What would the firms net PPE (i.e. net of cumulative depreciation and depletion) have been under the Full Cost method? (balance sheet and income statement included)
CONSOLIDATED STATEMENT OF INCOME Note Reference Number 2019 2017 2018 millions of dollars) 7 255,583 5,441 3,914 264,938 279,332 7,355 3,525 290,212 237,162 5,380 1,821 244,363 9 Revenues and other income Sales and other operating revenue Income from equity affiliates Other income Total revenues and other income Costs and other deductions Crude oil and product purchases Production and manufacturing expenses Selling, general and administrative expenses Depreciation and depletion Exploration expenses, including dry holes Non-service pension and postretirement benefit expense Interest expense Other taxes and duties Total costs and other deductions Income before income taxes Income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests Net income attributable to ExxonMobil 17 143,801 36,826 11,398 18,998 1,269 1,235 830 30,525 244,882 20,056 5,282 14,774 156,172 36,682 11,480 18,745 1,466 1,285 766 32,663 259,259 30,953 9,532 21,421 581 20,840 128,217 32,690 10,649 19,893 1,790 1,745 601 30,104 225,689 18,674 (1,174) 19,848 138 19,710 19 19 434 14,340 Earnings per common share (dollars) 12 3.36 4.88 4.63 Earnings per common share - assuming dilution (dollars) 12 3.36 4.88 4.63 The information in the Notes to Consolidated Financial Statements is an integral part of these statements. CONSOLIDATED BALANCE SHEET Note Reference Number Dec. 31 Dec. 31 2019 2018 (millions of dollars) 3,089 26,966 3,042 24,701 3 14,010 4,518 1,469 50,052 43,164 14,803 4,155 1,272 47,973 40,790 9 Assets Current assets Cash and cash equivalents Notes and accounts receivable, less estimated doubtful amounts Inventories Crude oil, products and merchandise Materials and supplies Other current assets Total current assets Investments, advances and long-term receivables Property, plant and equipment, at cost, less accumulated depreciation and depletion Other assets, including intangibles, net Total assets Liabilities Current liabilities Notes and loans payable Accounts payable and accrued liabilities Income taxes payable Total current liabilities Long-term debt Postretirement benefits reserves Deferred income tax liabilities Long-term obligations to equity companies Other long-term obligations Total liabilities 253,018 16,363 362,597 247,101 10,332 346,196 14 17 19 20,578 41,831 1,580 63,989 26,342 22,304 25,620 3,988 21,416 163,659 17,258 37,268 2,612 57,138 20,538 20,272 27,244 4,382 18,094 147,668 16 Commitments and contingencies Equity Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) Earnings reinvested Accumulated other comprehensive income Common stock held in treasury (3,785 million shares in 2019 and 3,782 million shares in 2018) ExxonMobil share of equity Noncontrolling interests Total equity Total liabilities and equity 15,637 421,341 (19,493) 15,258 421,653 (19,564) (225,835) 191,650 7,288 198,938 362,597 (225,553) 191,794 6,734 198,528 346,196 2019 2017 2018 (millions of dollars) 4,160 532 (46) 3,700 564 (7) 4,477 906 (1,205) Balance beginning at January 1 Additions pending the determination of proved reserves Charged to expense Reclassifications to wells, facilities and equipment based on the determination of proved reserves Divestments/Other Ending balance at December 31 Ending balance attributed to equity companies included above (37) 4 4,613 306 (48) (49) 4,160 306 (497) 19 3,700 306 Period end capitalized suspended exploratory well costs: 2019 2017 2018 (millions of dollars) Capitalized for a period of one year or less Capitalized for a period of between one and five years Capitalized for a period of between five and ten years Capitalized for a period of greater than ten years Capitalized for a period greater than one year - subtotal Total 532 2,206 1,411 464 4,081 4,613 564 2,028 1,150 418 3,596 4,160 906 1,345 1,064 385 2,794 3,700 Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project. The table below provides a breakdown of the number of projects with only exploratory well costs capitalized for a period of one year or less and those that have had exploratory well costs capitalized for a period greater than one year. 2019 2018 2017 4 6 11 Number of projects that only have exploratory well costs capitalized for a period of one year or less Number of projects that have exploratory well costs capitalized for a period greater than one year Total 52 46 50 46 57 58 CONSOLIDATED STATEMENT OF INCOME Note Reference Number 2019 2017 2018 millions of dollars) 7 255,583 5,441 3,914 264,938 279,332 7,355 3,525 290,212 237,162 5,380 1,821 244,363 9 Revenues and other income Sales and other operating revenue Income from equity affiliates Other income Total revenues and other income Costs and other deductions Crude oil and product purchases Production and manufacturing expenses Selling, general and administrative expenses Depreciation and depletion Exploration expenses, including dry holes Non-service pension and postretirement benefit expense Interest expense Other taxes and duties Total costs and other deductions Income before income taxes Income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests Net income attributable to ExxonMobil 17 143,801 36,826 11,398 18,998 1,269 1,235 830 30,525 244,882 20,056 5,282 14,774 156,172 36,682 11,480 18,745 1,466 1,285 766 32,663 259,259 30,953 9,532 21,421 581 20,840 128,217 32,690 10,649 19,893 1,790 1,745 601 30,104 225,689 18,674 (1,174) 19,848 138 19,710 19 19 434 14,340 Earnings per common share (dollars) 12 3.36 4.88 4.63 Earnings per common share - assuming dilution (dollars) 12 3.36 4.88 4.63 The information in the Notes to Consolidated Financial Statements is an integral part of these statements. CONSOLIDATED BALANCE SHEET Note Reference Number Dec. 31 Dec. 31 2019 2018 (millions of dollars) 3,089 26,966 3,042 24,701 3 14,010 4,518 1,469 50,052 43,164 14,803 4,155 1,272 47,973 40,790 9 Assets Current assets Cash and cash equivalents Notes and accounts receivable, less estimated doubtful amounts Inventories Crude oil, products and merchandise Materials and supplies Other current assets Total current assets Investments, advances and long-term receivables Property, plant and equipment, at cost, less accumulated depreciation and depletion Other assets, including intangibles, net Total assets Liabilities Current liabilities Notes and loans payable Accounts payable and accrued liabilities Income taxes payable Total current liabilities Long-term debt Postretirement benefits reserves Deferred income tax liabilities Long-term obligations to equity companies Other long-term obligations Total liabilities 253,018 16,363 362,597 247,101 10,332 346,196 14 17 19 20,578 41,831 1,580 63,989 26,342 22,304 25,620 3,988 21,416 163,659 17,258 37,268 2,612 57,138 20,538 20,272 27,244 4,382 18,094 147,668 16 Commitments and contingencies Equity Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) Earnings reinvested Accumulated other comprehensive income Common stock held in treasury (3,785 million shares in 2019 and 3,782 million shares in 2018) ExxonMobil share of equity Noncontrolling interests Total equity Total liabilities and equity 15,637 421,341 (19,493) 15,258 421,653 (19,564) (225,835) 191,650 7,288 198,938 362,597 (225,553) 191,794 6,734 198,528 346,196 2019 2017 2018 (millions of dollars) 4,160 532 (46) 3,700 564 (7) 4,477 906 (1,205) Balance beginning at January 1 Additions pending the determination of proved reserves Charged to expense Reclassifications to wells, facilities and equipment based on the determination of proved reserves Divestments/Other Ending balance at December 31 Ending balance attributed to equity companies included above (37) 4 4,613 306 (48) (49) 4,160 306 (497) 19 3,700 306 Period end capitalized suspended exploratory well costs: 2019 2017 2018 (millions of dollars) Capitalized for a period of one year or less Capitalized for a period of between one and five years Capitalized for a period of between five and ten years Capitalized for a period of greater than ten years Capitalized for a period greater than one year - subtotal Total 532 2,206 1,411 464 4,081 4,613 564 2,028 1,150 418 3,596 4,160 906 1,345 1,064 385 2,794 3,700 Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project. The table below provides a breakdown of the number of projects with only exploratory well costs capitalized for a period of one year or less and those that have had exploratory well costs capitalized for a period greater than one year. 2019 2018 2017 4 6 11 Number of projects that only have exploratory well costs capitalized for a period of one year or less Number of projects that have exploratory well costs capitalized for a period greater than one year Total 52 46 50 46 57 58
