EXXON MOBIL CORP | 2013 | FY | 3


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 LLC48   
 BEB Erdgas und Erdoel GmbH & Co. KG50   
 Cameroon Oil Transportation Company S.A.41   
 Castle Peak Power Company Limited60   
 Cross Timbers Energy, LLC50   
 Golden Pass LNG Terminal LLC18   
 Karmorneftegaz Holding SARL33   
 LLC Arctic Research and Design Center For Continental Shelf Development33   
 Nederlandse Aardolie Maatschappij B.V.50   
 Qatar Liquefied Gas Company Limited10   
 Qatar Liquefied Gas Company Limited (2)24   
 Ras Laffan Liquefied Natural Gas Company Limited25   
 Ras Laffan Liquefied Natural Gas Company Limited (II)31   
 Ras Laffan Liquefied Natural Gas Company Limited (3)30   
 South Hook LNG Terminal Company Limited24   
 Tengizchevroil, LLP25   
 Terminale GNL Adriatico S.r.l.71   
 Trizneft Pilot SARL49   
 Tuapsemorneftegaz Holding SARL33   
      
 Downstream    
 Chalmette Refining, LLC50   
 Fujian Refining & Petrochemical Co. Ltd.25   
 Saudi Aramco Mobil Refinery Company Ltd.50   
 TonenGeneral Sekiyu K.K.22   
      
 Chemical    
 Al-Jubail Petrochemical Company50   
 Infineum Holdings B.V.50   
 Infineum USA L.P.50   
 Saudi Yanbu Petrochemical Co.50   

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