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Analysis of Revenues
Revenue Recognition Accounting Policy
ExxonMobil 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 ExxonMobil has an interest with other producers are recognized on the basis of ExxonMobil’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: 10-K (filing date: 2018-02-28).
Revenues as Reported
Exxon Mobil Corp., Income Statement, Revenues
USD $ in millions
|12 months ended||Dec 31, 2017||Dec 31, 2016||Dec 31, 2015||Dec 31, 2014||Dec 31, 2013|
|Corporate and Financing|
|Sales and other operating revenue|
|Sales and other operating revenue||Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).||Exxon Mobil Corp.’s sales and other operating revenue declined from 2015 to 2016 but then slightly increased from 2016 to 2017.|