Terms and conditions
EXXON MOBIL CORPORATION
Last Updated: June 1, 2023.
IMPORTANT! READ THIS ENTIRE AGREEMENT CAREFULLY
Nothing in this material is intended to override the corporate separateness of local entities. Working relationships discussed in this material do not necessarily represent a reporting connection, but may reflect a functional guidance, stewardship, or service relationship. Where shareholder consideration of a local entity matter is contemplated by this material, responsibility for action remains with the local entity.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Esso and Mobil. For convenience and simplicity in this website, those terms and terms like corporation, company, our, we and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations and global or regional business lines are also sometimes used for convenience and simplicity. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words like venture, joint venture, partnership, co-venturer, and partner are used to indicate business relationships involving common activities and interests, and those words may not indicate precise legal relationships.
1) Changes and Special Additional Terms and Conditions
ExxonMobil may revise the General Terms at any time without notice. You should revisit this Site periodically to make sure you are aware of the most recent General Terms because they will be binding on you. Your use of the Site or Services after such changes constitutes your agreement to such changes.
You are advised to check each page you visit on the Site. Some locations may have special additional terms and conditions that apply to use of or interaction with that location. These terms and conditions may also be changed at any time without notice. Your use of that location constitutes your acceptance of those special additional terms and conditions.
2) Use of the Site
A. Site Security. You are prohibited from violating, or attempting to violate, the security of the Site or Services. Any such violations may result in criminal and civil liabilities to you. We will investigate any alleged violations, and, if a criminal violation is suspected, we will cooperate with law enforcement agencies in their investigations. Violations of the security of the Site and Services include, without limitation, the following:
- Logging into or attempting to log into a server or account that you are not authorized to access;
- Accessing data or taking any action to obtain services not intended for you or your use;
- Attempting to probe, scan, or test the vulnerability of any system, subsystem or network;
- Tampering, hacking, modifying or otherwise corrupting or breaching security or authentication measures without proper authorization;
- Transmitting material that contains viruses, Trojan horses, worms, time bombs, cancelbots or other computer programming routines or engines with the intent or effect of damaging, destroying, disrupting or otherwise impairing a computer's functionality or the operation of the Site or Services;
- Interfering with, intercepting or expropriating any system, data or information; or
- Interfering with service to any user, host, or network including, without limitation, by means of overloading, "flooding," "mailbombing," or "crashing" any computer system.
B. Infringement. You are prohibited from using the Site or Services to infringe on ExxonMobil’s or any person's or other entity’s copyright, trademark, patent or other intellectual property rights. We may terminate your right to access the Site and Services if we believe you are using the Site and Services in a manner that infringes the copyright, trademark, patent or other intellectual property rights of ExxonMobil or another. You may be ordered by a court to pay money damages to us and to the rightful owner of any intellectual property rights you violate.
C. Other Prohibited Actions. In using the Site or Services, you must not:
Post, email, link, or otherwise transmit or use the Site or Services in furtherance of any unlawful, harmful, harassing, defamatory, threatening, vulgar, indecent, sexually explicit, hateful or otherwise objectionable material of any kind, any material that exploits children or is invasive of another person's privacy or other rights, or any material that ExxonMobil in its sole discretion does not wish posted or transmitted on the Site and Services;
- Post, email, or otherwise transmit images, software, text, or other material protected by intellectual property laws, including without limitation copyright or trademark laws and rights of publicity and privacy unless you own or control the rights thereto or have received all necessary authorizations to do the same;
- Engage in and/or encourage conduct that would: 1) violate any applicable law or regulation or 2) give rise to civil liability;
- Engage in conduct which could damage or impair the intended operability of the Site or the Services;
- Impersonate any individual or entity, falsely state or otherwise misrepresent your identity or affiliation in any way;
- Engage in marketing or promotion of goods or services; or
- Assist or permit any persons in engaging in any of the activities described above.
D. Your Content. You must exercise caution, good sense and proper judgment in using the Site and Services. You are responsible for any material you place on or transmit to or through the Site or Services. You agree, represent and warrant that any information you post to or transmit through the Site or Services is truthful, accurate, not misleading and offered in good faith, and that you have the right to post or transmit such information. Such information (including without limitation, data, text, software, music, sound, photographs, graphics, video, messages or any other materials whatsoever), whether publicly posted or privately transmitted, is your sole responsibility.
E. You agree that use of any information obtained via the Site or Services is at your own risk.
F. Consequences of Unacceptable Use. We reserve the right (but not the obligation) in our sole discretion to refuse or delete any of your content as well as suspend or terminate without notice your access to the Site and Services upon a violation or attempted violation of this Agreement. Indirect or attempted violations of this Agreement, and actual or attempted violations by a third party acting on your behalf, shall be deemed violations by you of this Agreement. Furthermore, it is a violation of this Agreement to use the services of another company for the purpose of facilitating any of the activities which violate this Agreement if such use of another company's service could reasonably be expected to adversely affect the Site and Services in any manner.
G. No Licensing. By your use of the Site or the Services you receive no license, express or implied, under any copyright, trademark, patent rights or trade secret rights now or hereafter, owned, controlled or possessed by ExxonMobil.
H. Printing. You may print one copy of content on this Site for your personal non-commercial use, or in connection with your purchase of any ExxonMobil products, provided that you leave any copyright or trademark information intact and unchanged. You may forward, distribute, and/or photocopy copyrighted materials of ExxonMobil located on this Site only if the entire relevant page or document is unaltered and complete, including all of their headers, footers, disclaimers, and other information. You may not copy these documents to a website. Other than as specifically set out in this paragraph you may not copy (whether by printing onto paper, storing on disk, placing on another site, downloading in any other way), distribute (including distributing copies), broadcast, alter or tamper with in any way any portion of this Site.
I. You may not frame this Site or use our proprietary marks as meta tags. These marks include, but are not limited to ExxonMobil, Exxon, Esso and Mobil. You may not use frames or utilize techniques or technology to enclose any content included on the Site.
3) Trademark and Copyright
ESSO, EXXON, EXXONMOBIL, MOBIL, and certain other brands, trademarks and services marks are marks of ExxonMobil and its affiliates. Not all marks of ExxonMobil will appear on this Site and not all products or services listed on this Site are available for sale in every country. Some products or services may be marketed under local trademarks in specific countries. Marks of third parties may appear on this Site when referring to those entities or their products or services. Third party marks displayed on this site are owned by their respective owners.
The material contained in this Site is protected by copyright. No material from this Site may be copied, reproduced, republished, uploaded, broadcast, posted, transmitted or distributed except as expressly permitted by these General Terms. Use of the materials in any other way or for any purpose other than for personal, noncommercial use is a violation of ExxonMobil’s copyright and other proprietary rights. Permission for all other uses of materials must be obtained from ExxonMobil in advance in writing. All content, interfaces, graphics, code, design rights, and other intellectual property rights, in each case, whether registered or unregistered, other than the marks of third parties, and related goodwill are the property of ExxonMobil.
4) Copyright Infringement Complaints
ExxonMobil respects the intellectual property rights of others. If you believe your work has been copied or otherwise infringed on this Site, you may submit a notice of same to ExxonMobil, pursuant to the Digital Millennium Copyright Act (“DMCA”), Title 17, United States Code, Section 512(c)(3). Please send your copyright infringement notification to ExxonMobil’s designated agent at the following address:
DMCA Copyright Agent
Exxon Mobil Corporation
Attn: Trademark & Copyright Group, Law Department
22777 Springwoods Village Parkway
Spring, Texas 77389
Contact us by email
To be effective under the DMCA your notice must be in writing and include the following:
- A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.
- Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site.
- Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit ExxonMobil to locate the material.
- Information reasonably sufficient to permit ExxonMobil to contact the complaining party, such as an address, telephone number, and, if available, an electronic mail address at which the complaining party may be contacted.
- A statement that the complaining party has a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law.
- A statement that the information in the notification is accurate, and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.
Upon receipt of an effective copyright notice, ExxonMobil will expeditiously investigate and take appropriate actions pursuant to the DMCA, which may include the removal of, or the disabling of access to, the complained-of material.
If you believe a copyright infringement notification has wrongly been filed against you, you may submit a counter notification to ExxonMobil. To be effective, a counter notification must be a written communication provided to ExxonMobil’s designated agent at the address listed above that includes substantially all of the following:
- A physical or electronic signature of the subscriber.
- Identification of the material that has been removed or to which access has been disabled and the location at which the material appeared before it was removed or access to it was disabled.
- A statement under penalty of perjury that the subscriber has a good faith belief that the material was removed or disabled as a result of mistake or misidentification of the material to be removed or disabled.
- The subscriber’s name, address, and telephone number.
- A statement that the subscriber consents to the jurisdiction of Federal District Court for the judicial district in which the address is located, or if the subscriber’s address is outside of the United States, for any judicial district in which Exxon Mobil Corporation may be found, and that the subscriber will accept service of process from the person who provided notification or an agent of such person.
Under appropriate circumstances ExxonMobil may terminate subscribers or account holders who are repeat infringers.
Please note that, pursuant to Section 512(f) of the DMCA, any person who knowingly materially misrepresents that material or activity is infringing, or that material or activity was removed or disabled by mistake or misidentification, may be liable for any damages, including costs and attorneys’ fees, incurred by the alleged infringer, by any copyright owner or copyright owner’s authorized licensee, or by ExxonMobil, as a result of ExxonMobil relying upon such misrepresentation in removing or disabling access to the material or activity claimed to be infringing, or in replacing the removed material or ceasing to disable access to it. Please consult with legal counsel before filing a copyright infringement notification or a counter notification pursuant to the DMCA.
5) Privacy Statement
All personal information provided via this Site will be handled in accordance with the Site’s Privacy Statement.
6) No Warranty and Forward-Looking Statements
This Site and Services and the materials on this site are provided "As Is" and without warranties of any kind, whether express or implied. To the fullest extent permissible pursuant to applicable law, ExxonMobil disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose and non-infringement. ExxonMobil does not represent or warrant that the functions or Services contained in the Site will be uninterrupted or error-free, that defects will be corrected, or that this Site or the services are free of viruses or other malware or harmful components. ExxonMobil does not make any warranties or representations regarding the use of contents of this Site or Services or materials contained on the site in terms of their correctness, accuracy, adequacy, usefulness, timeliness, reliability or otherwise. The materials contained on the Site may address future aims, plans, ambitions, strategies, products, or events that speak to the future and cannot be known at this time. ExxonMobil may make changes to the materials on the Site, or the aims, plans, ambitions, strategies, products, or events described in materials contained on the Site, at any time without notice. Some jurisdictions restrict exclusion of implied warranties, and, in those circumstances, the above exclusions of warranties apply to the maximum extent allowed under applicable law. Regardless, we caution you against relying on the information or materials contained in the website, especially forward-looking statements of future events, for accuracy and make no representation or undertaking to update any materials that may be out of date on the website. Current information about ExxonMobil may be found at www.sec.gov, where annual reports, quarterly reports, current reports, proxy statements and other information filed by ExxonMobil with the SEC are accessible. Information published on the Site may refer to products, programs or services that are not available to you.
7) Limitation of Liability
You assume full responsibility for your use of the Site. Any information you send or receive during your use of the Site may not be secure and may be intercepted by unauthorized parties. Your use of the Site is at your own risk and is made available to you at no charge; accordingly, to the fullest extent permitted by applicable law, ExxonMobil and its affiliates shall not be liable to you or any other party for any direct, indirect, compensatory, punitive, special or consequential damages that result from the use of, or the inability to use, the Site, the Services or the contents on this Site or the performance of the Site, Services or products described on this Site, or from any actions we take or fail to take as a result of communications you send us or material you post, or the delay or inability to use the Site, or for any information, products, or Services advertised in or obtained through the Site, whether based on contract, tort, strict liability or otherwise, even if ExxonMobil or its affiliates have been advised of the possibility of such damages. You specifically acknowledge and agree that ExxonMobil and its affiliates are not liable for any defamatory, offensive, or illegal conduct of any user of the Site. Applicable law may not allow the limitation or exclusion of liability or incidental or consequential damages, so the above limitation or exclusion may not apply to you.
If you are dissatisfied with any portion of the Site or the Services or with any of these terms, your sole and exclusive remedy is to discontinue using the Site and the Services.
8) Non-Confidentiality of User Materials
ExxonMobil does not accept or consider any unsolicited ideas, including ideas for new products, promotions, or technologies. You should not transmit any material to or through this Site that you consider to be confidential or proprietary. Any material which you transmit to or through this Site will be considered non-confidential and non-proprietary. Except as expressly provided in ExxonMobil's Privacy Statement or separate written agreement between you and ExxonMobil, you give ExxonMobil an unrestricted, irrevocable, worldwide, royalty-free license to use, reproduce, display, publicly perform, transmit and distribute such information in any media. You further agree that ExxonMobil has the right to use, without any payment or accounting to you or others, any concepts, know-how or ideas which you (and those who act on your behalf) transmit to or through the Site.
9) Links to Third Party Websites and Use of Sharing Tools
As a convenience, ExxonMobil may provide links to websites operated by third parties. ExxonMobil may also provide sharing tools that allow social web linking, bookmarking, rating, recommending, emailing, instant messaging, and posting to blogs. Following the links or using the sharing tools will take you to third party websites, which ExxonMobil does not own, control, or maintain. If you decide to access a third party's website through a link or a sharing tool provided by this Site, you do this at your sole risk. ExxonMobil is not responsible for any viruses or other malware or damaging elements encountered in a third party website. ExxonMobil does not control any third party websites, and makes no warranty or representation regarding, and is not responsible for, any third party websites or the content of such websites. Inclusion of links or sharing tools to third party sites is not an endorsement of the content of such sites. Different terms and conditions may apply to your use of such third party sites and the sharing tools and you are advised to review such terms and conditions prior to usage. Further, the providers of such third party sites and the sharing tools may have privacy policies and practices that are different from our Privacy Statement. You are advised to check the privacy policies and practices of such providers and contact the operator if you have any concerns or questions.
10) User Communications Areas
The Site may contain areas where users communicate with each other, including but not limited to blogs, bulletin boards, calendars, chat areas, or personal web pages.
ExxonMobil has the right but not the obligation to monitor or review any part of the Site or the Services including the user communication areas. However, ExxonMobil shall have no liability related to the content of any communications made in these areas.
11) Disclosure; Forward-Looking Statements
Some of the information on this Site may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission, specifically, the Company's most recent Form 10-K, Form 10-Q, and Form 10-Q/A. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, potential fluctuations in quarterly results, dependence on new product development; rapid technological and market change, acquisition strategy, manufacturing risks, risks associated with Internet infrastructure, volatility of stock price, financial risk management, and future growth subject to risks.
12) Global Availability/Export Controls
Portions of this Site and Services may be controlled and operated by ExxonMobil from various offices in the United States. ExxonMobil makes no representation that the Site, Services or materials accessed or described on the Site are appropriate or available for use in other locations, and access to them from other countries where there contents are illegal or penalized is prohibited. Access to or use of the Site, Services or materials accessed on or described on the Site by persons or from countries who are sanctioned by the United States is specifically prohibited.
Those who access the Sites or Services so do on their own and are responsible for compliance with all applicable US and local laws. You may not export or re-export any Services, information or materials accessed on or described on this Site except in full compliance with all United States laws and regulations. In particular, you may not export or re-export into (or to a national or resident of) any country to which the United States embargoes or sanctions goods, services or technology, to any person or entity on the U.S. Treasury Department's List of Specially Designated Nationals, the U.S. Bureau of Export Administration Entity List, the U.S. Bureau of Export Administration Denied Persons List or the U.S. Commerce Department's Table of Denial Orders. In addition, you are responsible for complying with any local laws in your country which may impact your right to import, export or use the Site, Services, information, or materials accessed or described on the Site.
13) Indemnity of Company
You agree to indemnify, hold harmless, and defend Exxon Mobil Corporation (including subsidiaries and affiliates of Exxon Mobil Corporation, hereinafter "ExxonMobil") as well as ExxonMobil officers, directors and employees, from and against any claim, demand, cause of action, debt, loss or liability, including reasonable attorneys' fees, to the extent that such action is based upon, arises out of, or relates to your violation, or violation by any other person using your password or account of the terms and conditions of this Agreement.
14) Applicable Law and Dispute Resolution
This Agreement shall be governed by the Laws of the State of Texas (without giving effect to its principles of conflict of laws). Where federal jurisdiction exists over any action, suit or proceeding arising out of or in any way connected with this Agreement, you and ExxonMobil designate the United States District Court for the Southern District of Texas, Houston Division, for the exclusive resolution of that dispute and submit to the jurisdiction of that court. Where federal jurisdiction does not exist over that action, suit or proceeding, you and ExxonMobil designate the Harris County District Court of Houston, Texas for the exclusive resolution of that dispute and submit to the jurisdiction of that court.
15) Special Note for Parents
Portions of this Site and Services may be of special interest to children but ExxonMobil does not seek through this Site to gather personal information from persons under the age of 17.
16) Cautionary Statement Warning
CAUTIONARY STATEMENT RELEVANT TO FORWARD LOOKING INFORMATION FOR THE PURPOSE OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements of future ambitions, goals, events or conditions in the publication and its associated supplement, including projections, plans to reduce emissions and emissions intensity, sensitivity analyses, expectations, estimates, the development of future technologies, and business plans, are forward-looking statements. Similarly, emission-reduction roadmaps to drive toward net zero are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including the achievement of ambitions to reach Scope 1 and 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near zero methane emissions from operated assets, to meet greenhouse gas emission reduction plans or goals, divestment and start-up plans, and associated project plans; technology efforts such as timing and outcome of projects to capture and store CO2, produce biofuels, integrate hydrogen projects, and use plastic waste as feedstock for advanced recycling; future cash flows; and reserve or resource changes could vary depending on the ability to execute operational objectives on a timely and successful basis; policy and consumer support for emission-reduction products and technology; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions, plastics, and carbon costs; government incentives; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies such as advanced recycling on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; availability of feedstocks for biofuels or advanced recycling; changes in the relative energy mix across activities and geographies; the actions of competitors; changes in regional and global economic growth rates and consumer preferences; actions taken by governments and consumers resulting from a pandemic; changes in population growth, economic development or migration patterns; military build-ups or conflicts; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2021 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com. This supplement includes 2022 greenhouse gas emissions performance data and Scope 3 Category 11 estimates for full-year 2022 as of March 1, 2023. The greenhouse gas intensity and greenhouse gas emission estimates include Scope 2 market-based emissions. We do not undertake to provide any further updates or changes to any data or forward-looking statements in this document. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures or statements as of any future date. Any future update will be provided only through a public disclosure indicating that fact.
The document and its associated supplement are shareholder-requested publications and are purposefully focused on unknown future events. They are not intended to communicate any material investment information. The statements and analysis in these documents represent a good faith effort by the Company to address these requests despite significant unknown variables and, at times, inconsistent market and government policy signals. Energy demand modeling aims to replicate system dynamics of the global energy system, requiring simplifications. The reference to any scenario, including any potential net zero scenario, does not imply ExxonMobil views any particular scenario as likely to occur. In addition, energy demand scenarios require assumptions on a variety of parameters. As such, the outcome of any given scenario using an energy demand model comes with a high degree of uncertainty. For example, the IEA describes its NZE scenario as extremely challenging, requiring unprecedented innovation, unprecedented international cooperation, and sustained support and participation from consumers. Third-party scenarios discussed in this report reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use or inclusion herein is not an endorsement by ExxonMobil of their underlying assumptions, likelihood, or probability. Investment decisions are made on the basis of ExxonMobil’s separate planning process but may be secondarily tested for robustness or resiliency against different assumptions, including against various scenarios. Any reference to ExxonMobil’s support of a third-party organization within the document and its associated supplement does not constitute or imply an endorsement by ExxonMobil of any or all of the positions or activities of such organization. References to projects or opportunities may not reflect investment decisions made by the corporation or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower-emissions investments is based on plan; however, actual investment levels will be subject to the availability of the opportunity set and focused on returns.
ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and Ipieca. Emissions reported are estimates only, and performance data depends on variations in processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Emissions data is subject to change as methods, data quality, and technology improvements occur, and changes to performance data may be updated. Emissions, reductions and avoidance estimates for non-ExxonMobil operated facilities are included in the equity data and similarly may be updated as changes in the performance data are reported. ExxonMobil’s plans to reduce emissions are good-faith efforts based on current relevant data and methodology, which could be changed or refined. ExxonMobil works to continuously improve its approach to identifying, measuring, and addressing emissions. ExxonMobil actively engages with industry, including API and Ipieca, to improve emission factors and methodologies, including measurements and estimates.
References to “resources,” “resource base,” “recoverable resources” and similar terms refer to the total remaining estimated quantities of oil and natural gas that are expected to be ultimately recoverable. The resource base includes quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” is not intended to correspond to SEC definitions such as “probable” or “possible” reserves. For additional information, see the “Frequently Used Terms” on the Investors page of the Company’s website at www.exxonmobil.com. References to “oil” and “gas” include crude, natural gas liquids, bitumen, synthetic oil, and natural gas. The term “project” as used in the publication and its associated supplement can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as “Corporation,” “company,” “our,” “we,” and “its” are sometimes used as abbreviated references to one or more specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Nothing contained herein is intended to override the corporate separateness of affiliated companies. Exxon Mobil Corporation’s goals do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation’s responsibility for those affiliates’ actions and future performance, each affiliate of which manages its own affairs.