Input and Assumptions - XTO Energy Inc.

and Exxon Mobil Corporation

Seller Name: XTO Energy Inc. Buyer Name: Exxon Mobil Corporation
Seller Ticker: XTO Buyer Ticker: XOM
Last Historical Year: 12/31/2009 Merger Close Date: 12/31/2009
Valuation Date: 12/11/2009 LBO Close Date: 12/31/2009

Month Multiplier: 29 Blue indicates hard-coded numbers and inputs.

Bbl to Mcf Conversion Factor: 6 Black indicates formulas and text.
Conversion Units: 1000 Green indicates links from other worksheets.

Circularity: Yes Circularity Breaker: No

Oil / Gas
Seller Share, EV, and Cash Information: Gas Oil / NGL Hedged
$ per Mcf $ per Bbl Price %
Common Shares Outstanding: 583.3 Resource Price Case: 5 NAV $ 7.00 $ 75.00 110.0%
Current Share Price ($ as Stated); $ 41.49 1 Base $ 7.00 $ 75.00 110.0%
Seller Minimum Cash ($MM): $ 2 2 Downside 4.00 50.00 150.0%
3 Upside 10.00 100.00 90.0%
4 DCF 7.00 75.00 110.0%
5 NAV 7.00 75.00 110.0%
Exercise
Type: Number: Price: Dilution: Enterprise Value Calculation:
Options 18.366 $ 38.39 1.372 Equity Value: 24,542
RSU 5.493 5.493 Less: Cash & Cash-Equivalents: (9)
Performance Shares A 0.390 $ 50.00 - Less: Net Value of Hedges: (1,117)
Performance Shares B 0.228 $ 55.00 - Plus: Debt: 10,487
Performance Shares C 0.245 $ 77.00 - Plus: Asset Retirement Obligation: 783
Performance Shares D 0.245 $ 85.00 - Plus: Preferred Stock: -
Warrants 2.600 $ 20.78 1.298 Plus: Noncontrolling Interests: -
Enterprise Value: $ 34,686
Diluted Shares: 591.5

Buyer - Current Share Price: $ 72.83

Buyer - Minimum Cash Balance: $ 5,000

Labels for Valuation - XTO Energy Inc. and Exxon Mobil Corporation

Trailing Twelve Months Label: TTM

Forward Year 1: 12/31/2010
Forward Year 2: 12/31/2011
Forward Year 3: 12/31/2012

Public Company Comparables: Precedent Transactions:

Company Name 2 Acquirer Name 3
Share Price 45 Target Name 2
Equity Value 69 Announcement Date 46
Enterprise Value 70 Offer Price 48
TTM EBITDA 12 FX Exchange Rate 47
Forward Year 1 EBITDA 82 Equity Value 72
Forward Year 2 EBITDA 85 Enterprise Value 73
TTM EBITDAX 14 TTM EBITDA 15
Forward Year 1 EBITDAX 83 TTM EBITDAX 17
Forward Year 2 EBITDAX 86 Production Areas 21
Production Areas 20 Proved Reserves 20
Proved Reserves 19 Daily Production 23
Daily Production 22 Proved Developed / Total Proved: 89
Proved Developed / Total Proved: 105 Oil Mix %: 90
Oil Mix %: 106 R / P Ratio: 91
R / P Ratio: 107 TTM EBITDA Multiple 84
TTM Proved Reserves Multiple 93 TTM EBITDAX Multiple 85
TTM Daily Production Multiple 94 TTM Proved Reserves Multiple 86
TTM EBITDA Multiple 91 TTM Daily Production Multiple 87
Forward Year 1 EBITDA Multiple 96
Forward Year 2 EBITDA Multiple 99
TTM EBITDAX Multiple 92
Forward Year 1 EBITDAX Multiple 97
Forward Year 2 EBITDAX Multiple 100

Levered Beta 71
Debt 30
Tax Rate 16
Discounted Cash Flow Analysis - XTO Energy Inc.
($ in Millions Except Per Share Data and Daily Production Figures)

XTO Energy Inc. - Unlevered Free Cash Flow Projections

12/31/2010 12/31/2011 12/31/2012 12/31/2013

Daily Production (MMcfe): 3,150.0 3,465.0 3,799.5 4,084.4

Revenue: $ 8,935 $ 9,818 $ 10,762 $ 11,529

EBITDAX: 6,818 7,416 8,040 8,524
Operating Income (EBIT): 3,097 3,323 3,541 3,373

Less: Taxes (1,131) (1,213) (1,293) (1,231)

Plus: DD&A 3,449 3,794 4,172 4,771

Plus: Asset Retirement Accretion 57 63 70 89
Plus: Stock-Based Compensation 129 142 156 167
Plus: Dry Hole Expense 26 29 32 39
Plus: Deferred Income Tax 765 821 875 834
Plus: Non-Cash Derivative Losses 5 5 5 5
Plus: Other Non-Cash Items - - - -

Working Capital (Increase) / Decrease: 682 153 174 291

Less: Capital Expenditures: (5,165) (5,818) (6,397) (7,454)

Unlevered Free Cash Flow $ 1,917 $ 1,300 $ 1,335 $ 883

Present Value of Free Cash Flow $ 1,828 $ 1,127 $ 1,052 $ 633

Normal Discount Period: 1.000 2.000 3.000 4.000

Mid-Year Discount: 0.500 1.500 2.500 3.500

Free Cash Flow Growth Rate: (32.2%) 2.6% (33.8%)

XTO Energy Inc. - Net Present Value Sensitivity - Natural Gas Prices
Discount Rate
$ 46.51 7.0% 8.0% 9.0% 10.0% 11.0% 12.0%
$ 9.00 $ 46.51 $ 46.51 $ 46.51 $ 46.51 $ 46.51 $ 46.51
Natural Gas Prices

8.00 46.51 46.51 46.51 46.51 46.51 46.51

($ Per Mcf)

7.00 46.51 46.51 46.51 46.51 46.51 46.51

6.00 46.51 46.51 46.51 46.51 46.51 46.51
5.00 46.51 46.51 46.51 46.51 46.51 46.51
4.00 46.51 46.51 46.51 46.51 46.51 46.51

XTO Energy Inc. - Net Present Value Sensitivity - Terminal EBITDAX Multiples
 Discount Rate
$ 46.51 7.0% 8.0% 9.0% 10.0% 11.0% 12.0%
7.0 x $ 46.51 $ 46.51 $ 46.51 $ 46.51 $ 46.51 $ 46.51
Terminal EBITDAX
6.0 x 46.51 46.51 46.51 46.51 46.51 46.51
Multiples

5.0 x 46.51 46.51 46.51 46.51 46.51 46.51

4.0 x 46.51 46.51 46.51 46.51 46.51 46.51
3.0 x 46.51 46.51 46.51 46.51 46.51 46.51
2.0 x 46.51 46.51 46.51 46.51 46.51 46.51

XTO Energy Inc. - Net Present Value Sensitivity - Terminal Daily Production Multiples
Discount Rate
$ 46.51 7.0% 8.0% 9.0% 10.0% 11.0% 12.0%
$ 14.00 $ 46.51 $ 46.51 $ 46.51 $ 46.51 $ 46.51 $ 46.51
Terminal Daily

13.00 46.51 46.51 46.51 46.51 46.51 46.51

Production
Multiples

12.00 46.51 46.51 46.51 46.51 46.51 46.51

11.00 46.51 46.51 46.51 46.51 46.51 46.51
10.00 46.51 46.51 46.51 46.51 46.51 46.51
9.00 46.51 46.51 46.51 46.51 46.51 46.51
 XTO Energy Inc. - DCF Assumptions & Share Price Calculations
12/31/2014

4,390.7 Gas Oil / NGL Hedged

$ per Mcf $ per Bbl Price %
$ 12,386 DCF-Specific Prices: $ 7.00 $ 75.00 110.0%
9,141
3,604 Price Cased Used in DCF: NAV

(1,316) Use Multiples Method? Yes

Use WACC for Discount Rate? No
5,128 Multiple Selection: 2
96 (1 = EBITDAX, 2 = Daily Production)
179
42 Standard O&G Discount: 10.0%
891 Discount Rate: 10.0%
5
- Terminal EBITDAX Multiple: 5.0 x
Terminal Daily Production Multiple: $ 12.00
144 Baseline Terminal Growth Rate: 0.0%
(8,173) Terminal Value: 52,689

$ 600 Present Value of Terminal Value: 32,716

$ 391 Sum of PV of Free Cash Flows: 5,030
Enterprise Value: $ 37,745
5.000 Balance Sheet Adjustments: (10,144)
4.500 Implied Equity Value: $ 27,601

(32.1%) Diluted Shares Outstanding: 593.5

Implied Share Price: $ 46.51
Exercise
Type: Number: Price: Dilution:
13.0% Options 18.366 $ 38.39 3.206
$ 46.51 RSU 5.493 5.493
46.51 Performance Shares A 0.390 50.00 -
46.51 Performance Shares B 0.228 55.00 -
46.51 Performance Shares C 0.245 77.00 -
46.51 Performance Shares D 0.245 85.00 -
46.51 Warrants 2.600 20.78 1.438
 13.0%
$ 46.51
46.51
46.51
46.51
46.51
46.51

13.0%
$ 46.51
46.51
46.51
46.51
46.51
46.51
WACC Analysis - XTO Energy Inc.
($ in Millions Except Per Share Data)

Discount Rate Calculation - Assumptions

Risk-Free Rate: 4.39%
Equity Risk Premium: 7.00%
Interest Rate on Debt: 5.39%

Comparable Companies - Unlevered Beta Calculation

Levered Equity Unlevered
Name Beta Debt Value Tax Rate Beta
Chesapeake Energy Corporation 1.15 $ 12,295 $ 15,489 38% 0.77
Anadarko Petroleum 1.41 12,748 28,937 40% 1.12
Occidental Petroleum Corporation 0.98 2,796 61,989 40% 0.95
Apache Corporation 1.19 5,068 32,252 40% 1.09
Devon Energy Corporation 1.05 7,279 28,999 35% 0.90
EOG Resources, Inc. 0.93 2,797 22,289 37% 0.86

Median 0.93

XTO Energy Inc. 1.10

XTO Energy Inc. - Levered Beta & WACC Calculation

Unlevered Equity Levered
Beta Debt Value Tax Rate Beta

XTO Energy Inc. 0.93 $ 10,487 $ 24,542 36% 1.18

Cost of Equity Based on Comparables: 12.66%

Cost of Equity Based on Historical Beta: 12.09%

WACC 9.90%
NAV Analysis - XTO Energy Inc.
($ in Millions Except Per Share, Acreage, Production Unit, and Other Per-Unit Data)

XTO Energy Inc. - Net Asset Valuation (NAV)

Proved Reserves as of 12/31/2009: Long-Term Production Decline

Natural Gas (Bcf): 12,502 Natural Gas:
Natural Gas Liquids (MBbls): 93 Natural Gas Liquids:
Oil (MBbls): 294 Oil:
Natural Gas Equivalents (Bcfe): 14,827

Future Estimated Development Costs: Discount Rate:

Development Years

Natural Gas Natural Gas Liquids

Beginning Annual Avg. Beginning
Reserves Production Price Reserves
Year # (Bcf) (Bcf) $ / Mcf (MBbls)
2010 1 12,502 941 $ 6.84 93
2011 2 11,561 1,035 6.84 85
2012 3 10,527 1,141 6.84 76
2013 4 9,385 1,223 6.84 66
2014 5 8,162 1,315 6.84 55
2015 6 6,847 1,249 6.84 44
2016 7 5,598 1,187 6.84 33
2017 8 4,411 1,128 6.84 22
2018 9 3,283 1,071 6.84 12
2019 10 2,212 1,018 6.84 3
2020 11 1,194 967 6.84 -
2021 12 228 228 6.84 -
2022 13 - - 6.84 -
2023 14 - - 6.84 -
2024 15 - - 6.84 -
2025 16 - - 6.84 -
2026 17 - - 6.84 -
2027 18 - - 6.84 -
2028 19 - - 6.84 -
2029 20 - - 6.84 -
2030 21 - - 6.84 -

Present Value of Cash Flows from Proved Reserves:

Undeveloped Acres (Property Values in $ Millions USD): Other Business Segments:

 Region: Acres: $ / Acre: Value: Chemicals
US - Texas: 12/31/2009 EBITDA:
US - Oklahoma: EV/EBITDA Multiple:
US - New Mexico: Estimated EV:
US - Arkansas:
US - Montana:
US - Utah:
US - Louisiana:
US - North Dakota:
US - Kansas:
US - West Virginia:
US - Pennsylvania:
US - Wyoming:
US - Colorado:
US - Other:
US - Offshore:
North Sea - Offshore:
Total:

Enterprise Value:
Balance Sheet Adjustments:
Implied Equity Value:

Diluted Shares Outstanding:

Implied Share Price:
Exercise
Type: Number: Price: Dilution:
Options 18.366 $ 38.39
RSU 5.493
Performance Shares A 0.390 50.00
Performance Shares B 0.228 55.00
Performance Shares C 0.245 77.00
Performance Shares D 0.245 85.00
Warrants 2.600 20.78

XTO Energy Inc. - Net Present Value Sensitivity - Natural Gas Prices
Discount Rate
Natural Gas Prices
($ Per Mcf)
ong-Term Production Decline: Resource Prices for NAV: Gas Oil / NGL Hedged
Natural Gas: (5.0%) $ per Mcf $ per Bbl Price %
Natural Gas Liquids: (5.0%) $ 7.00 $ 75.00 110.0%
(5.0%)
Price Cased Used in NAV: NAV

Discount Rate:

Natural Gas Liquids Oil Revenue ($ in Millions)

Annual Avg. Beginning Annual Avg.
Production Price Reserves Production Price Natural Total
(MBbls) $ / Bbl (MBbls) (MBbls) $ / Bbl Gas Oil & NGL Revenue
8 $ 41.94 294 27 $ 76.79 $ 6,438 $ 2,390 $ 8,828
9 41.94 268 29 76.79 7,081 2,629 9,711
10 41.94 239 32 76.79 7,811 2,844 10,655
11 41.94 207 34 76.79 8,374 3,049 11,422
12 41.94 173 36 76.79 9,002 3,277 12,279
11 41.94 137 35 76.79 8,552 3,113 11,665
10 41.94 102 33 76.79 8,124 2,958 11,082
10 41.94 69 31 76.79 7,718 2,810 10,528
9 41.94 38 30 76.79 7,332 2,669 10,001
3 41.94 9 9 76.79 6,965 776 7,742
- 41.94 - - 76.79 6,617 - 6,617
- 41.94 - - 76.79 1,558 - 1,558
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -
- 41.94 - - 76.79 - - -

Other Business Segments:

 Chemicals Midstream Downstream
12/31/2009 EBITDA: 12/31/2009 EBITDA: 12/31/2009 EBITDA:
EV/EBITDA Multiple: EV/EBITDA Multiple: EV/EBITDA Multiple:
stimated EV: Estimated EV: Estimated EV:
 Production & Development Expenses: Cash Flows ($ in Millions)
Total Total
Annual Production Production Development Pre-Tax Cash After-Tax
Bcfe Per Mcfe Expenses Expenses Cash Flows Tax Rate Cash Flows
XTO Energy Inc. - Summary of Financial Statements
($ in Millions Except Per Share Data)
Historical
December 30, 2005 2006 2007 2008 2009
Revenue:
Gas & Natural Gas Liquids: $ 2,787 $ 3,490 $ 4,214 $ 5,728 $ 6,322
Oil & Condensate: 670 1,002 1,204 1,796 2,605
Gas Gath., Proc. & Marketing: 56 86 100 168 125
Other: 6 (2) (5) 3 12
Total Revenue: 3,519 4,576 5,513 7,695 9,064

Net Income: $ 1,152 $ 1,860 $ 1,691 $ 1,912 $ 2,019

Earnings Per Basic Share: $ 2.57 $ 4.07 $ 3.57 $ 3.58 $ 3.48

Earnings Per Diluted Share: 2.52 4.02 3.52 3.54 3.46
Dividends Per Common Share: 0.18 0.25 0.41 0.48 0.50

Cash Flow from Operations: 2,094 2,859 3,639 5,235 5,954

Cash Flow from Investing: (2,908) (3,036) (7,345) (13,006) (4,057)
Cash Flow from Financing: 806 180 3,701 7,796 (1,913)

Net PP&E: 8,508 10,824 17,200 31,281 31,934

Total Assets: 9,857 12,885 18,922 38,254 36,255
Total Debt: 3,109 3,451 6,320 11,959 10,487
Shareholders' Equity: 4,209 5,865 7,941 17,347 17,326

EBITDA: 2,615 3,587 4,209 5,790 7,073

EBITDAX: 2,639 3,609 4,261 5,878 7,150

XTO Energy Inc. - Production and Operational Summary

Historical
December 30, 2005 2006 2007 2008 2009

Average Daily Production:

Gas (MMcf): 1,033.1 1,186.3 1,457.8 1,905.4 2,342.5
Natural Gas Liquids (MBbls): 10.4 11.9 13.5 15.6 20.6
Oil (MBbls): 39.1 45.0 47.0 56.0 66.3
Total Daily MMcfe: 1,330.1 1,527.7 1,821.4 2,335.3 2,863.6

Total Annual Production (Bcfe): 485 558 665 855 1,045

Average Realized Sale Prices After Hedging:

Gas ($ Per Mcf): $ 7.38 $ 6.26 $ 6.26 $ 8.04 $ 3.67
 Natural Gas Liquids ($ Per Bbl): 34.10 37.03 45.37 52.05 30.03
Oil ($ Per Bbl): 52.58 60.79 68.68 93.17 57.10

Annual Production Expenses (per Mcfe):

Production: $ 0.84 $ 0.88 $ 0.93 $ 1.10 $ 0.96
Taxes, Transportation & Other: $ 0.63 $ 0.67 $ 0.67 $ 0.82 $ 0.65

Proved Reserves:
Gas (Bcf): 6,086 6,944 9,441 11,803 12,502
Natural Gas Liquids (MMBbls): 47 53 67 76 93
Oil (MBBls): 209 214 241 268 294
Total Proved Reserves (Bcfe): 7,622 8,549 11,289 13,863 14,827
Total Proved Reserves (MMBOE): 1,270 1,425 1,882 2,310 2,471

Reserve Life Ratio (Years): 15.7 15.3 17.0 16.2 14.2

Proved Reserves % Oil: 16.4% 15.0% 12.8% 11.6% 11.9%

XTO Energy Inc. - Valuation Multiples

Historical
December 30, 2005 2006 2007 2008 2009

EV / EBITDA: 4.9 x
EV / EBITDAX: 4.9 x
EV / Proved Reserves (Bcfe): $ 2.34
EV / Daily Production (MMcfed): $ 12.11
 Projected
2010 2011 2012 2013 2014

$ 6,784 $ 7,462 $ 8,231 $ 8,824 $ 9,486

2,044 2,248 2,424 2,598 2,793
107 107 107 107 107
- - - - -
8,935 9,818 10,762 11,529 12,386

$ 1,612 $ 1,764 $ 1,925 $ 1,865 $ 2,051

$ 2.70 $ 2.87 $ 3.05 $ 2.88 $ 3.09

2.68 2.86 3.03 2.86 3.07
0.50 0.50 0.50 0.50 0.50

6,589 6,637 7,282 7,953 8,444

(5,165) (5,818) (6,397) (7,454) (8,173)
(1,076) 388 (521) (929) (137)

33,623 35,618 37,811 40,455 43,458

38,655 41,984 44,677 47,001 50,261
9,015 9,015 8,115 6,815 6,315
19,464 21,758 24,217 26,620 29,214

6,738 7,328 7,943 8,405 9,013

6,818 7,416 8,040 8,524 9,141

Projected
2010 2011 2012 2013 2014

2,576.7 2,834.4 3,117.9 3,351.7 3,603.1

22.6 24.9 27.4 29.4 31.6
72.9 80.2 86.2 92.7 99.7
3,150.0 3,465.0 3,799.5 4,084.4 4,390.7

1,150 1,265 1,391 1,491 1,603

$ 6.22 $ 6.22 $ 6.22 $ 6.22 $ 6.22

 41.94 41.94 41.94 41.94 41.94
69.81 69.81 69.81 69.81 69.81

$ 0.95 $ 0.95 $ 1.00 $ 1.00 $ 1.00

$ 0.65 $ 0.70 $ 0.70 $ 0.75 $ 0.75

Projected
2010 2011 2012 2013 2014

5.1 x 4.7 x 4.4 x 4.1 x 3.8 x

5.1 x 4.7 x 4.3 x 4.1 x 3.8 x
XTO Energy Inc. - Production Profile

Historical Projected
December 30, 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Days in Year: 365 365 365 366 365 365 365 366 365 365

Average Daily Production:

Gas (MMcf): 1,033.1 1,186.3 1,457.8 1,905.4 2,342.5 2,576.7 2,834.4 3,117.9 3,351.7 3,603.1
Natural Gas Liquids (MBbls): 10.4 11.9 13.5 15.6 20.6 22.6 24.9 27.4 29.4 31.6
Oil (MBbls): 39.1 45.0 47.0 56.0 66.3 72.9 80.2 86.2 92.7 99.7
Total Daily MMcfe: 1,330.1 1,527.7 1,821.4 2,335.3 2,863.6 3,150.0 3,465.0 3,799.5 4,084.4 4,390.7
Total Annual Production:
Gas (Bcf): 377.1 433.0 532.1 697.4 855.0 940.5 1,034.6 1,141.1 1,223.4 1,315.1
Natural Gas Liquids (MMBbls): 3.8 4.3 4.9 5.7 7.5 8.3 9.1 10.0 10.7 11.5
Oil (MMBbls): 14.3 16.4 17.2 20.5 24.2 26.6 29.3 31.6 33.8 36.4
Total Bcfe: 485.5 557.6 664.8 854.7 1,045.2 1,149.7 1,264.7 1,390.6 1,490.8 1,602.6

Average Daily Production Growth / (Decline) Rates:

Gas: 14.8% 22.9% 30.7% 22.9% 10.0% 10.0% 10.0% 7.5% 7.5%
Natural Gas Liquids: 13.5% 14.3% 15.3% 31.6% 10.0% 10.0% 10.0% 7.5% 7.5%
Oil: 15.3% 4.5% 19.1% 18.3% 10.0% 10.0% 7.5% 7.5% 7.5%

XTO Energy Inc. - Resource Price, Hedging and Revenue Profile

($ as Stated Except Revenue in Millions)
Historical Projected
December 30, 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Average NYMEX Prices:

Gas ($ Per Mcf): $ 8.62 $ 7.23 $ 6.86 $ 9.03 $ 3.99 $ 7.00 $ 7.00 $ 7.00 $ 7.00 $ 7.00
Natural Gas Liquids ($ Per Bbl): 56.57 66.22 72.39 99.75 61.82 75.00 75.00 75.00 75.00 75.00
Oil ($ Per Bbl): 56.57 66.22 72.39 99.75 61.82 75.00 75.00 75.00 75.00 75.00

NYMEX Gas Prices ($ Per Mcf):

Base Case: $ 7.00 $ 7.00 $ 7.00 $ 7.00 $ 7.00
Downside Case: 4.00 4.00 4.00 4.00 4.00
Upside Case: 10.00 10.00 10.00 10.00 10.00
DCF Case: 7.00 7.00 7.00 7.00 7.00
NAV Case: 7.00 7.00 7.00 7.00 7.00
Selected Case: NAV $ 7.00 $ 7.00 $ 7.00 $ 7.00 $ 7.00

NYMEX Natural Gas Liquids Prices ($ Per Bbl):

Base Case: $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00
Downside Case: 50.00 50.00 50.00 50.00 50.00
Upside Case: 100.00 100.00 100.00 100.00 100.00
DCF Case: 75.00 75.00 75.00 75.00 75.00
NAV Case: 75.00 75.00 75.00 75.00 75.00
Selected Case: NAV $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00

NYMEX Oil Prices ($ Per Bbl):

Base Case: $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00
Downside Case: 50.00 50.00 50.00 50.00 50.00
Upside Case: 100.00 100.00 100.00 100.00 100.00
DCF Case: 75.00 75.00 75.00 75.00 75.00
NAV Case: 75.00 75.00 75.00 75.00 75.00
Selected Case: NAV $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00

Average Realized Sale Prices Before Hedging:

Gas ($ Per Mcf): $ 7.38 $ 6.26 $ 6.26 $ 8.04 $ 3.67 $ 6.22 $ 6.22 $ 6.22 $ 6.22 $ 6.22
Natural Gas Liquids ($ Per Bbl): 34.10 37.03 45.37 52.05 30.03 41.94 41.94 41.94 41.94 41.94
Oil ($ Per Bbl): 52.58 60.79 68.68 93.17 57.10 69.81 69.81 69.81 69.81 69.81

Pre-Hedging Price Differential:

Gas: 85.6% 86.6% 91.3% 89.0% 92.0% 88.9% 88.9% 88.9% 88.9% 88.9%
Natural Gas Liquids: 60.3% 55.9% 62.7% 52.2% 48.6% 55.9% 55.9% 55.9% 55.9% 55.9%
Oil: 92.9% 91.8% 94.9% 93.4% 92.4% 93.1% 93.1% 93.1% 93.1% 93.1%

Average Realized Sale Prices After Hedging:

Gas ($ Per Mcf): $ 7.04 $ 7.69 $ 7.50 $ 7.81 $ 7.13 $ 6.84 $ 6.84 $ 6.84 $ 6.84 $ 6.84
Natural Gas Liquids ($ Per Bbl): 34.10 37.03 45.37 48.76 30.03 41.94 41.94 41.94 41.94 41.94
Oil ($ Per Bbl): 47.03 60.96 70.08 87.59 107.65 76.79 76.79 76.79 76.79 76.79

Hedged Prices, % of Pre-Hedged Prices:

Gas: 95.4% 122.8% 119.8% 97.1% 194.3% 110.0% 110.0% 110.0% 110.0% 110.0%
Natural Gas Liquids: 100.0% 100.0% 100.0% 93.7% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Oil: 89.4% 100.3% 102.0% 94.0% 188.5% 110.0% 110.0% 110.0% 110.0% 110.0%

Hedged Prices, % of Pre-Hedged Prices:

Base Case: 110.0% 110.0% 110.0% 110.0% 110.0%
Downside Case: 150.0% 150.0% 150.0% 150.0% 150.0%
Upside Case: 90.0% 90.0% 90.0% 90.0% 90.0%
DCF Case: 110.0% 110.0% 110.0% 110.0% 110.0%
NAV Case: 110.0% 110.0% 110.0% 110.0% 110.0%
Selected Case: NAV 110.0% 110.0% 110.0% 110.0% 110.0%

Total Revenue by Segment ($ in Millions):

Gas: $ 2,655 $ 3,330 $ 3,991 $ 5,447 $ 6,096 $ 6,438 $ 7,081 $ 7,811 $ 8,374 $ 9,002
Natural Gas Liquids: 130 160 224 279 225 346 381 420 450 484
Oil and Condensate: 670 1,002 1,203 1,796 2,605 2,044 2,248 2,424 2,598 2,793
Gas Gath., Proc., Marketing: 56 86 100 168 125 107 107 107 107 107
Other: 6 (2) (5) 3 12 - - - - -
Total Revenue: $ 3,517 $ 4,576 $ 5,513 $ 7,693 $ 9,064 $ 8,935 $ 9,818 $ 10,762 $ 11,529 $ 12,386

Revenue Growth %: 30.1% 20.5% 39.5% 17.8% (1.4%) 9.9% 9.6% 7.1% 7.4%

XTO Energy Inc. - Expense Projections

($ in Millions or Per Mcfe Where Noted):
Historical Projected
December 30, 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Expenses Per Mcfe of Production ($ as Stated):

Production: $ 0.84 $ 0.88 $ 0.93 $ 1.10 $ 0.96 $ 0.95 $ 0.95 $ 1.00 $ 1.00 $ 1.00
Taxes, Transportation & Other: 0.63 0.67 0.67 0.82 0.65 0.65 0.70 0.70 0.75 0.75
Exploration: 0.05 0.04 0.08 0.10 0.07 0.07 0.07 0.07 0.08 0.08
DD&A: 1.35 1.57 1.78 2.37 2.95 3.00 3.00 3.00 3.20 3.20
Accr. of Asset Retirement Obli.: 0.02 0.03 0.03 0.04 0.04 0.05 0.05 0.05 0.06 0.06
G&A (Exc. Stock-Based Comp.): 0.25 0.22 0.25 0.25 0.21 0.22 0.23 0.24 0.25 0.26
Acquisitions: 2.90 1.10 6.03 9.89 0.25 0.50 0.50 0.50 0.70 0.70
Development & Exploration: 2.69 3.67 4.01 4.28 3.05 3.39 3.50 3.50 3.60 3.70
Other Property Additions: 0.44 0.68 1.00 1.07 0.58 0.60 0.60 0.60 0.70 0.70
Total Expenses Per Mcfe: $ 9.16 $ 8.86 $ 14.79 $ 19.93 $ 8.77 $ 9.43 $ 9.60 $ 9.66 $ 10.34 $ 10.45

Total Production-Linked Expenses ($ in Millions):

Production: $ 406 $ 491 $ 615 $ 942 $ 999 $ 1,092 $ 1,201 $ 1,391 $ 1,491 $ 1,603
Taxes, Transportation & Other: 306 372 444 703 678 747 885 973 1,118 1,202
Exploration: 24 22 52 88 77 80 89 97 119 128
DD&A: 655 875 1,187 2,025 3,079 3,449 3,794 4,172 4,771 5,128
Accr. of Asset Retirement Obli.: 12 16 22 31 40 57 63 70 89 96
G&A (Exc. Stock-Based Comp.): 121 126 166 212 219 253 291 334 373 417
Acquisitions: 1,407 616 4,012 8,456 264 575 632 695 1,044 1,122
Development & Exploration: 1,304 2,047 2,668 3,661 3,190 3,900 4,427 4,867 5,367 5,930
Other Property Additions: 214 379 666 913 606 690 759 834 1,044 1,122
Total Production-Linked Exp: $ 4,449 $ 4,944 $ 9,832 $ 17,031 $ 9,152 $ 10,844 $ 12,141 $ 13,433 $ 15,415 $ 16,747

Non-Production-Linked Expenses ($ in Millions):

Gas Gathering & Processing: 11 41 81 101 124 66 66 66 66 66
Stock-Based Compensation: 34 63 65 170 137 129 142 156 167 179
Derivative FV (Gain) / Loss: (13) (102) (11) (85) 24 (37) (37) (37) (37) (37)
Total Non-Prod.-Linked Expense: $ 32 $ 2 $ 135 $ 186 $ 285 $ 158 $ 171 $ 184 $ 195 $ 208

Non-Production-Linked Expense Projections:

Gas Gathering & Processing %
Gas Gath., Proc. & Marketing: 19.6% 47.7% 81.0% 60.1% 99.2% 61.5% 61.5% 61.5% 61.5% 61.5%
SBC % Revenue: 1.0% 1.4% 1.2% 2.2% 1.5% 1.4% 1.4% 1.4% 1.4% 1.4%
XTO Energy Inc. - Income Statement
($ in Millions Except Per Share Data)
Historical
December 30, 2005 2006 2007 2008 2009
Revenue:
Gas & Natural Gas Liquids: $ 2,787 $ 3,490 $ 4,214 $ 5,728 $ 6,322
Oil & Condensate: 670 1,002 1,204 1,796 2,605
Gas Gath., Proc. & Marketing: 56 86 100 168 125
Other: 6 (2) (5) 3 12
Total Revenue: 3,519 4,576 5,513 7,695 9,064

Expenses:
Production: 406 491 615 942 999
Taxes, Transportation & Other: 306 372 444 703 678
Exploration: 24 22 52 88 77
DD&A: 655 875 1,187 2,025 3,079
Accr. of Asset Retirement Obli.: 12 16 22 31 40
G&A (Exc. Stock-Based Comp.): 121 126 166 212 219
Gas Gathering & Processing: 11 41 81 101 124
Stock-Based Compensation: 34 63 65 170 137
Derivative FV (Gain) / Loss: (13) (102) (11) (85) 24
Total Expenses: 1,556 1,904 2,621 4,187 5,377

Operating Income: $ 1,963 $ 2,672 $ 2,892 $ 3,508 $ 3,687

Other (Income) / Expense:

Gain on Royalty Trusts: - (469) - - -
Net Interest Expense: 153 180 250 482 524
Total Other (Income) / Exp.: 153 (289) 250 482 524

Pre-Tax Income: $ 1,810 $ 2,961 $ 2,642 $ 3,026 $ 3,163

Income Tax Expense:

Current: 243 572 292 140 333
Deferred: 415 529 659 974 811
Total Income Tax Exp.: 658 1,101 951 1,114 1,144

Net Income: $ 1,152 $ 1,860 $ 1,691 $ 1,912 $ 2,019

Attributable to Participating: N/A N/A (4) (10) (16)
Net Income Used in EPS: N/A N/A $ 1,687 $ 1,902 $ 2,003

Earnings Per Basic Share: $ 2.57 $ 4.07 $ 3.57 $ 3.58 $ 3.48

Earnings Per Diluted Share: 2.52 4.02 3.52 3.54 3.46
Dividends Per Common Share: 0.18 0.25 0.41 0.48 0.50
Average Basic Shares: 448.1 456.1 471.9 531.6 575.6
Average Diluted Shares: 457.0 462.2 479.2 537.5 579.4

XTO Energy Inc. - Non-Cash and One-Time Expenses, EBITDA, and EBITDAX
($ in Millions)
Historical
December 30, 2005 2006 2007 2008 2009

Operating Income: $ 1,963 $ 2,672 $ 2,892 $ 3,508 $ 3,687

Plus: Non-Cash Deriv. Change: (39) (39) 43 (72) 130
Plus: Impairment Charge: - - - 128 -
Plus: Gain on Prop. Exchange: (10) - - - -
Plus: DD&A: 655 875 1,187 2,025 3,079
Plus: Asset Retirement Accr.: 12 16 22 31 40
Plus: Stock-Based Comp.: 34 63 65 170 137
EBITDA: $ 2,615 $ 3,587 $ 4,209 $ 5,790 $ 7,073
Plus: Exploration: 24 22 52 88 77
EBITDAX: $ 2,639 $ 3,609 $ 4,261 $ 5,878 $ 7,150

XTO Energy Inc. - Tax Rate Projections

Historical
December 30, 2005 2006 2007 2008 2009
Income Tax %:
Current: 13.4% 19.3% 11.1% 4.6% 10.5%
Deferred: 22.9% 17.9% 24.9% 32.2% 25.6%

XTO Energy Inc. - Balance Sheet

($ in Millions)
Historical
December 30, 2005 2006 2007 2008 2009
Assets:
Current Assets:
Cash & Cash-Equivalents: $ 2 $ 5 $ - $ 25 $ 9
Accounts Receivable, Net: 644 656 852 1,217 965
Derivative Fair Value: 193 804 199 2,735 1,222
Current Inc. Tax Receivable: 35 66 118 57 170
Deferred Inc. Tax Benefit: - - 20 - -
Other: 69 54 98 224 182
Total Current Assets: 943 1,585 1,287 4,258 2,548

PP&E:
Proved Properties: 9,979 12,369 18,671 30,994 34,180
Unproved Properties: 283 414 1,050 3,907 3,691
 Other: 278 799 1,376 2,239 2,810
Total PP&E: 10,540 13,582 21,097 37,140 40,681
Accumulated DD&A: (2,032) (2,758) (3,897) (5,859) (8,747)
Net PP&E: 8,508 10,824 17,200 31,281 31,934

Derivative Fair Value: 1 56 - 1,023 68

Net Gas Gathering Contracts: 132 121 112 105 97
Goodwill: 213 215 215 1,447 1,475
Other: 60 84 108 140 133
Total Other Assets: 406 476 435 2,715 1,773

Total Assets: $ 9,857 $ 12,885 $ 18,922 $ 38,254 $ 36,255

Liabilities & Shareholders' Equity:

Current Liabilities:
Accounts Payable: $ 739 $ 912 $ 1,264 $ 1,912 $ 1,482
Payable to Royalty Trusts: 13 23 30 13 28
Derivative Fair Value: 90 37 239 35 167
Deferred Income Taxes: 38 263 - 940 342
Other: 4 5 4 30 32
Total Current Liabilities: 884 1,240 1,537 2,930 2,051

Total Debt: 3,109 3,451 6,320 11,959 10,487

Derivative Fair Value: - 1 4 - 6
Deferred Income Taxes: 1,390 1,978 2,610 5,200 5,522
Asset Retirement Obligation: 219 303 450 735 783
Other: 46 47 60 83 80
Total Long-Term Liabilities: 4,764 5,780 9,444 17,977 16,878

Stockholders' Equity:
Common Stock & APIC: 1,869 2,062 3,177 8,321 8,477
Treasury Stock: (39) (125) (134) (147) (177)
Retained Earnings: 2,311 3,442 4,938 6,588 8,317
Accum. Other Comp. Inc.: 68 486 (40) 2,585 709
Total Stockholders' Equity: $ 4,209 $ 5,865 $ 7,941 $ 17,347 $ 17,326

Total Liabilities & SE: $ 9,857 $ 12,885 $ 18,922 $ 38,254 $ 36,255

Balance Check: OK! OK! OK! OK! OK!

XTO Energy Inc. - Cash Flow Statement

($ in Millions)
Historical
December 30, 2005 2006 2007 2008 2009
Operating Activities:
 Net Income: $ 1,152 $ 1,860 $ 1,691 $ 1,912 $ 2,019
Adjustments to NI:
DD&A: 655 875 1,187 2,025 3,079
Accr. of Asset Retirement Obli.: 12 16 22 31 40
Stock-Based Compensation: 34 63 65 170 137
Dry Hole Expense: - 9 21 22 44
Deferred Income Tax: 415 529 659 974 811
Gain on Royalty Trusts: - (469) - - -
Gain on Debt Extinguish.: - - - - (17)
Non-Cash Deriv. (Gain) / Loss: (39) (39) 43 (72) 130
Other Non-Cash Items: 23 10 23 2 (24)
Other Changes: - - - - -
Changes in Working Capital: (158) 5 (72) 171 (265)
Cash Flow from Operations: 2,094 2,859 3,639 5,235 5,954

Investing Activities:
Proceeds from Sale of PP&E: 17 6 1 24 3
Acquisitions: (1,407) (616) (4,012) (8,456) (264)
Development & Exploration: (1,304) (2,047) (2,668) (3,661) (3,190)
Other Property Additions: (214) (379) (666) (913) (606)
Cash Flow from Investing: (2,908) (3,036) (7,345) (13,006) (4,057)

Financing Activities:
Historical Debt Proceeds: 3,825 5,719 7,293 19,560 7,730
Historical Debt Payments: (2,977) (5,377) (4,433) (14,250) (9,183)
Common Stock Proceeds: - - 1,009 2,612 -
Dividends: (67) (109) (170) (250) (287)
Senior Note and Debt Costs: (5) (9) (18) (32) (2)
Option and Warr. Proceeds: 73 24 33 23 23
Stock Option Exer. Payments: (20) (46) (57) (70) (23)
Stock Option Tax Benefits: - 50 57 64 20
Treas. Stock Purch. & Other: (23) (72) (13) 139 (191)
Cash Flow from Financing: 806 180 3,701 7,796 (1,913)

Revolver Borrowing:
Cash Used for Debt Repayment:

Cash Increase / (Decrease): $ (8) $ 3 $ (5) $ 25 $ (16)

Beginning Cash: 10 2 5 - 25
Ending Cash: $ 2 $ 5 $ - $ 25 $ 9

XTO Energy Inc. - Working Capital and Cash Flow Statement Projections

Historical
December 30, 2005 2006 2007 2008 2009
Accounts Receivable % Revenue: 18.3% 14.3% 15.5% 15.8% 10.6%
Accounts Payable % Expenses: 47.5% 47.9% 48.2% 45.7% 27.6%

Dry Hole % Total Exploration: 0.0% 40.9% 40.4% 25.0% 57.1%

XTO Energy Inc. - Debt Schedules

($ in Millions)
Historical
December 30, 2009

Maximum Revolver Borrowing: 2,840

Numerical Year:
LIBOR Curve:

Interest Income: 1.0 3.0 17.0 13.0 1.0

Effective Cash Interest Rate:

End of Year Debt Amounts:

Revolver: $ 622
Term Loan A: 500
Term Loan B: 100
Senior Notes - A 250
Senior Notes - B 350
Senior Notes - C 550
Senior Notes - D 400
Senior Notes - E 400
Senior Notes - F 500
Senior Notes - G 500
Senior Notes - H 348
Senior Notes - I 400
Senior Notes - J 400
Senior Notes - K 735
Senior Notes - L 773
Senior Notes - M 1,000
Senior Notes - N 591
Senior Notes - O 1,399
Senior Notes - P 704
Net Discount on Senior Notes: (35)
Total Debt: $ 10,487

Fixed
Interest Rate Assumptions: LIBOR + Interest
Revolver: 0.40%
Term Loan A: 0.50%
 Term Loan B: 0.50%
Senior Notes - A 5.00%
Senior Notes - B 7.50%
Senior Notes - C 5.90%
Senior Notes - D 6.25%
Senior Notes - E 4.63%
Senior Notes - F 5.75%
Senior Notes - G 4.90%
Senior Notes - H 5.00%
Senior Notes - I 5.30%
Senior Notes - J 5.65%
Senior Notes - K 6.25%
Senior Notes - L 5.50%
Senior Notes - M 6.50%
Senior Notes - N 6.10%
Senior Notes - O 6.75%
Senior Notes - P 6.38%
Undrawn Revolver Commitment Fee: 0.09%
Interest Increase If > 50.0% of Revolver Utilized: 50.00% 0.05%
Revolver % Drawn:

Interest Expense Calculations:

Revolver:
Term Loan A:
Term Loan B:
Senior Notes - A
Senior Notes - B
Senior Notes - C
Senior Notes - D
Senior Notes - E
Senior Notes - F
Senior Notes - G
Senior Notes - H
Senior Notes - I
Senior Notes - J
Senior Notes - K
Senior Notes - L
Senior Notes - M
Senior Notes - N
Senior Notes - O
Senior Notes - P
Total Interest Expense:

Yearly
Beginning Amort. Prepay
Debt Amortization: Balance %: Allowed? Maturity
Revolver: $ 622 0.0% Yes N/A
Term Loan A: 500 10.0% Yes 2013
Term Loan B: 100 10.0% Yes 2013
Senior Notes - A 250 0.0% No 2010
Senior Notes - B 350 0.0% No 2012
Senior Notes - C 550 0.0% No 2012
Senior Notes - D 400 0.0% No 2013
Senior Notes - E 400 0.0% No 2013
Senior Notes - F 500 0.0% No 2013
Senior Notes - G 500 0.0% No 2014
Senior Notes - H 348 0.0% No 2015
Senior Notes - I 400 0.0% No 2015
Senior Notes - J 400 0.0% No 2016
Senior Notes - K 735 0.0% No 2017
Senior Notes - L 773 0.0% No 2018
Senior Notes - M 1,000 0.0% No 2018
Senior Notes - N 591 0.0% No 2036
Senior Notes - O 1,399 0.0% No 2037
Senior Notes - P 704 0.0% No 2038

Sources of Funds:
Beginning Cash Balance:
Less: Minimum Cash Balance:
Plus: Cash Flow Available for Debt Repayment:
Subtotal Before Revolver:
Revolver Borrowing Required:
Total Sources of Funds:

Uses of Funds:
Mandatory Debt Repayment:
Term Loan A:
Term Loan B:
Senior Notes - A
Senior Notes - B
Senior Notes - C
Senior Notes - D
Senior Notes - E
Senior Notes - F
Senior Notes - G
Senior Notes - H
Senior Notes - I
Senior Notes - J
Senior Notes - K
Senior Notes - L
 Senior Notes - M
Senior Notes - N
Senior Notes - O
Senior Notes - P
Mandatory Repayment Total:

Optional Debt Repayment:

Revolver:
Term Loan A:
Term Loan B:
Senior Notes - A
Senior Notes - B
Senior Notes - C
Senior Notes - D
Senior Notes - E
Senior Notes - F
Senior Notes - G
Senior Notes - H
Senior Notes - I
Senior Notes - J
Senior Notes - K
Senior Notes - L
Senior Notes - M
Senior Notes - N
Senior Notes - O
Senior Notes - P
Optional Repayment Total:

Excess Cash Generated on Balance Sheet:

Total Uses of Funds:

Balance Check:

XTO Energy Inc. - Dividends and Stock Repurchases / Issuances

($ in Millions Except Per Share Data)
Historical
December 30, 2005 2006 2007 2008 2009

Dividends Per Common Share: $ 0.18 $ 0.25 $ 0.41 $ 0.48 $ 0.50

Dividends Issued ($MM): 67 109 170 250 287

Stock Repurchases & Issuances:

Common Stock Proceeds ($MM): - - 1,009 2,612 -
Stock Repurchases ($MM): (23) (72) (13) 139 (191)
Assumed Share Price:
 # Shares Issued (MM):
# Shares Repurchased (MM):
Net Change in Shares (MM):

Average Basic Shares (MM): 448.1 456.1 471.9 531.6 575.6

Average Diluted Shares (MM): 457.0 462.2 479.2 537.5 579.4
 Projected
2010 2011 2012 2013 2014

$ 6,784 $ 7,462 $ 8,231 $ 8,824 $ 9,486

2,044 2,248 2,424 2,598 2,793
107 107 107 107 107
- - - - -
8,935 9,818 10,762 11,529 12,386

1,092 1,201 1,391 1,491 1,603

747 885 973 1,118 1,202
80 89 97 119 128
3,449 3,794 4,172 4,771 5,128
57 63 70 89 96
253 291 334 373 417
66 66 66 66 66
129 142 156 167 179
(37) (37) (37) (37) (37)
5,838 6,494 7,221 8,156 8,782

$ 3,097 $ 3,323 $ 3,541 $ 3,373 $ 3,604

- - - - -
558 545 510 436 374
558 545 510 436 374

$ 2,539 $ 2,778 $ 3,031 $ 2,937 $ 3,231

299 328 357 346 381

627 687 749 726 798
927 1,014 1,106 1,072 1,179

$ 1,612 $ 1,764 $ 1,925 $ 1,865 $ 2,051

(13) (14) (15) (15) (16)
$ 1,599 $ 1,750 $ 1,909 $ 1,850 $ 2,035

$ 2.70 $ 2.87 $ 3.05 $ 2.88 $ 3.09

2.68 2.86 3.03 2.86 3.07
0.50 0.50 0.50 0.50 0.50
 592.3 609.0 625.7 642.3 659.0
596.1 612.8 629.5 646.1 662.8

Projected
2010 2011 2012 2013 2014

$ 3,097 $ 3,323 $ 3,541 $ 3,373 $ 3,604

5 5 5 5 5
- - - - -
- - - - -
3,449 3,794 4,172 4,771 5,128
57 63 70 89 96
129 142 156 167 179
$ 6,738 $ 7,328 $ 7,943 $ 8,405 $ 9,013
80 89 97 119 128
$ 6,818 $ 7,416 $ 8,040 $ 8,524 $ 9,141

Projected
2010 2011 2012 2013 2014

11.8% 11.8% 11.8% 11.8% 11.8%

24.7% 24.7% 24.7% 24.7% 24.7%

Projected
2010 2011 2012 2013 2014

$ 357 $ 1,564 $ 1,929 $ 1,498 $ 1,631

1,332 1,464 1,605 1,719 1,847
1,217 1,213 1,208 1,204 1,199
170 170 170 170 170
- - - - -
182 182 182 182 182
3,259 4,593 5,093 4,773 5,029

38,054 42,451 47,287 52,615 58,502

4,266 4,898 5,594 6,637 7,759
 3,500 4,259 5,093 6,137 7,258
45,819 51,608 57,973 65,388 73,520
(12,196) (15,990) (20,162) (24,933) (30,061)
33,623 35,618 37,811 40,455 43,458

68 68 68 68 68
97 97 97 97 97
1,475 1,475 1,475 1,475 1,475
133 133 133 133 133
1,773 1,773 1,773 1,773 1,773

$ 38,655 $ 41,984 $ 44,677 $ 47,001 $ 50,261

$ 2,532 $ 2,817 $ 3,132 $ 3,537 $ 3,809

28 28 28 28 28
167 167 167 167 167
342 342 342 342 342
32 32 32 32 32
3,101 3,386 3,701 4,106 4,378

9,015 9,015 8,115 6,815 6,315

6 6 6 6 6
6,149 6,836 7,585 8,311 9,109
840 904 973 1,063 1,159
80 80 80 80 80
16,091 16,841 16,759 16,275 16,669

9,331 10,197 11,077 11,968 12,872

(209) (241) (273) (305) (337)
9,633 11,093 12,704 14,248 15,970
709 709 709 709 709
$ 19,464 $ 21,758 $ 24,217 $ 26,620 $ 29,214

$ 38,655 $ 41,984 $ 44,677 $ 47,001 $ 50,261

OK! OK! OK! OK! OK!

Projected
2010 2011 2012 2013 2014
$ 1,612 $ 1,764 $ 1,925 $ 1,865 $ 2,051

3,449 3,794 4,172 4,771 5,128

57 63 70 89 96
129 142 156 167 179
26 29 32 39 42
627 687 749 726 798
- - - - -
- - - - -
5 5 5 5 5
- - - - -
- - - - -
682 153 174 291 144
6,589 6,637 7,282 7,953 8,444

- - - - -
(575) (632) (695) (1,044) (1,122)
(3,900) (4,427) (4,867) (5,367) (5,930)
(690) (759) (834) (1,044) (1,122)
(5,165) (5,818) (6,397) (7,454) (8,173)

- - - - -
- - - - -
724 724 724 724 724
(296) (304) (313) (321) (330)
- - - - -
- - - - -
- - - - -
- - - - -
(32) (32) (32) (32) (32)
396 388 379 371 363

- - - - -
(1,472) - (900) (1,300) (500)

$ 348 $ 1,207 $ 364 $ (430) $ 133

9 357 1,564 1,929 1,498
$ 357 $ 1,564 $ 1,929 $ 1,498 $ 1,631

Projected
2010 2011 2012 2013 2014
 14.9% 14.9% 14.9% 14.9% 14.9%
43.4% 43.4% 43.4% 43.4% 43.4%

32.7% 32.7% 32.7% 32.7% 32.7%

Projected
2010 2011 2012 2013 2014

2010 2011 2012 2013 2014

0.30% 0.30% 0.50% 1.00% 2.00%

0.5 2.9 8.7 17.1 31.3

0.30% 0.30% 0.50% 1.00% 2.00%

$ - $ - $ - $ - $ -
- - - - -
- - - - -
- - - - -
350 350 - - -
550 550 - - -
400 400 400 - -
400 400 400 - -
500 500 500 - -
500 500 500 500 -
348 348 348 348 348
400 400 400 400 400
400 400 400 400 400
735 735 735 735 735
773 773 773 773 773
1,000 1,000 1,000 1,000 1,000
591 591 591 591 591
1,399 1,399 1,399 1,399 1,399
704 704 704 704 704
(35) (35) (35) (35) (35)
$ 9,015 $ 9,015 $ 8,115 $ 6,815 $ 6,315

0.70% 0.70% 0.90% 1.40% 2.40%

0.80% 0.80% 1.00% 1.50% 2.50%
 0.80% 0.80% 1.00% 1.50% 2.50%
5.00% 5.00% 5.00% 5.00% 5.00%
7.50% 7.50% 7.50% 7.50% 7.50%
5.90% 5.90% 5.90% 5.90% 5.90%
6.25% 6.25% 6.25% 6.25% 6.25%
4.63% 4.63% 4.63% 4.63% 4.63%
5.75% 5.75% 5.75% 5.75% 5.75%
4.90% 4.90% 4.90% 4.90% 4.90%
5.00% 5.00% 5.00% 5.00% 5.00%
5.30% 5.30% 5.30% 5.30% 5.30%
5.65% 5.65% 5.65% 5.65% 5.65%
6.25% 6.25% 6.25% 6.25% 6.25%
5.50% 5.50% 5.50% 5.50% 5.50%
6.50% 6.50% 6.50% 6.50% 6.50%
6.10% 6.10% 6.10% 6.10% 6.10%
6.75% 6.75% 6.75% 6.75% 6.75%
6.38% 6.38% 6.38% 6.38% 6.38%
$ 2.6 $ 2.6 $ 2.6 $ 2.6 $ 2.6

0.00% 0.00% 0.00% 0.00% 0.00%

$ 5 $ 3 $ 3 $ 3 $ 3
2 - - - -
0 - - - -
6 - - - -
26 26 13 - -
32 32 16 - -
25 25 25 13 -
19 19 19 9 -
29 29 29 14 -
25 25 25 25 12
17 17 17 17 17
21 21 21 21 21
23 23 23 23 23
46 46 46 46 46
43 43 43 43 43
65 65 65 65 65
36 36 36 36 36
94 94 94 94 94
45 45 45 45 45
$ 559 $ 548 $ 519 $ 453 $ 405
 10.0% 10.0% 10.0% 70.0% 0.0%
10.0% 10.0% 10.0% 70.0% 0.0%
100.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 100.0% 0.0% 0.0%
0.0% 0.0% 100.0% 0.0% 0.0%
0.0% 0.0% 0.0% 100.0% 0.0%
0.0% 0.0% 0.0% 100.0% 0.0%
0.0% 0.0% 0.0% 100.0% 0.0%
0.0% 0.0% 0.0% 0.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%

$ 9 $ 357 $ 1,564 $ 1,929 $ 1,498

(2) (2) (2) (2) (2)
1,820 1,207 1,264 870 633
$ 1,827 $ 1,562 $ 2,827 $ 2,796 $ 2,129
- - - - -
$ 1,827 $ 1,562 $ 2,827 $ 2,796 $ 2,129

$ 50 $ - $ - $ - $ -
10 - - - -
250 - - - -
- - 350 - -
- - 550 - -
- - - 400 -
- - - 400 -
- - - 500 -
- - - - 500
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
 - - - - -
- - - - -
- - - - -
- - - - -
$ 310 $ - $ 900 $ 1,300 $ 500

$ 622 $ - $ - $ - $ -
450 - - - -
90 - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
$ 1,162 $ - $ - $ - $ -

355 1,562 1,927 1,496 1,629

$ 1,827 $ 1,562 $ 2,827 $ 2,796 $ 2,129

OK! OK! OK! OK! OK!

Projected
2010 2011 2012 2013 2014

$ 0.50 $ 0.50 $ 0.50 $ 0.50 $ 0.50

296 304 313 321 330

724 724 724 724 724

(32) (32) (32) (32) (32)
$ 41.49 $ 41.49 $ 41.49 $ 41.49 $ 41.49
 17.5 17.5 17.5 17.5 17.5
(0.8) (0.8) (0.8) (0.8) (0.8)
16.7 16.7 16.7 16.7 16.7

592.3 609.0 625.7 642.3 659.0

596.1 612.8 629.5 646.1 662.8
Exxon Mobil Corporation - Income Statement
($ in Millions Except Per Share Data)
Historical
2005 2006 2007 2008 2009
Net Income by Segment:
E&P - United States: 6,200 5,168 4,870 6,243 2,893
E&P - International: 16,529 21,062 21,627 27,539 14,214
R&M - United States: 4,111 4,250 4,120 1,649 (153)
R&M - International: 3,771 4,204 5,453 6,502 1,934
Chemicals - Global: 3,403 4,382 4,563 2,957 2,309
Other Operations: - - - - -
Existing After-Tax Interest: (188) (276) (260) (437) (356)
Revolver After-Tax Interest: - - - - -
Other Corporate: 34 300 237 (393) (1,421)
Operating Net Income: $ 33,860 $ 39,090 $ 40,610 $ 44,060 $ 19,420
Special Items, Net of Taxes: 2,270 410 - 1,160 (140)
Reported Net Income: $ 36,130 $ 39,500 $ 40,610 $ 45,220 $ 19,280

Net Inc. to Noncontrolling: 799 1,051 1,005 1,647 378

% Reported: 2.2% 2.7% 2.5% 3.6% 2.0%
Net Income to All: $ 36,929 $ 40,551 $ 41,615 $ 46,867 $ 19,658

Earnings Per Diluted Share: $ 5.71 $ 6.62 $ 7.26 $ 8.66 $ 3.98

Effective Tax Rate: 38.7% 40.8% 41.8% 43.8% 43.5%

Avg. Diluted Shares (MM): 6,322.0 5,970.0 5,594.0 5,221.0 4,848.0

Exxon Mobil Corporation - Balance Sheet

($ in Millions)
Historical
2005 2006 2007 2008 2009
Assets:
Current Assets:
Cash & Cash-Equivalents: $ 28,671 $ 28,244 $ 33,981 $ 31,437 $ 10,693
Restricted Cash: 4,604 4,604 - - -
Marketable Securities: - - 519 570 169
Accounts Receivable, Net: 27,484 28,942 36,450 24,702 27,645
Inventory: 9,321 10,714 11,089 11,646 11,553
Other Current Assets: 3,262 3,273 3,924 3,911 5,175
Total Current Assets: 73,342 75,777 85,963 72,266 55,235

Long-Term Assets:
Investments & LT Receiv.: 20,592 23,237 28,194 28,556 31,665
Net PP&E: 107,010 113,687 120,869 121,346 139,116
 Other / Intangible Assets: 7,391 6,314 7,056 5,884 7,307
Total Long-Term Assets: 134,993 143,238 156,119 155,786 178,088

Total Assets: $ 208,335 $ 219,015 $ 242,082 $ 228,052 $ 233,323

Liabilities:
Current Liabilities:
Revolver: $ - $ - $ - $ - $ -
Notes and Loans Payable: 1,771 1,702 2,383 2,400 2,476
AP & Accrued Expenses: 36,120 39,082 45,275 36,643 41,275
Income Taxes Payable: 8,416 8,033 10,654 10,057 8,310
Total Current Liabilities: 46,307 48,817 58,312 49,100 52,061

Long-Term Liabilities:
Long-Term Debt: 6,220 6,645 7,183 7,025 7,129
Postretirement Benefits: 10,220 13,931 13,278 20,729 17,942
Deferred Income Taxes: 20,878 20,851 22,899 19,726 23,148
Other LT Obligations: 9,997 11,123 14,366 13,949 17,651
Total Long-Term Liabilities: 47,315 52,550 57,726 61,429 65,870

Total Liabilities: $ 93,622 $ 101,367 $ 116,038 $ 110,529 $ 117,931

Stockholders' Equity:
Common Stock (Excl. Par): $ 4,477 $ 4,786 $ 4,933 $ 5,314 $ 5,503
Treasury Stock: (55,347) (83,387) (113,678) (148,098) (166,410)
Retained Earnings: 163,335 195,207 228,518 265,680 276,937
Accum. Other Comp. Inc.: (1,279) (2,762) 1,989 (9,931) (5,461)
Total Stockholders' Equity: $ 111,186 $ 113,844 $ 121,762 $ 112,965 $ 110,569

Noncontrolling Interests: 3,527 3,804 4,282 4,558 4,823

Total Liabilities & Equity: $ 208,335 $ 219,015 $ 242,082 $ 228,052 $ 233,323

Balance Check: OK! OK! OK! OK! OK!

Exxon Mobil Corporation - Cash Flow Statement

($ in Millions)
Historical
2005 2006 2007 2008 2009
Operating Activities:
Net Income to Common: $ 36,130 $ 39,500 $ 40,610 $ 45,220 $ 19,280
Net Inc. to Noncontrolling: 799 1,051 1,005 1,647 378
Adjustments to NI:
Depreciation & Depletion: 10,253 11,416 12,250 12,379 11,917
Def. Inc. Tax / (Credit): (429) 1,717 124 1,399 -
 Pensions + / (-) Payments: 254 (1,787) (1,314) 57 (1,722)
LT Obli. + / (-) Payments: 398 (666) 1,065 (63) 731
Div. + / (-) Equity Interests: (734) (579) (714) 921 (483)
Change in AR: (3,700) (181) (5,441) 8,641 (3,170)
Change in Inventory: (434) (1,057) 72 (1,285) 459
Change in Oth. Cur. Assets: (7) (385) 280 (509) 132
Change in AP & Accrued: 7,806 1,160 6,228 (5,415) 1,420
Net (Gain) on Asset Sales: (1,980) (1,531) (2,217) (3,757) (488)
All Other Items - Net (218) 628 54 490 (16)
Cash Flow from Operations: 48,138 49,286 52,002 59,725 28,438

Investing Activities:
Capital Expenditures: (13,839) (15,462) (15,387) (19,318) (22,491)
Sales of Invest. and PP&E: 6,036 3,080 4,204 5,985 1,545
Decrease in Restricted Cash: - - 4,604 - -
Add'tl Invest. / Advances: (2,810) (2,604) (3,038) (2,495) (2,752)
Collection of Advances: 343 756 391 574 724
Mark. Securities Additions: - - (646) (2,113) (16)
Sales of Mark. Securities: - - 144 1,868 571
Cash Flow from Investing: (10,270) (14,230) (9,728) (15,499) (22,419)

Financing Activities:
Additions to LT Debt: 195 318 592 79 225
Payments of LT Debt: (81) (33) (209) (192) (68)
Additions to ST Debt: 377 334 1,211 1,067 1,336
Payments of ST Debt: (687) (451) (809) (1,624) (1,575)
Other Debt Changes: (1,306) (95) (187) 143 (71)
Dividends to Common: (7,185) (7,628) (7,621) (8,058) (8,023)
Dividends to Noncontrolling: (293) (239) (289) (375) (280)
Changes in Noncontrolling: (681) (493) (659) (419) (113)
SBC Tax Benefits: - 462 369 333 237
Treasury Stock Purchased: (18,221) (29,558) (31,822) (35,734) (19,703)
Common Stock Issued: 941 1,173 1,079 753 752
Cash Flow from Financing: (26,941) (36,210) (38,345) (44,027) (27,283)

FX Rate Effect: (787) 727 1,808 (2,743) 520

Cash Increase / (Decrease): $ 10,140 $ (427) $ 5,737 $ (2,544) $ (20,744)

Beginning Cash: 18,531 28,671 28,244 33,981 31,437
Less: Minimum Cash:
Required Borrowing:

Revolver Repayments:

Ending Cash: $ 28,671 $ 28,244 $ 33,981 $ 31,437 $ 10,693

Exxon Mobil Corporation - Working Capital Projections

Historical
2005 2006 2007 2008 2009

Accounts Receivable % NI: 76.1% 73.3% 89.8% 54.6% 143.4%

Inventory % NI: 25.8% 27.1% 27.3% 25.8% 59.9%

AP & Accrued % NI: 100.0% 98.9% 111.5% 81.0% 214.1%

Exxon Mobil Corporation - Debt and Interest Schedule for New Debt Issuances

Historical
2005 2006 2007 2008 2009

LIBOR:

End of Year Debt Amounts:

Revolver: $ -

Fixed
Interest Rate Assumptions: LIBOR + Interest
Revolver: 0.40%

Interest Expense Calculations:

Revolver:
 Projected
2010 2011 2012

4,772 4,736 4,654

20,521 20,759 22,080
763 1,571 1,303
1,823 2,991 3,128
3,570 3,150 3,235
- - -
(145) (144) (143)
- (19) (67)
(2,247) (2,281) (2,315)
$ 29,057 $ 30,763 $ 31,875
- - -
$ 29,057 $ 30,763 $ 31,875

753 797 826

2.6% 2.6% 2.6%
$ 29,810 $ 31,560 $ 32,700

$ 6.25 $ 7.12 $ 7.94

43.5% 43.5% 43.5%

4,649.1 4,320.6 4,014.4

Projected
2010 2011 2012

$ 5,509 $ 5,000 $ 5,000

- - -
169 169 169
25,402 26,894 27,865
9,641 10,207 10,576
5,175 5,175 5,175
45,897 47,445 48,786

34,165 36,665 39,165

146,664 153,411 160,024
 7,307 7,307 7,307
188,136 197,383 206,496

$ 234,033 $ 244,828 $ 255,282

$ - $ 9,659 $ 16,876
2,476 2,476 2,476
35,189 37,255 38,601
8,310 8,310 8,310
45,975 57,699 66,264

7,129 7,129 7,129

17,040 16,137 15,235
23,648 24,148 24,648
17,944 18,237 18,530
65,761 65,651 65,542

$ 111,736 $ 123,351 $ 131,805

5,503 5,503 5,503

(180,894) (204,818) (227,120)
297,389 319,511 342,800
(5,276) (5,091) (4,905)
$ 116,722 $ 115,105 $ 116,278

5,576 6,372 7,198

$ 234,033 $ 244,828 $ 255,282

OK! OK! OK!

Projected
2010 2011 2012

$ 29,057 $ 30,763 $ 31,875

753 797 826

13,443 14,244 14,378

500 500 500
 (902) (902) (902)
293 293 293
(318) (318) (318)
2,243 (1,491) (972)
1,912 (566) (369)
- - -
(6,086) 2,066 1,346
- - -
- - -
40,894 45,385 46,656

(22,491) (22,491) (22,491)

1,500 1,500 1,500
- - -
(2,740) (2,740) (2,740)
558 558 558
- - -
- - -
(23,173) (23,173) (23,173)

- - -
- - -
- - -
- - -
- - -
(8,310) (8,346) (8,290)
(295) (295) (295)
- - -
280 280 280
(14,484) (23,924) (22,301)
- - -
(22,809) (32,285) (30,606)

(95) (95) (95)

$ (5,184) $ (10,168) $ (7,218)

10,693 5,509 5,000
(5,000) (5,000) (5,000)
- 9,659 7,218

- - -

$ 5,509 $ 5,000 $ 5,000

 Projected
2010 2011 2012

87.4% 87.4% 87.4%

33.2% 33.2% 33.2%

121.1% 121.1% 121.1%

Projected
2010 2011 2012

0.30% 0.30% 0.50%

$ - $ 9,659 $ 16,876

0.70% 0.70% 0.90%

$ - $ 34 $ 119
Comparable Companies - North American Oil & Gas E&P Companies with Over 10 Tcfe Proved Reserves
($ in Millions Except Per Share, Reserve, and Production Data)

Operating Statistics Capitalization

Equity Enterprise EBITDAX(3)
Company Name Value(1) Value(1)(2) TTM 12/31/2010 12/31/2011
Chesapeake Energy Corporation $ 15,489 $ 29,710 $ 4,509 $ 4,571 $ 4,949
Anadarko Petroleum 28,937 40,880 5,743 8,099 9,908
Occidental Petroleum Corporation 61,989 64,381 8,447 12,659 16,428
Apache Corporation 32,252 37,384 5,989 8,264 9,694
Devon Energy Corporation 28,999 37,353 4,797 6,364 5,613
EOG Resources, Inc. 22,289 24,882 1,761 4,375 5,507

Maximum $ 61,989 $ 64,381 $ 8,447 $ 12,659 $ 16,428

75th Percentile 31,439 40,006 5,927 8,223 9,855
Median $ 28,968 $ 37,368 $ 5,270 $ 7,232 $ 7,654
25th Percentile 23,951 31,620 4,581 5,019 5,534
Minimum 15,489 24,882 1,761 4,375 4,949

XTO Energy Inc. $ 24,542 $ 34,686 $ 7,150 $ 6,818 $ 7,416

Valuation Statistics Capitalization Enterprise Value /

Equity Enterprise EBITDAX(3)
Company Name Value(1) Value(1)(2) TTM 12/31/2010 12/31/2011
Chesapeake Energy Corporation $ 15,489 $ 29,710 6.6 x 6.5 x 6.0 x
Anadarko Petroleum 28,937 40,880 7.1 x 5.0 x 4.1 x
Occidental Petroleum Corporation 61,989 64,381 7.6 x 5.1 x 3.9 x
Apache Corporation 32,252 37,384 6.2 x 4.5 x 3.9 x
Devon Energy Corporation 28,999 37,353 7.8 x 5.9 x 6.7 x
EOG Resources, Inc. 22,289 24,882 14.1 x 5.7 x 4.5 x

Maximum $ 61,989 $ 64,381 14.1 x 6.5 x 6.7 x

75th Percentile 31,439 40,006 7.7 x 5.8 x 5.6 x
Median $ 28,968 $ 37,368 7.4 x 5.4 x 4.3 x
25th Percentile 23,951 31,620 6.7 x 5.1 x 4.0 x
Minimum 15,489 24,882 6.2 x 4.5 x 3.9 x

XTO Energy Inc. $ 24,542 $ 34,686 4.9 x 5.1 x 4.7 x

(1) Valuation as of 12/11/2009.

(2) Enterprise Value defined as Equity Value less Cash & Cash Equivalents, less Net Value of Derivatives, less Investments in
Obligation, plus Capital Leases, plus Unfunded Pension Obligations, plus Preferred Stock, plus Noncontrolling Interests.
(3) EBITDAX defined as Operating Income plus DD&A, plus Asset Retirement Accretion, plus Stock-Based Compensation, pl
Other One-Time and Restructuring Charges, plus Exploration Expense.
(4) Oil Mix % Based on TTM Production Data rather than Reserves.
ed Reserves

Proved Daily Proved R/P

Reserves Production Production Developed Oil Ratio
(Bcfe) (MMcfe) Areas / Proved Mix % (4)
(Years)
14,254.0 2,480.8 US Diversified 58.4% 7.8% 15.7
13,824.0 3,624.0 International; US-Focused 70.5% 30.9% 10.5
19,350.0 3,870.0 International 77.3% 76.2% 13.7
14,199.5 3,499.7 International 69.1% 47.8% 11.1
16,398.0 3,830.1 US & Canada 70.3% 18.0% 11.7
10,776.1 2,118.0 US, Canada & Trinidad 54.4% 15.6% 13.9

19,350.0 3,870.0 77.3% 76.2% 15.7

15,862.0 3,778.6 70.4% 43.6% 13.9
14,226.8 3,561.9 69.7% 24.5% 12.7
13,917.9 2,735.5 61.1% 16.2% 11.3
10,776.1 2,118.0 54.4% 7.8% 10.5

14,827.3 2,863.6 US Diversified 60.7% 13.9% 14.2

Enterprise Value /
Proved Daily
Reserves Production
$ 2.08 $ 11.98
2.96 11.28
3.33 16.64
2.63 10.68
2.28 9.75
2.31 11.75

$ 3.33 $ 16.64
2.88 11.92
$ 2.47 $ 11.51
2.29 10.83
2.08 9.75

$ 2.34 $ 12.11

erivatives, less Investments in Equity Companies, plus Total Debt, plus Asset Retirement
Noncontrolling Interests.
ock-Based Compensation, plus Non-Cash Derivative Losses, plus Impairment Charges, plus
 CHK
Chesapeake Energy Corporation
Calendarization
Old Partial New Partial FY TTM
Operating Income: $ (8,945) $ (8,945)
Plus: DD&A: 1,615 1,615
Plus: Asset Retirement Accretion: - -
Plus: Stock-Based Compensation: 140 140
Plus: Non-Cash Derivative Losses: 497 497
Plus: Impairment Charge: 11,130 11,130
Plus: Other One-Time Charges: 72 72
EBITDA: $ - $ - $ 4,509 $ 4,509
Plus: Exploration: - -
EBITDAX: $ - $ - $ 4,509 $ 4,509

Tax Rate: 38%

Production Data
Proved Reserves (Bcfe): 14,254.0
Production Area: US Diversified
Proved Developed Reserves (Bcfe): 8,331.0
Daily Production (MMcfe): 2,480.8
Period Production (Bcfe): 905.5 905.5
Oil, Period Production (Bcfe): 70.8 70.8

Balance Sheet Data

Cash & Cash-Equivalents: $ 307
Net Value of Derivatives: (62)
Investments in Equity Companies: 404
Total Debt: 12,295
Asset Retirement Obligation: 282
Capital Leases, Pensions & Other: 930
Preferred Stock: 466
Noncontrolling Interests: 897

Equity Research Projections

12/31/2010 12/31/2011 12/31/2012
Bank: DB
Date: 02.03.2010
EBITDA: $ 4,571 $ 4,949 N/A
Plus: Exploration: - - N/A
EBITDAX: $ 4,571 $ 4,949 N/A

Diluted Shares Calculation

 Current Share Price: $ 23.03
Common Shares: 651.86
Restricted Shares: 19.22

Options, Warrants & Other Dilutive: Total Strike Dilution

0.13 $ 3.82 0.10
0.26 5.20 0.20
0.12 5.54 0.09
0.42 6.11 0.31
0.09 6.95 0.06
0.38 7.80 0.25
0.11 8.58 0.07
0.43 10.08 0.24
0.25 13.31 0.11
0.09 19.72 0.01
0.00
0.00
0.00
0.00
0.00
Total Diluted Shares: 672.54

Valuation Metrics

Equity Value: $ 15,489

Enterprise Value: 29,710
Beta: 1.15

Valuation Multiples
TTM 12/31/2010 12/31/2011 12/31/2012
EV / EBITDA: 6.6 x 6.5 x 6.0 x N/A
EV / EBITDAX: 6.6 x 6.5 x 6.0 x N/A
EV / Proved Reserves: $ 2.08 N/A N/A N/A
EV / Daily Production: $ 11.98 N/A N/A N/A

Lookup Variables

12/31/2010 EBITDA: 4,571

12/31/2010 EBITDAX: 4,571

12/31/2011 EBITDA: 4,949

12/31/2011 EBITDAX: 4,949

12/31/2012 EBITDA: N/A

12/31/2012 EBITDAX: N/A
TTM EV / EBITDA: 6.6 x
TTM EV / EBITDAX: 6.6 x
TTM EV / Proved Reserves: $ 2.08
TTM EV / Daily Production: $ 11.98

12/31/2010 EV / EBITDA: 6.5 x

12/31/2010 EV / EBITDAX: 6.5 x

12/31/2011 EV / EBITDA: 6.0 x

12/31/2011 EV / EBITDAX: 6.0 x

12/31/2012 EV / EBITDA: N/A

12/31/2012 EV / EBITDAX: N/A

Proved Developed / Total Proved: 58.4%

Oil Mix %: 7.8%
R / P Ratio: 15.7
 APC
Anadarko Petroleum
Calendarization Calendarization
Old Partial New Partial FY TTM Old Partial
$ 551 $ 551
3,532 3,532
89 89
309 309
717 717
115 115
(677) (677)
$ - $ - $ 4,636 $ 4,636 $ -
1,107 1,107
$ - $ - $ 5,743 $ 5,743 $ -

40%

Production Data Production Data

13,824.0
International; US-Focused
9,744.0
3,624.0
1,320.0 1,320.0
408.0 408.0

Balance Sheet Data Balance Sheet Data

$ 3,531
(46)
-
12,748
1,446
747
-
487

Equity Research Projections Equity Research Projectio

12/31/2010 12/31/2011 12/31/2012 12/31/2010
MAC
11.23.2009
$ 6,992 $ 8,801 N/A $ 12,441
1,107 1,107 N/A 218
$ 8,099 $ 9,908 N/A $ 12,659

Diluted Shares Calculation Diluted Shares Calculatio

 $ 57.99
492.56
3.83

Total Strike Dilution

9.48 $ 42.01 2.61
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
499.00

$ 28,937
40,880
1.41

Valuation Multiples Valuation Multiples

TTM 12/31/2010 12/31/2011 12/31/2012 TTM
8.8 x 5.8 x 4.6 x N/A 7.9 x
7.1 x 5.0 x 4.1 x N/A 7.6 x
$ 2.96 N/A N/A N/A $ 3.33
$ 11.28 N/A N/A N/A $ 16.64

Lookup Variables Lookup Variables

6,992
8,099

8,801
9,908

N/A
N/A
 8.8 x
7.1 x
$ 2.96
$ 11.28

5.8 x
5.0 x

4.6 x
4.1 x

N/A
N/A

70.5%
30.9%
10.5
 OXY
Occidental Petroleum Corporation Apache Corporation
Calendarization Calendarization
New Partial FY TTM Old Partial New Partial FY
$ 4,669 $ 4,669 $ 326
3,117 3,117 5,213
36 36 105
151 151 104
- - (2)
170 170 -
37 37 242
$ - $ 8,180 $ 8,180 $ - $ - $ 5,989
267 267 -
$ - $ 8,447 $ 8,447 $ - $ - $ 5,989

40%

Production Data Production Data

19,350.0
International
14,957.0
3,870.0
1,410.0 1,410.0 1,277.4
1,074.0 1,074.0 610.4

Balance Sheet Data Balance Sheet Data

$ 1,230
(339)
1,732
2,796
722
1,419
-
78

Equity Research Projections Equity Research Projections

12/31/2011 12/31/2012 12/31/2010 12/31/2011 12/31/2012
MS
01.28.2010
$ 16,176 $ 17,681 $ 8,264 $ 9,694 N/A
252 287 - - N/A
$ 16,428 $ 17,968 $ 8,264 $ 9,694 N/A

Diluted Shares Calculation Diluted Shares Calculation

 $ 76.00
811.96
1.51

Total Strike Dilution Total Strike

2.41 $ 30.40 1.45 5.92 $ 72.29
1.09 24.66 0.73 1.56 216.00
0.00 1.04 162.00
0.00 0.26 81.00
0.00 0.84 108.00
0.00 0.78 34.68
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
815.64

$ 61,989
64,381
0.98

Valuation Multiples Valuation Multiples

12/31/2010 12/31/2011 12/31/2012 TTM 12/31/2010 12/31/2011
5.2 x 4.0 x 3.6 x 6.2 x 4.5 x 3.9 x
5.1 x 3.9 x 3.6 x 6.2 x 4.5 x 3.9 x
N/A N/A N/A $ 2.63 N/A N/A
N/A N/A N/A $ 10.68 N/A N/A

Lookup Variables Lookup Variables

12,441
12,659

16,176
16,428

17,681
17,968
 7.9 x
7.6 x
$ 3.33
$ 16.64

5.2 x
5.1 x

4.0 x
3.9 x

3.6 x
3.6 x

77.3%
76.2%
13.7
 APA DVN
Apache Corporation Devon Energy Corporation
ation Calendarization
TTM Old Partial New Partial FY TTM
$ 326 $ (4,526) $ (4,526)
5,213 2,108 2,108
105 91 91
104 209 209
(2) 121 121
- 6,408 6,408
242 386 386
$ 5,989 $ - $ - $ 4,797 $ 4,797
- - -
$ 5,989 $ - $ - $ 4,797 $ 4,797

40% 35%

Data Production Data

14,199.5 16,398.0
International US & Canada
9,813.4 11,532.0
3,499.7 3,830.14
1,277.4 1,398.0 1,398.0
610.4 252.0 252.0

et Data Balance Sheet Data

$ 2,048 $ 646
(266) 304
- -
5,068 7,279
1,784 1,513
63 512
- -
- -

Projections Equity Research Projections

12/31/2010 12/31/2011 12/31/2012
WF PCP
01.28.2010 11.18.2009
$ 6,364 $ 5,613 N/A
- - N/A
$ 6,364 $ 5,613 N/A

alculation Diluted Shares Calculation

 $ 94.63 $ 63.89
336.55 446.80
1.84 6.17

Dilution Total Strike Dilution

1.40 12.16 $ 59.07 0.92
0.00 0.00
0.00 0.00
0.26 0.00
0.00 0.00
0.78 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
340.82 453.88

$ 32,252 $ 28,999
37,384 37,353
1.19 1.05

ultiples Valuation Multiples

12/31/2012 TTM 12/31/2010 12/31/2011 12/31/2012
N/A 7.8 x 5.9 x 6.7 x N/A
N/A 7.8 x 5.9 x 6.7 x N/A
N/A $ 2.28 N/A N/A N/A
N/A $ 9.75 N/A N/A N/A

ables Lookup Variables

8,264 6,364
8,264 6,364

9,694 5,613
9,694 5,613

N/A N/A
N/A N/A
 6.2 x 7.8 x
6.2 x 7.8 x
$ 2.63 $ 2.28
$ 10.68 $ 9.75

4.5 x 5.9 x
4.5 x 5.9 x

3.9 x 6.7 x
3.9 x 6.7 x

N/A N/A
N/A N/A

69.1% 70.3%
47.8% 18.0%
11.1 11.7
 EOG
EOG Resources, Inc.
Calendarization Calendarization
Old Partial New Partial FY TTM Old Partial New Partial
$ 971 $ 971
1,549 1,549
- -
95 95
(846) (846)
306 306
(535) (535)
$ - $ - $ 1,540 $ 1,540 $ - $ -
221 221
$ - $ - $ 1,761 $ 1,761 $ - $ -

37%

Production Data Production Data

10,776.1
US, Canada & Trinidad
5,858.2
2,118.0
773.0 773.0
120.9 120.9

Balance Sheet Data Balance Sheet Data

$ 686
(65)
41
2,797
456
1
-
-

Equity Research Projections Equity Research Projections

12/31/2010 12/31/2011 12/31/2012 12/31/2010 12/31/2011
MS
01.12.2010
$ 4,028 $ 5,092 N/A $ 6,738 $ 7,328
347 415 N/A 80 89
$ 4,375 $ 5,507 N/A $ 6,818 $ 7,416

Diluted Shares Calculation Diluted Shares Calculation

 $ 86.05
252.58
3.64

Total Strike Dilution Total

0.48 $ 16.60 0.38 18.37
1.43 18.37 1.12 2.60
0.68 23.42 0.50 0.39
2.31 61.94 0.65 0.23
3.44 82.13 0.16 0.25
0.00 0.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
259.02

$ 22,289
24,882
0.93

Valuation Multiples Valuation Multiples

TTM 12/31/2010 12/31/2011 12/31/2012 TTM 12/31/2010
16.2 x 6.2 x 4.9 x N/A 4.9 x 5.1 x
14.1 x 5.7 x 4.5 x N/A 4.9 x 5.1 x
$ 2.31 N/A N/A N/A $ 2.34 N/A
$ 11.75 N/A N/A N/A $ 12.11 N/A

Lookup Variables Lookup Variables

4,028
4,375

5,092
5,507

N/A
N/A
 16.2 x
14.1 x
$ 2.31
$ 11.75

6.2 x
5.7 x

4.9 x
4.5 x

N/A
N/A

54.4%
15.6%
13.9
 XTO
XTO Energy Inc.
Calendarization
FY TTM
$ 3,687 $ 3,687
3,079 3,079
40 40
137 137
130 130
- -
- -
$ 7,073 $ 7,073
77 77
$ 7,150 $ 7,150

36%

Production Data
14,827.3
US Diversified
9,004.9
2,863.6
1,045.2 1,045.2
145.2 145.2

Balance Sheet Data

$ 9
1,117
-
10,487
783
-
-
-

uity Research Projections

12/31/2012
N/A
N/A
$ 7,943
97
$ 8,040

iluted Shares Calculation

 $ 41.49
583.34
5.49

Strike Dilution
$ 38.39 1.37
20.78 1.30
50.00 0.00
55.00 0.00
77.00 0.00
85.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
591.51

$ 24,542
34,686
1.10

Valuation Multiples
12/31/2011 12/31/2012
4.7 x 4.4 x
4.7 x 4.3 x
N/A N/A
N/A N/A

Lookup Variables

6,738
6,818

7,328
7,416

7,943
8,040
 4.9 x
4.9 x
$ 2.34
$ 12.11

5.1 x
5.1 x

4.7 x
4.7 x

4.4 x
4.3 x

60.7%
13.9%
14.2
Precedent Transactions - Oil & Gas M&A Deals Worth Over $2 Billion USD with North American-Based Sellers Since 1/1/
($ in Millions USD Except Per Share, Reserve, and Production Data)

XTO Energy Inc. - Comparable M&A Transactions

Transaction Value
Announce Equity
Acquirer Name Target Name Date Value(1)
Suncor Energy Inc. Petro-Canada 3/23/2009 $ 15,515
Denbury Resources Inc. Encore Acquisition Company 11/3/2009 2,875
Petrobank Energy and Resources Ltd. TriStar Oil & Gas Ltd. 8/5/2009 2,112
Shell Canada Limited Duvernay Oil Corp. 7/14/2008 5,193
XTO Energy Inc. Hunt Petroleum Corp. 6/10/2008 4,186

Maximum $ 15,515
75th Percentile 5,193
Median $ 4,186
25th Percentile 2,875
Minimum 2,112

(1) Valuation as of announcement date, assuming per-share offer price from acquirer.
(2) Enterprise Value defined as Equity Value less Cash & Cash Equivalents, less Net Value of Derivatives, less Investments in
Obligation, plus Capital Leases, plus Unfunded Pension Obligations, plus Preferred Stock, plus Noncontrolling Interests.
(3) Oil Mix % Based on TTM Production Data rather than Reserves.
(4) EBITDAX defined as Operating Income plus DD&A, plus Asset Retirement Accretion, plus Stock-Based Compensation, pl
Other One-Time and Restructuring Charges, plus Exploration Expense.
merican-Based Sellers Since 1/1/2008

Operating Metrics - TTM:

Transaction Value Proved R/P Proved Daily
Enterprise Production Developed Oil Ratio Reserves Production
Value (2)
Areas / Proved Mix % (3) (Years) EBITDAX(4) (Bcfe) (MMcfe)
$ 19,407 Canada 54.0% 71.9% 8.4 $ 7,477 7,716.0 2,508.2
4,419 US Diversified 80.1% 65.4% 12.1 518 1,114.2 259.4
2,478 Canada 74.0% 72.9% 6.9 210 316.0 122.4
5,696 Canada 50.2% 10.7% 9.8 267 467.7 144.6
4,480 US Diversified 62.0% N/A N/A 1,200 1,052.0 261.8

$ 19,407 80.1% 72.9% 12.1 $ 7,477 $ 7,716 $ 2,508

5,696 74.0% 72.2% 10.4 1,200 1,114 262
$ 4,480 62.0% 68.7% 9.1 $ 518 $ 1,052 $ 259
4,419 54.0% 51.7% 8.0 267 468 145
2,478 50.2% 10.7% 6.9 210 316 122

f Derivatives, less Investments in Equity Companies, plus Total Debt, plus Asset Retirement
plus Noncontrolling Interests.

us Stock-Based Compensation, plus Non-Cash Derivative Losses, plus Impairment Charges, plus
 Transaction Valuation Multiples:

Proved Daily
EBITDAX (4)
Reserves Production
2.6 x $ 2.52 $ 7.74
8.5 x 3.97 17.04
11.8 x 7.84 20.24
21.3 x 12.18 39.39
3.7 x 4.26 17.11

21.3 x $ 12.18 $ 39.39

11.8 x 7.84 20.24
8.5 x 4.26 17.11
3.7 x 3.97 17.04
2.6 x 2.52 7.74
 TSX:PCA
Petro-Canada
Suncor Energy Inc.
Calendarization
Interim Period: 12/31/2008
FY Ends: 12/31/2008
Old Partial New Partial FY TTM
Operating Income: $ 5,753 $ 5,753
Plus: DD&A: 2,155 2,155
Plus: Asset Retirement Accretion: 79 79
Plus: Stock-Based Compensation: - -
Plus: Non-Cash Derivative Losses: - -
Plus: Impairment Charge: - -
Plus: Other One-Time Charges: 706 706
EBITDA: $ 8,693 $ 8,693
Plus: Exploration: 587 587
EBITDAX: $ 9,280 $ 9,280

Production Data
Proved Reserves (Bcfe): 7,716.0
Production Areas: Canada
Proved Developed Reserves (Bcfe): 4,166.6
Daily Production (MMcfe): 2,508.2
Period Production (Bcfe): 918.0 918.0
Oil, Period Production (Bcfe): 660.0 660.0

Balance Sheet Data

Cash & Cash-Equivalents: $ 1,445
Net Value of Derivatives: -
Investments in Equity Companies: -
Total Debt: 4,749
Asset Retirement Obligation: 1,527
Capital Leases, Pensions & Other: -
Preferred Stock: -
Noncontrolling Interests: -

Equity Research Projections

N/A N/A N/A
Bank: N/A
Date: N/A
EBITDA: N/A N/A N/A
Plus: Exploration: N/A N/A N/A
EBITDAX: N/A N/A N/A
 Diluted Shares Calculation
Announcement Date: 3/23/2009
FX Exchange Rate: 0.8057
Offer Price Per Share: $ 39.55
Common Shares: 484.60
Restricted Shares: -

Options, Warrants & Other Dilutive: Total Strike Dilution

22.13 $ 37.00 1.43
0.83 0.83
7.21 46.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Diluted Shares: 486.85

Transaction Valuation Metrics

Equity Value: $ 19,256

Enterprise Value: 24,087

Valuation Multiples
TTM N/A N/A N/A
EV / EBITDA: 2.8 x N/A N/A N/A
EV / EBITDAX: 2.6 x N/A N/A N/A
EV / Proved Reserves: $ 3.12 N/A N/A N/A
EV / Daily Production: $ 9.60 N/A N/A N/A

Lookup Variables

TTM EV / EBITDA: 2.8 x

TTM EV / EBITDAX: 2.6 x
TTM EV / Proved Reserves: $ 3.12
TTM EV / Daily Production: $ 9.60

Proved Developed / Total Proved: 54.0%

Oil Mix %: 71.9%
R / P Ratio: 8.4
 EAC
Encore Acquisition Company
Denbury Resources Inc.
Calendarization Calendarization
Interim Period: 9/30/2009 Interim Period:
FY Ends: 12/31/2008 FY Ends:
Old Partial New Partial FY TTM Old Partial
$ 388 $ (39) $ 796 $ 369 $ (42)
159 217 228 286 118
- - - - -
10 10 14 14 3
38 106 (300) (232) 129
26 - 60 33 -
0 (1) (4) (4) 7
$ 622 $ 293 $ 794 $ 465 $ 215
30 44 39 53 -
$ 652 $ 337 $ 834 $ 518 $ 215

Production Data Production Data

1,114.2
US Diversified
892.8
259.4
63.6 69.1 86.7 92.2 21.7
44.7 44.7 60.3 60.3 15.7

Balance Sheet Data Balance Sheet Data

$ 7
23
-
1,243
54
1
-
275

Equity Research Projections Equity Research Projectio

N/A N/A N/A N/A
N/A
N/A
N/A N/A N/A N/A
N/A N/A N/A N/A
N/A N/A N/A N/A
 Diluted Shares Calculation Diluted Shares Calculatio
11/3/2009
1.0000
$ 50.00
55.54
0.92

Total Strike Dilution

1.73 $ 19.85 1.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
57.51

Transaction Valuation Metrics Transaction Valuation Me

$ 2,875
4,419

Valuation Multiples Valuation Multiples

TTM N/A N/A N/A TTM
9.5 x N/A N/A N/A 11.8 x
8.5 x N/A N/A N/A 11.8 x
$ 3.97 N/A N/A N/A $ 8.38
$ 17.04 N/A N/A N/A $ 21.63

Lookup Variables Lookup Variables

9.5 x
8.5 x
$ 3.97
$ 17.04

80.1%
65.4%
12.1
 TS
TriStar Oil & Gas Ltd. Duvernay Oil Corp.
Petrobank Energy and Resources Ltd. Shell Canada Limited
Calendarization Calendarization
erim Period: 6/30/2009 Interim Period:
12/31/2008 FY Ends:
New Partial FY TTM Old Partial New Partial FY
$ (78) $ 158 $ 122 $ 16 $ (17) $ 61
119 246 247 39 47 158
- - - - - -
5 7 9 2 3 9
37 (73) (166) 7 41 10
- - - - - -
5 13 11 4 6 21
$ 87 $ 352 $ 224 $ 68 $ 79 $ 259
- - - - - -
$ 87 $ 352 $ 224 $ 68 $ 79 $ 259

Production Data Production Data

316.0
Canada
233.8
122.4
22.4 45.2 45.9 11.3 13.2 45.9
17.7 31.5 33.5 1.2 1.3 5.0

Balance Sheet Data Balance Sheet Data

$ -
(0)
-
348
42
-
-
-

Equity Research Projections Equity Research Projections

N/A N/A N/A N/A N/A
N/A
N/A
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
 Diluted Shares Calculation Diluted Shares Calculation
8/5/2009
0.9357
$ 14.75
152.04
-

Total Strike Dilution Total Strike

4.24 $ 11.23 1.01 5.42 $ 29.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
153.05

Transaction Valuation Metrics Transaction Valuation Metrics

$ 2,257
2,648

Valuation Multiples Valuation Multiples

N/A N/A N/A TTM N/A N/A
N/A N/A N/A 21.3 x N/A N/A
N/A N/A N/A 21.3 x N/A N/A
N/A N/A N/A $ 12.30 N/A N/A
N/A N/A N/A $ 39.77 N/A N/A

Lookup Variables Lookup Variables

11.8 x
11.8 x
$ 8.38
$ 21.63

74.0%
72.9%
6.9
 DUV HNT
Duvernay Oil Corp. Hunt Petroleum Corp.
Shell Canada Limited XTO Energy Inc.
ation Calendarization
3/31/2008 Interim Period: 6/30/2008
12/31/2007 FY Ends: 12/31/2007
TTM Old Partial New Partial FY TTM
$ 28 N/A N/A N/A N/A
165 N/A N/A N/A N/A
- N/A N/A N/A N/A
10 N/A N/A N/A N/A
44 N/A N/A N/A N/A
- N/A N/A N/A N/A
23 N/A N/A N/A N/A
$ 270 N/A N/A N/A $ 1,200
- N/A N/A N/A N/A
$ 270 N/A N/A N/A $ 1,200

Data Production Data

467.7 1,052.0
Canada US Diversified
234.6 652.2
144.6 261.8
47.8 -
5.1 -

et Data Balance Sheet Data

$ - $ 198
(42) -
15 -
464 337
16 155
- -
- -
- -

Projections Equity Research Projections

N/A N/A N/A
N/A N/A
N/A N/A
N/A N/A N/A
N/A N/A N/A
N/A N/A N/A
alculation Diluted Shares Calculation
7/14/2008 6/10/2008
0.9904 1.0000
$ 83.00
59.67
-

Dilution Total Strike Dilution

3.51 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
63.18 0.00

tion Metrics Transaction Valuation Metrics

$ 5,244 $ 4,186
5,751 4,480

ultiples Valuation Multiples

N/A TTM N/A N/A N/A
N/A 3.7 x N/A N/A N/A
N/A 3.7 x N/A N/A N/A
N/A $ 4.26 N/A N/A N/A
N/A $ 17.11 N/A N/A N/A

ables Lookup Variables

21.3 x 3.7 x
21.3 x 3.7 x
$ 12.30 $ 4.26
$ 39.77 $ 17.11

50.2% 62.0%
10.7% N/A
9.8 N/A