ExxonMobil and MagnaBond to Collaborate on New Well Integrity Evaluation Technologies

• New technologies designed to address well decommissioning activities
• Focus on developing through-tubing cement evaluation and casing
  imaging tool
• Expected to provide a cost-effective alternative for inspecting and
  verifying cement integrity

SPRING, Texas–(BUSINESS WIRE)–ExxonMobil Upstream Research Company announced today that it has signed
a three-year joint development agreement with MagnaBond, LLC to develop
new technologies that could enhance cost-effective evaluation of well
cementing, casing and tubing. The agreement was facilitated by the Industry
Technology Facilitator as part of its initiative to address
challenges associated with well decommissioning activities such as
plugging and abandonment.

The new collaboration combines ExxonMobil’s expertise in developing a
wide range of inspection technologies and tools with MagnaBond’s
strengths in technology transfer and supply chain design from other
industries.

Current evaluation technology cannot adequately characterize cement
quality through multiple strings of casing. A well’s production tubing
must be pulled in order to inspect the cement, resulting in additional
time and expense for decommissioning activities. ExxonMobil and
MagnaBond will work toward developing technology that allows for
through-tubing cement evaluation prior to the arrival of a costly rig or
workover unit.

“Developing a technology that enables us to see the quality of well
casing and cement with a single tool is a major step in determining
overall well integrity and could result in significant cost savings,”
said Jayme Meier, vice president of engineering for ExxonMobil Upstream
Research Company. “Our agreement with MagnaBond will bring together our
respective strengths to jointly develop this technology.”

ExxonMobil Upstream Research Company develops an industry-leading array
of proprietary technologies to support the corporation’s continued
leadership in exploration, development, production and gas
commercialization. ExxonMobil often collaborates with other companies
and academic institutions around the world to research
and develop new technologies.

“The team at MagnaBond has a few decades of experience in applying
cutting edge semiconductor, aerospace, and automotive technologies to
the challenging downhole environment. We have a unique opportunity in
this collaboration with ExxonMobil to engineer a solution that is
specifically tailored to meet the upcoming challenges the industry faces
in both well construction and decommissioning,” said David Stewart,
managing partner and chief technology officer with MagnaBond, LLC.

In addition to the agreement with MagnaBond, ExxonMobil collaborated
with nine other oil and gas companies in 2017 to form the Plugging
and Abandonment Collaborative Environment, an industry network to
promote investment in and early adoption of innovative plugging and
abandonment technology within the oil and gas industry. The organization
is managed by OTM Consulting.

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Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and timing, the
development and impact of new technologies, and cost savings, could vary
depending on the outcome of further research and testing; the
development and competitiveness of alternative technologies; the ability
to scale research discoveries to commercial levels on a cost-effective
basis; political and regulatory developments; and other factors
discussed in this release and under the heading “Factors Affecting
Future Results” on the Investors page of ExxonMobil’s website at
exxonmobil.com.

Contacts

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Media Relations, 832-625-4000