Irving, Texas-based Exxon Mobil Corporation is the world s largest publicly traded oil company, engaged
in the exploration and production of oil and natural gas, refining and marketing of petroleum products,
manufacturing of chemicals, and other energy-related businesses. Approximately two-thirds of Exxon s
earnings come from its operations outside the U.S. The company divides its operations in three
segments: Upstream, Downstream, and Chemicals.
Upstream: Exxon Mobil has very large and established exploration and production operations in all
major hydrocarbon producing regions of the world. As of year-end 2007, Exxon had 22.7 billion oilequivalent
barrels in proved reserves, of which approximately 62% were in the proved developed
category. Exxon s total resource base (including proved reserves and other discovered resources that
will likely be developed in future) is the largest in the industry at more than 72 billion oil-equivalent
barrels. The company added 1.6 billion oil-equivalent barrels to its proved reserves in 2007, or 101%
of its production. This was the 14th successive year of above-100% reserve replacements. With a 10-
year average replacement ratio of 112%, Exxon continues to replace annual production with new,
quality reserves additions, thereby extending a positive trend of replacing more barrels than it
produced. Additionally, the company s resource base is fairly diverse with conventional oil and gas
comprising about 30%, unconventional resource in heavy oil and tight gas making up another 30%,
while the balance is comprised of mainly liquefied natural gas (LNG). Of Exxon s average capital
employed in the upstream business, only about 22% is located in the U.S. This segment accounted
for roughly 65% ...