ExxonMobil Announces Seventh Oil Discovery Offshore Guyana

• Pacora-1 well encounters approximately 65 feet of high-quality,
  oil-bearing sandstone
• High quality resources to be integrated into giant Payara field
  development
• Further drilling on the Stabroek Block planned in 2018

IRVING, Texas–(BUSINESS WIRE)–Exxon
Mobil Corporation (NYSE:XOM) announced today its seventh oil
discovery offshore Guyana, following drilling at the Pacora-1
exploration well.

ExxonMobil encountered approximately 65 feet (20 meters) of
high-quality, oil-bearing sandstone reservoir. The well was safely
drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters)
of water. Drilling commenced on Jan. 29, 2018.

“This latest discovery further increases our confidence in developing
this key area of the Stabroek Block,” said Steve Greenlee, president of
ExxonMobil Exploration Company. “Pacora will be developed in conjunction
with the giant Payara field, and along with other phases, will help
bring Guyana production to more than 500,000 barrels per day.”

The Pacora-1 well is located approximately four miles west of the
Payara-1 well, and follows previous discoveries on the Stabroek Block at
Liza, Payara, Liza Deep, Snoek, Turbot and Ranger.

Following completion of the Pacora-1 well, the Stena Carron drillship
will move to the Liza field to drill the Liza-5 well and complete a well
test, which will be used to assess concepts for the Payara development.
ExxonMobil announced project sanctioning for the Liza phase one
development in June 2017. Following Liza-5, the Stena Carron will
conduct additional exploration and appraisal drilling on the block.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso
Exploration and Production Guyana Limited is operator and holds 45
percent interest in the Stabroek Block. Hess Guyana Exploration Ltd.
holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds
25 percent interest.

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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 schedules and production rates could differ materially due to
changes in market conditions affecting the oil and gas industry or
long-term oil and gas price levels; political or regulatory
developments; reservoir performance; the outcome of future exploration
and development efforts; technical or operating factors; the outcome of
future commercial negotiations; and other factors. References to
“resources” and similar terms include quantities that are not yet
classified as proved reserves under SEC rules but are expected to be
ultimately recoverable.

Contacts

ExxonMobil
Media Relations, 972-940-6007