Financial Statements - Normal Company vs. E&P Company vs.

Diversified Oil & Gas

($ in Millions)

"Normal Company" - Income Statement XTO Energy - Income Statement Exxon-Mobil - Income Statement

Revenue: $ 42,905 Revenue: Revenue:

Cost of Goods Sold: 25,324 Gas & Natural Gas Liquids: $ 6,322 Sales and Other Operating:
Gross Profit: 17,581 Oil & Condensate: 2,605 Equity Affiliate Income:
Operating Expenses: Gas Gathering, Processing & Marketing: 125 Other Income:
Research & Development: 830 Other: 12 Total Revenue:
Selling, General & Administrative: 3,566 Total Revenue: 9,064
Total Operating Expenses: 4,397 Expenses:
Expenses: Crude Oil & Product Purchases:
Depreciation & Amortization of PP&E: 734 Production: 999 Production & Manufacturing Expenses:
Amortization of Intangibles: - Taxes, Transportation & Other: 678 Selling, General & Administrative:
Stock-Based Compensation: 710 Exploration: 77 Depreciation & Depletion:
Depreciation, Depletion & Amortization: 3,079 Exploration (Including Dry Holes):
Operating Income: $ 11,740 Accr. of Disc. in Asset Retirement Oblig.: 40 Interest Expense:
Interest Income: 407 Gas Gathering & Processing: 124 Sales-Based Taxes:
Interest Expense: - General & Administrative: 356 Other Taxes and Duties:
Other Income / (Expense): (81) Derivative Fair Value Gain / (Loss): 24 Total Expenses:
Pre-Tax Income: $ 12,066 Total Expenses: 5,377
Income Tax Provision: 3,831 Pre-Tax Income:
Operating Income: $ 3,687
Net Income: $ 8,235 Income Tax Expense:
Other (Income) / Expense:
Earnings Per Share (EPS): $9.08 Gain on Royalty Trusts: - Net Income:
Diluted Shares Outstanding: 907 Net Interest Expense: 524 Net Income to Noncontrolling Interest:
Total Other (Income) / Expense: 524 Net Income to Common:

Pre-Tax Income: $ 3,163 Earnings Per Share (EPS):

Diluted Shares Outstanding:
 Income Tax Expense:
Current: 333
Deferred: 811
Total Income Tax Expense: 1,144

Net Income: $ 2,019

Earnings Per Share (EPS): $3.51
Diluted Shares Outstanding: 576

"Normal Company" - Balance Sheet XTO Energy - Balance Sheet Exxon-Mobil - Balance Sheet
Assets: Assets: Assets:
Current Assets: Current Assets: Current Assets:
Cash & Cash-Equivalents: $ 6,559 Cash & Cash-Equivalents: $ 9 Cash & Cash-Equivalents:
Short-Term Securities: 26,282 Accounts Receivable, Net: 965 Restricted Cash:
Accounts Receivable: 3,361 Derivative Fair Value: 1,222 Marketable Securities:
Inventory: 455 Current Income Tax Receivable: 170 Notes and Accounts Receivable, Net:
Prepaid Expenses: - Deferred Income Tax Benefit: - Crude Oil Inventories:
Deferred Tax Assets: 4 Other: 182 Material and Supply Inventory:
Other Current Assets: 3,140 Total Current Assets: 2,548 Other Current Assets:
Total Current Assets: 39,801 Total Current Assets:
PP&E:
Proved Properties: 34,180 Long-Term Assets:
Long-Term Assets: Unproved Properties: 3,691 Investments, Advances & Long-Term Re
Long-Term Securities: 2,554 Other: 2,810 Net PP&E:
Plants, Property & Equipment: 2,839 Total PP&E: 40,681 Net Other & Intangible Assets:
Goodwill: 207 Accumulated DD&A: (8,747) Total Long-Term Assets:
Other Intangible Assets: 354 Net PP&E: 31,934
Other Assets: 2,011 Total Assets:
Total Assets: $ 47,766 Derivative Fair Value: 68
Net Gas Gathering Contracts: 97 Liabilities & Shareholders' Equ
Liabilities & Shareholders' Equity: Goodwill: 1,475 Current Liabilities:
Current Liabilities: Other: 133 Notes and Loans Payable:
Accounts Payable: $ 5,601 Total Other Assets: 1,773 Accounts Payable & Accrued Liabilities:
 Accrued Expenses: 3,852 Income Taxes Payable:
Deferred Revenue: 2,053 Total Assets: $ 36,255 Total Current Liabilities:
Total Current Liabilities: 11,506
Liabilities & Shareholders' Equity: Long-Term Liabilities:
Long-Term Liabilities: Current Liabilities: Long-Term Debt:
Deferred Revenue: 853 Accounts Payable: $ 1,482 Postretirement Benefits Reserve:
Long-Term Debt: - Payable to Royalty Trusts: 28 Deferred Income Taxes:
Other Long-Term Liabilities: 3,502 Current Portion of Long-Term Debt: 250 Other Long-Term Obligations:
Total Liabilities: $ 15,861 Derivative Fair Value: 167 Total Long-Term Liabilities:
Deferred Income Taxes: 342
Shareholders' Equity: Other: 32 Total Liabilities:
Preferred Stock: $ - Total Current Liabilities: 2,301
Noncontrolling Interests: - Stockholders' Equity:
Common Stock: 7,177 Long-Term Debt: 10,237 Common Stock (Without Par Value):
Additional Paid-In Capital: 1,185 Derivative Fair Value: 6 Treasury Stock:
Treasury Stock: - Deferred Income Taxes: 5,522 Earnings Reinvested:
Retained Earnings: 23,364 Asset Retirement Obligation: 783 Accumulated Other Comprehensive Inc
Accum. Other Comprehensive Income: 179 Other: 80 Total Stockholders' Equity:
Total Shareholders' Equity: $ 31,905 Total Long-Term Liabilities: 16,628
Noncontrolling Interests:
Total Liabilities & SE: $ 47,766 Stockholders' Equity:
Common Stock: $ 6 Total Equity:
Additional Paid-In Capital: 8,471
Treasury Stock: (177) Total Liabilities & Equity:
Retained Earnings: 8,317
Accum. Other Comprehensive Income: 709
Total Stockholders' Equity: $ 17,326

Total Liabilities & SE: $ 36,255

"Normal Company" - Cash Flow Statement XTO Energy - Cash Flow Statement Exxon-Mobil - Cash Flow Statement

Operating Activities: Operating Activities: Operating Activities:

 Net Income: $ 8,235 Net Income: $ 2,019 Net Income to Common:
Depreciation & Amortization of PP&E: 734 Depreciation, Depletion & Amortization: 3,079 Net Income to Noncontrolling Interest:
Amortization of Intangibles: - Accr. of Disc. in Asset Retirement Oblig.: 40 Adjustments to NI:
Stock-Based Compensation: 710 Stock-Based Compensation: 137 Depreciation & Depletion:
Deferred Income Tax Expense: 1,040 Dry Hole Expense: 44 Deferred Income Taxes / (Credit):
Loss on PP&E: 26 Deferred Income Tax: 811 Pension Expense Above / (Below) Paym
Changes in Operating Assets & Liabilities: Gain on Royalty Trusts: - LT Obligations Above / (Below) Paymen
Accounts Receivable: (939) Gain on Debt Extinguish.: (17) Div. Received Above (Below) Equity in E
Inventory: 54 Non-Cash Derivative (Gain) / Loss: 130 Change in Notes and Accounts Receivab
Other Current Assets: 780 Other Non-Cash Items: (24) Change in Inventory:
Other Assets: (1,172) Net Change in Operating Assets/Liab.: (265) Change in Other Current Assets:
Accounts Payable: 81 Cash Flow from Operations: 5,954 Change in Acounts Payable:
Deferred Revenue: 521 Net (Gain) on Asset Sales:
Other Liabilities: 1,385 Investing Activities: All Other Items - Net
Cash Flow from Operations: 11,455 Proceeds from Sale of PP&E: 3 Cash Flow from Operations:
Property & Corporate Acquisitions: (264)
Investing Activities: Development & Capitalized Exploration: (3,190) Investing Activities:
Purchases of Securities: (46,724) Other Property Additions: (606) Capital Expenditures:
Proceeds from Maturities & Sales: 30,678 Cash Flow from Investing: (4,057) Sales of Investments and PP&E:
Purchases of LT Investments: (101) Decrease in Restricted Cash:
Capital Expenditures: (1,144) Financing Activities: Additional Investments and Advances:
Acquisition of Intangibles: (69) Proceeds from Long-Term Debt: 7,730 Collection of Advances:
Other: (74) Payments on Short-Term Debt: - Marketable Securities Additions:
Cash Flow from Investing: (17,434) Payments on Long-Term Debt: (9,183) Sales of Marketable Securities:
Net Common Stock Proceeds: - Cash Flow from Investing:
Financing Activities: Dividends: (287)
Proceeds from Common Stock: 475 Senior Note and Debt Costs: (2) Financing Activities:
Common Stock Repurchased: - Option and Warrant Proceeds: 23 Additions to Long-Term Debt:
Dividends Issued: - Stock Option Exercise Payments: (23) Payments of Long-Term Debt:
Tax Benefits from Stock-Based Comp: 270 Stock Option Tax Benefits: 20 Additions to Short-Term Debt:
Raise / (Pay Off) Long-Term Debt: - Treasury Stock Purchases & Other: (191) Payments of Short-Term Debt:
Cash Used for Equity Awards: (82) Cash Flow from Financing: (1,913) Other Debt Changes:
Cash Flow from Financing: 663 Cash Dividends to Common:
 Cash Dividends to Noncontrolling Intere
Increase / (Decrease) in Cash: $ (5,316) Cash Increase / (Decrease): $ (16) Changes in Noncontrolling Interests:
Beginning Cash: 11,875 Beginning Cash: 25 Stock-Based Compensation Tax Benefit
Ending Cash: $ 6,559 Ending Cash: $ 9 Treasury Stock Purchased:
Common Stock Issued:
Cash Flow from Financing:

FX Rate Effect:

Cash Increase / (Decrease):

Beginning Cash:
Ending Cash:
 bil - Income Statement

d Other Operating: $ 301,500

ffiliate Income: 7,143
1,943
310,586

il & Product Purchases: 152,806

tion & Manufacturing Expenses: 33,027
General & Administrative: 14,735
ation & Depletion: 11,917
tion (Including Dry Holes): 2,021
548
25,936
axes and Duties: 34,819
275,809

$ 34,777

15,119

$ 19,658
ome to Noncontrolling Interest: 378
me to Common: $ 19,280

er Share (EPS): $3.98

ares Outstanding: 4,848
bil - Balance Sheet
Assets:

Cash-Equivalents: $ 10,693
-
able Securities: 169
nd Accounts Receivable, Net: 27,645
il Inventories: 8,718
l and Supply Inventory: 2,835
urrent Assets: 5,175
55,235

ents, Advances & Long-Term Receivables: 31,665

139,116
er & Intangible Assets: 7,307
g-Term Assets: 178,088

$ 233,323

Liabilities & Shareholders' Equity:

nd Loans Payable: $ 2,476

s Payable & Accrued Liabilities: 41,275
 Taxes Payable: 8,310
ent Liabilities: 52,061

m Liabilities:
7,129
rement Benefits Reserve: 17,942
d Income Taxes: 23,148
ong-Term Obligations: 17,651
g-Term Liabilities: 65,870

$ 117,931

ers' Equity:
n Stock (Without Par Value): $ 5,503
(166,410)
s Reinvested: 276,937
lated Other Comprehensive Income: (5,461)
kholders' Equity: $ 110,569

olling Interests: 4,823

$ 115,392

lities & Equity: $ 233,323

bil - Cash Flow Statement

ome to Common: $ 19,280
ome to Noncontrolling Interest: 378

ation & Depletion: 11,917

d Income Taxes / (Credit): -
Expense Above / (Below) Payments: (1,722)
ations Above / (Below) Payments: 731
eived Above (Below) Equity in Eq. Comp.: (483)
in Notes and Accounts Receivable: (3,170)
in Inventory: 459
in Other Current Assets: 132
in Acounts Payable: 1,420
n) on Asset Sales: (488)
r Items - Net (16)
from Operations: 28,438

Expenditures: (22,491)
Investments and PP&E: 1,545
e in Restricted Cash: -
nal Investments and Advances: (2,752)
on of Advances: 724
able Securities Additions: (16)
Marketable Securities: 571
from Investing: (22,419)

ns to Long-Term Debt: 225

ts of Long-Term Debt: (68)
ns to Short-Term Debt: 1,336
ts of Short-Term Debt: (1,575)
ebt Changes: (71)
vidends to Common: (8,023)
vidends to Noncontrolling Interests: (280)
s in Noncontrolling Interests: (113)
ased Compensation Tax Benefits: 237
y Stock Purchased: (19,703)
n Stock Issued: 752
from Financing: (27,283)

520

ase / (Decrease): $ (20,744)

31,437
$ 10,693