ExxonMobil Outlines Aggressive Growth Plans to More than Double Earnings

• Earnings and cash flow from operations projected to approximately
  double by 2025
• Strongest investment opportunities in two decades to drive results,
  improve returns
• Profitable production growth with low-cost-of-supply tight oil,
  liquefied natural gas and deepwater

NEW YORK–(BUSINESS WIRE)–ExxonMobil
today outlined an aggressive growth strategy to more than double
earnings and cash flow from operations by 2025 at today’s oil prices.

“We’ve got the best portfolio of high-quality, high-return investment
opportunities that we’ve seen in two decades,” Darren W. Woods, chairman
and chief executive officer, said at the company’s annual meeting of
investment analysts at the New York Stock Exchange.

“Our plan takes full advantage of the company’s unique strengths and
financial capabilities, using innovation, technology and integration to
drive long-term shareholder value and industry-leading returns.”

Growth plans include steps to increase earnings by more than 100 percent
– to $31 billion by 2025 at 2017 prices – from last year’s adjusted
profit of $15 billion, which excluded the impact of U.S. tax reform and
impairments.

Woods said this plan projects double-digit rates of return in all three
segments of ExxonMobil’s business – upstream, downstream and chemical –
which are all three world-class businesses in their own right.

In the upstream, the company expects to significantly increase earnings
through a number of growth initiatives involving low-cost-of-supply
investments in U.S. tight oil, deepwater and liquefied natural gas
(LNG). Growth coming online from new and existing projects is expected
to increase production from 4 million oil-equivalent barrels per day to
about 5 million.

The company plans to increase tight-oil production five-fold from the
U.S. Permian Basin and start up 25 projects worldwide. Those startups
will add volumes of more than 1 million oil-equivalent barrels per day.
In LNG, the company expects to bring on new production to meet a
projected increase in global demand.

Upstream growth will benefit from ExxonMobil’s industry-leading
exploration success and strategic acquisitions. In 2017 alone, the
company added 10 billion oil-equivalent barrels to its resource base in
locations including the Permian, Guyana, Mozambique, Papua New Guinea
and Brazil.

Key drivers of growth are in Guyana, where exploration success has added
3.2 billion gross oil equivalent barrels of recoverable resource and
plans are in place for development and further exploration, and in the
Permian, where the company has increased the size of its resource to 9.5
billion oil-equivalent barrels from less than 3 billion in the past year.

Through its acquisition of several Bass entities in 2017, ExxonMobil
added an estimated resource of 5.4 billion oil-equivalent barrels in the
Permian. The original resource estimate of 3.4 billion barrels at the
time of the purchase was increased through technical evaluation and
successful delineation in the Delaware Basin, reducing the acquisition
cost to just above $1 per oil-equivalent barrel.

The contiguous stacked pays from the New Mexico acquisition are now
estimated to provide more than 4,800 drilling locations with an average
lateral length of more than 12,000 feet, enabling capital-efficient
execution of Permian volumes growth and the potential to further
increase future volumes.

“We are in a solid position to maximize the value of the increased
Permian production as it moves from the well head to our Gulf Coast
refining and chemical operations, where we are focusing on manufacturing
higher-demand, higher-value products,” Woods said.

ExxonMobil’s downstream business is projected to double earnings by 2025
by upgrading its product slate through strategic investments at
refineries in Baytown and Beaumont in Texas and Baton Rouge, Louisiana,
Rotterdam, Antwerp, Singapore, and Fawley in the U.K.

These projects are expected to result in double-digit returns by
enabling increased production of higher-value products, such as
ultra-low sulfur diesel, chemicals feedstocks and basestocks for
lubricants. As a result of these improvements, the company’s 2025
downstream margins are projected to increase by 20 percent.

Expansion is supported by projected demand growth in emerging markets,
and includes entries into new markets such as Mexico and Indonesia. It
is supported by integration with chemical manufacturing and upstream
production.

In its chemical business, ExxonMobil expects to grow manufacturing
capacity in North America and Asia Pacific by about 40 percent. That
growth will be achieved in part by adding 13 new facilities, including
two world-class steam crackers in the United States. These investments
would enable the company to meet increasing demand in Asia and other
growing markets.

“We are uniquely positioned to take advantage of the global demand
growth for higher-value products in the downstream and chemical,” Woods
said. “Our combined strengths in innovative technology, resource and
market access, marketing product leadership and integration improve
profitability and create significant shareholder value.”

Woods said the company’s overall growth strategy is designed with a key
goal in mind – fully leveraging our competitive advantages to grow
shareholder value across all three of our world-class businesses.
Through higher returns from increased investments, the company has the
potential to increase its return on capital employed to about 15 percent
by 2025.

“Our existing business and plans for growth are robust to a wide range
of price environments, allowing us to maintain a growing dividend and a
strong balance sheet while returning excess cash to our shareholders,”
said Woods.

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 one of the largest refiners and marketers of petroleum
products and its chemical company is one of the largest in the world.
For more information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.

Cautionary Statement:

Outlooks, projections, estimates, goals, targets, descriptions of
business plans and objectives, market expectations and other statements
of future events or conditions in this release are forward-looking
statements. Actual future results, including future earnings, cash
flows, returns, margins, and other areas of financial and operating
performance; demand growth and energy mix; ExxonMobil’s production
growth, volumes, development and mix; resource recoveries; project
plans, timing, costs, and capacities; efficiency gains; operating costs
and cost savings; integration benefits; product sales and mix;
production rates and capacities; and the impact of technology could
differ materially due to a number of factors. These include changes in
oil or gas demand, supply, prices or other market conditions affecting
the oil, gas, petroleum and petrochemical industries; reservoir
performance; timely completion of exploration and development projects;
regional differences in product concentration and demand; war and other
political or security disturbances; changes in law, taxes or other
government regulation, including environmental regulations, taxes, and
political sanctions; the outcome of commercial negotiations; the actions
of competitors and customers; unexpected technological developments;
general economic conditions, including the occurrence and duration of
economic recessions; unforeseen technical difficulties; and other
factors discussed in Item 1A. Risk Factors in our most recent Form 10-K
available on our website at www.exxonmobil.com.

Forward-looking statements contained in this release regarding future
earnings, cash flow, project returns, and return on average capital
employed (ROCE) are not forecasts of actual future results. These
figures are intended to help quantify the targeted future results and
goals of currently-contemplated management plans and initiatives
assuming a constant real Brent crude price of $60 per barrel through
2025. This price is used for illustrative purposes only and is not
intended to represent management’s forecast of future oil prices or the
price management uses for internal planning purposes. For the $60 crude
price case we have assumed that Downstream and Chemical product margins
remain consistent with 2017 levels; that other factors such as laws and
regulations (including tax and environmental laws) and fiscal regimes
remain consistent with current conditions; and have otherwise developed
these estimates consistently with management’s internal planning and
modeling assumptions. The forward-looking statements in this release are
based on management’s good faith plans and objectives as of the March 7,
2018 date of this release and we assume no duty to update these
statements as of any future date.

Adjusted earnings and ROCE are non-GAAP measures. Adjusted 2017 earnings
of $15 billion as presented in this presentation represent approximately
$19.7 billion of GAAP earnings minus approximately $6 billion of
positive effects from U.S. tax reform, partially offset by approximately
$1.5 billion of impairments for the year. For more information on the
definition and use of ROCE in our business see the Frequently Used Terms
on the Investors page of our website at www.exxonmobil.com.
Estimates of ROCE for future periods in this release are determined in a
manner consistent with this definition but we are unable to provide a
reconciliation to any GAAP financial measure because the information is
dependent on future events, many of which are outside management’s
control as described above. Additionally, estimating GAAP measures to
provide a meaningful reconciliation of future ROCE estimates consistent
with our accounting policies for future periods is extremely difficult
and requires a level of precision that is unavailable for these future
periods and cannot be accomplished without unreasonable effort.
References in this release to oil-equivalent barrels, resources and the
resource base include quantities of oil and gas that are not yet
classified as proved reserves under SEC definitions but that are
expected to be moved into the proved reserves category and produced in
the future.

Unless referring specifically to ROCE, references to returns in this
release mean discounted cash flow returns based on current company
estimates. Future investment returns exclude prior exploration and
acquisition costs. The term “project” as used in this release can refer
to a variety of different activities and does not necessarily have the
same meaning as in any government payment transparency reports.

This release summarizes highlights from ExxonMobil’s 2018 Analysts’
Meeting held on March 7, 2018. For more information concerning the
forward-looking statements and other information contained in this
release, please refer to the complete Analysts’ Meeting presentation
(including important information contained in the Cautionary Statement
and Supplemental Information sections of the presentation) which is
available live and in archive form through ExxonMobil’s website at www.exxonmobil.com.

Contacts

ExxonMobil
Media Relations, 972-940-6007