Millions of Shareholders Benefit From Company Performance
DALLAS--(Business Wire)--
Exxon Mobil Corporation (NYSE:XOM) is outpacing its competitors in
providing shareholder value and is well positioned to deliver vital
energy to meet growing global demand while protecting the environment,
the corporation said today at its Annual Meeting of Shareholders.
"The past year was an outstanding year and a record for our
corporation by nearly every measure," Rex W. Tillerson, chairman and
chief executive officer, said in a presentation to shareholders. "We
achieved these results by delivering industry-leading safety
performance, excellence in operations and environmental protection,
strong governance and disciplined investment performance."
The annualized return on investment for ExxonMobil shareholders
was more than 24 percent per year over the past five years, tripling
the value of an investment during the period. Put another way, $1,000
invested in ExxonMobil in 1987 is now worth nearly $19,000, double the
growth of the Standard & Poor's 500 Index and ahead of the average of
ExxonMobil's competitors.
"We generated greater shareholder value than our industry
competition and greater value than the broader market," said
Tillerson. "Millions of people have benefited financially by holding
ExxonMobil shares either directly or indirectly through their pension,
insurance and mutual funds."
Tillerson outlined the company's efforts to protect the
environment, by reducing greenhouse gas emissions, preventing spills
and protecting biodiversity.
"Energy security, economic growth and environmental impacts are
increasingly on the minds of people today," he said. "We're focused on
safely and reliably meeting the growing energy demand while working to
reduce our impact on the environment."
ExxonMobil has spent more than $2 billion over the past five years
on initiatives to reduce greenhouse gas emissions and improve
efficiency, and plans to spend another $1 billion by 2010. Through
actions taken in 2006 and 2007, the company reduced greenhouse gas
emissions by about 5 million metric tons in 2007.
"We have the same concerns as people everywhere - and that is how
to provide the world with the energy it needs while reducing
greenhouse gas emissions."
Reporting financial results, Tillerson said ExxonMobil led the oil
and gas industry with average return on capital employed of 32
percent, almost 40 percent greater than its closest competitor.
The company started production at seven major projects, adding
production capacity of nearly 220,000 oil-equivalent barrels per day.
The year also marked the 14th consecutive year that ExxonMobil
replaced more than 100 percent of its production with new reserves for
future production.
Shareholders heard that the corporation expects 12 major
developments to begin production in 2008, adding an additional 375,000
oil-equivalent barrels per day to ExxonMobil's production. That
includes the start up in Qatar of two of the world's largest
facilities to produce liquefied natural gas, which will yield nearly
2.5 billion cubic feet of clean-burning natural gas every day for
power stations, factories and homes around the world.
Between 2008 and 2010, ExxonMobil expects to participate in the
start up of 19 new projects which, at peak, would collectively add
more than 725,000 oil-equivalent barrels per day to ExxonMobil's
production.
In all, ExxonMobil's industry-leading portfolio of more than 100
projects is expected to support development of more than 24 billion
oil-equivalent barrels of energy.
Cautionary Note: Statements in this release relating to future
plans, expectations, events or conditions are forward-looking
statements. Actual results, including project plans, capacities, and
timing; production rates; efficiency expenditures; and resource
recoveries could differ materially due to changes in long-term oil or
gas prices or other market conditions affecting the oil and gas
industry; political events or disturbances; timely completion of
development projects; the outcome of commercial negotiations; wars and
acts of terrorism or sabotage; changes in technical or operating
conditions; and other factors discussed under the heading "Factors
Affecting Future Results" on the "Investors" section of our website
(www.exxonmobil.com) and in Item 1A of ExxonMobil's 2007 Form 10-K.
The reserve replacement ratio is on the pricing basis the Corporation
uses to make investment decisions, not on the single-day year-end
pricing basis used for SEC reporting purposes. References to
oil-equivalent barrels and other quantities of oil and gas may include
amounts not yet classified as proved reserves but that we believe will
ultimately be produced. Information on how we calculate return on
average capital employed is included in the "Frequently Used Terms"
and related tables available on the Investors section of our website
and in the Financial Section of our 2007 Form 10-K.
ExxonMobil
Alan Jeffers, 972-444-1107
Copyright Business Wire 2008
