Exxon Mobil Corp., FCFE calculation

USD $ in millions

12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Net income attributable to ExxonMobil	20,840	19,710	7,840	16,150	32,520
Net income attributable to noncontrolling interests	581	138	535	401	1,095
Net noncash charges	15,949	10,867	15,099	16,906	16,433
Changes in operational working capital, excluding cash and debt	(1,356)	(649)	(1,392)	(3,113)	(4,932)
Net cash provided by operating activities	36,014	30,066	22,082	30,344	45,116
Additions to property, plant and equipment	(19,574)	(15,402)	(16,163)	(26,490)	(32,952)
Additions to long-term debt	46	60	12,066	8,028	5,731
Reductions in long-term debt	—	—	—	(26)	(69)
Additions to short-term debt	—	1,735	—	—	—
Reductions in short-term debt	(4,752)	(5,024)	(314)	(506)	(745)
Additions/(reductions) in commercial paper, and debt with three months or less maturity	(219)	2,181	(7,459)	1,759	2,049
Free cash flow to equity (FCFE)	11,515	13,616	10,212	13,109	19,130

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Exxon Mobil Corp.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Exxon Mobil Corp.’s FCFE increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.

Exxon Mobil Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	4,231,093,914
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)	11,515
FCFE per share	2.72
Current share price (P)	74.99
Ratio
P/FCFE	27.55
Benchmarks
P/FCFE, Competitors
Chevron Corp.	19.33
ConocoPhillips	30.02
EOG Resources Inc.	37.64
Occidental Petroleum Corp.	12.34
Phillips 66	7.74
P/FCFE, Sector
Oil & Gas Producers	20.75
P/FCFE, Industry
Oil & Gas	21.30

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Exxon Mobil Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
No. shares of common stock outstanding¹	4,234,802,431	4,237,462,159	4,146,513,819	4,152,756,609	4,194,690,266
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)²	11,515	13,616	10,212	13,109	19,130
FCFE per share⁴	2.72	3.21	2.46	3.16	4.56
Share price^1, 3	79.47	75.74	80.93	81.52	89.60
Ratio
P/FCFE⁵	29.23	23.57	32.86	25.82	19.65
Benchmarks
P/FCFE, Competitors
Chevron Corp.	18.41	—	95.23	237.62	59.08
ConocoPhillips	34.71	7.60	18.81	21.77	39.53
EOG Resources Inc.	40.59	—	—	—	131.44
Occidental Petroleum Corp.	15.74	37.42	38.51	—	—
Phillips 66	7.41	27.96	29.60	220.02	19.18
P/FCFE, Sector
Oil & Gas Producers	21.61	31.06	41.35	46.00	30.20
P/FCFE, Industry
Oil & Gas	22.09	35.48	45.00	28.84	24.21

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Exxon Mobil Corp.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 11,515,000,000 ÷ 4,234,802,431 = 2.72

⁵ P/FCFE = Share price ÷ FCFE per share
= 79.47 ÷ 2.72 = 29.23

Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Exxon Mobil Corp.’s P/FCFE ratio declined from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.

Exxon Mobil Corp. (XOM)

Price to FCFE (P/FCFE)