Company Report

ExxonMobil corporate report

Get this report

$6,750

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- Available as part of a subscription
- FAQ's about online orders

01 August 2018

ExxonMobil corporate report

Report summary

An aggressive investment-led strategy sets ExxonMobil apart from its peers. Spend will jump over 40% to 2021 to drive value growth from a portfolio that, in the company's own words, is in the best shape since the Mobil merger. The goal is to more than double earnings by 2025 and grow production by 1 million boe/d to 5 million boe/d. There will be further erosion of key financial metrics out to 2020 but will this bold blueprint leave peers trailing over the long-term?

Table of contents

  • Other ExxonMobil research
  • Executive summary
    • Overview
    • Current strategic positioning
    • Strategic priorities and opportunities
      • 1. Reinforcing the value proposition of the differentiated strategy
      • 2. Delivering on the aggressive tight oil growth agenda
        • 2.2 Base business declines
        • 2.3 Longer-term upsides to our base-case modelling
      • 3. Managing tighter near-term financials and delivering long-term out-performance
        • 3.1 Capital investment programme – unrivalled in scale
        • 3.2 Free cash flow generation under pressure out to 2020
        • 3.3 Post-2020 – investment programme drives top-ranking value growth
      • 4. High-grading – the next step in the portfolio transformation?
      • 5. Tight oil: executing the aggressive growth agenda is a critical success factor
        • 5.1 Upstream risks
        • Upsides
        • Risks
        • 5.2 Integration opportunity
      • 6. LNG: managing project execution risk and the relationship with Qatar
        • 6.1 Defending a leading IOC position in Qatar LNG
        • 6.2 Mozambique and PNG will drive the next wave of growth
        • 6.3 More visibility on Golden Pass
        • 6.4 Strong drivers to develop an LNG trading position
      • 7. Deepwater: delivering new growth platforms
        • 7.1. Gas disposal will be one of the key challenges in Guyana
        • 7.2 Potential for more business development in Brazil and other plays
      • 8. Exploration: sustaining the recent performance momentum
    • Overview
    • SWOT Analysis
    • Refining
      • International Maritime Organisation regulation changes
    • Chemicals
    • Marketing
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
  • Global upstream portfolio
    • Top assets by value
    • Top legacy assets by value
    • Key growth assets by value
    • Overview
      • Links to upstream asset analyses for top assets (access subject to entitlement)
      • Future focus
      • Upsides
      • Risks
      • Timeline
      • Oceania
        • Overview
          • Links to upstream asset analyses for top assets (access subject to entitlement)
          • Future focus
          • Upsides
          • Risks
          • Timeline
          • Asia
            • Links to upstream asset analyses for top assets (access subject to entitlement)
            • Future focus
            • Upsides
            • Risks
            • Timeline
          • Africa
            • Overview
              • Links to upstream asset analyses for top assets (access subject to entitlement)
              • Future focus
              • Upsides
              • Risks
              • Timeline
              • Europe
                • Overview
                  • Links to upstream asset analyses for top assets (access subject to entitlement)
                  • Future focus
                  • Upsides
                  • Risks
                  • Timeline
                  • Middle East
                    • Overview
                      • Links to upstream asset analyses for top assets (access subject to entitlement)
                      • Future focus
                      • Upsides
                      • Risks
                      • Timeline
                      • Russia and the Caspian
                        • Overview
                          • Links to upstream asset analyses for top assets (access subject to entitlement)
                          • Future focus
                          • Upsides
                          • Risks
                          • Timeline
                          • Latin America and the Caribbean
                            • Overview
                              • Links to upstream asset analyses for top assets (access subject to entitlement)
                              • Future focus
                              • Upsides
                              • Risks
                              • Timeline
    • Valuation assumptions
    • Foreign exchange rate assumptions

Tables and charts

This report includes 70 images and tables including:

  • SWOT analysis
  • Base price assumptions
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Benchmarking: share price performance since Jan 2016
  • Benchmarking: market premium / discount to WM upstream NPV,10
  • Strategic fit of upstream regions
  • Benchmarking: NPV,10 by resource theme
  • ExxonMobil’s change in NPV,10 by resource theme discounting from 2018 and 2023
  • ExxonMobil: reported earnings by segment
  • Benchmark: historic downstream ROACE
  • Downstream Strategy: Table 1
  • ExxonMobil's largest refineries by region
  • ExxonMobil: refining capacity by region (2016)
  • ExxonMobil: NCM benchmark vs. regional performance (2016)
  • ExxonMobil's petrochemical sites by region
  • ExxonMobil: branded retail network
  • ExxonMobil: company-owned retail network
  • Base case upstream NPV10
  • Current upstream NPV10 vs. future upstream NPV10
  • Enterprise value vs. Wood Mackenzie NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported upstream and downstream capital costs
  • New project returns
  • Reported and WM forecast production
  • Liquids vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Global upstream portfolio: Image 1
  • Global upstream portfolio: Table 1
  • Global upstream portfolio: Table 2
  • Economic assumptions: Table 4
  • Economic assumptions: Table 5
  • Evolution of ExxonMobil's returns from pre-FID developments
  • Benchmark: pre-FID returns versus investment
  • Returns from the main growth projects at US$40/bbl and US$80/bbl real Brent
  • Upstream cash flow from the main growth regions at US$80/bbl and US$40/bbl real Brent
  • Historical production targets vs actual and forecast production
  • WoodMac forecast CAGR
  • WoodMac forecast of ExxonMobil's growth production by project
  • WoodMac forecast of ExxonMobil's growth production by resource theme
  • Benchmark: Upstream cash flow per boe (2018 terms)
  • Distribution of upstream assets with an NPV,10 less than US$300 million
  • Gas supply into LNG projects
  • Delivered breakeven prices for pre-FID LNG projects (upstream 15% discount rate, LNG plant - 10%, integrated - 12%)
  • Conventional reserves discovered (2015-2017)
  • Net deepwater exploration acreage
  • Key exploration targets
  • Refining benchmark: ExxonMobil vs. peers
  • Benchmark: cumulative refinery uplift from IMO regulation
  • Production upsides by country
  • Production upsides by resource theme
  • ExxonMobil's upstream development spend (nominal)
  • Benchmark: development spend per unit of production (2018 terms)
  • Benchmark: cash flow breakeven
  • Benchmark: free cash flow generation
  • Benchmark: upstream cash flow generation (2018 terms)
  • Benchmark: WM % change in upstream NPV between discounting from 2018 and 2023
  • Benchmark: production from NA tight oil assets
  • ExxonMobil's Permian Basin NPV,10 sensitivity
  • Benchmark: Majors’ deepwater NPV,10 by country
  • Benchmark: Majors’ deepwater production

What's included

This report contains:

  • Document

    ExxonMobil corporate report

    PDF 3.59 MB

  • Document

    ExxonMobil Corporate Report.xls

    XLS 3.28 MB

  • Document

    ExxonMobil corporate report

    ZIP 4.19 MB

Other reports you may be interested in

Browse reports by Industry Sector