of actuarial loss/(gain) and prior

service cost

46

28

91

71

Net benefit cost

170

167

335

330


12

7.     Financial Instruments

The fair value of financial instruments is determined by reference to observable market data and other valuation techniques as appropriate. The only category of financial instruments where the difference between fair value and recorded book value is notable is long-term debt. The estimated fair value of total long-term debt, excluding capitalized lease obligations, was $19,001 million at June 30, 2015, and $11,660 million at December 31, 2014, as compared to recorded book values of $18,857 million at June 30, 2015, and $11,278 million at December 31, 2014. The increase in the estimated fair value and book value of long-term debt reflects the Corporation's issuance of $8.0 billion of long-term debt in the first quarter of 2015. The $8.0 billion of long-term debt is comprised of $500 million of floating-rate notes due in 2018, $500 million of floating-rate notes due in 2022, $1,600 million of 1.305% notes due in 2018, $1,500 million of 1.912% notes due in 2020, $1,150 million of 2.397% notes due in 2022, $1,750 million of 2.709% notes due in 2025, and $1,000 million of 3.567% notes due in 2045.

The fair value of long-term debt by hierarchy level at June 30, 2015, is: Level 1 $18,577 million; Level 2 $362 million; and Level 3 $62 million. Level 1 represents quoted prices in active markets. Level 2 includes debt whose fair value is based upon a publicly available index. Level 3 involves using internal data augmented by relevant market indicators if available.

8.     Disclosures about Segments and Related Information

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Earnings After Income Tax

(millions of dollars)

Upstream

United States

(47)

1,193

(99)

2,437

Non-U.S.

2,078

6,688

4,985

13,227

Downstream

United States

412

536

979

1,159

Non-U.S.

1,094

175

2,194

365

Chemical

United States

735

528

1,340

1,207

Non-U.S.

511

313

888

681

All other

(593)

(653)

(1,157)

(1,196)

Corporate total

4,190

8,780

9,130

17,880

Sales and Other Operating Revenue (1)

Upstream

United States

2,231

3,886

4,356

7,760

Non-U.S.

4,386

6,413

8,508

12,240

Downstream

United States

20,794

32,431

39,183

62,843

Non-U.S.

36,496

53,176

69,658

104,464

Chemical

United States

2,788

3,750

5,580

7,626

Non-U.S.

4,663

6,052

8,829

12,084

All other

2

11

4

14

Corporate total

71,360

105,719

136,118

207,031

(1)

Includes sales-based taxes

Intersegment Revenue

Upstream

United States

1,224

2,204

2,404

4,267

Non-U.S.

6,086

10,080

10,943

20,861

Downstream

United States

3,549

4,147

6,625

9,056

Non-U.S.

6,527

12,557

11,800

25,399

Chemical

United States

2,134

2,553

3,907

5,187

Non-U.S.

1,362

2,457

2,683

4,724

All other

70

71

138

138


13

EXXON MOBIL CORPORATION

Item 2.       Management's Discussion and Analysis of Financial Condition and Results of Operations

FUNCTIONAL EARNINGS SUMMARY

Second Quarter

First Six Months

Earnings (U.S. GAAP)

2015

2014

2015

2014

(millions of dollars)

Upstream

United States

(47)

1,193

(99)

2,437

Non-U.S.

2,078

6,688

4,985

13,227

Downstream

United States

412

536

979

1,159

Non-U.S.

1,094

175

2,194

365

Chemical

United States

735

528

1,340

1,207

Non-U.S.

511

313

888

681

Corporate and financing

(593)

(653)

(1,157)

(1,196)

Net Income attributable to ExxonMobil (U.S. GAAP)

4,190

8,780

9,130

17,880

Earnings per common share (dollars)

1.00

2.05

2.17

4.15

Earnings per common share - assuming dilution (dollars) 

1.00

2.05

2.17

4.15

References in this discussion to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and Financing segment earnings, and earnings per share are ExxonMobil's share after excluding amounts attributable to noncontrolling interests.

REVIEW OF SECOND QUARTER 2015 RESULTS

ExxonMobil's second quarter 2015 earnings were $4.2 billion, or $1 per diluted share, compared with $8.8 billion a year earlier. Higher Downstream and Chemical earnings were more than offset by the impact of weaker Upstream realizations and lower asset management gains.

ExxonMobil is delivering on its investment and operating commitments across the integrated portfolio. Quarterly results reflect the disparate impacts of the current commodity price environment, but also demonstrate the strength of our sound operations, superior project execution capabilities, as well as continued discipline in capital and expense management.

ExxonMobil produced 4 million oil‑equivalent barrels per day, an increase of 139,000 barrels per day, or 3.6 percent. Liquids volumes of 2.3 million barrels per day increased 11.9 percent, benefiting from new developments in Angola, Canada, Indonesia and the United States. 

Earnings in the first six months of 2015 were $9.1 billion, down $8.8 billion or 49 percent from 2014.

Earnings per share, assuming dilution, decreased 48 percent to $2.17.

Capital and exploration expenditures were $16 billion, down 12 percent from 2014.

Oil equivalent production increased 3 percent from 2014, with liquids up 8.9 percent and natural gas down 3.6 percent.

The corporation distributed $8 billion to shareholders in the first half of 2015 through $6 billion in dividends and $2 billion in share purchases to reduce shares outstanding.


14

Second Quarter

First Six Months

2015

2014

2015

2014

(millions of dollars)

Upstream earnings

United States

(47)

1,193

(99)

2,437

Non-U.S.

2,078

6,688

4,985

13,227

Total

2,031

7,881

4,886

15,664

Upstream earnings were $2,031 million in the second quarter of 2015, down $5,850 million from the second quarter of 2014. Lower liquids and gas realizations decreased earnings by $4.5 billion, while volume effects increased earnings by $330 million driven by new developments. All other items decreased earnings by $1.7 billion, including the one‑time $260 million deferred income tax impact related to the tax rate increase in Alberta, Canada, and the absence of prior year asset management gains.

On an oil‑equivalent basis, production increased 3.6 percent from the second quarter of 2014. Liquids production totaled 2.3 million barrels per day, up 243,000 barrels per day, with project ramp‑up and entitlement effects partly offset by field decline. Natural gas production was 10.1 billion cubic feet per day, down 622 million cubic feet per day from 2014 due to regulatory restrictions in the Netherlands. Project volumes and entitlement effects offset field decline.

The U.S. Upstream operations recorded a loss of $47 million, down $1,240 million from the second quarter of 2014. Non‑U.S. Upstream earnings were $2,078 million, down $4,610 million from the prior year.

Upstream earnings for the first six months of 2015 were $4,886 million, down $10,778 million from 2014. Lower realizations decreased earnings by $10 billion. Favorable volume and mix effects increased earnings by $570 million. All other items, primarily the absence of prior year asset management gains, decreased earnings by $1.4 billion.

On an oil‑equivalent basis, production of 4.1 million barrels per day was up 3 percent compared to the same period in 2014. Liquids production of 2.3 million barrels per day increased 186,000 barrels per day, with project ramp‑up and entitlement effects partly offset by field decline. Natural gas production of 11 billion cubic feet per day decreased 407 million cubic feet per day from 2014 due to regulatory restrictions in the Netherlands. Project ramp‑up and entitlement effects exceeded field decline.

The U.S. Upstream operations recorded a loss of $99 million, down $2,536 million from 2014. Non‑U.S. earnings were $4,985 million, down $8,242 million from the prior year.


15

Second Quarter

First Six Months

Upstream additional information

(thousands of barrels daily)

Volumes reconciliation (Oil-equivalent production) (1) 

2014

3,840

3,995

Entitlements - Net interest

(10)

(23)

Entitlements - Price / Spend / Other

171

176

Quotas

 -  

 -  

Divestments

(29)

(33)

Growth / Other

7

(2)

2015

3,979

4,113

(1) Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels.

Listed below are descriptions of ExxonMobil's volumes reconciliation factors which are provided to facilitate understanding of the terms.

Entitlements - Net Interest are changes to ExxonMobil's share of production volumes caused by non-operational changes to volume-determining factors. These factors consist of net interest changes specified in Production Sharing Contracts (PSCs) which typically occur when cumulative investment returns or production volumes achieve defined thresholds, changes in equity upon achieving pay-out in partner investment carry situations, equity redeterminations as specified in venture agreements, or as a result of the termination or expiry of a concession. Once a net interest change has occurred, it typically will not be reversed by subsequent events, such as lower crude oil prices.

Entitlements - Price, Spend and Other are changes to ExxonMobil's share of production volumes resulting from temporary changes to non-operational volume-determining factors. These factors include changes in oil and gas prices or spending levels from one period to another. According to the terms of contractual arrangements or government royalty regimes, price or spending variability can increase or decrease royalty burdens and/or volumes attributable to ExxonMobil. For example, at higher prices, fewer barrels are required for ExxonMobil to recover its costs. These effects generally vary from period to period with field spending patterns or market prices for oil and natural gas. Such factors can also include other temporary changes in net interest as dictated by specific provisions in production agreements.

Quotas are changes in ExxonMobil's allowable production arising from production constraints imposed by countries which are members of the Organization of the Petroleum Exporting Countries (OPEC). Volumes reported in this category would have been readily producible in the absence of the quota.

Divestments are reductions in ExxonMobil's production arising from commercial arrangements to fully or partially reduce equity in a field or asset in exchange for financial or other economic consideration.

Growth and Other factors comprise all other operational and non-operational factors not covered by the above definitions that may affect volumes attributable to ExxonMobil. Such factors include, but are not limited to, production enhancements from project and work program activities, acquisitions including additions from asset exchanges, downtime, market demand, natural field decline, and any fiscal or commercial terms that do not affect entitlements.


16

Second Quarter

First Six Months

2015

2014

2015

2014

(millions of dollars)

Downstream earnings

United States

412

536

979

1,159

Non-U.S.

1,094

175

2,194

365

Total

1,506

711

3,173

1,524

Downstream earnings were $1,506 million, up $795 million from the second quarter of 2014. Stronger margins increased earnings by $1.1 billion. Volume and mix effects decreased earnings by $80 million. All other items, including higher maintenance expenses, decreased earnings by $230 million. Petroleum product sales of 5.7 million barrels per day were 104,000 barrels per day lower than the prior year's second quarter.

Earnings from the U.S. Downstream were $412 million, down $124 million from the second quarter of 2014. Non‑U.S. Downstream earnings of $1,094 million were $919 million higher than last year.

Downstream earnings of $3,173 million for the first six months of 2015 increased $1,649 million from 2014. Stronger margins increased earnings by $2.1 billion. Volume and mix effects were essentially flat period-to-period. All other items, including higher planned maintenance expenses, decreased earnings by $480 million. Petroleum product sales of 5.8 million barrels per day were 54,000 barrels per day lower than 2014.

U.S. Downstream earnings were $979 million, a decrease of $180 million from 2014. Non‑U.S. Downstream earnings were $2,194 million, up $1,829 million from the prior year.


Second Quarter

First Six Months

2015

2014

2015

2014

(millions of dollars)

Chemical earnings

United States

735

528

1,340

1,207

Non-U.S.

511

313

888

681

Total

1,246

841

2,228

1,888

Chemical earnings of $1,246 million were $405 million higher than the second quarter of 2014. Margins increased earnings by $340 million, benefiting from lower feedstock costs. Volume mix effects increased earnings by $20 million. All other items, primarily asset management gains in the U.S., partly offset by unfavorable foreign exchange effects, increased earnings by a net $50 million. Second quarter prime product sales of 6.1 million metric tons were 61,000 metric tons lower than the prior year's second quarter.

Chemical earnings of $2,228 million for the first six months of 2015 increased $340 million from 2014. Higher margins increased earnings by $590 million. Favorable volume mix effects increased earnings by $70 million. All other items, including unfavorable foreign exchange effects partly offset by asset management gains in the U.S., decreased earnings by $320 million. Prime product sales of 12.1 million metric tons were down 120,000 metric tons from 2014.


17

Second Quarter

First Six Months

2015

2014

2015

2014

(millions of dollars)

Corporate and financing earnings

(593)

(653)

(1,157)

(1,196)

Corporate and financing expenses were $593 million for the second quarter of 2015, down $60 million from the second quarter of 2014.

Corporate and financing expenses were $1,157 million in the first six months of 2015, essentially flat with 2014.


18

LIQUIDITY AND CAPITAL RESOURCES

Second Quarter

First Six Months

2015

2014

2015

2014

(millions of dollars)

Net cash provided by/(used in)

Operating activities

16,790

25,305

Investing activities

(12,843)

(10,483)

Financing activities

(4,048)

(13,412)

Effect of exchange rate changes

(172)

29

Increase/(decrease) in cash and cash equivalents

(273)

1,439

Cash and cash equivalents (at end of period)

4,343

6,083

Cash and cash equivalents – restricted (at end of period)

35

198

Total cash and cash equivalents (at end of period)

4,378

6,281

Cash flow from operations and asset sales

Net cash provided by operating activities (U.S. GAAP)

 8,792  

 10,202  

16,790

25,305

Proceeds associated with sales of subsidiaries, property,

plant & equipment, and sales and returns of investments

 629  

 2,556  

1,113

3,667

Cash flow from operations and asset sales

 9,421  

 12,758  

17,903

28,972

Because of the ongoing nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.

Cash flow from operations and asset sales in the second quarter of 2015 was $9.4 billion, including asset sales of $0.6 billion, a decrease of $3.3 billion from the comparable 2014 period due to lower earnings and lower proceeds from asset sales.

Cash provided by operating activities totaled $16.8 billion for the first six months of 2015, $8.5 billion lower than 2014. The major source of funds was net income including noncontrolling interests of $9.3 billion, a decrease of $9.2 billion from the prior year period. The adjustment for the noncash provision of $8.8 billion for depreciation and depletion increased by $0.3 billion. Changes in operational working capital decreased cash flows by $1.5 billion in 2015. All other items net increased cash by $0.2 billion in 2015 and decreased cash by $1.7 billion in 2014. For additional details, see the Condensed Consolidated Statement of Cash Flows on page 6.

Investing activities for the first six months of 2015 used net cash of $12.8 billion, an increase of $2.4 billion compared to the prior year. Spending for additions to property, plant and equipment of $14 billion was $1.9 billion lower than 2014. Proceeds from asset sales of $1.1 billion decreased $2.6 billion. Additional investment and advances decreased $0.3 billion to $0.4 billion. Other investing activities – net decreased $2 billion to $0.4 billion.

Cash flow from operations and asset sales in the first six months of 2015 was $17.9 billion, including asset sales of $1.1 billion, and decreased $11.1 billion from the comparable 2014 period primarily due to lower earnings and lower proceeds from asset sales.

During the first quarter of 2015, the Corporation issued $8.0 billion of long-term debt and used part of the proceeds to reduce short-term debt. Net cash used in financing activities of $4.0 billion in the first six months of 2015 was $9.4 billion lower than 2014 reflecting the 2015 debt issuance and a lower level of purchases of shares of ExxonMobil stock in 2015.

During the second quarter of 2015, Exxon Mobil Corporation purchased 12 million shares of its common stock for the treasury at a gross cost of $1.0 billion. These purchases were to reduce the number of shares outstanding. Shares outstanding decreased from 4,181 million at the end of first quarter to 4,169 million at the end of the second quarter 2015. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time without prior notice.


19

The Corporation distributed to shareholders a total of $4.1 billion in the second quarter of 2015 through dividends and share purchases to reduce shares outstanding.

Total cash and cash equivalents of $4.4 billion at the end of the second quarter of 2015 compared to $6.3 billion at the end of the second quarter of 2014.

Total debt of $33.8 billion compared to $29.1 billion at year-end 2014. The Corporation's debt to total capital ratio was 15.9 percent at the end of the second quarter of 2015 compared to 13.9 percent at year-end 2014.

The Corporation has access to significant capacity of long-term and short-term liquidity. Internally generated funds are expected to cover the majority of financial requirements, supplemented by long-term and short-term debt.

The Corporation, as part of its ongoing asset management program, continues to evaluate its mix of assets for potential upgrade. Because of the ongoing nature of this program, dispositions will continue to be made from time to time which will result in either gains or losses. Additionally, the Corporation continues to evaluate opportunities to enhance its business portfolio through acquisitions of assets or companies, and enters into such transactions from time to time. Key criteria for evaluating acquisitions include potential for future growth and attractive current valuations. Acquisitions may be made with cash, shares of the Corporation's common stock, or both.

Litigation and other contingencies are discussed in Note 3 to the unaudited condensed consolidated financial statements.

TAXES

Second Quarter

First Six Months

2015

2014

2015

2014

(millions of dollars)

Income taxes

2,692

5,034

4,252

10,891

Effective income tax rate

45

%

41

%

39

%

43

%

Sales-based taxes

5,965

7,871

11,495

15,287

All other taxes and duties

7,595

9,306

14,869

18,163

Total

16,252

22,211

30,616

44,341

Income, sales-based and all other taxes and duties totaled $16.3 billion for the second quarter of 2015, a decrease of $6.0 billion from 2014. Income tax expense decreased by $2.3 billion to $2.7 billion reflecting lower pre-tax income. The effective income tax rate was 45 percent compared to 41 percent in the prior year period due primarily to unfavorable tax rate change impacts . Sales-based taxes and all other taxes and duties decreased by $3.6 billion to $13.6 billion as a result of lower sales realizations.

Income, sales-based and all other taxes and duties totaled $30.6 billion for the first six months of 2015, a decrease of $13.7 billion from 2014. Income tax expense decreased by $6.6 billion to $4.3 billion as a result of lower earnings and a lower effective tax rate. The effective income tax rate was 39 percent compared to 43 percent in the prior year due primarily to a lower share of earnings in higher tax jurisdictions. Sales-based and all other taxes decreased by $7.1 billion to $26.4 billion as a result of lower sales realizations.


20

CAPITAL AND EXPLORATION EXPENDITURES

Second Quarter

First Six Months

2015

2014

2015

2014

(millions of dollars)

Upstream (including exploration expenses)

6,746

8,394

13,163

15,658

Downstream

627

682

1,248

1,222

Chemical

828

714

1,482

1,344

Other

60

10

72

12

Total

8,261

9,800

15,965

18,236

Capital and exploration expenditures in the second quarter of 2015 were $8.3 billion, down 16 percent from the second quarter of 2014, in line with plan.

Capital and exploration expenditures in the first six months of 2015 were $16.0 billion, down 12 percent from the first six months of 2014 due primarily to lower major project spending. The Corporation anticipates an average investment profile of about $34 billion per year for the next few years. Actual spending could vary depending on the progress of individual projects and property acquisitions.

In 2014, the European Union and United States imposed sanctions relating to the Russian energy sector. ExxonMobil continues to comply with all sanctions and regulatory licenses applicable to its affiliates' investments in the Russian Federation.


21

RECENTLY ISSUED ACCOUNTING STANDARDS

In May 2014, the Financial Accounting Standards Board issued a new standard, Revenue from Contracts with Customers . The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements and expands disclosure requirements. The standard is expected to be adopted beginning January 1, 2018. ExxonMobil is evaluating the standard and its effect on the Corporation's financial statements. 

FORWARD-LOOKING STATEMENTS

Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, costs, timing, and capacities; capital and exploration expenditures; resource recoveries; and share purchase levels, could differ materially due to factors including: changes in oil or gas prices or other market or economic conditions affecting the oil and gas industry, including the scope and duration of economic recessions; the outcome of exploration and development efforts; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" in the "Investors" section of our website and in Item 1A of ExxonMobil's 2014 Form 10-K. We assume no duty to update these statements as of any future date.

The term "project" as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Information about market risks for the six months ended June 30, 2015, does not differ materially from that discussed under Item 7A of the registrant's Annual Report on Form 10-K for 2014.

Item 4.  Controls and Procedures

As indicated in the certifications in Exhibit 31 of this report, the Corporation's Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer have evaluated the Corporation's disclosure controls and procedures as of June 30, 2015. Based on that evaluation, these officers have concluded that the Corporation's disclosure controls and procedures are effective in ensuring that information required to be disclosed by the Corporation in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. There were no changes during the Corporation's last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Corporation's internal control over financial reporting.


22

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

ExxonMobil Oil Corporation (EMOC) and the United States Environmental Protection Agency (USEPA) have reached agreement with respect to the revised Notice of Intent to file a Civil Administrative Complaint (NOI) issued by the USEPA concerning alleged violations of release reporting requirements under the Emergency Planning and Community Right-to-Know Act and the Comprehensive Environmental Response, Compensation, and Liability Act at EMOC's Joliet Refinery previously reported in the Corporation's Form 10-Q for the second quarter of 2013. Pursuant to the settlement, EMOC paid a penalty of $425,000 on July 15, 2015. 

As reported in the Corporation's 2014 Form 10-K, on January 23, 2015, the U.S. Department of Transportation Pipeline & Hazardous Materials Safety Administration (PHMSA) issued a $1.05 million penalty assessment against ExxonMobil Pipeline Company (EMPCo) for alleged violations of the federal Pipeline Safety Regulations in connection with the July 1, 2011, discharge of crude oil into the Yellowstone River from EMPCo's Silvertip Pipeline near Laurel, Montana. On June 12, 2015, PHMSA denied EMPCo's petition for reconsideration of PHMSA's order. EMPCo has paid the $1.05 million penalty. 

Refer to the relevant portions of Note 3 of this Quarterly Report on Form 10-Q for further information on legal proceedings.


23

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchase of Equity Securities for Quarter Ended June 30, 2015

Total Number of

Maximum Number

Shares Purchased

of Shares that May

Total Number

Average

as Part of Publicly

Yet Be Purchased

of Shares

Price Paid

Announced Plans

Under the Plans or

Period

Purchased

per Share

or Programs

Programs

April 2015

3,870,453

$86.43

3,870,453

May 2015

3,671,769

$86.95

3,671,769

June 2015

4,132,107

$84.65

4,132,107

Total

11,674,329

$85.96

11,674,329

(See Note 1)

Note 1 - On August 1, 2000, the Corporation announced its intention to resume purchases of shares of its common stock for the treasury both to offset shares issued in conjunction with company benefit plans and programs and to gradually reduce the number of shares outstanding. The announcement did not specify an amount or expiration date. The Corporation has continued to purchase shares since this announcement and to report purchased volumes in its quarterly earnings releases. In its most recent earnings release dated July 31, 2015, the Corporation stated that third quarter 2015 share purchases to reduce shares outstanding are anticipated to equal $500 million. Purchases may be made in both the open market and through negotiated transactions, and purchases may be increased, decreased or discontinued at any time without prior notice.

Item 6.  Exhibits

Exhibit

Description

31.1

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.

31.2

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer.

31.3

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.

32.1

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.

32.2

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer.

32.3

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.

101

Interactive Data Files.


24

EXXON MOBIL CORPORATION

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXXON MOBIL CORPORATION

Date: August 5, 2015 

By:

/s/  DAVID S. ROSENTHAL

David S. Rosenthal

Vice President, Controller and

Principal Accounting Officer


25

INDEX TO EXHIBITS

Exhibit

Description

31.1

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Chief Executive Officer.

31.2

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Financial Officer.

31.3

Certification (pursuant to Securities Exchange Act Rule 13a-14(a)) by Principal Accounting Officer.

32.1

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Chief Executive Officer.

32.2

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Financial Officer.

32.3

Section 1350 Certification (pursuant to Sarbanes-Oxley Section 906) by Principal Accounting Officer.

101

Interactive Data Files.


26