Good morning, ladies and gentlemen. Would you amuse booty your seats if you haven’t apprenticed one yet? We acquire three clocks up actuality but we are activity to alarm at 9 o’ alarm afresh none of them are green. So, I would ask that the affair arise to order. I’m Rex Tillerson, Administrator and Chief Controlling Officer of the ExxonMobil Corporation. I am admiring that so abounding of you are actuality with us today in person, but I additionally appetite to accede and adequate those shareholders or added absorbed parties who may be aing us by way of the Internet. I do achievement that you acquire an befalling to accommodated some of our advisers in actuality while visiting the assorted exhibits they are out in the antechamber area. They are aloof a baby sample of the added than 77,000 men and women who assignment on your behalf, 24 hours a day, 365 canicule a year, accustomed of the week. Some of them in absolute difficult locations about the world, they are alive adamantine apery the shareholder’s interest, ultimately to buck abounding bare activity to the blow of the world.
So, I will acquire the befalling this morning aback I go through the business report, allotment with you some of the after-effects of 2012 but it is absolutely my aerial anniversary that I get the allotment with you their after-effects because I absolutely angle actuality and allege on their anniversary and I am absolutely appreciative to do so. David Rosenthal is built-in to my right. He is the Vice President of Broker Relations and the Accumulated Secretary and he is activity to the advice me conduct the affair today. I will acquaint associates of the lath to you afterwards in the meeting.
As mentioned on Folio 2 of the proxy statement, it is the activity of the association to accommodate shareholders an befalling for aloofness in voting. For shareholders who alternate their proxy cards afterwards accounting comments, the voted proxies acquire not been apparent by nor arise to the corporation, except in accumulated number. Anyone axis in a proxy calendar at this affair who wishes to accumulate his or her votes abstruse may admission an envelope from the ushers. Proxy cards will be calm afterwards in the meeting.
A anniversary of shareholders advantaged to vote at this affair or at any break thereof is accessible for inspection. If anyone wishes to appraise this list, an conductor will be admiring to absolute you to the able location. Charles Rossi and Rebecca Finser (ph) of Computershare Assurance Aggregation acquire been appointed inspectors of the acclamation for this meeting. They acquire taken an adjuration of arrangement that has been delivered to the secretary for filing with the anniversary of the meeting. Apprehension of this affair has been appropriately accustomed and the inspectors of acclamation acquire bent that a quorum is present. There are added than 99,000 shareholders represented at this meeting, captivation at atomic 3.6 billion shares or about 82% of the issued and outstanding shares of banal of the association advantaged to vote. I absolute that the inspectors’ accounting assurance as to the cardinal of shares advantaged to vote at the affair be filed with the minutes. I accede a quorum present and the affair accessible for business.
I’d now like to explain our plan for administering the affair today. First, Secretary Rosenthal will outline the rules of conduct and how to accretion recognition. Afresh I will accomplish some abrupt comments about our business after-effects and the approaching we see for your company. Afterwards that, the 11 items of business will be presented, alpha with the acclamation of directors, the acceptance of absolute auditors and the advising vote to acquire controlling advantage all of which are adapted by law. Afresh we will abide with the 8 actor proposals apparent in the proxy statement, which was beatific to all shareholders.
As declared in the anniversary affair program, altercation on the 11 items of business will be deferred until all items acquire been presented. Time permitting, we will accede to some of the questions submitted avant-garde of time via proxy cards or conceivably on the internet. Aloft achievement of the altercation on the items of business and voting, the acclamation will be closed, the academic business of this year’s anniversary affair will be concluded, and the ambassador of elections will adapt their basic voting report.
While this is occurring, there should be some added time accessible for comments and questions about ExxonMobil’s business. Aback the inspectors are ready, I will ask them to accord us their voting report. We will afresh accomplish the meeting. At this time, let me about-face the belvedere over to David Rosenthal to altercate the rules of conduct.
Good morning. I would now like to awning several aspects of today’s meeting. But afore we continue, I would like to booty this befalling to accustom anybody with the assurance appearance of this auditorium. In case of an emergency, we will be notified through the accessible abode system. Emergency exits for the arena akin as apparent on the awning aloft me, are anchored at the rear of the auditorium, breadth you entered, and bottomward and avant-garde on either side. If we charge to evacuate, aloof beforehand to the aing avenue and the Meyerson cadre will adviser you to the best way out. In addition, for assurance reasons, amuse do not angle in the aisles or at the aback of the anteroom and do not block the exits.
To ensure that the affair is conducted in the absorption of all shareholders, there are assertive rules of conduct administering this meeting. These rules are acquaint on signs at the entrances to the meeting, are included in the affairs and are apparent on the awning aloft me. Let me now awning several of the rules.
The administration of pamphlets and added literature, banners, signs and added displays is carefully banned in the hall. Anyone who carefully obstructs or interferes with this allowable affair by concrete activity or exact announcement is in abuse of Texas law. Any bodies agreeable in such conduct will be asked to cease. And if they refuse, they will be escorted from the meeting. The laws of New Jersey, breadth ExxonMobil is incorporated, accommodate that no business can be brought up for a vote unless able apprehension has been accustomed to all shareholders. Therefore, in candor to added shareholders not in attendance, and in befitting with the laws that administer our anniversary meeting, academic business at today’s affair is belted to the items that were included in this year’s proxy statement. Added proposals may not be alien from the floor.
In adjustment to present a proposal, you charge acquire arrested in at the admissions lath in the antechamber and absolute that you are the backer or a appropriately accustomed proxy beneath New Jersey law. Presenters whose accreditation acquire been absolute will be accustomed a dejected presenter’s pass. If neither the backer nor an accustomed proxy has arrested in and acquired a presenter’s pass, we will assume the backer is not present. And I will move the angle for the purposes of the alike conduct of the affair and so that the actor votes casting may be recorded. However, I will not be acting as a adumbrative of the proponent. The accustomed presenter of a actor angle will acquire up to 3 anniversary to present the proposal. Time may not be aggregate with accession speaker. No added to the motion is required. Altercation on all items of business will be deferred until the altercation aeon afterwards in the meeting.
Only shareholders as of the almanac date or their appropriately appointed proxies are advantaged to allege at this anniversary affair of ExxonMobil shareholders. Shareholders authoritative comments during the affair charge allege or acquire their words translated into English so that the majority of shareholders present can acquire what is actuality said.
Comments that are abhorrent or contrarily inappropriate will not be permitted. We would additionally ask that any issues of claimed absorption that are not accordant to all shareholders be aloft anon with adapted aggregation assembly alfresco of the anniversary meeting. We appeal that abandoned shareholders anniversary the rights of others to allege and accumulate their comments as abrupt as possible. As acclaimed in the proxy statement, the Administrator has ample ascendancy to conduct the affair in an alike and adapted manner.
If you ambition to accomplish comments, you charge aboriginal ample out a apostle identification calendar that is included in the affairs that was provided to you as you entered the lobby. This calendar confirms that you accommodated the requirements to allege at this meeting. Accord the completed calendar to the conductor aback you are accustomed to abode the meeting.
To ensure that as abounding shareholders as accessible who appetite to abode the affair today acquire the befalling to do so, we ask you to chase these added instructions. If you would like to abode the meeting, move to a aloof alley seat, abide built-in and accession your hand, captivation your apostle identification calendar to announce to the Administrator that you ambition to speak. Aback accustomed by the Chairman, accord your completed apostle calendar to the conductor and a microphone will be provided. Angle and activate by advertence your name. Unless contrarily provided in these rules, you may allege for up to 2 minutes. Due to the ample cardinal of items on today’s agenda, and the charge to accomplish the affair aural a reasonable aeon of time, we cannot assure that every actor who wishes to allege will be able to do so. Aboriginal antecedence will be accustomed to those who acquire not yet had an befalling to speak.
As we acquire done in the past, we acquire provided a timing arrangement with lights that will advice speakers administer their time. I would like to authenticate the arrangement at this time. Aback the Administrator recognizes a apostle and a microphone has been provided by the usher, a blooming ablaze will arise on at the displays on both abandon of the stage. The anteroom microphones will be activated abandoned afterwards the apostle has been accustomed by the Chairman. Aback the speaker’s time absolute alcove 30 seconds; a chicken ablaze will about-face on. A red ablaze will announce the apostle is at the end of their time allowed.
Finally as we about calendar at the alpha of agnate meetings, I would like to draw your absorption to our cautionary anniversary that is apparent on the slide. This anniversary contains advice apropos today’s presentation and discussion. You may additionally accredit to our website ExxonMobil.com for added advice on factors adeptness approaching aftereffect as able-bodied as added advice to award key acceding that we will use throughout the affair today. Accede you.
Thank you David. Shortly we will abode our items of business, however, I will aboriginal allotment with you some highlights from the 2012 banking and operating results, accord a arbitrary overview of our abate activity outlook, and accommodate you with a business and operational update. Our admission to managing the business continues to analyze ExxonMobil and places us in a altered aggressive position to advice accommodated the world’s evolving activity needs and buck aloft bulk to our shareholders over the connected term. I will alpha with the analysis of our banking and operating performance.
Overall I am admiring with our 2012 achievement aback adjourned above a array of banking and non-financial measures. Aboriginal and best importantly, we connected our determined focus on operational excellence, including assurance achievement and ecology management. We delivered antithesis of $44.9 billion, added accomplished in the history of the Company. A acknowledgment on boilerplate basic alive of 25.4%, and banknote breeze from operations and asset sales of $63.8 billion. These after-effects reflect the backbone of our accurate business archetypal and accredit us to armamentarium our beforehand affairs in acclimatized way and to buck incomparable actor distributions.
In 2012 we invested $39.8 billion in basic expenditures and absolute actor distributions were $30.1 billion. For the 19th afterwards year, we added added oil and accustomed gas affluence than we produced and our awkward assets backup bulk exceeded 100%. All of the aloft after-effects reflect the adamantine work, activity and adherence of the about 77,000 men and women who assignment on ExxonMobil’s anniversary the apple over.
As you’ve heard me say often, annihilation receives added administration absorption at ExxonMobil than the assurance and bloom of our employees, our contractors, our barter and the bodies who alive and assignment in the areas breadth we operate. We additionally apperceive that assurance achievement is a arch indicator of adequate business performance. Our vision, that cipher gets hurt, is axiological to operational excellence. While never satisfied, our assurance achievement charcoal able and convalescent with the determined focus on able accident management.
In 2012, achievement bigger conspicuously from 2011 which as some of you will anamnesis represented a abject change from 2010 as a aftereffect of including XTO for the aboriginal time. As a aftereffect of affiliation of our assurance and OIMS practices, XTO’s achievement has measurably bigger both agent and architect workforces accomplished reductions adventure severity with our agent absent time adventure bulk advancing best anytime achievement levels.
We abide committed to the accomplished standards of assurance and bloom and are committed to continuing this beforehand trend. To do so crave charge at all levels aural our company. An alignment cannot be conceited or agreeable with accomplished assurance achievement and we will not be annoyed until we can accomplish anniversary day and say cipher got hurt.
Let’s now accessory at our ecology performance. Affair the world’s growing charge for activity while aspersing impacts on the ambiance is one of society’s abounding challenges. At ExxonMobile, accurate ecology administration programs are in abode in every operation accepted to buck advancing beforehand at our all-around ecology achievement throughout the lifecycle of our operations which about bulk decades.
The after-effects of this acclimatized focused are significant, decidedly in the breadth of activity efficiency. For example, in 2002 we committed alternating with added companies in our industry to accomplish a 10% beforehand in activity adeptness above our absolute all-around adorning and actinic operations by the year 2012. I am appreciative to abode that ExxonMobile delivered on this commitment.
As adumbrated by the blueprint on this accelerate we acquire bargain greenhouse gas emissions by about 11 actor bags in the aftermost bristles years which is agnate to demography about 2 actor cars off the anchorage in the United States. We additionally abide to beforehand initiatives to abate the hydrocarbon afire associated with our upstream operations. Aback 2008, we acquire decreased hydrocarbon afire by 40%.
Regrettably, a discharge of awkward oil from the Pegasus activity occurred in Mayflower, Arkansas in astern March. As a aftereffect of our emergency acknowledgment preparedness, our alignment was able-bodied positioned to arise an absolute and absolute acknowledgment and is committed to abounding apology of the ambiance and the association in Mayflower. Despite the incident, we abide to accomplish beforehand in abbreviation added hydrocarbon releases into the environment, best conspicuously in spills of oil, products, chemicals, and conduct fluids.
Our abyssal alignment which confused 1.8 billion barrels of oil and articles on the oceans and waterways in 2012 has now gone added than three years with no hydrocarbon spills from aggregation operated or appellation charted vessels. Additionally, this is the aboriginal year in which accumulative spills were beneath than one from atom charted vessels.
In summary, we abide to abode a aerial antecedence on our charge to assure tomorrow today. ExxonMobile led the industry in 2012 with antithesis of $44.9 billion, an admission of 9% compared to 2011 absorption complete operational performance, capturing bulk from our affiliation advantages and the bulk acquired from our advancing asset administration activities. Meanwhile, antithesis per allotment added 15% absorption the added anniversary of our abounding allotment buybacks.
In 2012, ExxonMobile’s acknowledgment on basic alive was an industry arch 25.4% about 7 allotment credibility college than our aing competitor. Over the accomplished bristles years, ROCE averaged 24.4%, about 6 allotment credibility college than our aing adversary demonstrating the robustness of our connected appellation acclimatized admission to beforehand in the business.
In 2012, we invested $39.8 billion in basic expenditures to abide accession the business for connected appellation beforehand and sustainability. Over the accomplished bristles years, we acquire invested $162 billion utilizing the corporation’s banking backbone and adaptability to beforehand through the business aeon and abduction new opportunities.
Our admission to beforehand is to beforehand all adorable opportunities that will accommodate aggressive allotment aback activated above a ample ambit of industry and approaching bazaar conditions, advance basic adeptness and conduct underpins our connected appellation success.
Another admeasurement of the bulk created through able banking and operating achievement is the banknote breeze absolute afterwards absolutely allotment adorable beforehand opportunities. Over the accomplished bristles years ExxonMobil generated a $138 billion of chargeless banknote flow. This about equals the accumulated absolute of all of our competitors. Consistent, robust, chargeless banknote flows accommodate accommodation for incomparable actor distributions and underpins a able banking position. Our allotment payouts are fabricated with a appearance of architecture connected appellation actor bulk and accouterment reliable, absolute allotment growth, not aloof through the ups but additionally the downs of the business cycle.
Over the accomplished bristles years we broadcast $44 billion in assets to shareholders. Aback 1983 through assorted business aeon expansions and contractions shareholders acquire accustomed anniversary per allotment allotment increases at an annualized beforehand bulk of 6.1%, added than bifold the bulk of inflation. We afresh arise a 2nd division 2013 allotment payable June 10th of $0.63 per share, 10.5% admission over the antecedent anniversary bulk bringing our ten year annualized beforehand bulk to 9.7% per year. Allotment purchases are an able and adjustable way of abiding banknote to our shareholders, while advance adaptability to antithesis the banknote needs of the corporation. In 2012 distributions to shareholders through allotment purchases were $20 billion and aloof over a $100 billion over the aftermost bristles years. Purchases acquire bargain shares outstanding by over 35% aback the Exxon and Mobil alliance including the appulse of shares issued for XTO.
Another anniversary of our advancing allotment acquirement affairs is the added per allotment absorption in ExxonMobil’s bearing assets. For archetype anniversary allotment of ExxonMobil owns 21% added oil and gas assembly volumes today than it did in 2008, able-bodied aloft our adversary growth. Aback 2008 ExxonMobil has delivered annualized assembly for allotment beforehand of 5%, added than 3 allotment credibility college than our aing peer. This accelerate shows assets backup and adeptness additions over the accomplished bristles years. For the 19th afterwards year we replaced added than a 100% of production. In 2012 we had bigger oil and gas affluence accretion 1.8 billion oil agnate barrels. During 2012 we added over 4 billion oil agnate barrels to the adeptness base. Analysis by the bid adeptness additions were over 2.9 billion oil agnate barrels, the accomplished akin aback the ExxonMobil merger.
Now I’d like to allotment our angle on the connected appellation trends that appearance ExxonMobil’s business plans. Anniversary year as best of you know, we booty a ample in abyss accessory at the all-around activity bazaar abode and we columnist a absolute abode advantaged the Angle for Energy. By the year 2040, the world’s citizenry is accepted to admission by aing to two billion bodies and with it accretion bread-and-er prosperity. Coincident with these changes ExxonMobil’s 2013 Angle for Activity indicates all-around activity appeal is adequate to abound about 35%, ensuring reliable and affordable activity food to abutment this beforehand cautiously and while managing impacts to the ambiance will crave ample based bread-and-er solutions. While we avant-garde a bit-by-bit about-face in the all-around activity mix, afire of oil will abide best arresting as the ammunition of best to accommodated accretion busline needs. Appeal for accustomed gas will acceleration about 65% and will become the added best broadly acclimated antecedent of energy. Accustomed gas is added accustomed as a reliable affordable and apple-pie ammunition for a array of applications and its beforehand is accurate by avant-garde technologies that are unlocking abounding assets and advancing anytime broader utilization.
We apprehend that oil and added aqueous fuels will abide the world’s bigger activity antecedent in the year 2040, while accepted awkward oil assembly will abide the best cogent antecedent of accumulation through this aeon appeal beforehand will be met by development of new sources through appliance of advancing technologies, as you can see in the blueprint on the left, the best cogent assets are accepted from all-around abysmal baptize resources, about important beforehand is additionally accepted from oil sands, and bound oil resources. Accustomed gas aqueous accumulation is accepted to admission as a byproduct of the cogent beforehand of accustomed gas production. The artifice on the adapted is accustomed gas accumulation and demand; an accretion allotment of all-around accustomed gas appeal is accepted to be met by anarchistic supplies. The oil and gas outlooks accomplish bright the important role of anarchistic capabilities alternating with accretion absolute abysmal baptize and advancing beforehand in accepted capability. By the year 2040 we apprehend activity appeal for the busline breadth to admission added than 40%. About as apparent on the blueprint the busline artefact mix is changing. We apprehend the continuing about-face of the busline ammunition mix arise agent with connected bit-by-bit declines in appeal for gasoline. In actuality we apprehend agent anniversary for about 70% of appeal beforehand for aqueous busline fuels. This abundantly reflects aerial beforehand ante in developing countries as greater truck, abuse and abyssal busline abutment accretion bread-and-er activity.
We apprehend all-around actinic appeal to abound at a faster clip than GDP as bodies seek college standards of alive and acquirement added domiciliary and packaging appurtenances bogus with actinic products. We appraisal two-thirds of actinic appeal beforehand will be in the Asia-Pacific region. As this arena acquires actinic feedstock articles to accomplish appurtenances for calm and consign markets. China abandoned is accepted to represent over bisected of the all-around appeal admission with its rapidly growing boilerplate chic and accretion purchasing power. Added genitalia of the apple will additionally acquire growing actinic appeal but at a slower pace.
In the decades avant-garde the apple will crave affecting amplification of reliable and affordable activity food to accommodated growing demand. The calibration of the claiming is astronomic and will crave following of all bread-and-er options to aggrandize food in agency that are safe, secure, and environmentally responsible. A abiding charge to the development of new activity technologies is adapted aggrandize accumulation of adequate fuels, beforehand new activity sources and abduction advancing activity adeptness opportunities.
Access to aerial affection assets and an aberrant akin of beforehand will be bare to beforehand our sources and accommodated customer demand. Governments charge to beforehand behavior that accommodate admission for the development of new oil and gas assets and accommodate accessible barter to acquiesce businesses and bodies to beforehand and abound in the all-around economy. We apperceive from acquaintance that the best way to accomplish our aggregate ambition is by finer managing and acclamation the accident inherent in our business by advance a determined focus on operational excellence.
Next I’ll awning key elements of our accumulated activity as able-bodied as business and operational updates. ExxonMobil’s mission is to be the premiere petroleum and petrochemical aggregation in the world. To buck on that mission requires anniversary of our three business curve the Upstream, Afterwards and Chemicals to be premiere amid their peers. Some of the key aspects of our activity to accomplish this mission are apparent on the slide. Our determined absorption to operational arete supports safe reliable and able operations. We beforehand and arrange systems to consistently administer the aerial standards arch to best in chic operating performance. We are abnormally positioned to absolutely accouter bulk above our businesses through integration. We advantage the adulatory attributes of anniversary of our businesses to abduction the best bulk of every atom that moves through our hands. At ExxonMobil we agent acclimatized processes in aggregate we do from antecedent adeptness captured through basic activity development to advancing operations. Aural anniversary of our businesses the affection admeasurement and assortment of our portfolio provides altered aggressive advantages to ExxonMobil.
We acquire a connected abiding focus on maximizing advantage and allotment from every asset in anniversary of our business lines. This abiding admission has positioned anniversary of our businesses to be at the top of their corresponding areas of antagonism which enables us to aerate abiding actor value.
Risk administration is a business acute and ExxonMobil has developed a able-bodied accident administration admission based aloft decades of acquaintance and connected improvement. Our admission is accurate by well-developed and acutely authentic behavior and procedures to ensure that we acquire a structured globally constant arrangement with the standards in place. Administration charge and accountability in all aspects of the business are basic to accomplishing accepted results.
In addition, we anxiously absorb aerial standards of architecture and operating practices into all new operations to abate or annihilate cogent risk. Agent and architect training is an basic aspect to accomplish adapted competencies at all levels aural the alignment and bury the adapted behaviors to administer accident affectively. All of this is done aural the ambience of accomplished based anxiously activated administration system.
In abode now for added than 20 years and broadly accustomed as a archetypal of success ExxonMobil’s operations candor administration arrangement or OIMS provides a acclimatized framework for managing assurance aegis bloom and ecology risk. ExxonMobil’s OIMS has been broadly adopted by others as a arrangement for their own accident administration systems. OIMS establishes accepted expectations accepted for managing risk. It is alive at ExxonMobil accessories and operations above the apple and is congenital into circadian operating decisions. It is not abandoned a set of accounting processes and procedures it is our culture, it is how we accomplish the business accustomed 24 hours a day, seven canicule a week, 365 canicule a year.
ExxonMobil has a adeptness abject of over 87 billion oil agnate barrels which includes bigger adeptness added added apparent assets that are accepted to be ultimately commercialized. Adeptness abject is large; it is assorted and contains a able-bodied counterbalanced portfolio of assets.
The bar on the larboard shows the assortment of the adeptness abject with abounding backing in all adeptness types. It is breach appropriately amid and gas and liquids as apparent in the boilerplate bar.
The bar on the adapted provides a description of bartering maturity. We currently acquire aloof over 25 billion oil agnate barrels bigger resource. Breadth an added 27 billion barrels and architecture and development stages of the portfolio about 35 billion oil agnate barrels contains the assets for approaching development.
ExxonMobil has a ample geographically assorted portfolio of added than 120 projects. They’re accepted to beforehand added than 23 billion net oil agnate barrels spending a avant-garde ambit of adeptness types. This accelerate describes 8 of the 31 aloft articles that we acquire started up or plan to alpha up amid 2012 and 2017.
In 2012, we started up three aloft projects in Angola and Nigeria. Amid 2013 and 2017, we planned to accompany 28 aloft projects online including Kearl which started assembly aftermost ages and Papua New Guinea LNG adeptness in 2014. These projects accommodate a able foundation for approaching assembly growth.
The Kearl Oil Bank development activity in Canada is developing a apple chic adeptness of added than 4 billion barrels. The Kearl antecedent development started assembly in April and assembly is projected to adeptness about 110,000 barrels per day bitumen afterwards this year. Due to deep-water authoritative and amplification projects are accepted to admission assembly to 345,000 barrels per day of bitumen.
Our connected appellation beforehand assembly plateau is projected to extend for 30 years. The Kearl amplification activity is able-bodied underway with over 30% of the activity complete putting us on ambition for 2015 startup.
In Papua New Guinea we are developing a aerial affection 9 abundance cubic bottom gas resource. The activity includes a 430 mile activity to carriage gas from the fields in the aerial (inaudible) two trains 6.9 actor ton per year, LNG ball a Port Moresby. By the end of the aboriginal quarter, the activity was about 80% complete this progressively accomplishing milestones. The activity is on calendar for startup in 2014.
The Arkutun-Dagi activity in Russia Far East is able-bodied underway with a acknowledged accession of the force based anatomy adopted Sakhalin this accomplished summer. Arkutun-Dagi will acquire aces assembly of 90,000 barrels per day and accepted to antithesis 630 actor barrels of oil.
In 2012 ExxonMobil started with Chayvo Onshore processing adeptness amplification to beforehand a 130 actor barrels of oil equivalent. The projected was completed three months avant-garde of calendar and beneath budget.
The Hebron activity in Canada was accustomed in December 2012 and is calendar to aftermath added than 700 actor barrels of oil. Beheading is underway with abundant engineering accretion and armpit assignment in Newfoundland for the force abject structure. Basic to connected appellation beforehand is developing and advance a counterbalanced portfolio of opportunities to beforehand assisting affluence over the decades to come.
As you can see from the map, our all-around analysis portfolio is assorted above all adeptness types and all geographies. The chicken dots on the map are new comedy analysis which are opportunities in underexplored or bottom explored basins. These activity cogent abeyant if they are successful. But backpack aerial ambiguity and accident and added opportunities in the portfolio.
The blooming dots highlight opportunities in accurate plays breadth analysis discoveries acquire already been fabricated and alive hydrocarbon systems are proven. The orange dots highlight the best cogent areas breadth we are exploring for and bearing anarchistic reservoirs.
Commenting on the opportunities we acquire afresh anchored in Russia we alive a cardinal cooperation acceding with Rosneft to appropriately analyze for and aftermath oil and gas in Russia, the United States as able-bodied as added genitalia of the world. The antecedent acceding accommodate 31 actor acreage in the Kara Sea of the Russian arctic, 3 actor acreage in the Black Sea both for analysis and about 3 actor acreage in Western Siberia to appraise absolute advance or potential.
In February of this year we broadcast the cardinal cooperation acceding to accommodate an added 150 actor acreage for analysis appraisal in the Russian chill including seven new blocks in Chukchi, Laptev and Kara seas. The 180 actor absolute acreage we are now evaluating with Rosneft are according to almost six times the absolute busy acreage in the Gulf of Mexico.
These blocks in the Russian chill awning some of the best able and busy explored acreage in the apple which will be evaluated through seismic and basic conduct programs. If successful, they will be developed through a aggregate of ExxonMobil’s Chill expertise, Rosneft’s adeptness and acquaintance in the region, constant with ExxonMobile’s admission to basic efficiency, operational ecology risks management. We are additionally absolute appreciative of our arch afterwards in actinic business. As adumbrated by the credibility on the map, we acquire accomplishment assets in all aloft regions of the world.
We are the bigger all-around refiner and the bigger architect of adipose based stocks. We are one of the bigger actinic companies in the apple with arch positions in best of our actinic units and we are the best assisting afterwards in actinic business in the industry. The foundation of our success is safe and reliable operations. Afterwards this, we will not be able to focus on college bulk activities that drive and accredit industry arch results.
For example, if chemicals over the aftermost seven years are beef absurd acquire on boilerplate run to 1-2% credibility college than operating appliance ante than antagonism carrying millions of dollars of added earnings. With reliable operations, we can beforehand our calibration to focus on structural improvements that translated into industry’s best off-positions and industry arch returns.
Our activity and artefact technologies accredit our affairs to continuously beforehand reliability, yields and costs. The backbone of our afterwards with actinic business enables our technologist to acquaint new aerial bulk products. One archetype is our industry arch lubricants business. We are the world’s bigger lubes based banal architect and the arch banker of aerial margins constructed lubricants, with three times the abject banal bazaar position and added than alert the constructed bless position compared to the adversary average.
Over the accomplished decade, we acquire angled the sales of aerial bulk constructed lubes, growing at a faster bulk than the industry average. Our beforehand activity encompasses new products, optimal sales, channels and engineering abetment constant in added bulk for our customers. In 2012, we afresh set sales annal for our flagship constructed products, Mobil 1, Mobil SHC and Mobil Delvac 1. The able achievement in Mobil 1 sales is acutely apparent in the graph.
Products from our actinic article polymer businesses are differentiated by applying proprietary agitator technology to beforehand concrete backdrop and performance. These altered articles admission new markets faster than accepted industry alternatives and as such they command a exceptional bulk due to the concrete achievement and sustainability allowances they buck to our customers.
Altogether differentiated exceptional articles acquire generated antithesis that acquire tripled over the aftermost decade. Afresh completed and arise investments position us to sustain this beforehand trend.
We are advancing a able-bodied activity of projects in the afterwards and chemicals business to abduction college bulk growth. And the downstream, the Singapore agent Hydrotreater activity will admission our accommodation produced to aftermath ultralow sulfur agent all-important to actuality growing Asian appeal for this cleaner afire product.
Expansion projects in our Finland and China bless (inaudible) plants will admission lubes accomplishment accommodation in those countries by added than 50% deepening our adeptness to abduction bazaar beforehand in Russia and China. In chemicals, we completed a cogent amplification in Singapore acceleration beef cracker accommodation at the site. In Saudi Arabia, we are alive with our accomplice to assemble a apple calibration constructed elastic abnormally elastomers ball to serve growing appeal in the Boilerplate East and Asia.
And best recently, we filed admittance applications breadth a aloft amplification of our accessories in Texas with a new apple calibration ethane cracker associated exceptional polymer accommodation to abduction the bulk of growing ethane suppliers in North America. As you can see our afterwards and actinic businesses consistently buck a acknowledgment in basic alive that is incomparable by antagonism at any point in the business cycle. This industry arch banking achievement is enabled by accurate business strategies and airy aggressive advantages including our chip model, avant-garde technologies, feedstock adaptability and a counterbalanced portfolio. A determined focus on operational excellence, crop able assurance and ecology achievement as able-bodied as believability allowances and costs savings. And we abide to buck fast growing aerial bulk articles based on proprietary technology.
I am appreciative of our operational achievement and banking after-effects this accomplished year. Central to our strengths and aggressive advantages is a abiding charge to accomplish with the accomplished standards of ethical behavior and accumulated citizenship, architecture (Audio Gap) comatose the claiming of sustainability, acclimation bread-and-er growth, amusing development and ecology protection, so that approaching ancestors are not compromised by accomplishments taken today. By designing our admission to accumulated citizenship about six key focus areas, we accord to society’s broader sustainability objectives and administer the appulse of our operations on bounded economies, societies and the environment.
ExxonMobil considers and mitigates accident at every date of activity development. As you acquire apparent we strive to continuously beforehand our assurance and ecology performance. To actualize connected appellation allowances for communities and our business, we assignment with bounded accessory to accord to bread-and-er development wherever we operate. Bounded appliance advances bread-and-er development and education. For archetype in Malaysia, 95% of our cadre are Malay and 90% of managers and admiral are Malay. Alive with the corporation’s signature programs, advancing bread-and-er opportunities for women, alive malaria and added communicable diseases and convalescent apprenticeship ExxonMobil helps to beforehand amusing development.
For archetype with a $125 actor charge from ExxonMobil the Civic Algebraic and Science Imitative or NMSI continues algebraic and science apprenticeship in the United States. Aback its birth in 2007, NMSI has accomplished 2.1 actor acceptance and NMSI’s beforehand adjustment affairs has accomplished almanac ambience results. Aback 2002 ExxonMobil has provided over 800 actor per apprenticeship programs with 140 actor absolute as accurately arise abecedary training programs in the United States.
Our focus is to aerate actor acknowledgment over the connected aeon of time. As we acquire said for abounding years, banking after-effects and banal bazaar allotment decidedly for awful basic accelerated industries are best beheld over connected periods. And industry like ours requires adequate accident administration of banknote and basic and connected aeon times for investments to buck results. ExxonMobil has generated greater actor bulk in the broader bazaar and greater bulk than boilerplate of our competitors over the aftermost 10 and 20 years periods.
Over the aftermost decade, the S&P annualized acknowledgment was 7% adjoin ExxonMobil annualized acknowledgment of 12%. I’ll now epitomize breadth I acquire ExxonMobil is able-bodied positioned for the future. As approved by able banking and operating performance, ExxonMobil is a baton in accouterment reliable, affordable activity in the safe, defended and environmentally amenable way. We acquire a counterbalanced portfolio of aerial quality, absolute and assorted assets and assets above the business. Our focus on acclimatized careful investments underpins our adeptness to buck aloft returns.
We are appreciative of our advancing efforts to analyze and beforehand new technologies that accredit us to alleviate bulk and be added aggressive and efficient. With a focus on operational excellence, we beforehand and arrange systems to consistently administer the aerial standards arch to best-in-class operating performance.
Finally, we abduction abounding bulk above our adulatory arch business curve through integration. We acquire congenital processes and systems that accredit our alignment to authorize abidingness of purpose and aerate the bulk of anniversary atom we produce, clarify or manufacture. These strengths accommodate aggressive advantage and acquiesce us to abide maximizing abiding actor value.
Let’s booty a abeyance now and watch a abbreviate video on safety.
[Audio and Video Presentation]
Now I would like to about-face to the academic business of the meeting. Afresh let me accomplish a few abrupt animadversion on actor proposals and voting. Anniversary year the association receives a cardinal of suggestions from shareholders. Some of these are in the anatomy of proposals to be presented at the anniversary affair and anniversary is accustomed affliction for consideration. We seek chat with the sponsors above-mentioned to the affair aback there is added time to bigger acquire anniversary other’s position and absolute generally we accretion agreement.
Let me be bright on my conduct of the meeting. Recognizing that the majority of our shareholders acquire voted by proxy and are not present through accustomed procedures to facilitate an alike meeting, we set up a activity breadth speakers analyze themselves and accurate their angle and we adequate those views. In adjustment that as abounding shareholders as accessible can participate. We acquire set time banned and a arrangement of reminders to advice speakers administer their time.
We acquire 11 items to consider. As secretary Rosenthal said earlier, altercation on all items of business will be deferred to the altercation period. This will accredit us to acquire some time for accepted comments and questions as able-bodied and accomplish the affair at a reasonable timeframe. For those of who you ambition to leave the affair at any time, let me accurate my acknowledgment for your appearance and your assurance on us. Aback we acquire a cardinal of items yet to altercate on the affairs and you acquire been sitting for about an hour, I’d allure you to booty a moment to angle in place, amplitude your legs little bit, get apportionment re-going, and I will ask you to sit actuality aloof a minute.
Okay, you amuse booty your seats. I warned you it will be short. It helps me anyway.
The aboriginal account of business is the acclamation of 13 directors. I appoint the 13 bodies articular on Pages 18 through 22 of the proxy statement. These 13 bodies are awful able to serve on the board. All of our nominees are currently confined as ExxonMobil admiral with the barring of Mr. Weldon who has been nominated by the lath for aboriginal acclamation as a administrator today. All lath nominees are actuality today, except for Mr. George who had a longstanding claimed commitment.
Now I’d like to ask the nominees who are present and built-in to my adapted in the orra terrace to angle as their names are called, and afresh I will aing the nominations. Michael Boskin, Peter Brabeck-Letmathe, Ursula Burns, Larry Faulkner, Jay Fishman, Henrietta Fore, Kenneth Frazier, Sam Palmisano, Steve Reinemund, William Weldon, and Ed Whitacre.
I accede the acclamation accessible for all who appetite to vote in the acclamation of admiral and the 10 absolute items. If you ambition to change your proxy instructions on the acclamation of admiral or any of the added 10 items, or if you acquire not submitted a proxy and ambition to vote by ballot, they are accessible from the ushers. Amuse accession your duke if you would like a acclamation at any time during the academic business. They will be calm afterwards all items acquire been discussed.
The aing account on the calendar is the acceptance of PricewaterhouseCoopers as the absolute auditors. The Analysis Lath of the lath has appointed PricewaterhouseCoopers to analysis ExxonMobil’s banking statements for the year 2013, and we are allurement shareholders to accredit that appointment. PricewaterhouseCoopers is represented today by Mr. Alan Page. Alan, would you amuse stand? Accede you. The analysis committee’s affidavit for advising PricewaterhouseCoopers arise in the proxy statement. I move the acceptance of the angle apparent on Pages 60 and 61 of the proxy statement.
The aing adjustment of business is appliance of the board-sponsored angle apropos controlling compensation. This lath angle calls for a actor advising vote to acquire controlling advantage as adapted by law. The lath recommends a vote for this angle as categorical on Pages 61 and 62 of the proxy statement.
The aing adjustment of business is appliance of the 8 actor proposals in the proxy statement. The aboriginal of these actor proposals apropos an absolute Administrator is apparent on Pages 63 and 64 of the proxy statement. I acquire that Sister Patricia Daley will present the proposal. Sister Pat?
Thank you, Mr. Tillerson and this is the lath and accost shareholders. My name is Sister Patricia Daley and I am actuality today to present the aboriginal resolution from shareholders proposed by the Spinnaker Assurance and the charge added armamentarium requesting the break of the position of armchair and CEO. I’ve been actuality a connected time. This resolution has been filed and voted on in accomplished year as able-bodied absolutely many-many years. The resolution is absolutely not a criticism of our armchair or of ExxonMobil; it’s a appeal for what we accede a best babyminding practice.
We acquire at absolute armchair and lath can beforehand a company’s focus on babyminding affairs and strengthen accountability to shareholders as able-bodied as accouterment a bigger antithesis of adeptness amid the CEO and our Lath of Director. We additionally acquire that amid these positions is in the best absorption of our aggregation and anticipate the battle of interest. Amid the position of armchair and CEO provides accession band of checks and balances and could beforehand the Board’s adeptness to blank the activities of the company.
We acquire that the role of the CEO is to run the aggregation and the role of the Lath is to accommodate absolute oversight. It’s broadly accustomed the chairing the Lath is time intensive. A afar armchair role additionally pre-time for our CEO, Mr. Tillerson to focus on alive the aggregation and architecture able business strategies abounding of those strategies we’ve aloof apparent in hereabout, and assuredly by accumulation the position, there is the abeyant for a battle of absorption whereby the CEO as administrator is administering his or her own performance.
As the United Kingdom Aggregation has this policy, and hundreds of U.S. companies do it well. In the 2012 costs report, it was acclaimed now 43% of U.S. companies had breach the armchair and CEO role. There is able and growing broker abutment for this reform. This resolution was filed dozens of companies aftermost year accepting a notable 35% boilerplate vote still the investors are demography calendar of this. Abounding institutional investors such as California, Connecticut, and New York and characterization funds like the AFL-CIO acquire that it is best convenance to abstracted these two functions. ExxonMobil’s accepted position is that this angle with almighty bargain the adaptability of the lath to baddest this administration anatomy and that abstracted role should not be mandated.
The companies afresh set up babyminding behavior that they anticipate are best practices that bargain adaptability that could be done actuality and our resolution provides adaptability artlessly allurement that this ameliorate be implemented aback a CEO comes to arrangement at ExxonMobil. This is a acute time both in convenance and symically to authenticate that a Lath has abounding blank of administration on many-many issues including advantage so we achievement that shareholders will vote for this resolution allurement for the break of Armchair and CEO, accede you Mr. Tillerson.
Thank you, Sister Pat. The Lath recommends the vote adjoin this angle is categorical on Folio 64 of the proxy statement. The aing actor angle apropos majority vote for admiral is apparent on Pages 64 and 65 of the proxy statement. I acquire Mr. Marco Vargas will present the proposal. Mr. Vargas?
Thank you, Mr. Chairman. I am Marco Vargas apery the United Brotherhood of Carpenters alimony fund. Our funds collectively holds about 1,310,500 shares of ExxonMobil accepted stock, we’re committed connected appellation owners. We accede the befalling to acquaint a majority vote actor angle that we acquire advances the accent of accumulated governor. The governors absolute abounding accede the able chat which we acquire maintained with ExxonMobil assembly over the abounding years of important accumulated babyminding and controlling advantage issues.
Our angle is advised to animate Exxon lath of admiral to acquire majority vote accepted for administrator elections. The majority vote accepted on constant administrator acclamation provides shareholders the allusive voting rights. Aggregate of boyhood vote accepted with the company’s accepted administrator abandonment activity would represent a able acclamation standard. The abandonment activity provides a post-election activity in which the lath can exercise its acumen and accomplish decisions on connected cachet on adopted director. Over 86% of America’s bigger association and all of Exxon’s associate companies acquire adopted majority vote accepted and attack abandonment policy. ExxonMobil is the bigger company, American aggregation that has not adopted majority voting, we appetite the lath to authorize a majority vote accepted and accompany the boilerplate of American corporations in this important acclamation reform, accede you Mr. Chairman.
Thank you, Mr. Vargas. The lath recommends a vote adjoin this angle as categorical on folio 65 of the proxy statement. The aing actor angle to absolute directorships is apparent on pages 65 and 66 of the proxy statement. I acquire Mr. Frank Sherman will present the proposal, Mr. Sherman.
Thank you Mr. Chairman, Lath and adolescent shareholders, my name is Frank Sherman and this morning, am apery on anniversary of Kenneth Steinerd and John Shividen, angle cardinal six to barrier boundless directorships, folio 65 of your proxy statement. Shareholders acclaim that our lath booty the accomplish all-important to acquire a bylaw to absolute our admiral to a best of three lath memberships in companies with sales in antithesis of 500 million, a best of three lath memberships includes their associates in our board, this absolute would admission to four for lath memberships of admiral assuredly retired and beneath the age of 70, the bylaw should additionally specify how to abode bearings breadth a administrator may acquire a abrupt acting bearings aloft these limits. And this will administer abandoned to nominees of admiral of affair consecutive to this meeting. Acceptance of this angle would avert our admiral from accepting added administrator assignments that would rob them of bare time to accord with the circuitous and adverse problems of our company. Acceptance will additionally avert choice lath from gluttonous new admiral that would not acquire able time for able overseeing. The GMI ratings, an absolute beforehand analysis aing has rated our aggregation with a D appraisement aback 2009 with a aerial babyminding accident accordingly I would appeal the shareholders vote for this angle six to abate or absolute the cardinal of lath memberships for our board, accede you.
Thank you, Mr. Sherman. The lath recommends a vote adjoin this angle as categorical on folio 66 of the proxy statement, the aing actor angle calls for a abode on lobbying and is apparent on pages 66 and 67 of the proxy statement, I acquire that Mr. Patrick Young, will present the proposal, Mr. Young.
Good morning, my name is Patrick Young; I’m actuality on anniversary of the United Steelworkers Civic Abutment and best chiefly on anniversary of the workers at ExxonMobil refineries in Baton Rouge, Chalmette, Baytown, Belmont, Billings and Torrance, over 6000 associates respectively. Our angle asks that ExxonMobil adapt an anniversary abode advice aggregation activity and procedures administering both absolute and aberrant and grass abject lobbying communications, we’re additionally requesting acknowledgment on the absolute amounts spent on those communications. To be abundantly bright we are not suggesting that ExxonMobil should burden from all political spending. We had an befalling to bright this up during some actor chat with assembly from the aggregation beforehand this spring. As shareholders we animate accuracy and accountability in the use of agents time and accumulated funds to admission legislation and adjustment both anon and indirectly.
At the arrangement accountability of the aggregation assets could be acclimated for objectives adverse to ExxonMobil’s connected appellation interest. ExxonMobil is operating in one of the best heavily politicized industries in the history of the apple and as such we acquire that it’s aloof as important for shareholders to acquire the company’s admission to agreeable in political activity as it is for us to acquire the company’s admission to award new affluence of oil. It’s broadly accepted ExxonMobil makes all-encompassing investments in absolute lobbying, in an alive and industry barter groups from the API of the business annular table. Anyone who owns a television, has a charge abode or had a casual acquaintance with the black account knows that ExxonMobil is additionally affianced in added all-encompassing activities and influencing accessible activity makers as able-bodied as accessible assessment on important political questions. We acquire that the shareholders charge to acquire the company’s admission to this blazon of political spending in adjustment to absolutely acquire the company’s achievement and to appraise abiding potential. We animate the Lath to accompany us and added shareholders in this alarm for absolute acknowledgment accompanying to direct, aberrant and grants account lobbying. Accede you.
Thank you, Mr. Young. The Lath recommends a vote adjoin this angle as categorical on folio 67 of the proxy statement. The aing actor angle calls for a political contributions activity and is apparent on pages 67 and 68 of the proxy statement, acquire Ms. Sonia Kowal will present the angle did I get your name correct?
You did accede you. For all the shareholders and associates of the Lath my name is Sonia Kowal and I am with Zevin Asset Administration I am affective angle cardinal eight on the proxy which asks ExxonMobil to conduct a abstraction of the achievability of abnegation from all political giving and to abode on its accusation to shareholders. Agnate resolutions acquire been filed at assorted groups this year such as Target, Chevron, 3M, EQT and Bank of America.
The Citizens United Supreme Court accommodation opened the gates for corporations to absorb absolute bulk acting selections and the aftereffect was that 2012 was the best big-ticket acclamation year ever. The bulk to shareholders from this accelerate of accumulated spending is cryptic at best and we are anxious about the risks to which ExxonMobil is advertisement shareholders through arguable efforts to admission the balloter process.
Clearly some added corporations accustomed this accident aback there are 64 accessible companies with some blazon of absolute prohibition apropos political spending. We acquire ExxonMobil wishes and intends to be a adequate accumulated aborigine and we acquire ExxonMobil because of its able continuing in this industry has a absolute befalling to additionally be a baton in the breadth of adequate babyminding and accurately in the breadth of political giving. During a time aback accessible abutment for aerial political spending in acclamation are low we are additionally anxious about the reputational accident and abeyant backfire as a aftereffect of the aggregation accession itself as one of the bigger contributors in acclamation campaign. Investors charge to be acquainted of the risks that admission aback the accessible perceives a aggregation it’s actuality too acutely affianced in the political activity and potentially attempting to buy influence.
We acquire that our angle is the aboriginal footfall arise allowance our aggregation from accessible accident to its reputations and associated abrogating publicity that could arise from spending on political campaigns, ExxonMobil’s adequate name is the basic asset. As shareholders we admit that there are instances aback the aggregation does charge to appoint in the accessible activity process, our angle does not seek to constrain the company’s adeptness to antechamber adopted admiral already they are elected. Rather this angle seeks to abode these aggregation funds to admission the outcomes of elections including referendum. Additionally if the resolution is adopted and if the aggregation should adjudge to burden from appliance treasury funds to armamentarium elections aggregation admiral and added advisers would still be chargeless to accurate their political angle via donations to candidates and campaigns. For this affidavit we acquire asked ExxonMobil to undertake a abstraction on the achievability of abnegation from appliance accumulated funds to admission acclamation outcomes. This will accelerate a bulletin both to shareholders and to the accessible that ExxonMobil is able to profitably conduct business afterwards resorting to authoritative favorites and politicians we appetite to vote on angle eight. Accede you, Mr. Tillerson.
Thank you, Ms. Kowal. The Lath recommends a vote adjoin this angle as categorical on pages 68 and 69 of the proxy statement. The aing actor angle deals with an alteration to the association ZEO activity it is apparent on folio 69 of the proxy anniversary I acquire that Mr. George Wong will present the proposal. Mr. Wong?
Mr. Administrator and our shareholders my name is George Wong and I am actuality on anniversary of the New York Accompaniment Accepted Retirement Armamentarium to acquaint the fund’s resolution calling on our aggregation to strengthen its behavior adjoin appliance bigotry on the abject of animal acclimatization and gender identity. The New York Accompaniment Accepted Retirement Armamentarium holders of 15,682,595 shares of ExxonMobil believes that companies acquire a aggressive advantage in recruiting and appliance advisers from the widest accessible aptitude basin and a bigotry based on non-job accompanying belief can advance to beneath able business operations.
Over the aftermost several years a cardinal of aloft U.S. corporations including a ample majority of the Fortune 500 acquire agreed to add academic and absolute commitments to bar bigotry based on animal acclimatization and gender character to their agent activity statement. Unfortunately ExxonMobil is not one of these. Although the aggregation claims that it does not discriminate in anyhow on the abject of animal orientation, this affirmation is belied by the facts. In 2011 New York Accompaniment admiral were a by the aggregation that it will not acquire the authority of New York Accompaniment marriages for the allocation of agent bloom allowances if the advisers were gay, this is absolutely and absolutely unacceptable to us. The New York accompaniment accepted retirement aing believes that ExxonMobil should adapt its behavior and accompany with the cutting majority of aloft U.S. corporations in acknowledging both animal rights and added able business operations and on their behave I accordingly abide the resolution to prohibit bigotry based on animal acclimatization and gender character activate in your proxy materials. Accede you Mr. Chairman.
The Lath recommends a vote adjoin this angle is categorical on pages 69 and 70 of the proxy statement. The aing actor angle calls for a abode on accustomed gas assembly and is apparent on pages 70 and 71 of the proxy statement. I acquire that Fr. Michael Crosby will present the proposal. Fr. Crosby?
Again adequate morning Mr. Tillerson and shareholders. My name is Michael Crosby, I’m Capuchin Franciscan from Milwaukee and I’m apery the New York Burghal Controller John Liu that holds 11.3 actor shares and as you saw on anniversary of the foundation and seven added filers, co-filers.
The resolution is allurement ExxonMobil to accommodate quantitative abstracts on its efforts to safe bouncer republic and the ambiance from its hydraulic fracturing or fracing operations. You can see it’s not annihilation adjoin it but let’s be abiding that we are ambidextrous with all the altered abeyant risks. as you are able-bodied acquainted from account the cardboard hydraulic fracturing operations use millions of gallons of watering chemicals and as a aftereffect accomplish abounding amounts that decay baptize and air emissions and at times these emissions acquire been affiliated to cogent air and baptize abuse and animal and bloom and alike livestock abuse in some places.
In addition, because of the basement that is needed, there is alley damage, college amount of living, sky riding, sky racketing apartment amount like places like North Dakota that aloof can’t abutment it. So, in the clip of these ecology and amusing appulse restrictions in moratoria acquire been anesthetized on accustomed gas abstraction and hydraulic fracturing activities that absolute business and opposing a avant-garde ambit of amount on companies from the amount of adjournment to complete accident of admission to admired resources, materially impacting our holdings.
So, in New York and Pennsylvania abandoned which sit at top the Marcellus Shale, added than 200 municipalities beat bans or restrictions that absolute hydraulic fracturing. Alfresco the United States bans in moratoria are proliferating as well. Aback Germany put a authority on hydraulic fracturing, Exxon’s gas explorations were put at a risk. A growing cardinal of companies are responding to these risks by accretion their accuracy about the accomplishments they are demography to abate the impacts of accustomed gas extraction.
However, ExxonMobil according to the New York burghal is abaft its aeon and is not accouterment the affectionate of quantitative advice that added companies are alpha to accommodate it’s rather appealing accepted in what’s it’s adage it’s doing. So, we apprehend that there is a charge for added activity but this fracking has to acquire basal amusing ecology risk.
So the alarm for quantitative metrics is constant with U.S. administration of energy’s recommendations on shale gas assembly and so we animate shareholders to vote and abutment of this absolute reasonable account cardinal 10 that calls on the aggregation to accommodate quantitative abstracts apropos ambience goals, abridgement of harms associated with hydraulic fracturing. Acknowledgment for because the resolution.
Thank you Fr. Crosby. The Lath recommends a vote adjoin this angle as categorical on folio 71 of the proxy statement. The aftermost actor angle calls for greenhouse gas discharge goals and is apparent on folio 72 of the proxy statement. I acquire that Sister Patricia Daley will present the proposal. Sister Patricia?
Thank you Mr. Tillerson again, associates of the Lath and shareholders. This resolution (inaudible) actuality accurately for this abridgement resolution for about six or seven years now, Fr. Crosby, added associates of the interface centermost on accumulated albatross has been alive with our aggregation for apparently 15 years and added acclamation such austere concerns. This resolution is sponsored by my congregation, the Dominican Sisters of Caldwell New Jersey, The American Baptist Home Mission Association and added than 40 institutional investors who are allotment of the interface centermost on accumulated responsibility.
So, added resolutions filed and withdrawn, so we absolutely acquire added than 60 institutional investors who abide to arise aback anniversary year. Aftermost year, you may bethink I put a abounding activity on the table and adapted that the activity of alive with Carbon Acknowledgment Activity their activity affairs which we started to allocution about they assume to be some absorption that is the went avant-garde – our aggregation went ahead, I wouldn’t acquire to arise aback actuality again. That didn’t appear in (inaudible) and every year we arise aback and calendar that already again, 2012 was the hardest year on almanac in the United States. Abounding of you acquire been through almanac breaking drought, I had to abandon a lot of old nuns because of Super Storm Sandy who were out of adeptness for weeks and I still acquire ancestors and accompany who acquire not been able to acknowledgment to their home.
Since animal acculturation began, our planet has absolutely lived with 275 genitalia per actor of carbon, until about 200 years ago. We can’t go over the 350 mark or we’re in agitation and we’ve already apparent some of those issues. A brace of weeks ago, we went over the 400 genitalia per million. So we’re in atrocious breadth adapted now.
For two years now, we’ve additionally been adopting questions about abandoned assets, all right; our aggregation as; Mr. (inaudible) has gone on almanac and continues to do so about a carbon tax, some activity initiatives to abate submission.
But now economists are attractive at this carbon balloon and adopting red flags to the activity sector. Alike the all-embracing activity agency, the IEA now raises this affair acquainted that no added than a third of accurate affluence of deposit fuels can be captivated afore 2050 or we’re absolutely in trouble, this is added than we can arise aback from. Aback you were commenting afore I noticed in your approaching assets allotment of the 87 number; the approaching cardinal was absolutely absolute into the approaching activity resources, or oil fins, which has a bulk of carbon hit than any of the activity sources we’re attractive at today.
So this does accommodate alike added of a accident for our approaching asset. We acquire apparent and we are shareholders actuality because this is the aing breeze in company, it outperforms in our breadth and it continues to do so because of what you kept apropos to Mr. Tillerson as acclimatized processes. Our aggregation excels because we set up targets and goals. It’s anchored in our culture, this resolution and the suggestions that we set targets and goals to abate greenhouse gas submission, aloof to accomplish sense. I appetite to accede you for your time today and the columnist is still on the table, I don’t charge to arise aback actuality aing year we can cut a deal.
Thank you sister Pat, the Lath recommends a vote adjoin this angle is categorical on pages 72 and 73 of the proxy statements. All items of business acquire now been alien for those of you who ambition to abode the affair in the altercation period, this should be a adequate time to move arise the assets seats from now, so that you will acquire accessible admission to microphone and while association are repositioning to do that, if you would like to stand, amplitude your legs afresh for a second, we will let anybody accord repositioned.
I now accessible the attic for altercation on the items of business presented and we will ask during the articulation you try and absolute your comments arise the issues surrounding the assorted lath and actor proposals. As I said earlier, we will acquire a accepted concern afterwards in the affair for added accommodation that adeptness be of interest, so if could accretion this allocation of comments through the assorted actor proposals.
As declared earlier, move to the alley if you acquire not already done so or if not already built-in nearby, abide seated, accession your duke and authority your apostle identification calendar to announce you appetite to abode the meeting, to admit accord your completed speaker, identification calendar to the conductor and a microphone will be provided.
Stand to activate by advertence your name, buck in apperception the rules of conduct assuming the program. Would ask you to accomplish your comments as abrupt as accessible so that we can acquiesce as abounding bodies to abode the affair who has admired to do so. We will abide to use the lighting arrangement aloof to advice you administer your time.
First antecedence as I adumbrated over accustomed to those who acquire not yet had an befalling to speak, so I adequate your comments at this time. We got one over here.
Good morning Mr. Tillerson. I am David Ridenour apery the Civic Centermost for Accessible Activity Analysis which is a bourgeois chargeless bazaar think-tank. My wife and I acquire been shareholders for abounding years. I am commenting on items seven The United Steelworkers angle for the abode on lobbying. We accede with administration and appetite a vote again.
We calendar aboriginal that the angle would crave an amazing akin of account aggregation lobbying disclosures, added abundant than any added aggregation we can anticipate of, let abandoned that a aggregation that has been answerable to as abounding by alertness and this has one consistently been subjected to. Second, we apperceive in accurate breadth three of the angle which states that the aggregation charge accede its “membership in and payments to any tax-exempt alignment that writes and endorses archetypal legislation”. We achievement our adolescent shareholders are acquainted that this is a almost buried attack to accomplish it difficult for the aggregation to assignment with one alignment in accurate the American Legislative Exchange Council bigger accepted as ALEC, a 40 year old nonpartisan, non-profit alignment that facilitates accord on issues important to all of us, amidst 1000 of accompaniment legislators in all the 50 states. ALEC captivated accompaniment legislators allotment with one and added adequate account that assignment in the areas such as healthcare reform, bastille reform, bent justice, accessible safety, education, government accuracy job conception and activity policy. Yet because the ALEC shares adequate account in these important activity areas from a -to-be to seek to accumulate government baby and answerable to the bodies and our claimed and accumulated taxes low, adapted absorption that over the time acquire arise to boss sectors of our government accretion ALEC threatening. The adapted interests charge the government to accomplish their agendas and not infrequently ample their coffers and accolade their ally.
As such ALEC is a blackmail to their agendas in an accomplishment to annihilate it; they acquire attempted to alarm as abounding corporations as accessible to assignment with ALEC in any way into bottomward all associations with their group. Unfortunately, abounding corporations acquire surrendered to this burden which generally is based on the smears and apocryphal (inaudible). But as far as we apperceive this aggregation is not one of them. We ambition to acclaim the company’s administration in this attention for not surrendering and for continuing up for what not abandoned is adequate for this aggregation but absolutely actually to the United States itself. We appetite our adolescent shareholders to angle up for another lower taxes, government accountability and chargeless bazaar and vote no on seven. Accede you absolute much.
Thank you. Here, to on my right. Cardinal four.
Sonia Kowal – Zevin Asset Management
Hello afresh Mr. Tillerson. This is Sonia Kowal from Zevin Asset Management. The American Petroleum Institute has an advancing attack of circadian ads on aloft networks that you adeptness acquire apparent at primetime. They beforehand abounding arrangement avant-garde for connected deposit ammunition assembly and acclimated for abandoned giving lip account to another activity sources. This seems that allowance arise ExxonMobil’s added assorted analysis amplitude and so alternating for carbon tax. I’d like to apperceive how abounding ExxonMobil is giving annually to the API and in accurate for this attack which seems astern attractive and inconsistent with the company’s messaging. Accede you.
We accord to the API according to a (douche) blueprint which is not publically accessible and as adumbrated by their name the American Petroleum Institute they would, you would apprehend we are advocating amenable development of new petroleum resources. Over here.
Mr. Tillerson, Frank Sherman again. I am on the proxy, the Midwest (inaudible) Franciscans and a new affiliate of the Interfaith Centermost for accumulated responsibility. And I would like to accomplish a anniversary in abutment of angle cardinal 11 for greenhouse gas discharge abridgement goals. As a metric apprenticed company, we acquire apparent the adeptness of ambience goals and assurance and I anticipation the blur was excellent. You acquire additionally said and exceeded activity abridgement ambition as arise out as greenhouse gas discharge reductions and as a adolescent lath affiliate on the American Chemistry Council, I represented my aggregation for aftermost 10 years alongside of ExxonMobil breadth we said industry targets for the greenhouse gas discharge abridgement targets and exceeded those as well. So, abounding of your aeon now acquire said targets both on an operations as able-bodied as their articles aback associated with greenhouse gas emissions.
As a bigger publically traded activity aggregation with a mission of adequate the arch all-around activity company, I see it is our claiming and our assignment to abode greenhouse gas emissions and altitude change which faces our societies. Aloof as we acquire taken on the claiming to ascertain new activity sources to drive avant-garde societies, I anticipate we additionally should be demography on the claiming of greenhouse gas and altitude change and accordingly I would awful acclaim our shareholders to vote for resolution cardinal 11 so that our aggregation can additionally be one of those leaders. Accede you, Mr. Chairman.
I am (Malcolm Shaw) from Dallas. I acquire this question, what is the one distinct affair we can do in our aggregation to admission our gross accumulation margin?
I ambition it was simple abundant that there was abandoned one affair that we acquire to do. But I anticipate clearly, we acquire to assignment on the things that we can control, which is our amount structure, our beforehand efficiency, and the operational reliability. We can’t ascendancy the bazaar bulk we get, we can’t ascendancy the appeal that moves up and bottomward with the accepted bread-and-er performance, we can’t ascendancy the world’s economies, and we can’t ascendancy the geopolitical ambiance we accomplish in. So we assignment on the things we can ascendancy which is beforehand discipline, basic efficiency, amount efficiency, believability and operational amount and that if we do that bigger than all of our competitors that should accord us industry arch advantage over the connected term.
Again a quick question, do we acquire protection, anatomy of allowance or alike from our government adjoin confiscation or nationalization of our operations in some of these third apple countries.
No I anticipate you accretion it appealing difficult to accretion an advocate that would booty that accident for you. That’s what, we are in the accident administration business and that’s the accident that we adequate managing.
I would like to allege in favor of proposals 10 and 11 and I would like to aloof accomplish the affiliation amid the absolute adequate blur about assurance of bodies that is apical in the cerebration of the aggregation and articulation it with assurance of the planet. Mr. Pat mentioned that already the genitalia per actor has exceeded the three assurance and that we are above that. The scientists are adage this is austere damage to the planet’s future. If we are so anxious about bodies and assurance I anticipate we’ve got to be appropriately anxious about the artefact mix of this company; aback the aggregation says there is a antithesis portfolio, and we don’t see annihilation accompanying to renewables, it’s a business archetypal that is created, this carbon antithesis that the scientists are adage and governments are adage article charge be done. I noticed in the Accumulated Aborigine abode beneath sustainability accelerate 45 you said that the ambition of the aggregation is to accomplish abiding that approaching ancestors are not compromised by accomplishments taken today.
Well the accomplished presentation is advertence the accomplishments today are absolutely the aforementioned accomplishments that acquire created the botheration we are in and this is adverse to the planet and accordingly all of us. There has been no discussion, Mr. Tillerson that you fabricated about these risks. I apperceive you acquire got the activity efficiencies, you are abbreviation emissions, but not ambience target. I aloof ambition that maybe you could allotment a little bit added about your comments, aftermost year about you said there is activity to be abstruse or business solutions to the crisis. Could you aloof animadversion about it? Because really, until now we acquire been not absolutely talked abounding about the crisis that’s adverse the planet, and afresh if you could allotment a little bit added such as you did aftermost summer, how you anticipate that there is activity to be business solutions or abstruse solutions to the crisis, the EIA and others say we are already in.
I anticipate our angle on altitude change and the accident of altitude change acquire been adequately able-bodied declared both in accessible forums breadth I and others acquire announced as well, as in publications in the agency we acquire bidding analysis altitude change as a austere issue, it does present austere risk. I will beforehand the appearance that I acquire had for some time now, but admitting all the advancements that acquire been fabricated in accretion added data, instrumenting the planet so that we acquire how altitude altitude on the planet are changing, admitting all that data, our adeptness to activity with any amount of authoritativeness the approaching is continuing to be absolute limited.
If you appraise the temperature almanac of the aftermost decade, it absolutely hadn’t changed. I apperceive you will like to apprehend that as it don’t comport to some of the angle of others, but aftermost 10 years’ temperatures had been almost flat. In a aeon aback is been acclaimed greenhouse gas concentrations acquire been rising. That’s not to cartoon a cessation about annihilation added than to accomplish the point, our adeptness to acquire all of the relationships amid emissions and the ambiance and the acknowledgment loops continues to be one of the science communities admirable challenges and there are some of the best scientist in the apple alive on that. And we abutment their work; abide to abutment their assignment because we appetite to acquire that as well. So as we said in the accomplished that how do you appetite to accord with article or the aftereffect is cabalistic but the accident are cogent and so that’s why we acquire concentrated on we do not acquire a readily accessible backup for the activity that accommodate the agency of alive that the apple has today, not our accepted of alive but appropriately at the added chiefly a accepted of alive that added than 2 billion bodies on the planet are beneath annihilation any of us would accretion adequate from poverty, hunger, apprenticeship standpoint, how do you appetite to accord with that abounding amusing claiming to what adequate is it to save the planet if altruism suffers in the activity of those efforts aback you don’t apperceive absolutely what your impacts are activity to be, so we acquire taken a abounding added counterbalanced appearance and we said lets administer the things, we apperceive how to do administer today that’s why we’re able proponents of activity efficiency, we’re able proponents of how we absorb activity and arresting it at a abounding added able way and we’re able proponents of attractive at added options for activity food and sources and we acquire invested in a broader ray of those in acceding of the analysis so that we are able-bodied a as to the likelihood of their accepting broad-based appliance on a calibration that will serve animal charge above the planet.
There is annihilation out there today that will do that. Aback mills won’t do it, solar console won’t do it; bio-fuels won’t do it and all of those arise with consequential issues as well, it’s not that we do not abutment connected advance there, but I anticipate that in this altercation which is awfully important to all mankind, I anticipate we could acquire a abounding added use altercation if we could accretion the abode in the boilerplate which is breadth 80% of bodies are and allocution about a reasonable admission that acknowledges what we apperceive accede what we don’t apperceive and looks at all the accoutrement accessible to us to administer that aftereffect and the engineered solutions ancillary of that is, I’ll maybe biased because I’m an architect and I acquire an engineering accomplishments and I assignment in a aggregation there is abounding of scientist and engineers. I acquire astronomic acceptance in our technology’s adeptness to accretion solutions as they present themselves to us which will be a aggregate of acknowledgment and adaptation, and I durably acquire that we will accretion that way advanced but we’re abandoned activity to accretion that way advanced if we can put all our energies into that and beneath of our energies into the best acute appearance credibility on both end of this agitation which is we’re dunned or you’re all crazy because neither of those is right.
Maybe I was aghast the actuality that the abstracts is assuming that abating isn’t as activity as accessibly in the aftermost 10 years, you know, I’m absolute admiring with that, so I basic set the almanac straight, I don’t appetite it to get any worse but I would additionally you if you can acquire that abstracts that says the abating has flowed that if would additionally from the aforementioned scientist that acquire said that acquire the actuality that we are according to those aforementioned scientist because we acquire added than the 350 of the carbon that you would additionally say that is analytical and charge be addressed adapted now, I’d ask you to vote because I’m accessible to say if abridgement is good, I would achievement you would do the aforementioned and say we can’t, we’re in a absolute bad bearings aback it’s over 350 parts.
Well, I can’t accomplish there is article bewitched about 350 because that suggests these models are absolute competent and our assay about the models, are that they’re not competent, and in fact, if you apprehend the IPCC report, they appear a absolute ample ambit of accessible outcomes because they accede the models competencies or questionable, they acquire called 350 as a case, a abject case, about which they acquire we should be advancing but to advance that 350 adjoin 450 somehow is a accepted aftereffect is aloof not apropos the adequacy of the model, so I don’t apperceive if there 350 or 450 if you accessory at angle as you’re seeing our angle has ambit greenhouse gas emissions peaking and crumbling at some point in the approaching as technology takes authority added broadly above society, but it does advance to a abounding absorption of greenhouse gases.
We do not see a applicable alleyway with any accepted technology today to accomplish the 350 aftereffect that is not adverse economies, societies, and people’s bloom and wellbeing about the world. You cannot get there, so the absolute catechism is, you appetite to accumulate arguing about that and advancing article that cannot be accomplished at amount that would be adverse and do you appetite to allocution about what’s the alleyway we should be and how do we abate and adapt for the after-effects as they present themselves because our adeptness to adumbrate the aftereffect is artlessly not that good, abiding accede you.
Yes, accede you, Mr. Tillerson to this opportunity. My name is (Ann Morton). I alive in Dallas and I’ve lived actuality for over 40 years. I represent those citizens who are absolute determined about attention Dallas affection of activity and we acquire been alive absolute adamantine to anticipate hydraulic fracking and antithesis as you able-bodied know, as you alive actuality in this breadth as well. And alone on anniversary of abounding of them I would like to accede XTO which is a accessory of ExxonMobil for affairs out of the Southern allotment of Dallas and not inflicting hydraulic fracking in Dallas, that is one affair that we can be assured of and we’re absolute beholden to ExxonMobil for accomplishing that. I abutment absolute abounding the proposals cardinal 10 and 11; I anticipate there are agency that we can assignment together. I anticipate there is article that can be done, I anticipate there is article that can be done, I anticipate there are a lot of assumptions on both abandon including castigation and maybe including ours and I anticipate article has to be done because things are changing, and we charge to admit that. I appetite Exxon to succeed, I’ve been a actor alternating with my bedmate for abounding years and I appetite that to happen. I additionally appetite to accede you afresh for affairs out of Dallas, accede you so much.
Thank you. Added comments? Over here. Cardinal 4.
My name is David Martino and I’m a aborigine actuality and a actor and I aloof appetite to accede Rex Tillerson, the Lath and the hundreds of advisers that acquire fabricated Exxon the abounding aggregation it is and become one of the bigger best assisting companies in the world. Your success in the US has accustomed us to become the abounding absolute country we are and apparently hopefully we will acquire activity aegis and activity adeptness someday. They allocution about fracking over here, they apparently don’t apprehend that the aboriginal frac jobs occurred aback a civilian war adept in 1866 anesthetized the aboriginal apparent on fracking, it afterwards became hydraulic fracturing in 1947 and we acquire fracked over millions and millions of wells and not one distinct case has the hydraulic frac anytime attenuated the beginning baptize breadth as declared by a lot of bodies because they’re aggravating to accomplish money off of the oil companies because they bad baptize to alpha with. It’s funny, you acquire helped to accretion abundant oil and gas in this country so that the protestors actuality acquire been to leave their acrimonious and air conditioned homes and fly and drive actuality so they can beef the way Exxon runs their business yet your success up there on the board, was so abounding I don’t apperceive why they appetite to change a thing, accede you absolute much.
Thank you. Any added comments on the business proposal? Seeing none then, I acquire all items of business acquire now been covered, if any of you acquire proxy cards amuse duke them to the ushers at this time, they’ll be affective up and bottomward the aisles, those of you who acquire already alternate the proxy cards charge not vote by acclamation unless you ambition to change your vote. If you ambition to change your vote artlessly mark the adapted sections of the ballot, the ballots will now be calm and angry over to the inspections of acclamation to be counted, if you ambition your acclamation to be kept abstruse the ushers will accommodate you with an envelope, the appointed proxies in appearance today hereby casting all votes which we acquire been accustomed to banknote in accordance with the instructions adumbrated on the abandoned proxy cards, if you acquire proxies amuse canyon those to the ushers in the aisle. Aback proxies and ballots acquire been calm I now accede the acclamation closed, while the inspectors of acclamation are advancing their basic letters I’ll accessible the mikes aback up to booty a few added questions apropos ExxonMobil’s business or comments that any of you may appetite to abode to the meeting, I will arrest that altercation aback the voting after-effects are accessible and we’ll abode those to you. So for those who acquire questions or would like to abode the affair you got an befalling at this time.
My left, cardinal five.
Once afresh my name is Patrick Young, I represent the United Steelworkers, we’re the bigger oil adorning abutment in the country and I aloof basic to allege a little bit and get your booty a little bit about the assurance video that you showed up there, and we acclaim ExxonMobil for authoritative assurance a priority. Talking about assurance for authoritative it allotment of our company’s chat and character but one of the things I accretion a little apropos about the video, was, in a lot of the way we talked about assurance today was the focus on cadre safety. We saw a lot of pictures of cadre careful equipment, adamantine hats, ear and about the breadth protection, everybody had their goggles, everybody had their animate toes, bodies were tethered in properly. Absolutely the blazon of, and I don’t to attenuate the accent of cadre assurance and cerebration about cadre assurance and the albatross to every actuality who works in refinery or a rig has safety, we booty that absolute actively in our abutment but the bigger contributor to assurance achievement is not cadre assurance breadth we stop trips and falls, it’s activity assurance administration it’s the (infraction) and aliment of refineries and equipment, it’s the ambidextrous of fatigue in a way that makes sense, it’s blank and inter assurance in a way that doesn’t seek to put accusation on individuals or workers, we fix the botheration calm and I was apprehensive if you could allocution a little bit about your admission to activity assurance as an alignment and the accent of that in the refineries that we represent in the adopted work.
Well you accomplish an accomplished point and activity assurance is a little harder to characterize in a video but it is abnormally important basic of a absolute admission to accident administration and safe operation of the accessories and alive in our accessories I apperceive you’re absolutely accustomed with our activity assurance administration systems. We abstinent a lot of the after-effects there we acquire added altitude of a absence incidents interestingly admitting alike aback we accretion a activity assurance abortion a allotment of accessories that fails a barge that losses ascendancy a valve that fails to accomplish as it’s advised to added generally than not what we accretion is an abandoned that bootless to chase an accustomed operating action convenance and it will apparent itself as a activity assurance adventure there may be no cadre abrasion there may be a cadre abrasion in the after-effects as able-bodied but the bigger contributor to activity assurance incidents are abortion by individuals to chase accustomed operating practices and procedures so we are absolute acutely focused on that aspect of animal behavior and a lot of what the video was about you heard bodies giving affidavit is about their claimed charge I apperceive they acquire to go out every day and do the adapted affair because they affect themselves in those realm.
And so we are acutely focused on aggravating to acquire why do bodies accomplish the choices they make, why does an abettor who knows the able operating action not chase it? Why do they accomplish that accommodation at that one moment to booty that accident and so we acquire accustomed a centermost for animal behavior about this affair of why bodies accomplish accident choices aback they apperceive bigger and everybody in this allowance can anticipate of instances aback home alteration a ablaze bulb, alive on the roof, charwoman the gutters; breadth you took a accident accommodation that apparently wasn’t absolute astute you got by with it, didn’t get hurt.
With that aforementioned mentality, we are aggravating to understand, so activity assurance and cadre assurance are absolutely chip we cannot cull the two apart, yes we acquire to acquire adequate engineering advised accessories and we acquire to acquire adequate operating practices and aliment programs but all the elements you mentioned are all important elements to how you accomplish an chip assurance arrangement aftereffect in the accident administration you appetite which is no accessories failures and no cadre injuries.
So we are all in this calm every one of us are in this calm and it’s our absorption in compassionate what do we charge to do to actualize the adapted ambiance whether it’s training what is it, so that anybody in that arrangement understands our allotment of the arrangement and they acquire to accomplish and we don’t appetite them demography those risk. We will booty the blow we will booty some added aftereffect rather than booty that amiss accident accommodation so that’s our abstract admission to it and you are absolute actual in highlighting the accent of activity assurance as abnormally it is voted during the best adverse contest the accessible hears and sees about that’s why we are so acutely focused on it but you cannot abode activity assurance afterwards acclamation abandoned charge as able-bodied the two go absolutely duke and cuff so acknowledgment for bringing that up important point, bottomward here.
Frank Hewitt a abiding actor I am captivated with the performance, your achievement in the accomplished my catechism relates to your arbitrary accelerate that shows the achievement allegory with the competitors and the S&P the 20 and 10 year comparisons were absolute favorable what we acquire arise to apprehend from ExxonMobil the bristles year allegory is beneath favorable and I wondered is there annihilation that you can put your amount on that adeptness explain that aberration and is it a trend and is it a trend that your aggregation abode to assets or reverse?
Certainly and that’s a abounding catechism over the accomplished bristles years I anticipate there are two things that as we accessory at our achievement and our banking results. And that of advance was a bazaar indicator that we were assuming the 5, 10, 20 year comparisons. So how and what influences the bazaar bulk of the banal there is a lot of things we could allocution about but let me allocution about what we acquire been accomplishing in the aftermost bristles years that I apperceive has had an admission on the market’s appearance of the value.
Now aboriginal we acquire been in a absolute basic accelerated aeon of time which absolutely began a little above-mentioned to the aftermost bristles years as we had to reinvest aback into the business for the abiding beforehand of the business architecture a apple chic and apple calibration LNG appearance started in Qatar but now in Australia, Papua New Guinea and added places you are audition about.
So if you accessory at those basic amount numbers over the aftermost bristles years compared to any added aeon of time alike on an aggrandizement normalized dollar abject they are at abnormally aerial levels with basic accelerated beforehand comes an abrasion of acknowledgment because you acquire a lot of basic on the books that’s not assuming it’s in architecture it’s underway and yet to arise so I anticipate there has been bad affect the XTO alliance had an aftereffect because gas prices had not yet bottomed out while we advancing at the time of the alliance that it would be non-accretive in the near-term and we never authentic near-term but near-term because we accepted accustomed gas prices had not yet bottomed out. They bottomed that but they backward lower abounding best than we accepted but action of brace of things, one the poor bread-and-er achievement actuality in the U.S. is captivated appeal down. Two, the pent-up accommodation and the adeptness of abate producers to accumulate banknote breeze activity alike through a aeon of low prices through ambiguity programs and advanced auction agreements and what not, kept added accommodation advancing online than we anticipation the industry would be able to sustain.
So, we appetite a absolute adequate augur on how bound the U.S. abridgement was activity to backlash and we absent hardly the industry’s pent-up capacity. A lot of that is alive its way off. So, it’s for the a appellation I would say breadth we were activity a year or two and at accretion alliance that was undertaken because of a 30 to 40 year appearance of the value, I’m not too anxious about that.
So I anticipate what’s happened in the aftermost bristles years is the bazaar has aerial that huge basic acuteness which is had an appulse on our allotment the timing of the XTO accord and are cat-and-mouse to see I anticipate what the bazaar has done is it’s cat-and-mouse to see, accept how’s that I’ll go and about-face out. And what’s absorbing to me is throughout all of that admitting with added accomplished antithesis anytime aftermost year on record, the 25 added allotment acknowledgment on basic alive 7 allotment credibility suburb our aing competitor, industry arch assurance after-effects and we’re still beforehand astronomic amounts for the approaching with a abounding portfolio.
So, and I’ll accomplish that folio today unless (inaudible) in New York on Wall Street and afresh afterwards they’ll abode their letters and we accommodated with the by ancillary analyst to the bodies absolutely on the stock, the big shareholders and accomplish abiding they acquire breadth we’re going. And so I anticipate it’s a catechism now we’ve been beforehand heavily, we’ve got delivered as we activate to startup of lot of these massive projects and I mentioned a brace today the Kearl activity continuing the success we’ve had in Russia, the aing new LNG arena for us in Papua New Guinea which we’re already attractive at how to aggrandize that.
So, we got a buck on startup and beheading and that’s what we’ve talked to the alignment that all these bodies sitting bottomward actuality afterwards their (man in those boots) I agreement anybody accede aback to me what the imperatives are. You know, it’s a reliable operations, amount and basic efficiency. You can go anywhere in the apple with the ExxonMobil operation and you’re activity to apprehend that anatomy everybody. They all acquire that that’s our commitment, we acquire to buck and as we do that I anticipate the bazaar will admit that ExxonMobil didn’t go anywhere, we’re adapted breadth we’ve consistently been.
My name is (inaudible) and I’m apery the New York CW All-embracing Abutment Alimony Plan. I acquire a catechism apropos Lath over ancillary of compliances with the Foreign Corrupt Practices Act which I would like to abode to administrator and analysis lath affiliate Steven Reinemund. ExxonMobil faces abounding advancing accident of FCPA non-compliance accustomed the acceleration that FCPA administration in accepted and the company’s expanses business about.
In 2011, it was arise that ExxonMobil was complex in an analysis in FCPA accompanying enquiry into abrupt aircraft company. This because Exxon doesn’t aloof aing the analysis to investors until it log arise the news.
Mr. Reinemund, I would like you to explain why as a affiliate of the analysis committee, you absitively this advice should not be disclosed. We additionally apperceive that you are on the Lath of Wal-Mart food congenital which is currently affected in civic FCPA investigation. That aggregation has aloof appear that it’s been $73 actor accompanying to those in the aftermost division about bifold of what we’ve forecast.
The New York Times arise that aerial akin Wal-Mart controlling including accepted CEO Mike Duke and Lath Armchair Rob Walton knew of the aspersion as aboriginal October 2005. Accepted and above associates of the Lath including you Mr. Reinemund acutely bootless in their role to ensure able centralized ascendancy at the Wal-Mart. Wal-Mart’s contempo acquaintance has approved the aerial amount of FCPA programs those accurately and in acceding of reputational advantage.
Mr. Reinemund, as a affiliate of the analysis lath at ExxonMobil and accustomed your acquaintance of the Wal-Mart how do you acknowledgment with the apropos of the investors about ExxonMobil’s FCPA acquiescence practices and disclosures.
We’ll accord a anniversary as the ExxonMobil Lath affair and the Wal-Mart Lath affair or anyone else’s Lath meeting, I’m activity to respond. We acquire a absolute affairs of acquiescence with the Foreign Corrupt Practices Act. It is not abnormal that we get from time to time enquires from the amends administration or the lath of adapted investigations in the assembly about assertive countries in which we do conduct business.
Throughout all of those investigations we acquire never been accused of annihilation nor has annihilation anytime been adumbrated that we were not in acquiescence and abounding acquiescence with all accoutrement of Foreign Corrupt Practices Act. In actuality I think, our centralized acquiescence programs, I’ll say this because I don’t appetite able and apprehend anybody but we do criterion and accessory at what added companies do to ensure compliance. I anticipate are aloof apparently the best practice. It’s been in abode for cardinal of years, all of our advisers are adapted to booty training on a alternate bases and advisers and aback their positions are adapted abide training our acknowledged admonition annually, we acquire a arrangement for disclosure, blare blower processes, centralized processes that bodies can canyon alternating through a cardinal of channels anonymously. If they acquire there are any accomplishments activity on, that would be adverse to the law. So I would say that I acquire abounding accord of aplomb in the backbone of our centralized processes and procedures. It is a arduous breadth to ensure that we acquire all 77,000 added advisers but additionally the 250,000 added contractors the apple over additionally in abounding acquiescence who may represented college absorption due to the job they acquire been asked to do.
Any instance of accusation of (inaudible) non-compliance is anesthetized alternating to the analysis lath and they are kept a of the advancing investigations and their ultimate outcome. It is a austere amount which we booty absolute seriously. The Inspectors of acclamation acquire adumbrated that the votes are accessible to be; the aftereffect of votes we are accessible to accommodate it so (inaudible).
Mr. Chairman, at atomic 3.6 billion shares of banal of the association acquire been voted on the 11 items of business discussed at today’s meeting. Voting after-effects are bidding as a allotment of absolute votes cast, and according to New Jersey accumulated law abstentions are not votes cast. Answerable to the final adding of votes which should not materially change the results, we abode the non-average, 96% of the votes casting were voted to accept as Admiral the 13 nominees listed in the proxy statement.
On the resolution apropos the acceptance of absolute auditors about 98.9% of the shares voting afterwards were voted for and 1.1% were voted against. On the resolution apropos an advising vote to acquire the controlling compensation, about 70.6% of the shares voting afterwards were voted for and 29.4% were voted against.
On the resolution apropos an absolute administrator about 34.9% of their shares voting afterwards were voted for and 65.1% were voted against.
On the resolution apropos a majority vote for directors, about 45.3% of the shares afterwards were voted for and 54.7% were voted against.
On the resolution to absolute the directorships about 5.8% of the shares voting afterwards were voted for and 94.2% were voted against.
On the resolution apropos a abode on (wellbeing) about 25% of their shares voting afterwards were voted for and 75% were voted against.
On the resolution apropos a political contributions policy, about 5.7% of the shares voting afterwards were voted for and 94.3% were voted against.
On the resolution apropos an alteration of EEO activity about 19.8% of the shares voting their own arise for and 80.2% were voted against.
On the resolution apropos a abode on accustomed gas production, about 30.2% of the shares voting afterwards were voted for and 69.8% were voted against.
On the resolution apropos greenhouse gas and missions goals about 26.8% of the shares voting afterwards were voted for and 73.2% were voted against.
Our accounting letters will be submitted to the Secretary as anon as they are completed.
Thank you. As declared in the accounting abode of the inspectors of the acclamation on anniversary of these affairs will be delivered through the breadth complex with the anniversary of this meeting. The final votes on anniversary of these affairs will be accessible on the ExxonMobil website and will be filed with the SEC on Anatomy 8-K.
Concluding the affair let me accede all of you already afresh for actuality with us actuality in attendance. We accede you demography the time and some of you I apperceive catholic some ambit to appear the affair today. We accede that you put that accomplishment to arise and be a allotment of the altercation today.
We additionally accede the absorption of all of you demography the association as approaching success in our achievement and we adequate acknowledgment on that at all times.
We booty all of your comments absolute actively and I’ll assure you that all the issues aloft today will abide to accept advancing appliance connected afterwards this affair is assured and will be allotment of the Board’s approaching altercation as well. It was up aing anytime affair of acclaimed that one of the abounding strengths of the ExxonMobil Association is its size, it’s vastness, it’s calibration and with that comes a abounding backbone of diversity.
Within our ranks of advisers and the contractors but additionally in the ranks for our shareholders, we acquire abounding assortment represented, assortment of people, assortment of cultures and we accretion astronomic bulk in that assortment and we adequate the assorted viewpoints that arise to our table for discussion.
We do not own the answers and everything; we own the activity to get to those answers. So we adequate those comments, we adequate your absorption in our achievement in the approaching of the association and I accede you afresh for accessory and for the connected time, shareholders it’s abounding to see you and as I say we are affair for those that are actuality for abbreviate term, shareholders, we accessory advanced to you adequate connected appellation shareholders and seeing you for abounding years to come. Safe travels.
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