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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: Exxon Mobil Corp., Annual Report


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

Source: Exxon Mobil Corp. Annual Reports

Item Description The company
Sales and other operating revenue Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Exxon Mobil Corp.'s sales and other operating revenue declined from 2015 to 2016 but then slightly increased from 2016 to 2017.