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Exxon Mobil: History and Financial Anaylis

Robin Osborne Robin Osborne ExxonMobil Corporation Historical and Finacial Anaylsis ExxonMobil Corporation Historical and Finacial Anaylsis Background Industry The Energy Sector is made up of a wide array of companies that in 2010 accounted for 12% of Standard and Poor’s’ Composite 1500 index market value. Half of that value was represented by Integrated Oil and Gas Companies (IOC) (S&P, 2011). An Integrated Oil Company is defined as “a business entity that engages in the exploration, production, refinement and distribution of oil and gas (Investopedia, 2011).

The world market designates IOCs based on their ownership. Private or state held companies are not traded on the open market and are difficult to use for comparison to other publicly traded companies because they do not disclose financial information. Publicly traded companies are grouped together as “Major Integrated Oil and Gas. ” ExxonMobil Corporation ExxonMobil Corporation has developed over 140 years of creation, diversification, and conjuncture to become “the world’s largest publicly traded international oil and gas company” (ExxonMobil, 2011).

The company has roots as a regional marketer of kerosene and has grown to explore, produce, transport, and market oil and gas in over 200 countries and territories worldwide (ExxonMobil Corporation, 2011). This mix of work for an integrated oil company breaks down into three business units: downstream, upstream, and chemical. Growth in market capitalization, rising oil costs, and smart business sense have allowed ExxonMobil to produce record profits through expanded upstream exploration and efficient downstream technologies (2010 Summary Annual Report, 2011).

Analysts forecast for 2011, Exxon will generate $10 Billion in profit (Newcomb, 2011). History In 1859, the United States drillers hit oil. Colonel Edwin Drake and Uncle Billy Smith drilled the first successful oil well in Titusville, Pennsylvania (ExxonMobil Corporation, 2011). John Rockefeller and associates quickly took notice and created the Standard Oil Company (Ohio) in 1870 (ExxonMobil, 2011). Over the next two decades Standard Oil controlled 95% of the US refining industry and in 1882 the company was reorganized into a trust with regional controllers (ExxonMobil Corporation, 2011).

These companies included the Standard Oil Company of New Jersey (Jersey Standard) and Standard Oil Company of New York (Socony) (ExxonMobil, 2011). This regional alignment was not enough. The Sherman Antitrust Act passed in 1890 to combat the monopoly Standard Oil had on the industry. A monopolization charge was brought against the company in 1906 and by 1911 Standard Oil was forced to break up into 34 separate companies (ExxonMobil Corporation, 2011). These companies included Jersey Standard, Socony, and Vacuum Oil.

All of which became ExxonMobil in later years. Socony and Vacuum Oil Company merged in 1931 to become Socony-Vacuum Corp; renamed Mobil Oil Corporation in 1966. Standard Oil had purchased 75% controlling interest in Vacuum in 1879 (ExxonMobil, 2011). The business was based around distilling kerosene. The distillation process, itself, was not particular interesting to Standard Oil, but the revenues and success from selling the by-product lubricants was attractive (ExxonMobil Corporation, 2011).

Mobil’s lubricants became famous and popular after being used in events such as: 1903’s Wright Brothers first flight, 1915 Indianapolis 500 winner’s car, and in 1928 both Amelia Earhart and Charles Lindbergh used MobilOil in their flights (ExxonMobil, 2011). Jersey Standard became Exxon Corporation in 1972 (ExxonMobil Corporation, 2011). The company was focused more upstream or exploration business units rather than the refining or processing functions of Mobil. The company created the first commercial petrochemical, rubbing alcohol, in 1920, and developed fuel brands under the name Esso.

Possibly the company’s largest influence on the oil and gas industry was Jersey Standard’s initial methods of fracturing developed in 1927 (ExxoMobil, 2011). Both companies went through major technology and product discoveries throughout the 1900s. Their successes, however, were matched with failures. The 1980s brought revenues of over $100B due to increasing oil prices and a crash with 1989’s Exxon Valdez oil spill off the coast of Alaska. Federal juries, in 1994, found Exxon guilty of recklessness and ordered payment of punitive damages of $5B.

The company appealed the judgment and posted profits over $8B for the 1997 (ExxonMobil Corporation, 2011). The company was able to move past the spill to think of growth. On November 30, 1999 Exxon and Mobil complete the United States’ largest merger in history to create ExxonMobil Corporation (ExxonMobil Corporation, 2011). The merger, valued at $83B, would set ExxonMobil up for success in a global competitive market. Today The oil and gas industry has transformed through the years.

Monopolization has been replaced with an atmosphere of mergers and acquisitions creating an oligopoly feel that really just divides the big player from the small. Oil and Gas companies are trying to created business that can service the industry from the ground to end user. ExxonMobil has been no different. The company has a strong presence in the downstream refining and marketing business units. Upstream exploration within the United States and in Qatar is growing, but unconventional sources are becoming more popular in the 21st Century to allow oil and gas producers to meet demand and continue corporate growth (Bossong-Martines, 2011).

ExxonMobil is making the best of this trend and seized the opportunity to merge with XTO in 2010. This immediately increased the company’s proved reserves by 3. 5 billion oil-equivalent barrels (2010 Summary Annual Report, 2011). Operationally production grew to 4. 4 million barrels per day. The 13% increase over 2009 is a direct result of the excellent business of all downstream, upstream, and chemical divisions. Downstream Downstream operations include refining and marketing.

Exxon boasts as the world’s largest integrated refiner and number one supplier of lube base stocks. The company markets its products worldwide (2010 Summary Annual Report, 2011). The downstream business unit is tied greatly to the price of oil and many major oil companies are divesting their downstream assets to focus more on upstream units. Exxon still maintains that the downstream operations are important and a benefit to their company, but has followed in this trend by starting to off load less potential assets, such as their Malaysian operations (Team, 2011).

Upstream Opportunity for growth is present in the upstream operations. The ability to explore oil and gas resources to be refined and produced as an energy source ensures ExxonMobil’s lively hood. Upstream is ExxonMobil’s most active business segment. The company is active in North and South America, Asia, Europe, Africa, and Austria. ExxonMobil is utilizing resources conventional, heavy oil, unconventional, acid/sour, LNG, arctic, and deep-water (2010 Summary Annual Report, 2011). XTO is the largest upstream change for Exxon.

XTO focuses its operations in the US, in unconventional shale plays. ExxonMobil in 2011 is shifting its focus to US drilling and utilizing the knowledge and technology breakthroughs in other countries worldwide (Ordonez, 2011). Chemical The chemical segment is a smaller portion of ExxonMobil’s portfolio. Earnings in 2010 were $4. 9 billion with a 20% average return over the last ten years (2010 Summary Annual Report, 2011). Products produced include petrochemicals for packing materials, plastic bottles, and many other consumer goods.

These goods are less cyclical than oil and gas and have a lower cost structure (ExxonMobil, 2011). Competitors As an integrated oil company, ExxonMobil’s competition includes all businesses operating in the exploration of new oil or gas reserves, refining and distribution of oil and gas products, and any end user provider. State Owned Much of the world’s oil can be found in European and Asian countries, such as Saudi Arabia. Some governments of the countries control the exploration and exporting of oil based products.

Oil companies that are controlled by the government are considered state owned. These companies do compete with publicly traded companies, but they are not required to report financial or production data to compare to other publically owned companies such as ExxonMobil. Publicly Traded In the public market ExxonMobil’s largest competition comes from Chevron, BP, Royal Dutch Shell, and ConocoPhillips (See Appendix A). These five are all classified as Integrated Oil Companies (IOC) rather than just national oil companies (NOC).

This is the separation of the major players who are able to participate in all parts of the business and the smaller more regional or segment specific businesses, which often become partners or eventual mergers/acquisitions of one of the IOCs. Chevron, like ExxonMobil, has recently merged with Atlas to increase its unconventional oil opportunities and shale plays (Bossong-Martines, 2011). BP is still working to come back from its ties with the Gulf Coast of shore rig explosion early in 2011. Royal Dutch Shell and ConocoPhillips are working their way up the market capitalization ladder to surpass Exxon (PFC Energy 50, 2010).

Future Companies in the oil and gas industry are measured on current energy and economic conditions, financial success, as well as their future prospects. Key industry statistics include: price of oil, gas, and refined products, growth in gross domestic product (GDP), oil and gas supply/demand, and oil and gas inventories. Company specific numbers of interest include, but are not limited to: production volumes, reserve replacement, upstream performance ratio, revenues and earnings, operating margin, and cash flow versus earnings (Bossong-Martines, 2011). Industry 011 has been a recovery year for the industry. Peak high and lows in 2008 have been followed with a comeback that has rebounded well in 2010 (Bossong-Martines, 2011). Oil prices are measured using the West Texas Intermediate (WTI) crude oil spot prices per barrel. On November 21, 2011 this spot price was at $96. 69 (Energy and Oil Prices, 2011). This is up from 2010’s average of $79, but still well below the height of 2008’s $145. Standard and Poor’s and JP Morgan expect the prices to continue to rise. JP Morgan estimates $110 / barrel in 2012 and $ 114. 25 / barrel in 2013 (JP Morgan, 2011).

Natural gas exploration and usage has increased in 2011 bringing a major energy source back to the United States. Oil, although drilled in the US and off its shores, has its major sources from the Middle East and foreign grounds. US shale plays in the Bakken, Eagle Ford, and Marcellus are achieving great successes and if continued the US could secure 92% of its natural gas resources from either US or Canadian soil (Energy API, 2011). Consistent pricing of natural gas affects the successes of its uses. High prices bring many interested parties the table, but limit the emand from industrial and electric power producers. The Henry Hub spot price is down from 2010 at $2. 95 on November 21, 2011 from 2010’s average of $4. 39 (Energy and Oil Prices, 2011). The increased supply begins generated by the shale plays will cause supply to outweigh demand and continue to drive pricing down. If prices can level off and continue to be a cheaper resource than oil on a consistent basis, it may be able to replace coal the production of energy. ExxonMobil ExxonMobil’s future is contingent on the company’s ability to diversify its business.

The company expresses its challenge as being able to meet rising demand with minimum impact on the environment. Global energy is expected to increase 35% by 2030 over 2005 levels (2010 Annual Summary Report, 2011). Oil and gas are already responsible for 60% of the energy consumed in the US (Energy API, 2011). Exxon believes that natural gas will be the fastest growing energy source in the future and will overcome coal to become the second largest source behind oil by 2030 (2010 Summary Annual Report, 2011). Financial Analysis

The oil and gas industry is one made up of large numbers: 2011 market capitalization is $9,946B; the growth rate over 2010 Q3 is 29. 4%; return on equity is at 20. 9% and net profit margin is 10. 3% (Major Integrated Oil and Gas, 2011). ExxonMobil is a leader in this industry. The company contributes its financial success to a combination of a focus on safety, operational excellence, financial discipline, and high ethical standards (2010 Summary Annual Report, 2011). ExxonMobil posted record quarterly profits multiple times since 2008 and has been able to return money to shareholders through dividends or repurchase.

Market Capitalization Market Capitalization is a measurement tool calculated by the dollar value of the company’s outstanding shares based on current share price (Investopedia, 2011) PFC Energy, a global consultant in the Oil and Gas industry, populates a list of the top 50 companies annually by market capitalization. ExxonMobil has flip-flopped with PetroChina in 2009 and 2010 for the top spot on this list (PFC Energy 50, 2010) (See Appendix A). Final numbers for 2011 will not be out until January 2012. A November 2011 listing, by Yahoo inance, indicates Royal Dutch Shell is scheduled to displace both this in market capitalization (Major Integrated Oil & Gas, 2011). Revenues and Operating Margin Revenues and operating margins for ExxonMobil increased in 2010 from 2009, but are still not to their high of 2007. Revenues increased 23% to $383. 2B in 2010 and through three quarters in 2011, revenues are up another 31% from the same time period, $364. 8B . Operating margin is at 14. 3%, still two percentage points below 2007 (See Appendix B ) | 2010| 2009| 2008| 2007| Total Revenues (Billions)| $ 383. | $ 310. 6| $ 477. 4| $ 404. 5| Operating Margin| 14. 3%| 11. 5%| 15. 6%| 16. 1%| ExxonMobil’s earnings are generated from all three business units. Each segment has dependencies on the global market conditions and governmental policies. Supply and demand of different types of energy sources help drive the focus of the company. Upstream, due to the large opportunities oil, gas, and other forms of energy in the exploration business, has long been the leader of the company’s revenue stream. The percentage has grown since 2007 to over 70%.

Downstream revenue both gains and loses based on the price of oil. Higher prices generate more revenue for a gallon of gasoline, but it causes demand to decrease if other options are available. This fluctuation has contributed to downstream going from 24% of ExxonMobil’s revenue in 2007 down to just 11% in 2010. Chemicals give ExxonMobil more diversification. They produce both commodity and specialty chemicals to profit when commodities are hot and take advantage of high margin on specialty items. The business unit had record earnings in 2010 of $4. 9B (2010 Summary Annual Report, 2011).

This allowed the chemical segment to overtake downstream as the second largest revenue stream for ExxonMobil. Financial Ratios Reviews of the balance sheet and income statement provide insight in to how a company is able to utilize its assets to generate profit. ExxonMobil has the majority of its assets tied up in long term fixed assets and has more accounts payables than receivable (See Appendix C). These numbers are lower than industry averages, but fall in line of the strategies of exploration indicated by ExxonMobil to meet the growth in energy demand they expect (2010 Summary Annual Report, 2011).

The assets and debt Exxon does have is being managed well. The company is turning its inventory at a higher rate than the industry and its competition. Lower receivables with increased revenue have caused the daily sales outstanding (DSO) to decrease for ExxonMobil. This is an industry trend and not specific to ExxonMobil’s ability to change its ability to collect receivable (See Appendix D). A company’s ability to generate profits from the assets is key to an oil and gas company’s success. ExxonMobil posted record returns either as a company or of one of its business units through the 2000s.

Their margin over sales has been below industry averages, but their return on assets and equity has exceeded industry numbers. Oil and gas companies are gaged more on the return on assets (ROA) and return on Equity (ROE) ratios because of the investments needed in the industry (Bossong-Martines, 2011). Ratio| Industry| S&P 500|  | ExxonMobil|  |  | | | | 2011 YTD Q3| 2010| 2009| 2008| 2007| Liquidity| | | | | | | | Current Ratio| 1. 20| 1. 40| 0. 90| 0. 94| 1. 06| 1. 47| 1. 47| Quick Ratio| 0. 90| 1. 00| 0. 70| 0. 73| 0. 84| 1. 23| 1. 28| Asset Management| | | | | | | |

Inventory Turnover| 15. 20| 12. 50| 21. 00| 29. 53| 26. 88| 40. 99| 36. 48| DSO| 14. 90| 16. 10| 14. 50| 30. 75| 32. 49| 18. 89| 32. 89| Fixed Asset Turnover| *| *| *| 1. 92| 2. 23| 3. 93| 3. 35| Total Asset Turnover| 1. 10| 0. 90| 1. 50| 1. 27| 1. 33| 2. 09| 1. 67| Debt Management| | | | | | | | Total Debt to Total Assets| 0. 24| 1. 04| *| 0. 51| 0. 53| 0. 50| 0. 50| TIE| 1,179. 20| 314. 10| *| 205. 47| 64. 46| 124. 92| 179. 70| Profitability| | | | | | | | Profit Margin on Sales| 10. 30%| 13. 20%| 8. 90%| 7. 95%| 6. 21%| 9. 47%| 10. 04%| ROA| 11. 00%| 9. 00%| 13. 50%| 10. 7%| 8. 26%| 19. 83%| 16. 78%| ROE| 20. 80%| 26. 40%| 27. 20%| 21%| 17%| 40%| 33%| * Data Not Available| Industry / S&P / Current Exxon Data From MSN Money(See Appendix D for full competitor ratios)| Valuation The value the market places on a company is driven from the stock price. ExxonMobil has had a low adjusted closing price of $67. 63, a high of $86. 40, and an average of $78. 58 in 2011 (See Appendix E). All numbers are higher than the annual average for 2010 and 2009. Ratios build off of the price include the price the price to earnings, price to cash flow, and market to book.

ExxonMobil is above the industry average in all categories for the first 3 quarters of 2011. These numbers indicate that ExxonMobil’s stock price is good compared to its revenue stream, but the high market to book means it may be overvalue in price per share. Ratio| Industry| S&P 500|  | | | | 2011 YTD Q3| Market Value|  |  | | P/E| 7. 60| 24. 00| 8. 90| Price / Cash Flow| 5. 8| 10. 7| 6. 1| Market / Book| 1. 41| 3. 70| 2. 27| * Data Not Available| | | | Industry / S&P / Current Exxon Data From MSN Money| Conclusion The historical success and future position of ExxonMobil make it a leader in the industry and a wise investment.

Growth through mergers and acquisitions has allowed the company to have a strong business foundation in both upstream and downstream operations. ExxonMobil’s financial statements reflect strong rewards for shareholders and a commitment to the future. Works Cited 2010 Summary Annual Report. (20110). Investor Relations. Retrieved November 5, 2011, from http://www. exxonmobil. com Bossong-Martines, E. M (Ed. ). (2011). Oil & Gas: Production & Marketing. New York, NY: Standard and Poor’s Industry Surveys. Energy API (2011, November 17). About Oil and Natural Gas.

Retrieved November 21, 2011, from http://www. api. org/aboutoilgas/ Energy and Oil Prices (2011). Bloomberg, Retreived November 21, 2011, from http://www. bloomberg. com/energy/ ExxonMobil (2011). About Us: Our History. Retrieved November, 5,2011 from http://www. exxonmobil. com/Corporate/history/about_who_history. aspx ExxonMobil Corporation. (2005) International Directory of Company History, Vol 67 retrieved November 5, 2011, from http://www. fundinguniverse. com/company-histories/exxon-mobil-corporation-company-history. html Investopedia (2011). Retrieved on November 12, 2011, from http://www. investopedia. om JP Morgan raises WTI Price Forcasts For 2012,2013 (2011, November 16). Retrieved November 21, 2011, from http://af. reuters. com/article/energyOilNews/idAFL3E7MG2V320111116 Major Integrated Oil and Gas (2011). Yahoo Finance. Retreived November 18, 2011. From http://biz. yahoo. com/ic/ Works Cited (Continued) Newcomb, A (2011, April 24). High Gas Prices Mean Record Profits for Big Oil. ABC News. Retrieved November 12, 2011 from http://abcnews. go. com/Business/high-gas-prices-record-profits-big-oil/story? id=13447922 Ordonez, I. (2011, November 9). ExxonMobil Exec: US Shale Boom Will Spread Across The Globe.

The Wallstreet Journal. Retrieved November 13, 2011, from http://online. wsj. com/article/BT-CO-20111108-711800. html PFC Energy 50 (2010). PFC Energy. Retrieved November 25, 2011, from https://www. pfcenergy. com/PFC-Energy-50/PFC-Energy-50 Team, T. (2011, August 30). Exxon Offloads Downstream Assets in Malaysia, Stock headed to $93. Forbes. Retrieved November 21, 2011, from http://www. forbes. com/sites/greatspeculations/2011/08/30/exxon-offloads-downstream-assets-in-malaysia-stock-headed-to-93/ Appendix A: PFC Energy 50 2010 Rank| 2009 Rank| Company Name| Market Cap ($US bn)| Primary Business| HQ Country| Ticker/Exch. 1| 2| ExxonMobil| 368. 7| Integrated IOC| US| XOM US| 2| 1| PetroChina| 303. 3| Integrated NOC| China| 601857 CH| 3| 4| Petrobras| 228. 9| Integrated NOC| Brazil| PETR3 BZ| 4| 5| Royal Dutch Shell| 207. 9| Integrated IOC| Netherlands| RDSA NA| 5| 8| Chevron| 183. 6| Integrated IOC| US| CVX US| 6| 10| Gazprom| 149. 4| Integrated NOC| Russia| GSPBEX RU| 7| 6| BP| 136. 4| Integrated IOC| UK| BP/ LN| 8| 9| TOTAL| 124. 5| Integrated IOC| France| FP FP| 9| 16| Schlumberger| 113. 9| Oilfield Services| US| SLB US| 10| 19| CNOOC| 106| Integrated NOC| Hong Kong| 883 HK| 11| 7| Sinopec| 101. | Integrated NOC| China| 600028 CH| 12| 18| ConocoPhillips| 100. 1| Integrated IOC| US| COP US| 13| 25| Ecopetrol| 87| Integrated NOC| Colombia| ECOPETL CB| 14| 11| Eni| 86. 8| Integrated IOC| Italy| ENI IM| 15| 12| GDF Suez| 80. 7| Gas/Utilities| France| GSZ FP| 16| 20| Occidental| 79. 7| E&P| US| OXY US| 17| 17| Reliance| 77. 5| R&M| India| RIL IN| 18| 13| Rosneft| 76. 2| Integrated NOC| Russia| ROSN RU| 19| 15| Statoil| 74. 9| Integrated NOC| Norway| STL NO| 20| 21| BG| 68. 4| Integrated IOC| UK| BG/ LN| 21| 24| ONGC| 61. 6| Integrated NOC| India| ONGC IN| 22| 14| E. ON| 60. | Gas/Utilities| Germany| EOAN GR| 23| 22| Suncor| 60. 2| Integrated IOC| Canada| SU CN| 24|  | BHP Billiton|  | Diversified Minerals| Australia| BHP AU| 25| 27| Can Nat| 48. 5| E&P| Canada| CNQ CN| 26| 26| LUKOIL| 48. 5| Integrated IOC| Russia| LKOH RU| 27| 28| Apache| 43. 5| E&P| US| APA US| 28| 36| TNK-BP| 40. 8| Integrated IOC| Russia| TNBP RU| 29| 33| OGX| 38. 9| E&P| Brazil| OGXP3 BZ| 30| 35| Anadarko| 37. 7| E&P| US| APC US| 31| 32| Surgutneftegaz| 37. 7| Integrated IOC| Russia| SNGS RM| 32| 37| Halliburton| 37. 1| Oilfield Services| US| HAL US| 33| 23| RWE| 37. | Gas/Utilities| Germany| RWE GR| 34| 29| Imperial Oil| 34. 6| Integrated IOC| Canada| IMO CN| 35| 34| Woodside| 34. 1| E&P| Australia| WPL AU| 36| 31| Devon| 33. 9| E&P| US| DVN US| 37| 30| Repsol YPF| 33. 8| Integrated IOC| Spain| REP SM| 38| 41| Sasol| 33. 7| Integrated IOC| South Africa| SOL SJ| 39|  | NOVATEK| 33. 3| E&P| Russia| NOTK RM| 40| 44| Formosa Petrochemical| 32. 3| R&M| Taiwan| 6505 TT| 41| 42| Tenaris| 28. 9| Equipment| Luxembourg| TS US| 42|  | Natl Oilwell Varco| 28. 2| Equipment| US| NOV US| 43| 47| Centrica| 26. 6| Gas/Utilities| UK| CNA LN| 4| 48| Marathon| 26. 3| Integrated IOC| US| MRO US| 45|  | Hess| 25. 8| Integrated IOC| US| HES US| 46|  | Cenovus| 25. 1| Integrated IOC| Canada| CVE CN| 47|  | Baker Hughes| 24. 7| Oilfield Services| US| BHI US| 48| 46| Husky| 23. 8| Integrated IOC| Canada| HSE CN| 49| 43| EOG Resources| 23. 2| E&P| US| EOG US| 50|  | Talisman| 22. 7| E&P| Canada| TLM CN| WWW. PFCENERGY. COM| | | | | Source: Bloomberg, PFC Energy estimates as of 12/31/2010. | | | | Share price growth based on primary exchange tickers in $US. | | | | Prices for thinly traded companies are as of year’s last trade. | | | | * Prior listings ranked BHP-Billiton based on total market capitalization; this year the company is ranked by the estimated value of its E&P component based on reserves and production. | Appendix B: ExxonMobil 2010 Income Statement PERIOD ENDING| | Dec-10| Dec-09| Dec-08| Dec-07| | | Income Statement (All Numbers in Thousands)| | | Operating Revenue (Revenue/Sales)| 370,125,000| 301,500,000| 425,071,000| 358,600,000| | Total Revenues| 383,221,000| 310,586,000| 477,359,000| 404,552,000| | Adjustments to Revenue| 36,118,000| 34,819,000| 41,719,000| 40,953,000| |

Cost of Sales| 264,442,000| 213,790,000| 288,810,000| 232,852,000| | Cost of Sales with Depreciation| 264,442,000| 213,790,000| 288,810,000| 232,852,000| | Gross Margin| 105,683,000| 87,710,000| 136,261,000| 125,748,000| | Gross Operating Profit| 69,565,000| 52,891,000| 94,542,000| 84,795,000| | Selling, Gen. & Administrative Expense| 14,683,000| 14,735,000| 15,873,000| 14,890,000| | Operating Income| 52,959,000| 34,777,000| 66,290,000| 57,655,000| | Operating Income b/f Depreciation (EBITDA)| 54,882,000| 38,156,000| 78,669,000| 69,905,000| | Depreciation| 14,760,000| 11,917,000| 12,379,000| 12,250,000| |

Depreciation Unreconciled| 14,760,000| 11,917,000| 12,379,000| 12,250,000| | Operating Income After Depreciation| 40,122,000| 26,239,000| 66,290,000| 57,655,000| | Earnings from Equity Interest| *| *| 11,081,000| 8,901,000| | Other Income, Net| 13,096,000| 9,086,000| 6,699,000| 5,323,000| | | | | Total Income Avail for Interest Expense (EBIT)| 53,218,000| 35,325,000| 84,070,000| 71,879,000| | Interest Expense| 259,000| 548,000| 673,000| 400,000| | Pre-tax Income (EBT)| 52,959,000| 34,777,000| 83,397,000| 71,479,000| | Income Taxes| 21,561,000| 15,119,000| 36,530,000| 29,864,000| |

Minority Interest| 938,000| 378,000| 1,647,000| 1,005,000| | Income before Income Taxes| 52,959,000| 34,777,000| 81,750,000| 70,474,000| | Net Income from Continuing Operations| 30,460,000| 19,280,000| 45,220,000| 40,610,000| | Net Income from Total Operations| 30,460,000| 19,280,000| 45,220,000| 40,610,000| | Total Net Income| 30,460,000| 19,280,000| 45,220,000| 40,610,000| | Normalized Income| 30,460,000| 19,280,000| 45,220,000| 40,610,000| | Net Income Available for Common| 30,460,000| 19,280,000| 45,220,000| 40,610,000| | | | numbers in actual $| | | | Excise Taxes| *| *| 34,508,000| 31,728,000| | |

Income Statement – Year-to-Date| Revenues Year-to-Date| 370,125,000| 301,500,000| 425,071,000| 358,600,000| | Income Year-to-Date fr. Total Ops. | 30,460,000| 19,280,000| 45,220,000| 40,610,000| | | | | | Data from www. Forbes. com| Appendix C: ExxonMobil 2010 Balance Sheet PERIOD ENDING| | Dec-10| Dec-09| Dec-08| Dec-07| | | | | | Balance Sheet – Assets (All Numbers in Thousands)| Cash and Equivalents| 7,825,000| 10,693,000| 31,437,000| 33,981,000| | Restricted Cash| 628,000| *| *| *| | Marketable Securities| 2,000| 169,000| 570,000| 519,000| | Accounts Receivable| 32,284,000| 27,645,000| 18,707,000| 36,450,000| |

Other Receivable| *| *| 5,995,000| *| | Receivables| 32,284,000| 27,645,000| 24,702,000| 36,450,000| | Raw Materials| 3,124,000| 2,835,000| 2,315,000| 2,226,000| | Finished Goods| 9,852,000| 8,718,000| *| *| | Other Inventories| *| *| 9,331,000| 8,863,000| | Inventories| 12,976,000| 11,553,000| 11,646,000| 11,089,000| | Prepaid Expenses| *| *| *| 3,924,000| | Other Current Assets| 5,269,000| 5,175,000| 3,911,000| *| | Total Current Assets| 58,984,000| 55,235,000| 72,266,000| 85,963,000| | Other Fixed Assets| 373,938,000| 305,906,000| 270,845,000| 280,340,000| | Total Fixed Assets| 373,938,000| 305,906,000| 270,845,000| 280,340,000| |

Gross Fixed Assets (Plant, Prop. & Equip. )| 373,938,000| 305,906,000| 270,845,000| 280,340,000| | Accumulated Depreciation & Depletion| 174,390,000| 166,790,000| 149,499,000| 159,471,000| | Net Fixed Assets (Net PP&E)| 199,548,000| 139,116,000| 121,346,000| 120,869,000| | Intangibles| 8,640,000| 7,307,000| *| *| | Other Non-Current Assets| 35,338,000| 31,665,000| 34,440,000| 35,250,000| | Total Non-Current Assets| 243,526,000| 178,088,000| 155,786,000| 156,119,000| | Total Assets| 302,510,000| 233,323,000| 228,052,000| 242,082,000| | | Balance Sheet – Liabilities, Stockholders Equity| | |

Accounts Payable| 50,034,000| 41,275,000| 24,742,000| 45,275,000| | Notes Payable| 2,787,000| 2,476,000| *| 2,383,000| | Short Term Debt| *| *| 2,400,000| *| | Accrued Liabilities| *| *| 11,901,000| *| | Other Current Liabilities| 9,812,000| 8,310,000| 10,057,000| 10,654,000| | Total Current Liabilities| 62,633,000| 52,061,000| 49,100,000| 58,312,000| | Long Term Debt| 12,227,000| 7,129,000| 7,025,000| 7,183,000| | Capital Lease Obligations| 20,454,000| *| *| *| | Deferred Income Taxes| 35,150,000| 23,148,000| 19,726,000| 22,899,000| | Other Non-Liabilities| 19,367,000| 35,593,000| 34,678,000| 27,644,000| |

Minority Interest| 5,840,000| 4,823,000| 4,558,000| 4,282,000| | Total Non-Current Liabilities| 93,038,000| 70,693,000| 65,987,000| 62,008,000| | Total Liabilities| 155,671,000| 122,754,000| 115,087,000| 120,320,000| | Common Stock Equity| 146,839,000| 110,569,000| 112,965,000| 121,762,000| | Additional Paid In Capital| 9,371,000| 5,503,000| 5,314,000| 4,933,000| | Cumulative Translation Adjustment| 5,011,000| 4,402,000| 1,146,000| 7,972,000| | Retained Earnings| 298,899,000| 276,937,000| 265,680,000| 228,518,000| | Treasury Stock| -156,608,000| -166,410,000| -148,098,000| -113,678,000| |

Other Equity Adjustments| -9,834,000| -9,863,000| -11,077,000| -5,983,000| | Total Capitalization| 159,066,000| 117,698,000| 119,990,000| 128,945,000| | Total Equity| 146,839,000| 110,569,000| 112,965,000| 121,762,000| | Total Liabilities & Stock Equity| 302,510,000| 233,323,000| 228,052,000| 242,082,000| | Cash Flow| 45,220,000| 31,197,000| 57,599,000| 52,860,000| | Working Capital| -3,649,000| 3,174,000| 23,166,000| 27,651,000| | Free Cash Flow| 16,024,000| -811,000| 38,334,000| 33,198,000| | Invested Capital| 179,520,000| 117,698,000| 119,990,000| 128,945,000| | Data from www. Forbes. com|

Appendix D: Financial Ratios Appendix E: XOM Stock Prices Date| Volume | Adj Close | Open | High | Low | Close | 11/18/2011| $ 23,104,500 | $ 77. 90 | $ 78. 22 | $ 78. 68 | $ 77. 11 | $ 77. 90 | 11/17/2011| $ 25,964,300 | $ 77. 86 | $ 78. 12 | $ 79. 43 | $ 77. 10 | $ 77. 86 | 11/16/2011| $ 20,376,800 | $ 78. 25 | $ 78. 24 | $ 79. 75 | $ 78. 06 | $ 78. 25 | 11/15/2011| $ 19,475,000 | $ 79. 09 | $ 78. 86 | $ 79. 85 | $ 78. 50 | $ 79. 09 | 11/14/2011| $ 13,589,900 | $ 78. 96 | $ 79. 53 | $ 79. 75 | $ 78. 9 | $ 78. 96 | 11/11/2011| $ 15,134,500 | $ 79. 72 | $ 79. 63 | $ 79. 95 | $ 79. 34 | $ 79. 72 | 11/10/2011| $ 18,668,800 | $ 78. 70 | $ 78. 53 | $ 79. 02 | $ 77. 64 | $ 78. 70 | 11/9/2011| $ 24,130,100 | $ 77. 39 | $ 77. 90 | $ 78. 92 | $ 77. 03 | $ 77. 39 | 11/8/2011| $ 19,023,800 | $ 79. 76 | $ 79. 25 | $ 79. 88 | $ 78. 63 | $ 79. 76 | 11/7/2011| $ 17,998,100 | $ 78. 88 | $ 78. 82 | $ 79. 49 | $ 78. 12 | $ 79. 35 | 11/4/2011| $ 18,192,800 | $ 78. 05 | $ 78. 07 | $ 78. 61 | $ 77. 8 | $ 78. 52 | 11/3/2011| $ 24,480,600 | $ 78. 39 | $ 78. 19 | $ 79. 00 | $ 77. 44 | $ 78. 86 | 11/2/2011| $ 21,773,200 | $ 76. 91 | $ 77. 37 | $ 77. 59 | $ 76. 50 | $ 77. 37 | 11/1/2011| $ 35,835,000 | $ 75. 49 | $ 75. 82 | $ 77. 11 | $ 75. 45 | $ 75. 94 | 10/31/2011| $ 30,616,900 | $ 77. 63 | $ 80. 59 | $ 80. 64 | $ 78. 00 | $ 78. 09 | 10/28/2011| $ 21,753,400 | $ 81. 00 | $ 80. 99 | $ 81. 99 | $ 80. 44 | $ 81. 48 | 10/27/2011| $ 35,489,500 | $ 81. 40 | $ 81. 91 | $ 82. 0 | $ 80. 69 | $ 81. 88 | 10/26/2011| $ 27,170,500 | $ 80. 59 | $ 80. 16 | $ 81. 27 | $ 79. 28 | $ 81. 07 | 10/25/2011| $ 23,433,400 | $ 78. 97 | $ 79. 83 | $ 80. 49 | $ 79. 05 | $ 79. 44 | 10/24/2011| $ 19,861,100 | $ 79. 70 | $ 79. 92 | $ 80. 50 | $ 79. 55 | $ 80. 17 | 10/21/2011| $ 27,855,300 | $ 79. 66 | $ 79. 59 | $ 80. 16 | $ 79. 18 | $ 80. 13 | 10/20/2011| $ 22,227,600 | $ 78. 24 | $ 78. 32 | $ 79. 11 | $ 77. 83 | $ 78. 71 | 10/19/2011| $ 20,910,900 | $ 77. 97 | $ 78. 7 | $ 79. 24 | $ 77. 92 | $ 78. 43 | 10/18/2011| $ 23,878,500 | $ 78. 42 | $ 77. 57 | $ 79. 51 | $ 77. 02 | $ 78. 89 | 10/17/2011| $ 18,836,200 | $ 77. 01 | $ 77. 87 | $ 78. 49 | $ 77. 12 | $ 77. 47 | 10/14/2011| $ 17,870,600 | $ 77. 65 | $ 77. 10 | $ 78. 23 | $ 77. 07 | $ 78. 11 | 10/13/2011| $ 19,540,300 | $ 75. 92 | $ 76. 22 | $ 76. 79 | $ 75. 84 | $ 76. 37 | 10/12/2011| $ 22,239,000 | $ 76. 70 | $ 76. 74 | $ 77. 66 | $ 76. 31 | $ 77. 16 | 10/11/2011| $ 17,862,100 | $ 75. 2 | $ 75. 78 | $ 76. 67 | $ 75. 71 | $ 76. 27 | 10/10/2011| $ 20,465,800 | $ 75. 83 | $ 74. 73 | $ 76. 29 | $ 74. 65 | $ 76. 28 | 10/7/2011| $ 23,573,900 | $ 73. 12 | $ 74. 47 | $ 74. 52 | $ 73. 03 | $ 73. 56 | 10/6/2011| $ 24,869,800 | $ 73. 45 | $ 73. 30 | $ 74. 00 | $ 72. 63 | $ 73. 89 | 10/5/2011| $ 28,239,800 | $ 73. 51 | $ 72. 67 | $ 74. 00 | $ 72. 21 | $ 73. 95 | 10/4/2011| $ 36,500,000 | $ 72. 40 | $ 70. 25 | $ 73. 15 | $ 69. 21 | $ 72. 83 | 10/3/2011| $ 31,004,200 | $ 70. 3 | $ 72. 05 | $ 73. 10 | $ 71. 15 | $ 71. 15 | 9/30/2011| $ 30,917,000 | $ 72. 20 | $ 72. 76 | $ 74. 59 | $ 72. 63 | $ 72. 63 | 9/29/2011| $ 27,713,900 | $ 73. 44 | $ 73. 12 | $ 74. 04 | $ 72. 67 | $ 73. 88 | 9/28/2011| $ 26,026,500 | $ 71. 64 | $ 72. 43 | $ 74. 29 | $ 71. 86 | $ 72. 07 | 9/27/2011| $ 26,689,900 | $ 72. 48 | $ 73. 33 | $ 74. 34 | $ 72. 42 | $ 72. 91 | 9/26/2011| $ 30,342,400 | $ 71. 30 | $ 70. 01 | $ 71. 89 | $ 69. 50 | $ 71. 72 | 9/23/2011| $ 26,583,200 | $ 68. 0 | $ 68. 46 | $ 70. 11 | $ 67. 93 | $ 69. 31 | 9/22/2011| $ 43,223,000 | $ 68. 83 | $ 69. 94 | $ 70. 46 | $ 68. 17 | $ 69. 24 | 9/21/2011| $ 23,806,200 | $ 71. 54 | $ 73. 88 | $ 74. 29 | $ 71. 83 | $ 71. 97 | 9/20/2011| $ 20,420,000 | $ 73. 57 | $ 73. 87 | $ 74. 98 | $ 73. 44 | $ 74. 01 | 9/19/2011| $ 19,822,500 | $ 73. 26 | $ 72. 91 | $ 74. 10 | $ 72. 50 | $ 73. 70 | 9/16/2011| $ 34,652,600 | $ 74. 11 | $ 74. 52 | $ 74. 75 | $ 73. 57 | $ 74. 55 | 9/15/2011| $ 21,858,300 | $ 73. 7 | $ 73. 43 | $ 74. 06 | $ 72. 68 | $ 74. 01 | 9/14/2011| $ 26,042,800 | $ 72. 21 | $ 71. 96 | $ 73. 76 | $ 71. 16 | $ 72. 64 | 9/13/2011| $ 22,825,400 | $ 71. 23 | $ 71. 76 | $ 71. 98 | $ 70. 81 | $ 71. 65 | 9/12/2011| $ 26,205,800 | $ 71. 41 | $ 70. 34 | $ 71. 89 | $ 69. 87 | $ 71. 84 | 9/9/2011| $ 27,969,100 | $ 70. 59 | $ 72. 17 | $ 72. 57 | $ 70. 59 | $ 71. 01 | 9/8/2011| $ 22,434,800 | $ 72. 39 | $ 73. 39 | $ 74. 34 | $ 72. 54 | $ 72. 82 | 9/7/2011| $ 23,108,400 | $ 73. 1 | $ 72. 24 | $ 73. 65 | $ 71. 75 | $ 73. 65 | 9/6/2011| $ 25,416,300 | $ 70. 73 | $ 70. 14 | $ 71. 32 | $ 69. 91 | $ 71. 15 | 9/2/2011| $ 21,071,800 | $ 71. 71 | $ 72. 11 | $ 72. 69 | $ 71. 50 | $ 72. 14 | 9/1/2011| $ 23,393,500 | $ 73. 05 | $ 74. 15 | $ 74. 86 | $ 73. 45 | $ 73. 49 | 8/31/2011| $ 29,189,000 | $ 73. 58 | $ 74. 36 | $ 74. 87 | $ 73. 34 | $ 74. 02 | 8/30/2011| $ 22,437,000 | $ 73. 47 | $ 73. 59 | $ 74. 40 | $ 72. 97 | $ 73. 91 | 8/29/2011| $ 18,967,100 $ 73. 68 | $ 73. 33 | $ 74. 22 | $ 72. 98 | $ 74. 12 | 8/26/2011| $ 26,974,400 | $ 72. 21 | $ 70. 88 | $ 73. 00 | $ 70. 21 | $ 72. 64 | 8/25/2011| $ 30,924,500 | $ 71. 34 | $ 73. 64 | $ 73. 92 | $ 71. 27 | $ 71. 77 | 8/24/2011| $ 22,752,900 | $ 73. 10 | $ 72. 96 | $ 73. 86 | $ 72. 27 | $ 73. 54 | 8/23/2011| $ 38,059,600 | $ 73. 22 | $ 70. 60 | $ 73. 80 | $ 70. 52 | $ 73. 66 | 8/22/2011| $ 27,202,900 | $ 69. 76 | $ 72. 15 | $ 72. 16 | $ 69. 58 | $ 70. 8 | 8/19/2011| $ 34,935,300 | $ 69. 39 | $ 70. 07 | $ 71. 98 | $ 69. 67 | $ 69. 80 | 8/18/2011| $ 35,457,700 | $ 70. 52 | $ 72. 41 | $ 72. 79 | $ 70. 21 | $ 70. 94 | 8/17/2011| $ 18,269,400 | $ 73. 72 | $ 74. 29 | $ 74. 75 | $ 73. 50 | $ 74. 16 | 8/16/2011| $ 26,341,400 | $ 73. 06 | $ 73. 35 | $ 74. 34 | $ 72. 83 | $ 73. 50 | 8/15/2011| $ 23,388,200 | $ 73. 85 | $ 73. 04 | $ 74. 38 | $ 72. 75 | $ 74. 29 | 8/12/2011| $ 31,129,000 | $ 71. 57 | $ 72. 36 | $ 73. 10 | $ 71. 0 | $ 72. 00 | 8/11/2011| $ 50,328,600 | $ 71. 16 | $ 68. 81 | $ 72. 40 | $ 68. 63 | $ 71. 58 | 8/10/2011| $ 47,758,300 | $ 67. 63 | $ 70. 74 | $ 70. 99 | $ 67. 46 | $ 68. 03 | 8/9/2011| $ 61,753,300 | $ 70. 75 | $ 70. 79 | $ 71. 87 | $ 67. 03 | $ 71. 64 | 8/8/2011| $ 58,857,600 | $ 69. 32 | $ 72. 74 | $ 73. 44 | $ 69. 90 | $ 70. 19 | 8/5/2011| $ 47,167,500 | $ 73. 89 | $ 75. 01 | $ 75. 79 | $ 72. 07 | $ 74. 82 | 8/4/2011| $ 42,624,200 | $ 72. 92 | $ 76. 68 | $ 77. 13 | $ 73. 1 | $ 73. 84 | 8/3/2011| $ 28,373,000 | $ 76. 75 | $ 77. 94 | $ 78. 10 | $ 76. 46 | $ 77. 72 | 8/2/2011| $ 28,410,500 | $ 76. 87 | $ 78. 90 | $ 79. 61 | $ 77. 82 | $ 77. 84 | 8/1/2011| $ 22,864,500 | $ 78. 61 | $ 80. 82 | $ 81. 18 | $ 78. 74 | $ 79. 60 | 7/29/2011| $ 26,609,000 | $ 78. 80 | $ 80. 79 | $ 80. 88 | $ 79. 76 | $ 79. 79 | 7/28/2011| $ 24,556,600 | $ 80. 45 | $ 81. 74 | $ 82. 45 | $ 81. 15 | $ 81. 46 | 7/27/2011| $ 19,820,600 | $ 82. 27 | $ 83. 79 | $ 84. 25 | $ 83. 4 | $ 83. 31 | 7/26/2011| $ 16,226,700 | $ 83. 32 | $ 84. 67 | $ 85. 10 | $ 84. 04 | $ 84. 37 | 7/25/2011| $ 14,007,600 | $ 83. 52 | $ 84. 20 | $ 85. 13 | $ 84. 20 | $ 84. 57 | 7/22/2011| $ 13,152,600 | $ 84. 16 | $ 85. 20 | $ 85. 41 | $ 84. 54 | $ 85. 22 | 7/21/2011| $ 21,359,700 | $ 83. 96 | $ 83. 86 | $ 85. 24 | $ 83. 75 | $ 85. 02 | 7/20/2011| $ 12,808,400 | $ 82. 26 | $ 83. 84 | $ 83. 89 | $ 83. 17 | $ 83. 30 | 7/19/2011| $ 16,424,900 | $ 82. 59 | $ 82. 90 | $ 83. 76 | $ 82. 0 | $ 83. 63 | 7/18/2011| $ 17,343,500 | $ 81. 62 | $ 82. 29 | $ 82. 85 | $ 82. 08 | $ 82. 65 | 7/15/2011| $ 22,705,100 | $ 81. 97 | $ 82. 42 | $ 83. 09 | $ 82. 26 | $ 83. 00 | 7/14/2011| $ 19,413,200 | $ 81. 22 | $ 83. 05 | $ 83. 11 | $ 82. 09 | $ 82. 24 | 7/13/2011| $ 19,015,100 | $ 81. 45 | $ 82. 27 | $ 83. 46 | $ 82. 08 | $ 82. 48 | 7/12/2011| $ 22,639,600 | $ 80. 87 | $ 81. 51 | $ 83. 01 | $ 81. 50 | $ 81. 89 | 7/11/2011| $ 20,717,000 | $ 80. 88 | $ 81. 30 | $ 82. 1 | $ 81. 12 | $ 81. 90 | 7/8/2011| $ 18,336,500 | $ 81. 39 | $ 81. 58 | $ 82. 53 | $ 81. 46 | $ 82. 42 | 7/7/2011| $ 18,379,200 | $ 81. 34 | $ 82. 27 | $ 82. 60 | $ 81. 87 | $ 82. 36 | 7/6/2011| $ 15,042,600 | $ 80. 55 | $ 81. 40 | $ 81. 66 | $ 80. 85 | $ 81. 57 | 7/5/2011| $ 18,859,600 | $ 80. 58 | $ 81. 30 | $ 82. 12 | $ 81. 26 | $ 81. 60 | 7/1/2011| $ 18,050,100 | $ 80. 99 | $ 81. 19 | $ 82. 09 | $ 80. 59 | $ 82. 01 | 6/30/2011| $ 19,942,100 | $ 80. 37 | $ 80. 39 | $ 81. 1 | $ 80. 27 | $ 81. 38 | 6/29/2011| $ 18,899,900 | $ 79. 25 | $ 79. 85 | $ 80. 50 | $ 79. 22 | $ 80. 25 | 6/28/2011| $ 18,421,500 | $ 78. 64 | $ 78. 57 | $ 79. 66 | $ 78. 38 | $ 79. 63 | 6/27/2011| $ 20,606,900 | $ 76. 95 | $ 76. 88 | $ 78. 48 | $ 76. 72 | $ 77. 92 | 6/24/2011| $ 36,292,700 | $ 75. 82 | $ 78. 55 | $ 78. 63 | $ 76. 78 | $ 76. 78 | 6/23/2011| $ 30,032,800 | $ 77. 46 | $ 78. 74 | $ 78. 75 | $ 77. 23 | $ 78. 44 | 6/22/2011| $ 18,599,700 | $ 78. 83 | $ 80. 6 | $ 80. 67 | $ 79. 57 | $ 79. 82 | 6/21/2011| $ 17,897,300 | $ 79. 57 | $ 80. 23 | $ 81. 12 | $ 80. 01 | $ 80. 57 | 6/20/2011| $ 15,836,400 | $ 78. 72 | $ 78. 65 | $ 79. 95 | $ 78. 62 | $ 79. 71 | 6/17/2011| $ 25,441,200 | $ 78. 04 | $ 79. 85 | $ 79. 95 | $ 78. 69 | $ 79. 02 | 6/16/2011| $ 19,037,500 | $ 78. 23 | $ 78. 59 | $ 79. 51 | $ 78. 33 | $ 79. 22 | 6/15/2011| $ 21,713,900 | $ 77. 68 | $ 79. 53 | $ 79. 89 | $ 78. 37 | $ 78. 66 | 6/14/2011| $ 16,443,400 | $ 79. 38 | $ 80. 5 | $ 80. 82 | $ 79. 94 | $ 80. 38 | 6/13/2011| $ 17,854,500 | $ 78. 24 | $ 79. 23 | $ 80. 60 | $ 78. 84 | $ 79. 23 | 6/10/2011| $ 18,965,900 | $ 78. 79 | $ 80. 95 | $ 80. 95 | $ 79. 72 | $ 79. 78 | 6/9/2011| $ 17,665,100 | $ 80. 17 | $ 81. 24 | $ 81. 68 | $ 80. 96 | $ 81. 18 | 6/8/2011| $ 23,567,300 | $ 79. 75 | $ 80. 61 | $ 81. 87 | $ 80. 52 | $ 80. 76 | 6/7/2011| $ 16,188,100 | $ 79. 00 | $ 80. 61 | $ 81. 09 | $ 79. 97 | $ 80. 00 | 6/6/2011| $ 15,954,300 | $ 79. 29 | $ 80. 3 | $ 81. 19 | $ 80. 08 | $ 80. 29 | 6/3/2011| $ 17,281,200 | $ 80. 17 | $ 80. 24 | $ 81. 79 | $ 80. 18 | $ 81. 18 | 6/2/2011| $ 18,152,600 | $ 80. 32 | $ 81. 77 | $ 82. 32 | $ 80. 65 | $ 81. 33 | 6/1/2011| $ 19,550,200 | $ 81. 01 | $ 83. 55 | $ 83. 65 | $ 81. 76 | $ 82. 03 | 5/31/2011| $ 23,630,700 | $ 82. 43 | $ 83. 28 | $ 83. 75 | $ 82. 72 | $ 83. 47 | 5/27/2011| $ 11,949,100 | $ 81. 60 | $ 82. 74 | $ 83. 13 | $ 82. 15 | $ 82. 63 | 5/26/2011| $ 16,873,700 | $ 81. 36 | $ 81. 0 | $ 82. 57 | $ 81. 19 | $ 82. 39 | 5/25/2011| $ 19,347,200 | $ 80. 94 | $ 81. 96 | $ 82. 53 | $ 80. 84 | $ 81. 96 | 5/24/2011| $ 15,687,300 | $ 80. 28 | $ 81. 05 | $ 82. 12 | $ 80. 94 | $ 81. 29 | 5/23/2011| $ 16,288,500 | $ 79. 67 | $ 80. 22 | $ 81. 01 | $ 80. 07 | $ 80. 67 | 5/20/2011| $ 19,003,400 | $ 80. 55 | $ 81. 98 | $ 82. 25 | $ 80. 90 | $ 81. 57 | 5/19/2011| $ 15,229,100 | $ 81. 31 | $ 82. 27 | $ 82. 58 | $ 81. 34 | $ 82. 33 | 5/18/2011| $ 17,957,000 | $ 80. 2 | $ 80. 88 | $ 82. 27 | $ 80. 43 | $ 81. 74 | 5/17/2011| $ 18,067,800 | $ 79. 41 | $ 79. 99 | $ 80. 79 | $ 79. 60 | $ 80. 41 | 5/16/2011| $ 16,435,100 | $ 79. 24 | $ 80. 22 | $ 81. 27 | $ 80. 12 | $ 80. 24 | 5/13/2011| $ 17,628,500 | $ 79. 86 | $ 81. 29 | $ 81. 77 | $ 80. 22 | $ 80. 87 | 5/12/2011| $ 21,853,600 | $ 80. 04 | $ 80. 62 | $ 81. 59 | $ 79. 42 | $ 81. 05 | 5/11/2011| $ 24,192,000 | $ 80. 11 | $ 82. 51 | $ 82. 69 | $ 80. 44 | $ 81. 12 | 5/10/2011| $ 17,695,700 | $ 81. 4 | $ 83. 08 | $ 83. 76 | $ 82. 50 | $ 83. 34 | 5/9/2011| $ 18,254,600 | $ 81. 68 | $ 83. 01 | $ 83. 72 | $ 82. 16 | $ 83. 18 | 5/6/2011| $ 26,314,700 | $ 81. 20 | $ 83. 27 | $ 84. 10 | $ 81. 85 | $ 82. 69 | 5/5/2011| $ 27,491,200 | $ 81. 13 | $ 83. 52 | $ 83. 99 | $ 81. 59 | $ 82. 62 | 5/4/2011| $ 22,867,000 | $ 83. 28 | $ 85. 19 | $ 85. 60 | $ 83. 91 | $ 84. 81 | 5/3/2011| $ 18,417,100 | $ 84. 08 | $ 86. 59 | $ 86. 78 | $ 85. 04 | $ 85. 62 | 5/2/2011| $ 18,651,200 | $ 85. 0 | $ 88. 10 | $ 88. 13 | $ 86. 47 | $ 86. 97 | 4/29/2011| $ 17,352,300 | $ 86. 40 | $ 87. 43 | $ 88. 00 | $ 87. 03 | $ 87. 98 | 4/28/2011| $ 18,705,300 | $ 85. 77 | $ 87. 03 | $ 87. 50 | $ 86. 53 | $ 87. 34 | 4/27/2011| $ 17,755,800 | $ 86. 20 | $ 87. 48 | $ 87. 90 | $ 86. 29 | $ 87. 78 | 4/26/2011| $ 17,908,800 | $ 85. 85 | $ 86. 43 | $ 87. 48 | $ 86. 26 | $ 87. 42 | 4/25/2011| $ 9,852,800 | $ 84. 67 | $ 86. 29 | $ 86. 50 | $ 85. 89 | $ 86. 2 | 4/21/2011| $ 12,797,200 | $ 84. 80 | $ 85. 77 | $ 86. 43 | $ 85. 56 | $ 86. 36 | 4/20/2011| $ 15,447,600 | $ 84. 11 | $ 85. 05 | $ 85. 68 | $ 84. 87 | $ 85. 65 | 4/19/2011| $ 12,770,800 | $ 82. 29 | $ 82. 97 | $ 83. 99 | $ 82. 97 | $ 83. 80 | 4/18/2011| $ 15,107,300 | $ 81. 60 | $ 83. 11 | $ 84. 00 | $ 82. 44 | $ 83. 10 | 4/15/2011| $ 17,022,500 | $ 82. 77 | $ 83. 80 | $ 84. 47 | $ 83. 36 | $ 84. 29 | 4/14/2011| $ 15,717,500 | $ 81. 94 | $ 82. 38 | $ 83. 84 | $ 82. 38 | $ 83. 4 | 4/13/2011| $ 14,489,400 | $ 81. 66 | $ 83. 58 | $ 83. 95 | $ 82. 56 | $ 83. 16 | 4/12/2011| $ 20,728,800 | $ 81. 68 | $ 84. 24 | $ 84. 25 | $ 82. 67 | $ 83. 18 | 4/11/2011| $ 13,026,500 | $ 83. 63 | $ 85. 95 | $ 86. 15 | $ 84. 78 | $ 85. 16 | 4/8/2011| $ 15,943,200 | $ 84. 40 | $ 86. 00 | $ 86. 22 | $ 85. 36 | $ 85. 95 | 4/7/2011| $ 16,006,700 | $ 84. 22 | $ 85. 16 | $ 85. 79 | $ 84. 91 | $ 85. 76 | 4/6/2011| $ 13,339,700 | $ 83. 65 | $ 85. 73 | $ 85. 89 | $ 84. 96 | $ 85. 8 | 4/5/2011| $ 17,122,600 | $ 83. 88 | $ 84. 68 | $ 85. 94 | $ 84. 56 | $ 85. 42 | 4/4/2011| $ 13,096,100 | $ 83. 34 | $ 84. 26 | $ 84. 93 | $ 84. 07 | $ 84. 87 | 4/1/2011| $ 15,531,500 | $ 83. 15 | $ 84. 72 | $ 84. 84 | $ 84. 17 | $ 84. 68 | 3/31/2011| $ 15,317,800 | $ 82. 61 | $ 84. 82 | $ 84. 94 | $ 84. 11 | $ 84. 13 | 3/30/2011| $ 15,770,400 | $ 82. 97 | $ 83. 80 | $ 84. 86 | $ 83. 51 | $ 84. 49 | 3/29/2011| $ 16,277,400 | $ 81. 75 | $ 83. 16 | $ 83. 89 | $ 82. 61 | $ 83. 5 | 3/28/2011| $ 14,608,200 | $ 81. 97 | $ 83. 86 | $ 84. 01 | $ 83. 45 | $ 83. 47 | 3/25/2011| $ 16,497,300 | $ 82. 11 | $ 82. 99 | $ 83. 93 | $ 82. 82 | $ 83. 62 | 3/24/2011| $ 17,009,000 | $ 81. 24 | $ 82. 78 | $ 83. 47 | $ 82. 55 | $ 82. 73 | 3/23/2011| $ 15,390,600 | $ 81. 11 | $ 82. 65 | $ 83. 00 | $ 82. 00 | $ 82. 60 | 3/22/2011| $ 16,209,700 | $ 81. 07 | $ 83. 10 | $ 83. 23 | $ 82. 33 | $ 82. 56 | 3/21/2011| $ 18,207,000 | $ 81. 35 | $ 81. 87 | $ 83. 33 | $ 81. 86 | $ 82. 4 | 3/18/2011| $ 28,895,900 | $ 79. 39 | $ 81. 77 | $ 82. 33 | $ 80. 85 | $ 80. 85 | 3/17/2011| $ 21,941,300 | $ 79. 70 | $ 80. 38 | $ 81. 50 | $ 80. 23 | $ 81. 16 | 3/16/2011| $ 33,396,500 | $ 77. 88 | $ 81. 23 | $ 81. 81 | $ 78. 80 | $ 79. 31 | 3/15/2011| $ 23,191,300 | $ 79. 92 | $ 80. 17 | $ 82. 09 | $ 79. 75 | $ 81. 39 | 3/14/2011| $ 16,383,200 | $ 80. 90 | $ 81. 67 | $ 82. 64 | $ 81. 46 | $ 82. 38 | 3/11/2011| $ 17,607,100 | $ 80. 64 | $ 81. 02 | $ 82. 91 | $ 80. 0 | $ 82. 12 | 3/10/2011| $ 25,996,300 | $ 79. 91 | $ 83. 80 | $ 83. 80 | $ 81. 20 | $ 81. 38 | 3/9/2011| $ 13,306,600 | $ 82. 86 | $ 84. 12 | $ 84. 55 | $ 83. 56 | $ 84. 38 | 3/8/2011| $ 17,658,200 | $ 83. 08 | $ 84. 60 | $ 85. 11 | $ 83. 75 | $ 84. 60 | 3/7/2011| $ 18,062,700 | $ 83. 19 | $ 85. 84 | $ 86. 08 | $ 84. 69 | $ 84. 72 | 3/4/2011| $ 20,028,600 | $ 83. 55 | $ 85. 92 | $ 86. 00 | $ 84. 70 | $ 85. 08 | 3/3/2011| $ 17,153,500 | $ 84. 27 | $ 85. 46 | $ 85. 95 | $ 85. 5 | $ 85. 82 | 3/2/2011| $ 17,423,600 | $ 83. 55 | $ 84. 59 | $ 85. 32 | $ 83. 55 | $ 85. 08 | 3/1/2011| $ 23,001,800 | $ 83. 27 | $ 86. 41 | $ 86. 50 | $ 84. 70 | $ 84. 80 | 2/28/2011| $ 24,507,000 | $ 83. 99 | $ 85. 87 | $ 86. 56 | $ 85. 49 | $ 85. 53 | 2/25/2011| $ 22,230,300 | $ 83. 80 | $ 85. 79 | $ 86. 24 | $ 85. 29 | $ 85. 34 | 2/24/2011| $ 28,577,100 | $ 84. 42 | $ 87. 20 | $ 87. 53 | $ 85. 46 | $ 85. 97 | 2/23/2011| $ 38,624,600 | $ 85. 50 | $ 86. 00 | $ 88. 23 | $ 85. 7 | $ 87. 07 | 2/22/2011| $ 32,580,400 | $ 83. 90 | $ 84. 97 | $ 86. 70 | $ 84. 73 | $ 85. 44 | 2/18/2011| $ 22,839,500 | $ 82. 98 | $ 83. 91 | $ 84. 50 | $ 83. 50 | $ 84. 50 | 2/17/2011| $ 17,853,500 | $ 82. 37 | $ 83. 97 | $ 83. 97 | $ 83. 05 | $ 83. 88 | 2/16/2011| $ 16,673,500 | $ 82. 18 | $ 83. 06 | $ 83. 86 | $ 82. 86 | $ 83. 69 | 2/15/2011| $ 25,684,600 | $ 81. 48 | $ 84. 79 | $ 84. 89 | $ 82. 67 | $ 82. 97 | 2/14/2011| $ 33,108,300 | $ 83. 38 | $ 82. 07 | $ 85. 1 | $ 81. 89 | $ 84. 91 | 2/11/2011| $ 15,993,500 | $ 81. 33 | $ 82. 23 | $ 83. 41 | $ 82. 23 | $ 82. 82 | 2/10/2011| $ 21,050,500 | $ 81. 70 | $ 81. 68 | $ 83. 31 | $ 81. 61 | $ 83. 20 | 2/9/2011| $ 15,890,900 | $ 81. 06 | $ 82. 44 | $ 82. 78 | $ 81. 77 | $ 82. 55 | 2/8/2011| $ 17,463,500 | $ 81. 49 | $ 83. 50 | $ 83. 65 | $ 82. 64 | $ 82. 98 | 2/7/2011| $ 15,304,300 | $ 81. 99 | $ 83. 45 | $ 84. 00 | $ 83. 36 | $ 83. 93 | 2/4/2011| $ 16,558,300 | $ 81. 35 | $ 83. 25 | $ 83. 2 | $ 82. 85 | $ 83. 28 | 2/3/2011| $ 19,647,700 | $ 81. 51 | $ 83. 06 | $ 83. 55 | $ 82. 46 | $ 83. 44 | 2/2/2011| $ 18,176,900 | $ 81. 48 | $ 83. 59 | $ 83. 98 | $ 83. 26 | $ 83. 41 | 2/1/2011| $ 40,829,600 | $ 81. 97 | $ 81. 14 | $ 83. 96 | $ 81. 04 | $ 83. 91 | 1/31/2011| $ 34,514,400 | $ 78. 81 | $ 79. 92 | $ 80. 82 | $ 79. 01 | $ 80. 68 | 1/28/2011| $ 26,300,600 | $ 77. 16 | $ 79. 78 | $ 79. 89 | $ 78. 87 | $ 78. 99 | 1/27/2011| $ 17,003,500 | $ 78. 03 | $ 79. 84 | $ 79. 8 | $ 79. 34 | $ 79. 88 | 1/26/2011| $ 25,555,400 | $ 77. 81 | $ 78. 71 | $ 79. 86 | $ 78. 49 | $ 79. 66 | 1/25/2011| $ 21,626,300 | $ 76. 86 | $ 78. 22 | $ 78. 99 | $ 77. 93 | $ 78. 68 | 1/24/2011| $ 24,871,600 | $ 76. 77 | $ 78. 85 | $ 79. 18 | $ 78. 09 | $ 78. 59 | 1/21/2011| $ 25,084,400 | $ 77. 15 | $ 78. 21 | $ 79. 10 | $ 78. 06 | $ 78. 98 | 1/20/2011| $ 29,121,600 | $ 75. 95 | $ 77. 98 | $ 78. 16 | $ 76. 77 | $ 77. 75 | 1/19/2011| $ 21,844,100 | $ 76. 43 | $ 78. 3 | $ 78. 93 | $ 78. 13 | $ 78. 24 | 1/18/2011| $ 23,883,600 | $ 76. 89 | $ 77. 79 | $ 78. 85 | $ 77. 72 | $ 78. 71 | 1/14/2011| $ 23,478,700 | $ 76. 04 | $ 76. 67 | $ 78. 00 | $ 76. 50 | $ 77. 84 | 1/13/2011| $ 20,438,100 | $ 74. 93 | $ 76. 65 | $ 76. 82 | $ 75. 98 | $ 76. 71 | 1/12/2011| $ 17,363,000 | $ 74. 81 | $ 75. 94 | $ 76. 62 | $ 75. 67 | $ 76. 58 | 1/11/2011| $ 15,805,400 | $ 73. 94 | $ 75. 02 | $ 75. 86 | $ 75. 02 | $ 75. 69 | 1/10/2011| $ 20,766,400 | $ 73. 9 | $ 75. 13 | $ 75. 27 | $ 74. 58 | $ 75. 13 | 1/7/2011| $ 19,297,700 | $ 73. 84 | $ 75. 21 | $ 75. 90 | $ 75. 09 | $ 75. 59 | 1/6/2011| $ 22,525,300 | $ 73. 44 | $ 74. 90 | $ 75. 43 | $ 74. 67 | $ 75. 18 | 1/5/2011| $ 16,550,800 | $ 72. 97 | $ 74. 67 | $ 74. 87 | $ 74. 14 | $ 74. 70 | 1/4/2011| $ 20,028,500 | $ 73. 17 | $ 74. 71 | $ 74. 95 | $ 74. 42 | $ 74. 90 | 1/3/2011| $ 23,320,700 | $ 72. 82 | $ 73. 72 | $ 74. 79 | $ 73. 64 | $ 74. 55 | Appendix F: 2010 Summary Annual Report

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