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NAV Analysis - Exxon Mobil Corporation
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($ in Millions Except Per Share, Acreage, Production Unit, and Other Per-Unit Data)
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Exxon Mobil Corporation - Net Asset Value (NAV) Model
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Company Name:
Exxon Mobil Corporation
Discount Rate:10.0%
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Mcf to Bbl Conversion Factor:
0.1666666667
Effective Cash Tax Rate:
45.0%
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Units:1,000
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Proved Reserves by Type:
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Oil (MMBbls):
24,900Production Costs:$40,628
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Natural Gas Liquids (MMBbls):
11,673Production per BOE:$12.35
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Natural Gas (Bcf):
68,007Development Costs:$20,000
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Barrels of Oil Equivalents (MMBOE):
47,908Development Years:5
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Oil Production:
NGL Production:
Natural Gas Production:
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$ per Bbl:$90.65$ per Bbl:$51.00
$ per Mcf:
$3.14
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Previous Year:
0.4%Previous Year:8.1%
Previous Year:
28.1%
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Current Year:
0.6%Current Year:20.8%
Current Year:
6.7%
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Current Year Volume:
163
Current Year Volume:
5
Current Year Volume:
492
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Year 1 Growth Rate:
2.0%Year 1 Growth Rate:8.0%
Year 1 Growth Rate:
10.0%
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Yearly Growth Rates:
Yearly Growth Rates:
Yearly Growth Rates:
25
Years 2 - 5:
5.5%Years 2 - 5:6.0%
Years 2 - 5:
6.0%
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Years 6 - 9:
6.0%Years 6 - 9:6.5%
Years 6 - 9:
7.5%
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Year 10 and Beyond:
10.0%Year 10 and Beyond:12.0%
Year 10 and Beyond:
14.0%
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Oil
Natural Gas Liquids
Natural Gas
Revenue ($ in Millions)
Production & Development Expenses:
Cash Flows ($ in Millions)
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Beginning
AnnualAvg.BeginningAnnualAvg.
Beginning
AnnualAvg.TotalTotal
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Reserves
Production
PriceReserves
Production
Price
Reserves
Production
PriceNaturalTotalAnnual
Production
Production
Development
Pre-TaxCash
After-Tax
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(MMBbls)
(MMBbls)
$ / Bbl(MMBbls)
(MMBbls)
$ / Bbl(Bcf)(Bcf)$ / Mcf
Oil & NGL
GasRevenueMMBOEPer BOE
Expenses
Expenses
Cash Flows
Tax Rate
Cash Flows
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Year 124,900166$90.6511,6735$51.0068,007541$3.14$15,347$1,699$17,046262$12.35$3,234$4,000$9,81245.0%$5,397
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Year 224,73417590.6511,668651.0067,4665743.1416,1921,80117,99427712.353,4184,00010,57645.0%5,817
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Year 324,55818590.6511,662651.0066,8926083.1417,0841,90918,99429212.353,6124,00011,38245.0%6,260
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Year 424,37319590.6511,656651.0066,2846453.1418,0262,02420,05030912.353,8174,00012,23245.0%6,728
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Year 524,17820690.6511,649751.0065,6396833.1419,0192,14521,16432712.354,0344,00013,13045.0%7,221
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Year 623,97221890.6511,643751.0064,9567343.1420,1612,30622,46834812.354,298018,17045.0%9,993
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Year 723,75423190.6511,635851.0064,2227903.1421,3732,47923,85237112.354,579019,27345.0%10,600
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Year 823,52224590.6511,628851.0063,4328493.1422,6572,66525,32339512.354,878020,44445.0%11,244
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Year 923,27726090.6511,619951.0062,5839123.1424,0192,86526,88442112.355,198021,68645.0%11,927
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Year 1023,01728690.6511,6111051.0061,6711,0403.1426,4303,26629,69646912.355,795023,90145.0%13,146
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Year 1122,73131590.6511,6011151.0060,6311,1863.1429,0833,72432,80652312.356,462026,34445.0%14,489
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Year 1222,41634690.6511,5901251.0059,4451,3523.1432,0024,24536,24758412.357,209029,03845.0%15,971
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Year 1322,07038190.6511,5771451.0058,0931,5413.1435,2154,83940,05465112.358,044032,01045.0%17,605
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Year 1421,69041990.6511,5641551.0056,5521,7573.1438,7515,51744,26772712.358,979035,28845.0%19,408
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Year 1521,27146190.6511,5481751.0054,7952,0033.1442,6416,28948,93081212.3510,025038,90545.0%21,398
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Year 1620,81050790.6511,5311951.0052,7922,2833.1446,9237,16954,09390712.3511,197042,89545.0%23,592
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Year 1720,30355790.6511,5112251.0050,5092,6033.1451,6358,17359,8081,01312.3512,510047,29945.0%26,014
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Year 1819,74661390.6511,4902451.0047,9062,9673.1456,8219,31766,1381,13212.3513,980052,15845.0%28,687
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Year 1919,13367490.6511,4652751.0044,9393,3833.1462,52810,62273,1501,26512.3515,629057,52145.0%31,637
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Year 2018,45874290.6511,4383151.0041,5563,8563.1468,80812,10980,9171,41512.3517,477063,44045.0%34,892
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Present Value of Cash Flows from Proved Reserves:
$101,248.70
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Undeveloped Land and Other Business Segments:
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Undeveloped Acres (Thousands):
107,071
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Average $ Per Single Acre:
$620
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Value of Undeveloped Land:
$66,384
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Chemicals:
63
Prior Year EBITDA:
9,509
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Assumed EV / EBITDA Multiple:
6.7 x
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Estimated Enterprise Value:
$63,710
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Midstream:
68
Prior Year EBITDA:
9,673
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Assumed EV / EBITDA Multiple:
7.4 x
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Estimated Enterprise Value:
$71,870
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Enterprise Value for Entire Company:
$303,213
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Plus: Cash & Cash-Equivalents:
13,060
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Plus: Equity Investments:
16,968
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Less: Debt:
(9,081)
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Less: Asset Retirement Obligation:
(6,049)
77
Implied Equity Value:
$318,111
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Diluted Shares Outstanding:
4,500.0
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Implied Share Price:
$70.69
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XOM-NAV