7. Equity Company Information
The summarized financial information below includes amounts related to certain less-than-majority-owned companies and majority-owned subsidiaries where minority shareholders possess the right to participate in significant management decisions (see Note 1). These companies are primarily engaged in oil and gas exploration and production, natural gas marketing and refining operations in North America; natural gas exploration, production and distribution, and downstream operations in Europe; and research, exploration, production, liquefied natural gas (LNG) operations, refining operations, petrochemical manufacturing, fuel sales and power generation in Asia. Also included are several refining, petrochemical manufacturing and marketing ventures.
The Corporation's ownership in these ventures is in the form of shares in corporate joint ventures as well as interests in partnerships. Differences between the company's carrying value of an equity investment and its underlying equity in the net assets of the affiliate are assigned to the extent practicable to specific assets and liabilities based on the company's analysis of the factors giving rise to the difference. The amortization of this difference, as appropriate, is included in “income from equity affiliates.”
The share of total equity company revenues from sales to ExxonMobil consolidated companies was 13 percent, 16 percent and 19 percent in the years 2013, 2012 and 2011, respectively.
In 2013, the Corporation and Rosneft established various entities to conduct exploration and research activities. Periods of disproportionate funding will result in the Corporation recognizing, during the early phases of the projects, an investment that is larger than its equity share of these entities. These joint ventures are considered Variable Interest Entities (VIEs). However, since the Corporation is not the primary beneficiary of these entities the joint ventures are reported as equity companies. The Corporation's maximum exposure to loss from these joint ventures is limited to its investment of $0.1 billion and firm commitments of $1.1 billion at December 31, 2013.
2013 | 2012 | 2011 | |||||||||||
Equity Company | ExxonMobil | ExxonMobil | ExxonMobil | ||||||||||
Financial Summary | Total | Share | Total | Share | Total | Share | |||||||
(millions of dollars) | |||||||||||||
Total revenues | 236,161 | 68,084 | 224,953 | 67,572 | 204,635 | 65,147 | |||||||
Income before income taxes | 69,454 | 19,999 | 69,411 | 20,882 | 68,908 | 20,892 | |||||||
Income taxes | 21,618 | 6,069 | 20,703 | 5,868 | 19,812 | 5,603 | |||||||
Income from equity affiliates | 47,836 | 13,930 | 48,708 | 15,014 | 49,096 | 15,289 | |||||||
Current assets | 62,398 | 19,545 | 59,612 | 18,483 | 52,879 | 17,317 | |||||||
Long-term assets | 116,450 | 35,695 | 111,131 | 33,798 | 96,908 | 30,833 | |||||||
Total assets | 178,848 | 55,240 | 170,743 | 52,281 | 149,787 | 48,150 | |||||||
Current liabilities | 54,550 | 15,243 | 49,698 | 14,265 | 41,016 | 12,454 | |||||||
Long-term liabilities | 68,857 | 20,873 | 68,855 | 19,715 | 62,472 | 18,728 | |||||||
Net assets | 55,441 | 19,124 | 52,190 | 18,301 | 46,299 | 16,968 | |||||||
A list of significant equity companies as of December 31, 2013, together with the Corporation's percentage ownership interest, is detailed below:
Percentage | |||||
Ownership | |||||
Interest | |||||
Upstream | |||||
Aera Energy LLC | 48 | ||||
BEB Erdgas und Erdoel GmbH & Co. KG | 50 | ||||
Cameroon Oil Transportation Company S.A. | 41 | ||||
Castle Peak Power Company Limited | 60 | ||||
Cross Timbers Energy, LLC | 50 | ||||
Golden Pass LNG Terminal LLC | 18 | ||||
Karmorneftegaz Holding SARL | 33 | ||||
LLC Arctic Research and Design Center For Continental Shelf Development | 33 | ||||
Nederlandse Aardolie Maatschappij B.V. | 50 | ||||
Qatar Liquefied Gas Company Limited | 10 | ||||
Qatar Liquefied Gas Company Limited (2) | 24 | ||||
Ras Laffan Liquefied Natural Gas Company Limited | 25 | ||||
Ras Laffan Liquefied Natural Gas Company Limited (II) | 31 | ||||
Ras Laffan Liquefied Natural Gas Company Limited (3) | 30 | ||||
South Hook LNG Terminal Company Limited | 24 | ||||
Tengizchevroil, LLP | 25 | ||||
Terminale GNL Adriatico S.r.l. | 71 | ||||
Trizneft Pilot SARL | 49 | ||||
Tuapsemorneftegaz Holding SARL | 33 | ||||
Downstream | |||||
Chalmette Refining, LLC | 50 | ||||
Fujian Refining & Petrochemical Co. Ltd. | 25 | ||||
Saudi Aramco Mobil Refinery Company Ltd. | 50 | ||||
TonenGeneral Sekiyu K.K. | 22 | ||||
Chemical | |||||
Al-Jubail Petrochemical Company | 50 | ||||
Infineum Holdings B.V. | 50 | ||||
Infineum USA L.P. | 50 | ||||
Saudi Yanbu Petrochemical Co. | 50 |