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Microsoft Excel LibreOffice Calc

Exxon Mobil Corp. (NYSE:XOM)

Analysis of Inventory

Advanced level

Inventory Disclosure

Exxon Mobil Corp., balance sheet: inventory

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Crude oil
Petroleum products
Chemical products
Gas/other
Crude oil, products and merchandise
Materials and supplies
Inventories

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

Item Description The company
Inventories Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Exxon Mobil Corp.’s inventories increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

Adjustment to Inventory: Conversion from LIFO to FIFO

Adjusting LIFO Inventory to FIFO (Current) Cost

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Adjustment to Inventories
Inventories at LIFO (as reported)
Add: Inventory LIFO reserve
Inventories at FIFO (adjusted)
Adjustment to Current Assets
Current assets (as reported)
Add: Inventory LIFO reserve
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Add: Inventory LIFO reserve
Total assets (adjusted)
Adjustment to Total ExxonMobil Share Of Equity
Total ExxonMobil share of equity (as reported)
Add: Inventory LIFO reserve
Total ExxonMobil share of equity (adjusted)
Adjustment to Net Income Attributable To ExxonMobil
Net income attributable to ExxonMobil (as reported)
Add: Increase (decrease) in inventory LIFO reserve
Net income attributable to ExxonMobil (adjusted)

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

Exxon Mobil Corp.’s inventory value on Dec 31, 2019 would be $28,228  (in millions) if the FIFO inventory method was used instead of LIFO. Exxon Mobil Corp.’s inventories, valued on a LIFO basis, on Dec 31, 2019 were $18,528 . Exxon Mobil Corp.’s inventories would have been $9,700  higher than reported on Dec 31, 2019 if the FIFO method had been used instead.

Exxon Mobil Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: LIFO vs. FIFO (Summary)

Exxon Mobil Corp., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Current Ratio
Reported current ratio (LIFO)
Adjusted current ratio (FIFO)
Net Profit Margin
Reported net profit margin (LIFO)
Adjusted net profit margin (FIFO)
Total Asset Turnover
Reported total asset turnover (LIFO)
Adjusted total asset turnover (FIFO)
Financial Leverage
Reported financial leverage (LIFO)
Adjusted financial leverage (FIFO)
Return on Equity (ROE)
Reported ROE (LIFO)
Adjusted ROE (FIFO)
Return on Assets (ROA)
Reported ROA (LIFO)
Adjusted ROA (FIFO)

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by current liabilities. Exxon Mobil Corp.’s adjusted current ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Exxon Mobil Corp.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp.’s adjusted total asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Exxon Mobil Corp.’s adjusted financial leverage ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Exxon Mobil Corp.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.

Exxon Mobil Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted current assets
Current liabilities
Liquidity Ratio
Adjusted current ratio2

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

2019 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by current liabilities. Exxon Mobil Corp.’s adjusted current ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to ExxonMobil
Sales and other operating revenue
Profitability Ratio
Net profit margin1
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted net income attributable to ExxonMobil
Sales and other operating revenue
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

2019 Calculations

1 Net profit margin = 100 × Net income attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income attributable to ExxonMobil ÷ Sales and other operating revenue
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Exxon Mobil Corp.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenue
Total assets
Activity Ratio
Total asset turnover1
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Sales and other operating revenue
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

2019 Calculations

1 Total asset turnover = Sales and other operating revenue ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Sales and other operating revenue ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Exxon Mobil Corp.’s adjusted total asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019 not reaching 2017 level.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total ExxonMobil share of equity
Solvency Ratio
Financial leverage1
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted total ExxonMobil share of equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

2019 Calculations

1 Financial leverage = Total assets ÷ Total ExxonMobil share of equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total ExxonMobil share of equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Exxon Mobil Corp.’s adjusted financial leverage ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to ExxonMobil
Total ExxonMobil share of equity
Profitability Ratio
ROE1
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted net income attributable to ExxonMobil
Adjusted total ExxonMobil share of equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

2019 Calculations

1 ROE = 100 × Net income attributable to ExxonMobil ÷ Total ExxonMobil share of equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income attributable to ExxonMobil ÷ Adjusted total ExxonMobil share of equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Exxon Mobil Corp.’s adjusted ROE deteriorated from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to ExxonMobil
Total assets
Profitability Ratio
ROA1
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted net income attributable to ExxonMobil
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24).

2019 Calculations

1 ROA = 100 × Net income attributable to ExxonMobil ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income attributable to ExxonMobil ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Exxon Mobil Corp.’s adjusted ROA deteriorated from 2017 to 2018 and from 2018 to 2019.