This summary is based on the fourth quarter fiscal 2007 earnings call conducted by Exxon Mobil Corp. (XOM: chart) on February 1, 2008.

Management:

VP of IR and Secretary: Henry H Hubble

Key Investor Issues:

- Net income was $11.7 billion or $2.13 a share up 21% from the previous year.
- Sales rose 30% to $117 billion from $90 billion in the prior year.
- The firm purchased 88 million shares as a gross cost of $7.9 billion.

Full Year Highlights:

- Net income increased 1.1% to $40.6 billion or $7.28 a share.
- Sales were up 7% to $405 billion from $377 billion
- The firm distributed $35.6 billion to shareholders through dividends and share purchases.

Fourth Quarter Highlights

The firm reported a 29.6% increase in revenues to $117 billion from $90 billion in the prior year on increased production and stronger oil prices.

- Liquids production decreased about 160,000 barrels per day versus the same quarter last year.
- Cash flow from operations and asset sales was approximately $13.1 billion, including asset sales of $1.8 billion.
- Net income were $11.7 billion or $2.13 a share, up $1.4 billion versus the previous year, reflecting the strength of financial performances and the benefits of ongoing share repurchase program.
- Spending on capital and exploration projects was $6.2 billion, up 21% from the prior period.
- The cash balance was $34 billion and debt was $9.6 billion.

Operational Highlights:

- The Marimba North project started production ahead of schedule and within budget.
- The project is the first tie-back development to the Kizomba A infrastructure, and is designed to develop 80 million barrels of oil (gross) and is expected to have peak production capacity of about 40,000 barrels of oil per day (gross).
- ExxonMobil Chemical and Tonen Chemical have introduced innovations to significantly enhance the safety, power and reliability of lithium-ion batteries for use in hybrid and electric vehicles.
- In the upstream business, the firm achieved initial oil production from the first expansion of the Tengiz development in Kazakhstan in October.

The project is expected to deliver incremental production of 285,000 barrels of oil per day at full capacity.

- The oil company also signed a heads of agreement with Libya''s National Oil Corporation to execute an exploration and production sharing agreement.
- In the Downstream business, the firm''s Baton Rouge refinery received the 2007 ENERGY STAR Award from the U.S. Environmental Protection Agency.
- Molecule-management technology and ongoing crude diversification efforts continue to grow profitability at refineries.
- The firm ran 43 crudes new to individual refineries and five new to ExxonMobil.
- ExxonMobil will become the titled sponsor of the Penske Racing Number 77 Mobil 1 Dodge in the 2008 NASCAR Sprint Cup Series. Mobil 1 is the official motor oil of NASCAR and is used by more than 60% of the racing teams.

In the shipping business, SeaRiver Maritime in the U.S. and International Marine Transportation in the U.K were awarded the British Safety Council''s Sword of Honor.

- Through Tonen Chemical, the firm signed a Memorandum of Understanding to progress a feasibility study with the construction and operation of a battery manufacturing facility in Gumi, South Korea.
- ExxonMobil Chemical started up a new compounding facility at the integrated complex in Baton Rouge, Louisiana.
- Higher crude oil and natural gas realizations drove the majority of the earnings increase, with worldwide crude oil realizations up $29 per barrel from 2006.
- Volume and mix effects were negative, as lower crude oil volumes and mix effects more than offset increased natural gas volumes.

Other effects reduced earnings by $600 million, primarily due to negative tax impacts and higher operating expenses, including the effect of newfield start-ups.

- Oil equivalent volumes increased nearly 1% versus the same quarter last year, driven by higher natural gas demand in Europe.
- Excluding the Venezuela expropriation, divestments, quotas and price and spend impacts on volumes, production was up nearly 3%.
- The increase in European natural gas demand combined with major project ramp ups in Russia, West Africa, Qatar and the North Sea, offset natural fuel decline in the PSC net interest productions.

Liquids production decreased about 160,000 barrels per day versus the same quarter last year.

- Natural fuel decline in mature areas and PSC net interest reductions more than offset the impact of major project ramp ups in Russia and West Africa.
- Gas volumes increased approximately 1.1 billion cubic feet per day, were up 12% versus the fourth quarter of 2006.
- New project volumes in Qatar and the North Sea and higher demand due to colder weather in Europe, were partly offset by natural fuel decline in mature areas.
- Higher realizations increased earnings by $1.6 billion, driven by an almost $14 per barrel increase in crude oil prices.
- Volume and mix effects were also positive, due to higher natural gas volumes.
- Oil equivalent volumes were up nearly 9% from the third quarter, due to seasonally higher natural gas demand in Europe.