ExxonMobil Makes Final Investment Decision to Proceed with Liza Oil Development in Guyana

• Initial production system expected to produce up to 120,000 barrels of
  oil per day
• Development on track for production startup by 2020; less than five
  years after discovery
• Gross recoverable resources on Stabroek block have increased to an
  estimated 2 billion to 2.5 billion oil-equivalent barrels

IRVING, Texas–(BUSINESS WIRE)–Exxon
Mobil Corporation (NYSE:XOM) said today it has made a final
investment decision to proceed with the first phase of development for
the Liza field, one of the largest oil discoveries of the past decade,
located offshore Guyana.

The company also announced positive results from the Liza-4 well, which
encountered more than 197 feet (60 meters) of high-quality, oil-bearing
sandstone reservoirs, which will underpin a potential Liza Phase 2
development. Gross recoverable resources for the Stabroek block are now
estimated at 2 billion to 2.5 billion oil-equivalent barrels, which
includes Liza and other successful exploration wells on Liza Deep,
Payara and Snoek.

The Liza Phase 1 development includes a subsea production system and a
floating production, storage and offloading (FPSO) vessel designed to
produce up to 120,000 barrels of oil per day. Production is expected to
begin by 2020, less than five years after discovery of the field. Phase
1 is expected to cost just over $4.4 billion, which includes a lease
capitalization cost of approximately $1.2 billion for the FPSO facility,
and will develop approximately 450 million barrels of oil.

“We’re excited about the tremendous potential of the Liza field and
accelerating first production through a phased development in this lower
cost environment,” said Liam Mallon, president, ExxonMobil Development
Company. “We will work closely with the government, our co-venturers and
the Guyanese people in developing this world-class resource that will
have long-term and meaningful benefits for the country and its citizens.”

The Liza Phase 1 development can provide significant benefits to Guyana,
including jobs during installation and operations, workforce training,
local supplier development and government revenues to fund
infrastructure, social programs and services.

The development received regulatory approval from the government of
Guyana.

The Liza field is approximately 190 kilometers offshore in water depths
of 1,500 to 1,900 meters. Four drill centers are envisioned with a total
of 17 wells, including eight production wells, six water injection wells
and three gas injection wells.

The Liza field is part of the Stabroek Block, which measures 6.6 million
acres, or 26,800 square kilometers. Esso Exploration and Production
Guyana Limited is operator and holds a 45 percent interest in the block.

Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Nexen
Petroleum Guyana Limited holds 25 percent.

Esso Exploration and Production Guyana Limited is continuing exploration
activities and operates three blocks offshore Guyana – Stabroek, Canje
and Kaieteur. Drilling of the Payara-2 well on the Stabroek block is
expected to commence in late June and will also test a deeper prospect
underlying the Payara oil discovery.

CAUTIONARY NOTE:

Statements that reference future events or conditions in this press
release are forward-looking statements. Actual future results, including
project plans, costs, and schedules, production rates, and resource
recoveries may differ significantly from the forecasts, depending on
changes in oil or gas prices and other market or economic factors that
affect the petroleum industry; the outcome of development programs;
reservoir performance; unexpected technical difficulties or other
technical or operating factors; the actions of governmental authorities
or regulatory agencies; and other factors listed under the heading
“Factors Affecting Future Results” on the Investor page at the
ExxonMobil website at www.exxonmobil.com
and in Item 1A of ExxonMobil’s most recent Form 10-K. References to
barrels of oil and other quantities of oil or gas in this release
include volumes that are not yet classified as proved reserves under SEC
definitions, but that we believe will ultimately be produced.

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world’s growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is the largest refiner and marketer of petroleum products,
and its chemical company is one of the largest in the world. Follow
ExxonMobil on Twitter at www.twitter.com/exxonmobil.

Contacts

ExxonMobil
Media Relations, 832-625-4000