Exxon Mobil Corp. (XOM) | Analysis of Revenues

Revenue Recognition Accounting Policy

Exxon Mobil generally sells crude oil, natural gas and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments.

Revenues are recognized when the products are delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectibility is reasonably assured. Revenues from the production of natural gas properties in which Exxon Mobil has an interest with other producers are recognized on the basis of Exxon Mobil's net working interest. Differences between actual production and net working interest volumes are not significant.

Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold.

Source: Exxon Mobil Corp., Annual Report

Revenues as Reported

Exxon Mobil Corp., Income Statement, Revenues

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	U.S.
	Non-U.S.
	Upstream
	U.S.
	Non-U.S.
	Downstream
	U.S.
	Non-U.S.
	Chemical
	Corporate and Financing
	Sales and other operating revenue

Source: Exxon Mobil Corp. Annual Reports