EXXON MOBIL CORP 10-Q form for quarterly period ended 2024-06-30, page 3: 
PART I. FINANCIAL INFORMATION


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|---:|:-----------------------------|
|  1 | ITEM 1. FINANCIAL STATEMENTS |


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|  2 | CONDENSED CONSOLIDATED STATEMENT OF INCOME |

|    |                                                                                                                      |      |                            |      |                          |         |         |
|---:|:---------------------------------------------------------------------------------------------------------------------|:-----|:---------------------------|:-----|:-------------------------|:--------|:--------|
|  1 | (millions of dollars, unless noted)                                                                                  |      | Three Months EndedJune 30, |      | Six Months EndedJune 30, |         |         |
|  2 | 2024                                                                                                                 | 2023 |                            | 2024 | 2023                     |         |         |
|  3 | Revenues and other income                                                                                            |      |                            |      |                          |         |         |
|  4 | Sales and other operating revenue                                                                                    |      | 89,986                     |      | 80,795                   | 170,397 | 164,439 |
|  5 | Income from equity affiliates                                                                                        |      | 1,744                      |      | 1,382                    | 3,586   | 3,763   |
|  6 | Other income                                                                                                         |      | 1,330                      |      | 737                      | 2,160   | 1,276   |
|  7 | Total revenues and other income                                                                                      |      | 93,060                     |      | 82,914                   | 176,143 | 169,478 |
|  8 | Costs and other deductions                                                                                           |      |                            |      |                          |         |         |
|  9 | Crude oil and product purchases                                                                                      |      | 54,199                     |      | 47,598                   | 101,800 | 93,601  |
| 10 | Production and manufacturing expenses                                                                                |      | 9,804                      |      | 8,860                    | 18,895  | 18,296  |
| 11 | Selling, general and administrative expenses                                                                         |      | 2,568                      |      | 2,449                    | 5,063   | 4,839   |
| 12 | Depreciation and depletion (includes impairments)                                                                    |      | 5,787                      |      | 4,242                    | 10,599  | 8,486   |
| 13 | Exploration expenses, including dry holes                                                                            |      | 153                        |      | 133                      | 301     | 274     |
| 14 | Non-service pension and postretirement benefit expense                                                               |      | 34                         |      | 164                      | 57      | 331     |
| 15 | Interest expense                                                                                                     |      | 271                        |      | 249                      | 492     | 408     |
| 16 | Other taxes and duties                                                                                               |      | 6,579                      |      | 7,563                    | 12,902  | 14,784  |
| 17 | Total costs and other deductions                                                                                     |      | 79,395                     |      | 71,258                   | 150,109 | 141,019 |
| 18 | Income (loss) before income taxes                                                                                    |      | 13,665                     |      | 11,656                   | 26,034  | 28,459  |
| 19 | Income tax expense (benefit)                                                                                         |      | 4,094                      |      | 3,503                    | 7,897   | 8,463   |
| 20 | Net income (loss) including noncontrolling interests                                                                 |      | 9,571                      |      | 8,153                    | 18,137  | 19,996  |
| 21 | Net income (loss) attributable to noncontrolling interests                                                           |      | 331                        |      | 273                      | 677     | 686     |
| 22 | Net income (loss) attributable to ExxonMobil                                                                         |      | 9,240                      |      | 7,880                    | 17,460  | 19,310  |
| 24 | Earnings (loss) per common share (dollars)                                                                           |      | 2.14                       |      | 1.94                     | 4.20    | 4.73    |
| 26 | Earnings (loss) per common share - assuming dilution (dollars)                                                       |      | 2.14                       |      | 1.94                     | 4.20    | 4.73    |
| 28 | The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |      |                            |      |                          |         |         |
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, EXXON MOBIL CORP 10-Q form for quarterly period ended 2024-06-30, page 5: 
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|---:|:-------------------------------------|
|  2 | CONDENSED CONSOLIDATED BALANCE SHEET |

|    |                                                                                                                      |               |                   |           |
|---:|:---------------------------------------------------------------------------------------------------------------------|:--------------|:------------------|:----------|
|  1 | (millions of dollars, unless noted)                                                                                  | June 30, 2024 | December 31, 2023 |           |
|  3 | ASSETS                                                                                                               |               |                   |           |
|  4 | Current assets                                                                                                       |               |                   |           |
|  5 | Cash and cash equivalents                                                                                            | 26,460        |                   | 31,539    |
|  6 | Cash and cash equivalents – restricted                                                                               | 28            |                   | 29        |
|  7 | Notes and accounts receivable – net                                                                                  | 43,071        |                   | 38,015    |
|  8 | Inventories                                                                                                          |               |                   |           |
|  9 | Crude oil, products and merchandise                                                                                  | 19,685        |                   | 20,528    |
| 10 | Materials and supplies                                                                                               | 4,818         |                   | 4,592     |
| 11 | Other current assets                                                                                                 | 2,176         |                   | 1,906     |
| 12 | Total current assets                                                                                                 | 96,238        |                   | 96,609    |
| 13 | Investments, advances and long-term receivables                                                                      | 47,948        |                   | 47,630    |
| 14 | Property, plant and equipment – net                                                                                  | 298,283       |                   | 214,940   |
| 15 | Other assets, including intangibles – net                                                                            | 18,238        |                   | 17,138    |
| 16 | Total Assets                                                                                                         | 460,707       |                   | 376,317   |
| 18 | LIABILITIES                                                                                                          |               |                   |           |
| 19 | Current liabilities                                                                                                  |               |                   |           |
| 20 | Notes and loans payable                                                                                              | 6,621         |                   | 4,090     |
| 21 | Accounts payable and accrued liabilities                                                                             | 60,107        |                   | 58,037    |
| 22 | Income taxes payable                                                                                                 | 4,035         |                   | 3,189     |
| 23 | Total current liabilities                                                                                            | 70,763        |                   | 65,316    |
| 24 | Long-term debt                                                                                                       | 36,565        |                   | 37,483    |
| 25 | Postretirement benefits reserves                                                                                     | 10,398        |                   | 10,496    |
| 26 | Deferred income tax liabilities                                                                                      | 40,080        |                   | 24,452    |
| 27 | Long-term obligations to equity companies                                                                            | 1,612         |                   | 1,804     |
| 28 | Other long-term obligations                                                                                          | 25,023        |                   | 24,228    |
| 29 | Total Liabilities                                                                                                    | 184,441       |                   | 163,779   |
| 31 | Commitments and contingencies (Note 3)                                                                               |               |                   |           |
| 33 | EQUITY                                                                                                               |               |                   |           |
| 34 | Common stock without par value (9,000 million shares authorized, 8,019 million shares issued)                        | 46,781        |                   | 17,781    |
| 35 | Earnings reinvested                                                                                                  | 463,294       |                   | 453,927   |
| 36 | Accumulated other comprehensive income                                                                               | (13,187)      |                   | (11,989)  |
| 37 | Common stock held in treasury (3,576 million shares at June 30, 2024 and4,048 million shares at December 31, 2023)   | (228,483)     |                   | (254,917) |
| 38 | ExxonMobil share of equity                                                                                           | 268,405       |                   | 204,802   |
| 39 | Noncontrolling interests                                                                                             | 7,861         |                   | 7,736     |
| 40 | Total Equity                                                                                                         | 276,266       |                   | 212,538   |
| 41 | Total Liabilities and Equity                                                                                         | 460,707       |                   | 376,317   |
| 43 | The information in the Notes to Condensed Consolidated Financial Statements is an integral part of these statements. |               |                   |           |
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Question: Calculate the asset turnover ratio for ExxonMobil for the six months ended June 30, 2024.
Answer: Asset Turnover Ratio= Revenue/Total Assets  = 176,143/460,707  =0.38
This ratio shows that ExxonMobil generated $0.38 in revenue for every dollar of assets, indicating moderate asset utilization.