Exxon Mobil
Annual Report 2019

Plain-text annual report

2019 SUMMARY ANNUAL REPORT Cautionary Statement • Statements that reference future events or conditions in this report are forward-looking statements. Actual future results, including demand growth and energy source mix; capacity growth; the impact of new technologies; production growth; project plans, dates, costs, and capacities; resource additions, production rates, and resource recoveries; efficiency gains; cost savings; earnings growth; cash flow generation; integration and technology benefits; project returns; and product sales could differ materially due to a number of factors, including: global or regional changes in oil, natural gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; reservoir performance; the outcome and timing of exploration and development projects; timely completion of construction projects; war and other political, public health, or security disturbances; changes in law or government regulation, including environmental, trade, and tax regulations and political sanctions; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; the outcome of commercial negotiations; opportunities for and regulatory approval of investments or divestments that may arise; the impact of fiscal and commercial terms; the outcome of future research efforts; unexpected technological developments and the ability to bring new technology to commercial scale on a cost-competitive basis, including large-scale hydraulic fracturing projects; unforeseen technical difficulties; unanticipated operational disruptions; and other factors discussed in this report and in Item 1A of ExxonMobil’s most recent Form 10-K. All forward-looking statements are based on management’s knowledge and reasonable expectations and we assume no duty to update these statements as of any future date. Frequently Used Terms and Non-GAAP Measures • We use non-GAAP concepts and financial measures throughout this publication. These measures may not be comparable to similarly titled measures used by other companies. Definitions of certain financial and operating measures and other terms used in this report – such as “resources” – are contained in the section titled “Frequently Used Terms” on pages 48 through 51. In the case of non-GAAP financial measures, such as “Return on Average Capital Employed” and “Cash Flow from Operations and Asset Sales,” the definitions also include any reconciliation or other information required by SEC Regulation G. “Factors Affecting Future Results” and “Frequently Used Terms” are also available on the “Investors” section of our website. General Information • As used in this publication, the term “industry” refers to publicly traded international energy companies. The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Unless otherwise specified, data shown is for 2019. Prior years’ data have been reclassified in certain cases to conform to the 2019 presentation basis. Unless otherwise stated, production rates, project capacities, and acreage values are gross. References to “emissions” refer to energy-related emissions. 2019 SUMMARY ANNUAL REPORT 10 28 34 CONTENTS 2 2019 Financial and Operating Highlights 3 2019 Business Highlights 4 Letter to Shareholders 6 The Fundamentals of Supply and Demand 8 Meeting the World’s Growing Energy Needs While Reducing Emissions 18 10 Competitive Advantages 16 Business Lines Organized by Value Chains 18 Upstream 28 Downstream 34 Chemical 40 Global Projects and Services 43 Financial Information 48 Frequently Used Terms 51 Footnotes 52 Board of Directors, Officers, and Affiliated Companies 54 Investor Information 55 General Information COVER PHOTO: The Liza Destiny, shown offshore Guyana, started up ahead of schedule in December 2019. 1 1 2019 FINANCIAL AND OPERATING HIGHLIGHTS KEY FINANCIAL DATA (millions of dollars, unless noted) Upstream Downstream Chemical Corporate and Financing Total KEY OPERATING DATA Liquids production (net, thousands of barrels per day) Natural gas production available for sale (net, millions of cubic feet per day) Oil-equivalent production1 (net, thousands of oil-equivalent barrels per day) Refinery throughput (thousands of barrels per day) Petroleum product sales2 (thousands of barrels per day) Chemical prime product sales2 (thousands of tonnes) See page 51 for all Footnotes in this report. * See Frequently Used Terms on pages 48 through 51. 2 Earnings after income taxes Average capital employed* Return on average capital employed (%)* Capital and exploration expenditures* 14,442 179,423 2,323 28,033 592 31,309 (3,017) (2,162) 14,340 236,603 8.0 8.3 1.9 N.A. 6.5 23,485 4,371 3,265 27 31,148 2,386 9,394 3,952 3,981 5,452 26,516 EXXONMOBIL 2019 SUMMARY ANNUAL REPORT 2019 BUSINESS HIGHLIGHTS Note: See Frequently Used Terms on pages 48 through 51 and the accompanying Footnotes. 120 KBD NET LIQUIDS GROWTH, year-over-year, up 5% from 2018 $14 BILLION IN EARNINGS, achieved in weak price and margin environment 6 MAJOR DEEPWATER DISCOVERIES, the largest in industry $5 BILLION IN DIVESTMENTS, actively highgrading portfolio 8 AGREEMENTS TO RESEARCH lower-emission technologies 13% LEVERAGE PROVIDES FINANCIAL CAPACITY to invest through the cycle 3 | L E T T E R T O S H A R E H O L D E R S STRENGTHENING OUR BUSINESS AND DELIVERING ON OUR COMMITMENTS “Our growth strategy to significantly improve earnings and cash flow generation is underpinned by long-term industry fundamentals” As we begin a new decade, we do so with confidence In 2019, we saw commodity prices and margins drop that we are making significant progress on plans to near 10-year lows due to near-term oversupply to strengthen and grow our business and deliver on across the industry. Despite these challenges, we the commitment to increase value for you, generated $14 billion in earnings and increased the our shareholders. Our growth strategy to significantly improve earnings and cash flow generation is underpinned by long-term industry fundamentals – the energy needs dividend for the 37th consecutive year, invested in future growth, and continued our work to develop new technology solutions to manage the risks related to climate change. of a growing and more prosperous global population Across each of our business lines, we made progress – and our competitive advantages of technology, on our growth strategy. scale, integration, functional excellence, and our highly capable workforce. In the Upstream, the Liza Phase 1 development offshore Guyana started production less than five Our strategy is supported by the strongest portfolio years from initial discovery – about half the industry of opportunities we’ve seen since the Exxon and average for projects of this scale. We’re working to Mobil merger more than two decades ago. Our bring on more production in Guyana over the next broad and diverse growth portfolio, which leads the few years, and our exploration success increased industry, is capable of generating returns even at the the estimated recoverable resource to more than bottom of the commodity price cycle, as we capture 8 billion oil-equivalent barrels. value in a favorable cost environment. 4 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTIn the Permian Basin, we grew unconventional The strength of our balance sheet enabled us to make In 2019, ExxonMobil signed or extended eight production by almost 80 percent in 2019, while many of these investments during the down cycle, significant agreements to advance lower-emission building out logistics and infrastructure to support a taking advantage of an attractive cost environment. technologies that included working with the uniquely integrated development approach. Our plan These investments are critical given projected energy U.S. Department of Energy’s National Renewable captures additional value for shareholders by linking and product demand growth in the coming decades Energy Laboratory and National Energy our producing assets to our refineries and chemical and natural decline rates associated with producing Technology Laboratory. manufacturing operations on the U.S. Gulf Coast. assets. In fact, the International Energy Agency Elsewhere in the Upstream, we drilled six deepwater discoveries, expanded exploration opportunities in Brazil, and advanced LNG projects in Mozambique and Papua New Guinea. We invested in our Downstream business to improve the competitiveness and earnings growth potential of our refining network, and recently completed projects in Antwerp, Beaumont, and Rotterdam generated $300 million in earnings in a challenging margin environment. Our Chemical business expanded capacity to capture demand growth. Eight growth projects are complete, and funding was approved for another four. Construction and expansion of manufacturing projects along the Texas and Louisiana coast gained momentum with start-up of the Beaumont high- performance polyethylene plant and ground breaking for a steam cracker and derivative product lines near Corpus Christi, Texas. estimates in their Stated Policies Scenario that nearly $20 trillion of additional oil and natural gas investment is needed by 2040, just to keep pace with demand and avoid a shortfall in supply. As we enter this next decade, we focus on the future – on meeting the needs of a growing global society that seeks affordable, reliable energy with continuously improving environmental performance. Our progress in the past year, our advantaged As we grow our operations and build long-term opportunity set, and our clear forward plan make us shareholder value, we retain our strong commitment confident we can deliver on our commitments and to maintaining a safe work environment and have create significant value for you, our shareholders. achieved an almost 80-percent reduction in our lost-time incident rate since 2000. We also continue to pursue emission reduction efforts to mitigate the risks related to climate change. Our environmental efforts include partnerships and collaborations with universities, government agencies, Thank you for investing in ExxonMobil. and leading research organizations to develop Darren Woods breakthroughs in lower-emission technologies. Chairman and CEO Sustainable climate change solutions require a united effort across industry, academia, government, and broader society. 5 | E N E R G Y O V E R V I E W THE FUNDAMENTALS OF SUPPLY AND DEMAND1 What drives demand for energy? It begins with The size of the circle represents population size. sources of affordable energy will adversely affect those people – billions of people striving for improved In general, as quality of life improves, energy in emerging economies the most, as it reduces supply living standards around the world. consumption increases. and increases cost. This relationship is illustrated in the graphic below. Affordable, reliable energy is therefore essential to Consider that today, half the world’s population has The United Nations uses the Human Development facilitate improvements in life expectancy, education, a life expectancy 12 years less than those living in Index to assess key dimensions of human development, and gross national income per capita, regardless of the United States, and receives about a third less including health, education, and standards of living. where a person lives. Advancing billions of individuals education. Close to a billion people still live without The chart illustrates the connection between these to a living standard experienced by many in developed electricity. This has enormous implications for the key dimensions and per-capita energy consumption nations will require every available source of energy and future of energy and the products that make modern by country. significant investment. Restricting access to existing life possible. ENERGY DEMAND AND HUMAN DEVELOPMENT ² U.N. 2017 Human Development Index (circle size depicts relative size of population) INDIA MEXICO CHINA SPAIN UNITED STATES CANADA ICELAND YEMEN BANGLADESH VERY HIGH HIGH MEDIUM LOW 10 6 AS QUALITY OF LIFE IMPROVES, ENERGY CONSUMPTION INCREASES 1,000 NIGERIA EGYPT 100 2015 energy demand per capita (1,000 BTU/person/day) EXXONMOBIL 2019 SUMMARY ANNUAL REPORTIn the next two decades, the global population energy supply, earnings, cash flow, and value for is expected to grow by 2 billion people to more than our shareholders. 9 billion; the middle class will expand to more than 5 billion people; and the world’s demand for energy is projected to grow by about 20 percent. While this growing energy demand will result in improved living standards for many in the developing world, it will also lead to further emissions growth. Oil, which is energy-dense, affordable, and widely available, is projected to remain the predominant transportation fuel source. Natural gas, given its emissions benefits relative to coal, will likely increase in use, largely for power generation. More than half of energy demand is expected to be met by oil and Strong demand for our products forms the natural gas through 2040. basis for ExxonMobil’s long-term strategy to grow NATURAL GAS DEMAND IS EXPECTED TO GROW 35% BY 2040, LARGELY DRIVEN BY POWER GENERATION AND GIVEN ITS EMISSIONS BENEFITS VERSUS COAL NON-OECD DRIVES ENERGY DEMAND¹ (quadrillion BTUs, 2020 forward-data projections) PROJECTED 2040 GLOBAL ENERGY DEMAND BY FUEL (quadrillion BTUs) 800 600 400 200 0 250 200 150 100 50 0 Non-OECD OECD 2010 2020 2030 2040 Oil Natural Gas Coal Biomass Nuclear Wind/Solar Hydro/Geo Biofuel 7 | E N E R G Y O V E R V I E W MEETING THE WORLD’S GROWING ENERGY NEEDS WHILE REDUCING EMISSIONS1 Addressing the dual challenge of providing energy ExxonMobil is playing an important role in helping while managing emissions requires a long-term to reduce climate risks through our commitment to perspective, competency in fundamental science and manage operational emissions; produce cleaner, more engineering, and significant investment. ExxonMobil advanced products; conduct fundamental research has a 135-year history as an energy innovator and is into advanced technology solutions; and engage in committed to doing its part to help society address climate policy discussions. this critical challenge. Over the past two decades, ExxonMobil has invested ExxonMobil continues to make progress on our nearly $10 billion in technology and programs to reduce long-term plans. We do so with a commitment to emissions, resulting in highly efficient operations that develop new resources to ensure the world has the have eliminated or avoided more than 400 million energy it needs while also minimizing the environmental tonnes of CO2-equivalent emissions. impacts, including the risks associated with greenhouse gas emissions and climate change. Near-term actions the company is taking to prepare for a lower-carbon future include: • Expanding supplies of cleaner-burning natural gas • Improving energy efficiency in operations • Operating and investing in carbon capture and storage (CCS) • Reducing flaring and methane emissions from operations • Developing products – such as premium lubricants, lightweight plastics, and special tire liners – to help consumers improve efficiency and reduce emissions • Supporting effective climate policy to address the risks related to climate change at the lowest societal cost Longer-term efforts include: • Progressing advanced biofuels from algae and cellulosic biomass for commercial transportation and petrochemicals • Researching breakthroughs to improve the commercial viability of CCS for power generation and industrial applications • Developing new and efficient technologies that further reduce emissions in refining and chemical facilities 8 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTEXISTING OPTIONS HAVE LIMITATIONS1 ExxonMobil is uniquely positioned to make significant Existing alternatives, such as vehicle electrification and if society fully leveraged vehicle electrification and power contributions in the global effort to reduce emissions. power generated from wind and solar, play an important generation from wind and solar. Importantly, solutions By leveraging our deep scientific expertise, we role in reducing emissions, but only offer partial solutions. need to be affordable to encourage broad adoption, are developing technologies that address the Assuming the full electrification of the light-duty vehicle especially in developing countries where economic highest-emissions sectors. These sectors – power generation, industrial, and commercial transportation fleet by 2040, global energy-related CO2 emissions could potentially be reduced by about 5 percent.2 Every source growth leads to increased energy use. The chart at bottom left illustrates the impact of the economic – collectively account for 80 percent of energy-related of energy has challenges, some of which are noted in expansion in Asia Pacific and the associated energy- CO2 emissions, and there are currently gaps in the the table below. Technology advances are needed to related CO2 emissions increase, compared with more technology-solution set limiting broad deployment. address the significant emissions that would remain even mature economies in Europe and North America. NATURAL GAS / OIL COAL SOLAR / WIND ADVANTAGES • Energy dense • Affordable • Available • Easily transportable • Energy dense • Affordable • Available • Easily transportable • Low emissions • Renewable • Operating costs CHALLENGES • Emissions • Emissions • Intermittency • Geographic compatibility • Transportability PERSPECTIVE Oil and natural gas represent 55% of global energy sources and about 35% of greenhouse gas emissions.3 Coal for power generation represents more than 25% of global energy-related CO2 emissions. Natural gas could cut these nearly in half.4 A 737-800 commercial aircraft would require about 10 times its empty weight in batteries to fly for five hours.5 ADVANCES REQUIRED More efficient carbon capture and storage (CCS), biofuels, and energy-efficient manufacturing More efficient CCS and pollutant mitigation Long-duration, high-capacity storage solutions E NERGY-REL ATE D CO 2 EMISSIONS BY REGION ENERGY-REL ATED CO 2 EMIS SION S BY SEC TOR (billions of tonnes) (billions of tonnes, 2017) OECD Non-OECD 18 15 12 9 6 3 0 Asia Pacific North America Europe Rest of world Russia/Caspian Middle East Commercial transportation Power generation Industrial Light-duty transportation Residential/ commercial 1980 1990 2000 2010 2017 0 2 4 6 8 10 12 14 9 E X X O N M O B I L 2 0 1 9 S U M M A R Y A N N U A L R E P O R T COMPETITIVE ADVANTAGES Combined with a best-in-class portfolio and financial capacity, ExxonMobil’s competitive advantages position the company to deliver superior growth and value. TECHNOLOGY SCALE INTEGRATION FUNCTIONAL EXCELLENCE PEOPLE 10 TECHNOLOGY ExxonMobil is a proven technology leader, securing nearly 70 percent more U.S. patents than our closest competitor over the past decade.1 Our investments in fundamental research lead to key advantages, such as lower operating and project costs and development of higher-value products to meet society’s evolving needs. In the Upstream, technology advances such as artificial intelligence (AI) enable seismic data interpretation, enhance exploration activities, and improve subsurface understanding, all of which increase resource recovery. Technology also allows us to optimize developments and improve operations. Our digital partnership with Microsoft in the Permian, which is anticipated to improve capital efficiency and support production growth, is a prime example. In Downstream and Chemical, we continue to develop catalyst and process technology to upgrade and improve our products. Our Rotterdam advanced hydrocracker uses proprietary technology to produce high-quality lube basestocks and ultra-low-sulfur diesel that generate higher returns than industry average.2 We have also developed and utilize steam-cracker technology with the broadest feed range in industry, which provides maximum raw-material flexibility. ExxonMobil also works on lower-carbon energy solutions with leading universities, research institutions, and private firms. In 2019, we signed agreements with the U.S. Department of Energy’s National Labs, the Indian Institutes of Technology (Bombay and Madras), and private sector companies Global Thermostat and Mosaic Materials, to advance CCS, biofuels, and other emission-reducing technologies. PHOTO: An ExxonMobil research scientist prepares a carbonate fuel cell to study carbon capture processes. ARTIFICIAL INTELLIGENCE combined with reservoir stratigraphy, advanced PATENTS ExxonMobil has secured COLLABORATIONS Eight new or extended 70% more U.S. patents than agreements add to the dozens its closest competitor over of R&D efforts under way with materials science, and fluid the past 10 years. flow research enhance exploration and recovery. leading universities, research institutions, and private firms to advance lower-carbon energy solutions. 11 | C O M P E T I T I V E A D V A N T A G E S SCALE PRODUCTION ExxonMobil produces about 4 million oil-equivalent barrels CUBE DEVELOPMENT Our innovative development SUPPLY CHAIN Our global Chemical supply chain network completed per day, with expertise in approach in the Permian Basin more than 500,000 safe unconventional, deepwater, is made possible by the scale and reliable deliveries to LNG, heavy-oil, and conventional assets. of our operations, enabling us more than 6,000 customers to minimize our footprint and in 2019. maximize resource recovery. ExxonMobil is among the largest producers of oil and natural gas in the world, operating in 45 countries, with expertise in unconventional, deepwater, LNG, heavy-oil, and conventional assets. Our Downstream and Chemical businesses span the globe. We are one of the world’s largest manufacturers and marketers of fuels and lubricants, and have Chemical sales of nearly 27 million tonnes per year. The scale of our global business facilitates broad deployment of expertise, cost efficiencies, operational learnings, and preferred partnership opportunities. In the Upstream, for example, our Permian Basin development includes standardized, modular facility designs applied across our 1.8 million net acres. In our Chemical business, world-scale manufacturing sites serve all major global markets and leverage a global supply chain network. Our Downstream refining capacity is among the largest in industry, and provides significant cost advantages, making us one of the lowest-cost operators in the world. This manufacturing advantage is important as the balance of supply and demand evolves, driving industry price cycles. PHOTO: ExxonMobil’s Singapore facility is one of the largest integrated refining and petrochemical complexes in the world. 12 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTINTEGRATION Integration across global value chains drives efficiency and profitability. It allows us to capture incremental value for our products and provides extensive operational and product flexibility to adapt to changing market demands. Integration also enables the capture of cost benefits and sharing of support organizations and facility infrastructure, yielding significant synergies. Our expansive and integrated infrastructure and logistics network enable optimization at multiple points along value chains, providing opportunities to realize incremental value, particularly when markets become disconnected. An example is the integration of our North American operations that creates a pathway for supply-advantaged Permian crudes to reach our manufacturing assets on the U.S. Gulf Coast, and ultimately global markets. Over the past two years alone, we captured nearly $1 billion of incremental value from our integrated Permian supply. Another example is the integration of key manufacturing facilities. Nearly 80 percent of our refining capacity is integrated with chemical or lubricant manufacturing, giving us the ability to shift production and optimize operations to capture higher margins and maximize production of the highest-value products. $1 BILLION of incremental value was captured over the past two years from our 80 PERCENT of ExxonMobil’s refining capacity is integrated with our chemical or lubricant integrated Permian supply. manufacturing. 90 PERCENT of ExxonMobil’s chemical capacity is integrated with refineries or natural gas processing plants. PHOTO: The Spring, Texas, campus facilitates collaboration and integrated decision making across functions and businesses. 13 | C O M P E T I T I V E A D V A N T A G E S FUNCTIONAL EXCELLENCE ExxonMobil has a long and successful history of operating complex global businesses, which has resulted in the development of deep knowledge in critical disciplines and industry-leading execution capabilities. We have a strong culture of consistently doing the right things, the right way, to the highest standard. As an example, consistent application of the highest operational and safety standards is achieved through global application of our Operations Integrity Management System. This system is leveraged across all operations to support safety, health, and environmental performance. Functional excellence also drives improvements in business performance. For example, process optimization and debottlenecking projects in our Chemical business have enabled us to expand production capacity from existing units by more than 700,000 tonnes per year in the past decade – the equivalent of adding a world-scale polyethylene line. In the Upstream, proprietary geoscience and geophysics knowledge gained from decades of global exploration and development experience supported nine straight discoveries in Guyana – allowing ExxonMobil to organically grow the industry’s most profitable greenfield deepwater project.1 PHOTO: Extensive training and ongoing education ensure the appropriate level of competency to manage the complexity of manufacturing processes. 14 14 FIRST OIL The Liza Phase 1 Development offshore Guyana began GIANT DISCOVERIES Six new discoveries, four of HIGHGRADED PORTFOLIO With $5 billion of divestments in production less than five years which contained recoverable 2019, we continued to execute after the first discovery – resources totaling more than our highgrading program much faster than the industry 500 million oil-equivalent and remain focused on our average of nine years.2 barrels each, highlighted a efforts to divest $15 billion of successful year in exploration. non-strategic assets by 2021. EXXONMOBIL 2019 SUMMARY ANNUAL REPORTPEOPLE The benefits of our competitive advantages are realized only through the commitment and hard work of our dedicated people. Our world-class workforce is our most important competitive advantage. We value diversity and have more than 160 nationalities represented in our employee base. Our employees bring expertise across a wide range of disciplines, including engineering, behavioral sciences, mathematics, chemistry, and biology, to name just a few. ExxonMobil has more than 20,000 scientists and engineers, including 2,300 PhDs. We encourage, respect, and reward unique perspectives and a commitment to innovation and excellence. The long-term nature of our business makes employee development a critical success factor. We take a personalized approach to developing professionals and leaders through a combination of challenging work assignments, training, and on-the-job experiences. Most of our employees spend the majority of their career with ExxonMobil, and we utilize a career-long approach to professional development. The average length of service of our career employees is longer than 30 years, providing ExxonMobil with unparalleled industry experience and in-house expertise to deploy across our global portfolio. PHOTO: Subject matter technical experts support innovation and best practices across ExxonMobil’s operations. DIVERSITY More than 160 nationalities are EXPERIENCE Career employees at EXPERTISE We employ more than represented in ExxonMobil’s ExxonMobil average more 2,300 PhDs, 20,000 scientists employee base, enhancing than 30 years of service. and engineers, and many collaboration, decision making, and bottom-line results. others with deep competencies in their respective areas of expertise. 15 BUSINESS LINES ORGANIZED BY VALUE CHAINS ExxonMobil works to safely provide the energy and products that advance modern life. Organized and managed by value chain, the company oversees a diverse global portfolio of high-quality assets and advantaged projects across our Upstream, Downstream, and Chemical business lines. Countries with ExxonMobil operations Upstream Downstream Chemical 16 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTUPSTREAM We are one of the world’s largest producers of oil and natural gas, and have unconventional, deepwater, LNG, heavy-oil, and conventional operations. We use innovation and industry- leading technology across our organization to safely and responsibly explore for and develop energy to meet global demand. DOWNSTREAM As one of the largest refiners in the world, we manufacture and distribute products derived from crude oil and other feedstocks. Our global network of manufacturing plants, transportation systems, and distribution centers provides fuels, basestocks, finished lubricants, and other high-value products to customers. CHEMICAL We operate one of the largest chemical manufacturing companies in the world. Our basic chemicals and commodity and performance products serve as the building blocks for a broad range of consumer goods and industrial products. DEEPWATER UNCONVENTIONAL LNG HE AV Y OIL CONVENTIONAL FUELS LUBES BASIC CHEMIC ALS COMMODIT Y AND PERFORMANCE PRODUCTS 17 18 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTUPSTREAM PERMIAN LIQUIDS GROWTH OF 79%1 FIRST OIL ACHIEVED IN GUYANA LESS THAN 5 YEARS AFTER DISCOVERY 5 ADDITIONAL DISCOVERIES OFFSHORE GUYANA UPSTREAM BUSINESS OVERVIEW ExxonMobil produces about 4 million oil-equivalent barrels of net oil and natural gas per day. We are active in 45 countries, and we participate in all areas of the upstream global value chain, including exploration, development, production, and marketing. Over the coming decades, trillions of dollars of industry investments will be necessary to increase supplies of oil and natural gas to meet rising global demand and overcome the natural decline rates of producing reservoirs.2 Our investments focus on unconventional, deepwater, and LNG value chains and represent the best portfolio of opportunities since the Exxon and Mobil merger 20 years ago. PHOTO: ExxonMobil is the most active operator in the Permian Basin.3 19 | U P S T R E A M UPSTREAM VALUE CHAINS Our Upstream business is organized into five Applying an innovative development approach at scale businesses: unconventional, deepwater, LNG, Cube development allows us to drill multiple horizontal heavy oil, and conventional. This organizational wells in stacked intervals from a single surface location. NET LIQUIDS GROWTH OF 120 KBD WORLDWIDE model is underpinned by deep technical and By applying this unique approach across our acreage, commercial capabilities along each value chain. we can safely and efficiently bring online large sections of producing acreage in a shorter period of time, which UNCONVENTIONAL: PERMIAN maximizes recovery, reduces costs, and minimizes We produced an average of 272,000 oil-equivalent the environmental footprint of our operations. Most barrels per day from our unconventional operations in importantly, this development approach maximizes the Permian Basin in 2019, an almost 80-percent year- recovery by minimizing or removing potential parent- on-year production increase. This growth came from child production impacts that are caused by pressure more than 175 new wells across the Midland Basin depletion. In addition, we realize greater capital and more than 125 new wells in the Delaware Basin, efficiencies from drilling and completion operations where we continue to reduce drilling and completion and surface-treating facilities, enabled by large tracts costs. Our inventory of more than 8,000 well locations of contiguous acreage and development at scale. and an estimated net recoverable resource of 10 billion This approach enables a development plan and return DEL AWAR E BASIN D RILLIN G AN D COM PLET IN G COSTS oil-equivalent barrels across 1.8 million net acres, profile that is resilient across a wide range of prices (percent, indexed to second half 2018) position us to significantly increase production levels and market scenarios. in the years ahead.1 Investing in integration Deploying leading-edge technology We have invested in infrastructure from New Mexico The unconventional business is an ideal place to deploy to the U.S. Gulf Coast to provide logistics flexibility ExxonMobil’s proven technological capabilities to and maximize the integrated value of our growing accelerate learning and inform development plans. Permian production. We have advanced construction of Using in-house geomechanical laboratory capabilities and gathering and processing facilities, including the Cowboy downhole technologies, such as fiber optic systems, we central delivery point in the Delaware Basin. Integration, can gather massive amounts of data to better define including transportation and downstream investments, fracture geometry and well spacing. Combining this enables us to maximize our value chain contributions information with proprietary reservoir-simulation from resource development through to fuels, lubes, technology enables us to improve depletion planning and and chemicals production. maximize recovery rates across stacked producing horizons. 100 90 80 70 60 50 20 Second half 2018 First half 2019 Second half 2019 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTDrilling rigs (not to scale) Surface 6,000' 12,000' Future opportunities Current cube development— multiple stacked producing horizons Future opportunities LEVERAGING EXXONMOBIL’S UNIQUE CAPABILITIES, SCALE, AND TECHNOLOGY ACROSS OUR PERMIAN OPERATIONS UP CLOSE: SCALE AND TECHNOLOGY IN THE PERMIAN Capital-efficient cube development across multiple stacked producing horizons maximizes the recovered resource by minimizing or removing potential parent-child production impacts caused by pressure depletion. Applying this approach at scale differentiates our operations from competitors. Above, seven rigs drill stacked targets within our Permian Basin acreage. Simultaneously accessing multiple shale layers reduces costs and minimizes surface footprint. 21 | U P S T R E A M DEEPWATER: GUYANA The Liza Phase 1 development achieved first oil in In Guyana, our exploration success continued in 2019. December 2019, less than five years after initial discovery, Five additional discoveries brought the total to 15 at in approximately half the time of the industry average year end and increased the estimated oil-equivalent for projects of this size. The Liza Phase 2 development recoverable resource to more than 8 billion barrels. is on track for start-up in 2022. A subsequent phase of We are efficiently developing these discovered development, Payara, is targeted to start up in 2023, 8+ BILLION OIL-EQUIVALENT BARRELS OF RECOVERABLE RESOURCE resources while maintaining an active exploration pace pending government approval and a final investment We have worked to develop a strong partnership with to test multiple remaining prospects across all blocks. decision. These three developments, combined with two the government and people of Guyana as it becomes a ExxonMobil’s proprietary reservoir-simulation technology additional floating production, storage, and offloading significant global producer. As part of our commitment strengthens project development and depletion vessels, are expected to produce more than 750,000 to develop the value of this opportunity for the country planning, and helps to identify additional synergies barrels of oil per day by 2025. throughout the multiple phases of development. and its people, more than 700 local vendors and suppliers and nearly 1,900 Guyanese have worked on our developments to date. UP CLOSE: TECHNOLOGY – MACHINE LEARNING TRANSFORMS SUBSURFACE CHARACTERIZATION GUYANA “BY-THE-BIT ” CUMULATIVE DISCOVERED RESOURCE ExxonMobil applies machine learning and artificial intelligence to leverage a global repository of seismic data, which creates insights that maximize value for resource owners and shareholders. Complemented by traditional subsurface techniques and the expertise of our explorers, these insights enable rapid identification of opportunities and subsurface scenario evaluation to support development and exploration activities that maximize recovery and value from the resource. For recent discoveries in Guyana, this technology improved resource assessment and reservoir characterization. It also enabled the integration of appraisal wells, supporting faster, more efficient development planning and execution. PHOTO: Use of proprietary technology enables ExxonMobil geoscientists to efficiently identify subsurface value. (gross recoverable resource, billions of oil-equivalent barrels) 9 6 3 0 2015 2016 2017 2018 2019 22 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTDEEPWATER: BRAZIL We strengthened our global portfolio by capturing new blocks offshore Brazil, one of the world’s most promising exploration plays. ExxonMobil’s acreage position is among the largest in Brazil, with 2.5 million net acres. We operate more than 60 percent of our 28-block portfolio.1 The Uirapuru Araucaria-Sul well spud in late 2019, beginning a multiyear exploration drilling program to test prospects with multibillion-barrel potential. Multiple exploration wells are targeted for 2020–2021 across the Santos, Campos, and Sergipe basins. In addition to the exploration program, we finalized the purchase of an additional 3.5 percent interest in the BM-S-8 block (Bacalhau field, formerly Carcara), increasing our net interest to 40 percent. A final investment decision for Bacalhau Phase 1 is expected in late 2020. DEEPWATER: GLOBAL EXPLORATION Our deepwater exploration portfolio includes plans to drill multiple wells in 2020, including opportunities in Guyana, Brazil, and the Eastern Mediterranean. ExxonMobil maintains one of the most active deepwater exploration programs in the industry with deepwater acreage positions in 27 of the 34 countries where we are actively exploring. SEAL-428 SEAL-351 UP CLOSE: SCALE – BRAZIL SEAL-501 SEAL-573 SEAL-637 SEAL-428 SEAL-351 SEAL-430 SEAL-503 SEAL-505 SEAL-575 SEAL-430 SEAL-503 SEAL-505 SEAL-575 BRAZIL Atlantic Ocean B R A Z I L Uirapuru Uirapuru North Carcara BM-S-8 North Carcara S a n t o s B a s i n BM-S-8 S a n t o s B a s i n 2017 captures 2018 captures 200 miles 2019 captures 200 miles SEAL-501 SEAL-573 S e r g i p e B a s i n SEAL-637 S e r g i p e B a s i n ExxonMobil holds a leading acreage position with approximately 2.5 million net acres, having added more than 460,000 net acres in 2019. We operate more than 60 percent of this acreage.1 Multiple exploration wells are planned for 2020–2021. Our success in Guyana provides learnings and capabilities to leverage in Brazil. C-M-37 C-M-67 C a m p o s B a s i n C a m p o s B a s i n C-M-479 C-M-37 C-M-67 Tita C-M-479 C-M-210 C-M-277 C-M-344 C-M-346 C-M-411 C-M-413 C-M-210 C-M-277 C-M-344 C-M-346 C-M-411 C-M-413 Tita C-M-657 C-M-709 C-M-753 C-M-789 S-M-536 S-M-647 C-M-657 C-M-709 C-M-753 C-M-789 S-M-536 S-M-647 BRAZIL NET ACREAGE VERSUS IOC COMPETITORS² (millions of acres) 3 2 1 0 ExxonMobil BP Shell Total Equinor Chevron 23 | U P S T R E A M LNG: PAPUA NEW GUINEA (PNG) partners reached agreement with the PNG government The ExxonMobil-operated PNG LNG facility continued on the Papua gas development and are working to reach to operate above nameplate capacity, achieving record- alignment on the P’nyang development. The proximity setting daily production levels, surpassing 8.5 million of PNG to premium Asian markets and the ability to tonnes per year in 2019. Exploration activity added leverage existing infrastructure support the three-train WE PARTICIPATE IN NEARLY 25% OF THE WORLD’S LNG PRODUCTION future flexibility with the successful Muruk-2 well, which expansion project. extended the Muruk gas discovery. ExxonMobil and its UP CLOSE: SCALE – GLOBAL LNG SUPPLY ExxonMobil is an industry leader in liquefied natural gas (LNG) with participation in production of 86 million tonnes per year. We supply more than 15 markets around the world and participate in nearly 25 percent of global LNG production.1 This leading position comes from decades of innovative technical experience and superior project management capabilities in complex environments. Advantaged locations, world-class resources, and strong project performance will enable ExxonMobil to continue to add low cost-of-supply LNG production in the coming decade. PHOTO: Golden Pass LNG is expected to start up in 2024, leveraging existing infrastructure to support a low cost of supply. 24 LNG: MOZAMBIQUE In Mozambique, we progressed the Area 4 offshore LNG development, and construction of the 3.4-million- tonnes-per-year Coral Floating LNG (FLNG) vessel is on schedule for start-up in 2022. Rovuma, the next phase of development, consists of two 7.6-million-tonnes- per-year onshore trains. The Rovuma development plan received approval in 2019 from the government of Mozambique, and in preparation for a final investment decision, we secured preferred contractors and commenced detailed front-end engineering and design. LNG: GOLDEN PASS ExxonMobil and Qatar Petroleum reached a final investment decision on the Golden Pass export project, building on a long history of successful collaboration. Construction of the approximately 16-million-tonnes- per-year liquefaction facility in Sabine Pass, Texas, commenced in 2019, and is on track for a 2024 start-up. With access to abundant natural gas supply in North America, Golden Pass is well positioned to export low-cost LNG to customers in Europe and Asia. EXXONMOBIL 2019 SUMMARY ANNUAL REPORTHEAVY OIL enhancements, estimated to double the life span of and has operations spanning a wide range of operating ExxonMobil and its majority-owned affiliate Imperial Oil ore-processing equipment components. conditions in nearly 20 countries. Our conventional Limited (IOL) have a significant heavy-oil-asset portfolio with 442,000 barrels per day of total production. Cold Lake in-situ operations delivered more than 140,000 barrels per day in 2019, with plans under way to further Building on investments to improve reliability, the Kearl increase production. Technology projects, including project continued strong production performance in steam-flood optimization to enhance current production, 2019, averaging 205,000 barrels per day. Production as well as new projects in the Grand Rapids reservoir, will is forecast to increase to 240,000 barrels per day in further strengthen the Cold Lake asset portfolio. assets produce more than 1.3 million net oil-equivalent barrels every day. In our mature conventional operations, we are focused on maximizing cash flow generation through the application of proprietary technology, such as production surveillance and optimization algorithms. This helps minimize decline and increase recovery efficiency, supporting production and sales of approximately 1 million net barrels of oil and more than 2 billion net cubic feet of natural gas per day. Our assets in Russia, 2020 through installation of additional ore crushing and hydrotransport capacity. We continue to deploy new technologies to enhance production and reduce operating costs. These include drone trials to assess ore quality and optimize mining plans, as well as material UP CLOSE: FUNCTIONAL EXCELLENCE – CONVENTIONAL OPERATIONS Our conventional operations span the globe. We deliver value in a safe and environmentally responsible manner by leveraging deep functional expertise and experience, industry best practices, and ExxonMobil’s Operations Integrity Management System. PHOTO: The Berkut facility (Sakhalin, Russia) operates in a remote sub-Arctic environment. CONVENTIONAL Conventional oil and natural gas is the largest and Indonesia, Kazakhstan, and the United Arab Emirates all most diverse value chain in the Upstream portfolio, recorded their highest-ever daily production rates in 2019. 25 | U P S T R E A M PORTFOLIO HIGHGRADING gas discoveries.1 In addition to efforts to optimize the ExxonMobil invests in exploration and growth assets to portfolio through exploration, we are progressing maintain a pipeline of high-quality future developments efforts to divest $15 billion of non-strategic assets by to offset the natural decline of producing assets. We 2021. We regularly evaluate acquisition and divestment continued to fill this pipeline in 2019, and had four opportunities to ensure that material, high-quality assets of the industry’s top 10 conventional oil and natural anchor our portfolio. 4 OF THE TOP 10 CONVENTIONAL OIL AND GAS DISCOVERIES IN 2019 $4.5 BILLION from Norway asset sale2 GLAUCUS DISCOVERY AND 4 BLOCKS added in Eastern Mediterranean 5 DISCOVERIES offshore Guyana Upstream presence 2019 capture 2019 “by-the-bit” discovery 2019 asset sale 26 10+ MILLION ACRES added in Africa 26 million acres added to exploration portfolio in 2019 4 million barrels per day oil-equivalent production $5 billion in asset sales to highgrade the portfolio EXXONMOBIL 2019 SUMMARY ANNUAL REPORTUPSTREAM: KEY PROJECTS RECENTLY COMPLETED Angola AB32 Kaombo Split Hub – Norte AB32 Kaombo Split Hub – Sul Canada Guyana Hebron Liza Phase 1 FUTURE (PROJECTED) Australia Brazil Canada Gorgon Expansion Bacalhau (formerly Carcara) Phase 1 Kearl Supplemental Crusher Syncrude Mildred Lake Extension Guyana Liza Phase 2 Payara Future Phases West Qurna I Iraq Kazakhstan Kashagan Compression and Debottlenecking Tengiz Expansion Mozambique Coral FLNG Rovuma LNG Phase 1 PNG Papua LNG Facility capacity (gross) ExxonMobil working interest (%) Operator Gas (Mcfd) Liquids (Kbd) 115 115 150 120 20 220 40 210 220 220 230+ 1,600 450 655 5 10 15 – 90 – – 40 – – – – 2,700 – – – – – – – 450 – 575 2,400 800 400 1,400 630 880 – – 15 15 35 45 25 40 100 25 45 45 45 34 17 25 25 25 28 33 7 50 30 30 28 30 64 C C E E C C E J E E E J J C C E E E J E E E J J E PNG LNG Expansion Barzan Neptun Deep Far East LNG Sakhalin-1 Central and South Dagi Qatar Romania Russia U.A.E. U.S. Upper Zakum Expansion (multiple phases) 1,000 Golden Pass LNG Export Vietnam Ca Voi Xanh (Blue Whale) – 3 2,500 580 PHOTO: PNG LNG serves premium Asian markets. Kbd = thousand barrels per day Mcfd = million cubic feet per day Operator: E = ExxonMobil operated C = co-venturer operated J = joint operations 27 28 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTDOWNSTREAM 3 MAJOR PROJECTS ONLINE, SUPPORTING LONG-TERM DEMAND FOR HIGHER-VALUE PRODUCTS PETROLEUM PRODUCT SALES OF MORE THAN 5.4 MBD MORE THAN 20,000 BRANDED RETAIL OUTLETS DOWNSTREAM BUSINESS OVERVIEW ExxonMobil’s Downstream business is one of the world’s largest manufacturers and marketers of fuels and lubricants and sells more than 5.4 million barrels per day of petroleum products. The commercial success of well-known brands and high-quality products is underpinned by our strong customer focus and supply reliability. Advantaged investments will increase production and sales of key products globally. These include diesel and commercial jet fuel, and lube basestocks, where demand is projected to grow by more than 25 percent and 10 percent, respectively, by 2040.1 Our growth plans include seven major projects, including three recently completed in Antwerp, Rotterdam, and Beaumont. PHOTO: The Antwerp coker supports ExxonMobil’s integrated operations in northwest Europe. 29 | D O W N S T R E A M DOWNSTREAM VALUE CHAINS The Downstream business, organized along fuels and markets, providing line-of-sight on market dynamics lubes value chains, provides high-value products and at the local level, while retaining regional and global services to customers, supported by a global supply oversight for the complete end-to-end business. chain and manufacturing network. Our commitment to innovation, technology, brand, and sustainability Manufacturing operations and logistics drives value for customers and shareholders. ExxonMobil is one of the world’s largest refiners, and has EXPANDING DOWNSTREAM FUELS VALUE CHAIN INTO NEW MARKETS FUELS nearly 5 million barrels per day of distillation capacity at 21 refineries. An integrated, global manufacturing and The integrated fuels value chain includes crude logistics footprint enables reliable supply of high-quality, Advantaged manufacturing and logistics investments acquisition, manufacturing, distribution, and sales of fuels high-value products. We also have extensive optimization In the past two years, we completed three major projects, products through retail, commercial, and supply channels. capabilities, and approximately 80 percent of our refining including the Beaumont hydrofiner, Antwerp coker, and The fuels business is organized around geographic capacity is integrated with chemical or lube basestocks. Rotterdam hydrocracker. Four additional projects are in development, including a hydrofiner at Fawley, light- crude expansion at Beaumont, resid upgrade facilities in Singapore, and the Permian-to-U.S. Gulf Coast joint- venture pipeline. Investments in these projects leverage our integrated manufacturing and logistics footprint, scale, and proprietary process and catalyst technology. These projects are expected to deliver long-term earnings growth and improved competitiveness by upgrading low-value raw materials into higher-value products and lube basestocks. UP CLOSE: TECHNOLOGY – SINGAPORE RESID UPGRADE PROJECT We are investing in the Singapore integrated complex to increase production capacity of high-value lube basestocks and distillates. A combination of proprietary catalyst and process technologies will increase the site’s competitiveness by converting low-value refining and chemical feeds into high-value products. The project is expected to significantly increase earnings potential by leveraging proprietary technologies and site integration. Construction began in 2019 and start-up is expected in 2023. Refinery FUEL OIL Chemical plant HEAVY BY-PRODUCT 30 BASESTOCKS CLEAN FUELS E X X O N M O B I L P R O P R I E TA R Y T E C H N O L O G Y EXXONMOBIL 2019 SUMMARY ANNUAL REPORTUP CLOSE: INTEGRATION – PERMIAN AND GULF COAST OPERATIONS ExxonMobil has one of the largest positions in the Permian Basin with 10 billion net oil-equivalent barrels of estimated recoverable resource. Our operations provide low-cost feedstocks to our Downstream business, supporting U.S. Gulf Coast investments and exports of Permian crude to global markets. Our logistics system – including marine and inland transportation networks, terminals, pipelines, and storage capacity – is integrated from the wellhead to our manufacturing facilities. This enables strict quality specs on non-blended feedstocks and maximizes the value of Upstream production, while optimizing our operations and finished product mix. We expect Permian production to be capable of providing 75 percent of required light-crude feedstock to our refineries by 2022. Investments at our Beaumont refinery will increase refining capacity of lighter crudes from the Permian by 250,000 barrels per day. Permian production will also generate significant volumes of chemical feedstocks, supporting production of more than 3 million tonnes per year of ethylene. 10 billion net oil-equivalent barrels of recoverable resource >2,500 miles of pipeline network1 (graphic representation of production flow, not to scale) 50% increase in light-crude processing capability by 2022 Expanding retail and commercial fuels including through the development of digitally enabled Our high-quality fuels are sold through a global network marketing offers and high-quality products, such as of more than 20,000 retail stations under the Exxon, Synergy gasoline and Synergy Diesel Efficient fuels. Mobil, and Esso brands, and through commercial A diverse commercial fuels offering serves marine, channels. We selectively enter new growth markets aviation, road transportation, mining, and wholesale where we leverage supply from our advantaged customers who value the reliability and product quality manufacturing and logistics footprint, including recent ExxonMobil provides. We are also growing commercial market expansions in Mexico and Indonesia. market sales, including expanding Asia Pacific activities, by The retail fuels network is primarily operated through leveraging our integrated refining complex in Singapore. branded wholesalers with long-term supply agreements. These fuels value chain investments support improved We invest in the Exxon, Mobil, and Esso fuel brands, market position and brand-driven premium pricing. OUR WORLDWIDE FUELS VALUE CHAIN INCLUDES 21 REFINERIES 31 | D O W N S T R E A M LUBES the wide-ranging offer of products and services we Growing synthetic lubricants The lubes value chain includes crude acquisition and provide to customers in markets and industry sectors ExxonMobil is the market leader in high-value synthetic the development, production, and sale of basestocks around the world. and finished lubricant products. The lubes business is organized into two global business units: basestocks Expanding basestocks lubricants. Growth in synthetics to meet global consumer demand for higher-performance products remains a strategic priority, and includes significant investments in and specialties, and finished lubricants. This global As the world’s largest manufacturer of basestocks, growing markets, including China, India, and Indonesia. structure enables consistent, market-facing execution ExxonMobil brings some of the most efficient production Marketing investments and expansion of blending and and reliable supply. capacity to the base oils marketplace – enabling reliable packaging capacity support this high-value sales growth. Our finished lubricants business is further divided into five geographic businesses that enable us to develop and deliver targeted lubricant solutions to meet customer supply of innovative lube basestocks that provide In addition, we are expanding distribution to additional consistent quality. Product integrity and supply reliability population centers through new marketing channels, form the foundation of our basestock production. including e-commerce in China, where the Mobil 1 brand is a sales leader on the Chinese web portal Alibaba. needs in those markets. ExxonMobil is integrated across We develop basestock products leveraging leading-edge the entire lubes value chain, with six lube basestock technology and significant ongoing investment in research Mobil 1 synthetic lubricant is the worldwide leader in refineries and 21 finished lubricant blending facilities. and development. More than 50 percent of our global synthetic motor oils. Formulated to handle extreme Leading brands and proprietary technology support basestock supply is produced using proprietary catalyst temperatures and the harshest conditions of powerful BA S ESTO CK S MARKET LEADE R (market position1, percent) 15 12 9 6 3 0 32 ExxonMobil Chevron Shell Total technology. With the recent completion of the advanced engines, manufacturers of 70 high-performance vehicle hydrocracker at our Rotterdam refinery, ExxonMobil is models choose it as their factory fill. Mobil 1 is the now the largest Group I and Group II basestocks producer top-selling motor oil (conventional or synthetic) in the in the world. U.S. retail channel, reflecting consumer confidence in our brand. UP CLOSE: TECHNOLOGY – MOBIL EV The Mobil EV product line was launched in 2019 and provides high-performance fluids for gears, bearings, and thermal management in electric vehicles (EVs). Strong technical formulation expertise and supply relationships with vehicle manufacturers provide exceptional market insight, and strongly position ExxonMobil for increasing the value of our lubricant sales in this rapidly evolving and growing automotive segment. EXXONMOBIL 2019 SUMMARY ANNUAL REPORTDOWNSTREAM: KEY PROJECTS RECENTLY COMPLETED Location Capacity Description Belgium Netherlands Singapore Antwerp 50 Kbd Coker – resid upgrade Rotterdam 43 Kbd Hydrocracker – Group II basestocks, diesel production ● Singapore 250 Kt/y Cogeneration – emissions reduction Singapore 545 Kb/y Logistics – lubricant blending Major project ● United States Baton Rouge 17 Kbd Crude expansion Baton Rouge 18 Kbd Hydrofiner – gasoline production Baytown 9 Kbd Jet expansion Beaumont 45 Kbd Hydrofiner – diesel and gasoline production ● Wolverine 90 Kbd Logistics – capacity expansion FUTURE (PROJECTED) Canada Alberta 70 Kbd Products pipeline Strathcona 18 Kt/y Cogeneration – emissions reduction India Singapore India 500 Kb/y Logistics – lubricant blending Singapore 3 Mb Logistics expansion Singapore 80 Kbd Resid upgrade – lubricant and diesel production United Kingdom United States Fawley Baytown Baytown 38 Kbd Hydrofiner – diesel production 36 Kbd Light-crude expansion 180 Kbd Product pipeline logistics Beaumont 250 Kbd Light-crude expansion Permian 300 Kbd Logistics – terminal collection Permian/USGC >1 Mbd1 Logistics – long-haul pipeline ● ● ● ● Kbd = thousand barrels per day Kb/y = thousand barrels per year Kt/y = thousand tonnes per year Mb = million barrels Mbd = million barrels per day PHOTO: Mobil 1 filling and packaging line at our Port Allen, Texas, facility. Scan QR code for more information about Mobil 1. 33 34 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTCHEMICAL 13 CHEMICAL GROWTH PROJECTS 3 NEW FACILITIES OPERATING ABOVE DESIGN RATES LONG-TERM FUNDAMENTALS SUPPORT GROWTH STRATEGY CHEMICAL BUSINESS OVERVIEW ExxonMobil’s Chemical business is among the largest in the world with annual sales of nearly 27 million tonnes. The company provides products that sustainably support improved living standards around the globe. Worldwide demand for chemicals is expected to rise by approximately 45 percent by 2030, underpinned by an expanding middle class and a corresponding increase in demand for appliances, cars, clothing, and other consumer goods and packaging.1 ExxonMobil is focused on these growth sectors, delivering performance products that leverage technology for higher-value end uses. Investment plans include two major steam crackers and multiple derivative projects, which leverage a global footprint of 20 manufacturing sites and a customer base in more than 130 countries. With industry-leading product development capability built through decades of technology leadership, ExxonMobil delivers performance products that provide the technical attributes customers value. PHOTO: The new performance polyethylene plant in Beaumont, Texas, started up in July 2019. 35 | C H E M I C A L CHEMICAL VALUE CHAINS In ExxonMobil’s Chemical business, the basic chemicals and other polymers used in a range of applications, value chain feeds our commodity and performance including plastic packaging, automotive bumpers and product value chain. Chemical is deeply integrated interiors, tires, construction materials, food and drink with our Upstream and Downstream, leveraging access containers, and appliances. Aromatics are vital for a wide to low-cost feedstocks and optimization capability not range of consumer and industrial products, including available to standalone chemical companies. polyester resins, fibers for clothing, and insulation. Glycols are also used in the manufacture of polyester BASIC CHEMICALS resins, films, and fibers. 90% OF OUR CHEMICAL CAPACITY IS INTEGRATED WITH REFINERIES OR NATURAL GAS PROCESSING PLANTS The basic chemicals value chain leverages proprietary technology to produce building blocks for many of the products essential to modern life. This value chain is comprised of olefins, aromatics, and glycols, and serves both external industry customers and our internal commodity and performance products value chain. Olefins feed production of polyethylene, polypropylene, UP CLOSE: EXXONMOBIL CHEMICAL Integration, advanced optimization tools, and flexible process design enable us to optimize our basic oil. This flexibility enables economic optimization across chemicals operations and provide advantaged feed a variety of market environments. Integration with our for the commodity and performance product value refining operations provides direct access to a range of chain. Our facilities use proprietary technology that advantaged feedstocks, from refinery gas to heavy fluids. provides feedstock flexibility, from light gases to crude Our Chemical business is organized into two key value chains. Basic chemicals are the fundamental building blocks. They are primarily consumed as feedstock to make commodity and performance products, but can also be sold to external industry customers. We leverage this optionality to secure the highest value for our production. U P S T R E A M D O W N S T R E A M C H E M I C A L V A L U E C H A I N S Crude Refining Natural Gas Liquids 36 B A S I C C H E M I C A L S C O M M O D I T Y A N D P E R F O R M A N C E P R O D U C T S PE RF ORM AN CE PROD U C T S AL ES G ROW TH¹ (volume, indexed) 350 300 250 200 150 100 ExxonMobil Performance Products Global commodity chemicals Global GDP 2007 2010 2015 Estimated 2020 2025 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTCOMMODITY AND PERFORMANCE PRODUCTS Much like other areas of our business, the future of our Chemical business is supported by global population growth, an increase in middle-class households, and demand for improved living standards, primarily in Asia Pacific. These factors are projected to drive long-term demand growth for packaged goods, appliances, automobiles, and clothing. Many of these modern goods are made possible by ExxonMobil’s proprietary scientific and technological advancements in petrochemicals and polymers. Performance products command a premium over commodity products due to their enhanced properties and the significant value they bring to customers and end-users. Customers use ExxonMobil’s performance products in a wide range of consumer applications, including vehicles, diapers, food packaging, and drilling fluids. Performance applications enable tougher and lighter products that use less material, save energy and cost, and reduce waste. ExxonMobil makes more than 200 performance products leveraging advantaged basic chemical building blocks. UP CLOSE: TECHNOLOGY – THE BENEFITS OF PERFORMANCE PRODUCTS1 PACKAGE FRESHNESS EXCEED XP POLYETHYLENE Up to 1.7x better film seal CAR PARTS STRENGTH ACHIEVE ADVANCED POLYPROPYLENE Up to 4.6x tougher RECYCLABILITY VISTAMAXX PERFORMANCE POLYMER Enables up to 90% recycled content 37 | C H E M I C A L ADVANTAGED GROWTH PROJECTS ExxonMobil broke ground on the Baytown Chemical polyethylene and polypropylene lines planned for The Chemical business made significant progress in 2019 expansion project, which will produce linear alpha olefins Guangdong Province, China. to deliver key growth investments, including start-up and Vistamaxx performance polymers. We also began of the Beaumont high-performance polyethylene construction on the 1.8-million-tonnes-per-year expansion project. This facility, in addition to the previously steam cracker and derivative units near Corpus Christi, completed 1.5-million-tonnes-per-year Baytown steam Texas,1 and the North American polypropylene project cracker and the new derivative units in Mont Belvieu, are in Baton Rouge, Louisiana. We also progressed consistently operating above design rates. engineering work for a steam cracker with performance Growing demand for our technology-enabled performance products, feed advantage from an integrated supply chain with the Upstream and Downstream businesses, and scale-facilitated market access are critical elements of our Chemical growth plans. CHEMICAL: KEY PROJECTS Capacity (Kta)2 Product Growth project RECENTLY COMPLETED Location Al-Jubail1 Singapore Saudi Arabia Singapore United Kingdom United States Singapore Singapore Newport Baytown Beaumont 400 140 90 800 450 40 Synthetic rubber, specialty elastomers Butyl Adhesive resin Paraxylene (acquisition) Benzene (acquisition) TPV (thermoplastic vulcanizate) 1,550 Ethylene 650 Polyethylene Mont Belvieu 1,300 Polyethylene FUTURE (PROJECTED) China Guangdong Province 1,200 Ethylene United States Baton Rouge Baytown Baytown Corpus Christi 1 1,300 Polyethylene 850 450 350 400 Polypropylene Polypropylene Linear alpha olefins Vistamaxx performance polymers 1,800 Ethylene 1,100 Monoethylene glycol 1,300 Polyethylene Kta = thousand tonnes per annum 38 ● ● ● ● ● ● ● ● ● ● ● ● ● EXXONMOBIL 2019 SUMMARY ANNUAL REPORTCHEMICAL PRODUCT BENEFITS Plastics provide sustainability benefits and play an important role in helping society mitigate greenhouse gas emissions. Plastics are strong, lightweight materials, and are widely used in the transportation of water, food, and people. ExxonMobil performance products focus on technically challenging applications that have greater societal and consumer benefits when compared to typical alternatives. These benefits include: • Customers’ ability to use a higher content of recycled materials without degrading performance • Increased crop yields, extended shelf life, and reduced food waste • Lighter-weight vehicles and higher-performance tires, which improve fuel efficiency and reduce emissions • Safer materials for hygiene products and advanced medical applications • Improved energy efficiency of buildings, utilizing advanced house-wrap construction material technology Plastics have value throughout their life cycle, including UP CLOSE: TECHNOLOGY – CHEMICAL PRODUCTS AND SUSTAINABILITY1 Exceed XP agricultural films increase crop yield, extend shelf life, and decrease food waste Exxon butyl rubber improves fuel efficiency by up to 2% and increases electric vehicle range by up to 7% Santoprene TPV enables up to 45% weight reduction >200 ExxonMobil performance products advance sustainability benefits Vistamaxx performance polymers increase ability to use recycled materials Achieve Advanced PP reduces the weight of appliances and contributes to vehicle light-weighting, helping improve fuel economy SpectraSyn HiVis and LoVis PAO underpin our synthetic lubricant oils to deliver up to 2% better fuel economy and longer lubrication intervals Feb. 22, 2020 I N O S R E V potential sustainability solutions such as advanced recycling and regeneration technologies to capture 39A 19XOMSAR V2- TechCircle.ai at end of life, and play a vital role in a global, resource- We are also a founding member of the Alliance to End efficient economy. ExxonMobil is investing in research and Plastic Waste, an organization focused on developing development to find ways to recycle products at scale. safe, scalable, and economically viable solutions to help value from plastic waste and reduce overall greenhouse IN SAR V2 ON PAGE 39A end plastic waste in the environment. The global alliance gas emissions on a full life-cycle basis. We are well Carol LAST FILE CHANGE MADE BY Eric Bill works to prove effectiveness of solutions, particularly positioned to add value through ExxonMobil’s expertise in in markets with the highest levels of plastic waste in the hydrocarbon molecule management and industry-leading Scan QR code to access our Sustainability Report. environment. In addition, ExxonMobil is progressing research and development capability. R Data list is used to drive the black and E N W O white chart, which is then used as a template for the color chart. Bars and lines are cut and pasted from the black and white template and are highly accurate. However, the color chart is NOT linked to the database and is NOT “driven” by the data; it is a piece of artwork buiilt by a human. Therefore, the editor needs to 39 thoroughly proof the final artwork, not JUST the data list. : I N O T N E T T A R Ryan Dix • Investor Relations O Exxon Mobil Corporation, Irving, TX Office: 972-940-6063 Cell: 346-254-0204 john.ryan.dix@exxonmobil.com K Eric Whetstone • Whetstone Design studio/cell: 214-412-8000 fax: 817-583-6119 ericwhetstone@gmail.com T I D E O O B T R A Carol Zuber-Mallison • ZM Graphics, Inc. studio/cell: 214-906-4162 • fax: 817-924-7783 carol@zmgraphics.com Usage: Exclusive rights within ExxonMobil E X X O N M O B I L 2 0 1 9 S U M M A R Y A N N U A L R E P O R T GLOBAL PROJECTS AND SERVICES ExxonMobil’s Global Projects organization and will be ExxonMobil’s first fully modularized chemical Global Services Company support our operations plant, with fabrication of more than 140,000 tonnes and investment plans around the world. of mega modules. The venture remains on schedule, GLOBAL PROJECTS on budget, and on track to competitively capture significant execution savings when compared to other MANAGING >1,500 PROJECTS IN 30 COUNTRIES The Global Projects organization was formed in standard industry steam crackers. The Liza Phase 1 development in Guyana is another leading performance in the deepwater value example of the value created by our Global Projects chain. The project benefitted from an optimized organization. The project was completed under contracting strategy and strong local and international budget and ahead of schedule in less than five years partnerships. Future Guyana developments will from discovery to start-up, representing industry- leverage the Liza Phase 1 approach. 2019 and integrates decades of mega-project management experience, deep technical knowledge, and commercial capabilities into one global team that delivers projects across the Upstream, Downstream, and Chemical businesses. The new organization builds on experience gained from more than $125 billion of major capital projects over the past decade. This experienced and dedicated team provides a critical foundation of project-development expertise and delivery capabilities, which is applied across the corporation. The ethane steam cracker and derivative products project near Corpus Christi, Texas, is an excellent example of the benefits derived from an integrated global projects organization. The project is a joint venture that incorporates the Chemical organization’s operational experience, customer focus, supply chain, and technology expertise, with Upstream’s mega- project and modularization capabilities. The facility PHOTO: Three 1,150-tonne boiler modules are safely transported for our Corpus Christi project. 4040 UP CLOSE: SCALE – EXXONMOBIL MANAGES A DIVERSE PORTFOLIO OF PROJECTS THAT SUPPORT OUR WORLDWIDE BUSINESSES Kearl Supplemental Crusher Syncrude Mildred Lake Extension Permian Permian/USGC Crude Pipeline Venture Beaumont Light Crude Expansion Baton Rouge Polypropylene Baytown Chemical Expansion (LAO/Vistamaxx) Golden Pass LNG Export Corpus Christi Chemical Complex Countries with active projects Conventional ExxonMobil operated Operated by Others/ Joint Venture Unconventional Deepwater Heavy oil F&L LNG Chemical Fawley Hydrofiner Neptun Deep Tengiz Kashagan Bakken Liza Phase 1 Liza Phase 2 Payara Future Phases Bacalhau Phase 1 (formerly Carcara) Upper Zakum Barzan Rovuma LNG Coral FLNG Vaca Muerta Gorgon Expansion Russia Far East LNG Sakhalin-1 Central and South Dagi China Chemical Complex Ca Voi Xanh (Blue Whale) Singapore Resid Upgrade PNG Expansion GLOBAL SERVICES benefits. These include competitive rates for more device-enabled customer interface in China, and the ExxonMobil Global Services Company supports than $40 billion in purchases annually, efficient and processing of tens of millions of transactions globally operations by providing procurement, information effective facilities operations, and project support each day. technology, and environmental and property for real estate and retail station projects. Global solutions around the world. Global Services delivers Services also delivers highly reliable IT solutions that local, fit-for-purpose services, while leveraging enable innovation in all aspects of our business, ExxonMobil’s scale to capture cost and execution including well optimization in the Permian, mobile- To learn more about our global operations, scan the QR code. 4141 ENERGY IS ESSENTIAL ExxonMobil responsibly provides the energy and products that advance modern life while also developing and deploying technologies to help reduce emissions. 42 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTFINANCIAL INFORMATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Exxon Mobil Corporation We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Exxon Mobil Corporation and its subsidiaries (the “Corporation”) as of December 31, 2019 and 2018, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2019 (not presented herein) appearing in the ExxonMobil 2019 Financial Statements and Supplemental Information booklet enclosed with the proxy materials for the 2020 annual meeting of shareholders of the Corporation and have issued our report thereon dated February 26, 2020, which included an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements (pages 45-47) is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived. Dallas, Texas February 26, 2020 SUMMARY OF ACCOUNTING POLICIES AND PRACTICES The Corporation’s accounting and financial reporting fairly reflect its integrated business model involving exploration for, and production of, crude oil and natural gas and manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The summary financial statements include the accounts of those subsidiaries the Corporation controls. They also include the Corporation’s share of the undivided interest in certain Upstream assets, liabilities, revenues, and expenses. Amounts representing the Corporation’s interest in the net assets and net income of entities that it does not control are included in “Investments, advances, and long-term receivables” on the Balance Sheet and “Income from equity affiliates” on the Income Statement. The “functional currency” for translating the accounts of the majority of Downstream and Chemical operations outside the United States is the local currency. The local currency is also used for Upstream operations that are relatively self-contained and integrated within a particular country. The U.S. dollar is used for operations in countries with a history of high inflation and certain other countries. Revenue is recognized at the amount the Corporation expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risks and rewards of ownership. Inventories of crude oil, products, and merchandise are carried at the lower of current market value or cost (generally determined under the last-in, first-out method – LIFO). Inventories of materials and supplies are valued at cost or less. The Corporation may use derivative instruments for trading purposes and to offset exposures associated with commodity prices, foreign currency exchange rates and interest rates. All derivative instruments, except those designated as normal purchase and normal sale, are recorded at fair value, and gains and losses arising from changes in their fair value are recognized in earnings. The Corporation’s exploration and production activities are accounted for under the “successful efforts” method. Depreciation, depletion, and amortization are primarily determined under either the unit-of-production method or the straight-line method. Unit-of-production rates are based on the amount of proved developed reserves of oil, natural gas, and other minerals that are estimated to be recoverable from existing facilities. The straight-line method is based on estimated asset service life. The Corporation incurs retirement obligations for certain assets at the time they are installed. The fair values of these obligations are recorded as liabilities on a discounted basis and are accreted over time for the change in their present value. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. The Corporation recognizes the underfunded or overfunded status of defined benefit pension and other postretirement plans as a liability or asset in the balance sheet with the offset in equity, net of deferred taxes. A variety of claims have been made against ExxonMobil and certain of its consolidated subsidiaries in a number of pending lawsuits and tax disputes. For further information on litigation and tax contingencies, see Notes 16 and 19 to the Consolidated Financial Statements in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. The Corporation awards stock-based compensation to employees in the form of restricted stock units. Compensation expense is measured by the price of the stock at the date of grant and is recognized in income over the requisite service period. Further information on the Corporation’s accounting policies, estimates, and practices can be found in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet (Critical Accounting Estimates and Note 1 to the Consolidated Financial Statements). 43 | F I N A N C I A L I N F O R M A T I O N FINANCIAL HIGHLIGHTS (millions of dollars, unless noted) Net income attributable to ExxonMobil Cash flow from operations and asset sales1 Capital and exploration expenditures1 Research and development costs Total debt at year end Average capital employed1 Market valuation at year end Regular employees at year end (thousands) KEY FINANCIAL RATIOS Return on average capital employed1 (percent) Earnings to average ExxonMobil share of equity (percent) Debt to capital2 (percent) Net debt to capital3 (percent) Current assets to current liabilities (times) DIVIDEND AND SHAREHOLDER RETURN INFORMATION Dividends per common share (dollars) Dividends per share growth (annual percent) Number of common shares outstanding (millions) Average Average – assuming dilution Year end Total shareholder return1 (annual percent) Common stock acquired (millions of dollars) Market quotations for common stock (dollars) High Low Average daily close Year-end close 1 See Frequently Used Terms on pages 48 through 51. 2 Debt includes short-term and long-term debt. Capital includes short-term and long-term debt and total equity. 3 Debt net of cash and cash equivalents, excluding restricted cash. 44 44 2019 2018 2017 14,340 33,408 31,148 1,214 46,920 236,603 295,431 74.9 20,840 40,137 25,923 1,116 37,796 232,374 288,892 71.0 19,710 33,169 23,080 1,063 42,336 222,631 354,561 69.6 2019 6.5 7.5 19.1 18.1 0.78 2019 3.43 6.2 4,270 4,270 4,234 7.2 594 83.49 66.31 73.73 69.78 2018 9.2 11.0 16.0 14.9 0.84 2018 3.23 5.6 4,270 4,270 4,237 (15.1) 626 89.30 64.65 79.96 68.19 2017 9.0 11.1 17.9 16.8 0.82 2017 3.06 2.7 4,256 4,256 4,239 (3.8) 747 91.34 76.05 81.86 83.64 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTSUMMARY STATEMENT OF INCOME (millions of dollars) Revenues and other income Sales and other operating revenue Income from equity affiliates Other income Total revenues and other income Costs and other deductions Crude oil and product purchases Production and manufacturing expenses Selling, general and administrative expenses Depreciation and depletion Exploration expenses, including dry holes Non-service pension and postretirement benefit expense Interest expense Other taxes and duties Total costs and other deductions Income before income taxes Income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests Net income attributable to ExxonMobil Earnings per common share (dollars) Earnings per common share – assuming dilution (dollars) 2019 2018 2017 255,583 5,441 3,914 264,938 143,801 36,826 11,398 18,998 1,269 1,235 830 30,525 244,882 20,056 5,282 14,774 434 14,340 3.36 3.36 279,332 7,355 3,525 290,212 156,172 36,682 11,480 18,745 1,466 1,285 766 32,663 259,259 30,953 9,532 21,421 581 20,840 4.88 4.88 237,162 5,380 1,821 244,363 128,217 32,690 10,649 19,893 1,790 1,745 601 30,104 225,689 18,674 (1,174) 19,848 138 19,710 4.63 4.63 The information in the Summary statement of income (for 2017 to 2019), the Summary balance sheet (for 2018 and 2019), and the Summary statement of cash flows (for 2017 to 2019), shown on pages 45 through 47, corresponds to the information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. See also Management’s discussion and analysis of financial condition and results of operations and other information in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. 45 45 | F I N A N C I A L I N F O R M A T I O N SUMMARY BALANCE SHEET AT YEAR END (millions of dollars) Assets Current assets Cash and cash equivalents Notes and accounts receivable, less estimated doubtful amounts Inventories Crude oil, products and merchandise Materials and supplies Other current assets Total current assets Investments, advances and long-term receivables Property, plant and equipment, at cost, less accumulated depreciation and depletion Other assets, including intangibles, net Total assets Liabilities Current liabilities Notes and loans payable Accounts payable and accrued liabilities Income taxes payable Total current liabilities Long-term debt Postretirement benefits reserves Deferred income tax liabilities Long-term obligations to equity companies Other long-term obligations Total liabilities Commitments and contingencies1 Equity Common stock without par value Earnings reinvested Accumulated other comprehensive income Common stock held in treasury ExxonMobil share of equity Noncontrolling interests Total equity Total liabilities and equity 2019 2018 3,089 26,966 14,010 4,518 1,469 50,052 43,164 253,018 16,363 362,597 20,578 41,831 1,580 63,989 26,342 22,304 25,620 3,988 21,416 163,659 15,637 421,341 (19,493) (225,835) 191,650 7,288 198,938 362,597 3,042 24,701 14,803 4,155 1,272 47,973 40,790 247,101 10,332 346,196 17,258 37,268 2,612 57,138 20,538 20,272 27,244 4,382 18,094 147,668 15,258 421,653 (19,564) (225,553) 191,794 6,734 198,528 346,196 1 For more information, please refer to Note 16 in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. The information in the Summary statement of income (for 2017 to 2019), the Summary balance sheet (for 2018 and 2019), and the Summary statement of cash flows (for 2017 to 2019), shown on pages 45 through 47, corresponds to the information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. See also Management’s discussion and analysis of financial condition and results of operations and other information in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. 46 46 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTSUMMARY STATEMENT OF CASH FLOWS (millions of dollars) Cash flows from operating activities Net income including noncontrolling interests Adjustments for noncash transactions Depreciation and depletion Deferred income tax charges/(credits) Postretirement benefits expense in excess of/(less than) net payments Other long-term obligation provisions in excess of/(less than) payments Dividends received greater than/(less than) equity in current earnings of equity companies Changes in operational working capital, excluding cash and debt Reduction/(increase) – Notes and accounts receivable – Inventories – Other current assets Increase/(reduction) – Accounts and other payables Net (gain) on asset sales All other items – net Net cash provided by operating activities Cash flows from investing activities Additions to property, plant and equipment Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments Additional investments and advances Other investing activities including collection of advances Net cash used in investing activities Cash flows from financing activities Additions to long-term debt Reductions to long-term debt Additions to short-term debt Reductions in short-term debt Additions/(reductions) in commercial paper, and debt with three months or less maturity Cash dividends to ExxonMobil shareholders Cash dividends to noncontrolling interests Changes in noncontrolling interests Common stock acquired Net cash used in financing activities Effects of exchange rate changes on cash Increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 2019 2018 2017 14,774 18,998 (944) 109 (3,038) (936) (2,640) 72 (234) 3,725 (1,710) 1,540 29,716 (24,361) 3,692 (3,905) 1,490 (23,084) 7,052 (1) – (4,043) 5,654 (14,652) (192) 158 (594) (6,618) 33 47 3,042 3,089 21,421 18,745 (60) 1,070 (68) (1,684) (545) (3,107) (25) 2,321 (1,993) (61) 36,014 (19,574) 4,123 (1,981) 986 (16,446) 46 – – (4,752) (219) (13,798) (243) 146 (626) (19,446) (257) (135) 3,177 3,042 19,848 19,893 (8,577) 1,135 (610) 131 (3,954) (1,682) (117) 5,104 (334) (771) 30,066 (15,402) 3,103 (5,507) 2,076 (15,730) 60 – 1,735 (5,024) 2,181 (13,001) (184) (150) (747) (15,130) 314 (480) 3,657 3,177 The information in the Summary statement of income (for 2017 to 2019), the Summary balance sheet (for 2018 and 2019), and the Summary statement of cash flows (for 2017 to 2019), shown on pages 45 through 47, corresponds to the information in the Consolidated statement of income, the Consolidated balance sheet, and the Consolidated statement of cash flows in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. See also Management’s discussion and analysis of financial condition and results of operations and other information in ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet. 47 47 | F I N A N C I A L I N F O R M A T I O N FREQUENTLY USED TERMS Listed below are definitions of several of ExxonMobil’s key business and financial performance measures and other terms. These definitions are provided to facilitate understanding of the terms and their calculation. In the case of financial measures that we believe constitute “non-GAAP financial measures” under Securities and Exchange Commission Regulation G, we provide a reconciliation to the most comparable Generally Accepted Accounting Principles (GAAP) measure and other information required by that rule. Total shareholder return (TSR) • Measures the change in value of an investment in stock over a specified period of time, assuming dividend reinvestment. We calculate shareholder return over a particular measurement period by: dividing (1) the sum of (a) the cumulative value of dividends received during the measurement period, assuming reinvestment, plus (b) the difference between the stock price at the end and at the beginning of the measurement period; by (2) the stock price at the beginning of the measurement period. For this purpose, we assume dividends are reinvested in stock at market prices at approximately the same time actual dividends are paid. Shareholder return is usually quoted on an annualized basis. Capital and exploration expenditures (Capex) • Represents the combined total of additions at cost to property, plant and equipment, and exploration expenses on a before-tax basis from the Summary statement of income. ExxonMobil’s Capex includes its share of similar costs for equity companies. Capex excludes assets acquired in nonmonetary exchanges, the value of ExxonMobil shares used to acquire assets, and depreciation on the cost of exploration support equipment and facilities recorded to property, plant and equipment when acquired. While ExxonMobil’s management is responsible for all investments and elements of net income, particular focus is placed on managing the controllable aspects of this group of expenditures. Returns, investment returns, project returns • Unless referring specifically to ROCE, references to returns, investment returns, project returns, and similar terms mean future discounted cash flow returns on future capital investments based on current company estimates. Investment returns exclude prior exploration and acquisition costs. Heavy oil and oil sands • Heavy oil, for the purpose of this report, includes heavy oil, extra heavy oil, and bitumen, as defined by the World Petroleum Congress in 1987 based on American Petroleum Institute (API) gravity and viscosity at reservoir conditions. Heavy oil has an API gravity between 10 and 22.3 degrees. The API gravity of extra heavy oil and bitumen is less than 10 degrees. Extra heavy oil has a viscosity less than 10,000 centipoise, whereas the viscosity of bitumen is greater than 10,000 centipoise. The term “oil sands” is used to indicate heavy oil (generally bitumen) that is recovered in a mining operation. Divestments • As used in this report, divestments represent the unadjusted sale price specified in the applicable contract of sale as of the effective date for asset divestiture agreements which the corporation or one of its affiliates has executed since January 1, 2019. Actual final sale price and cash proceeds may differ in amount and timing from the divestment value depending on applicable contract terms. Leverage • Leverage is defined as “net debt/(net debt + market capitalization).” Project • The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Resources, resource base, and recoverable resources • Along with similar terms used in this report, these refer to the total remaining estimated quantities of oil and natural gas that are expected to be ultimately recoverable. ExxonMobil refers to new discoveries and acquisitions of discovered resources as resource additions. 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. The term “in-place” refers to those quantities of oil and natural gas estimated to be contained in known accumulations and includes recoverable and unrecoverable amounts. DISTRIBUTIONS TO SHAREHOLDERS (millions of dollars) Dividends paid to ExxonMobil shareholders Cost of shares acquired to reduce shares outstanding Distributions to ExxonMobil shareholders Memo: Gross cost of shares acquired to offset shares or units settled in shares issued under benefit plans and programs 2019 2018 2017 2016 2015 14,652 – 14,652 594 13,798 – 13,798 626 13,001 – 13,001 747 12,453 – 12,453 977 12,090 3,000 15,090 1,039 The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are acquired to reduce shares outstanding and offset shares or units settled in shares issued in conjunction with company benefit plans and programs. For purposes of calculating distributions to shareholders, the Corporation only includes the cost of those shares acquired to reduce shares outstanding. 48 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTRETURN ON AVERAGE CAPITAL EMPLOYED (ROCE) 2019 2018 2017 (millions of dollars) Net income attributable to ExxonMobil Financing costs (after tax) Gross third-party debt ExxonMobil share of equity companies All other financing costs – net Total financing costs Earnings excluding financing costs Average capital employed Return on average capital employed – corporate total 14,340 20,840 19,710 (1,075) (207) 141 (1,141) 15,481 236,603 6.5% (912) (192) 498 (606) 21,446 232,374 9.2% (709) (204) 515 (398) 20,108 222,631 9.0% 2016 7,840 (683) (225) 423 (485) 8,325 212,226 3.9% 2015 16,150 (362) (170) 88 (444) 16,594 208,755 7.9% ROCE is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment capital employed (average of beginning and end-of-year amounts). These segment earnings include ExxonMobil’s share of segment earnings of equity companies, consistent with our capital employed definition, and exclude the cost of financing. The Corporation’s total ROCE is net income attributable to ExxonMobil, excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as the best measure of historical capital productivity in our capital-intensive, long-term industry, both to evaluate management’s performance and to demonstrate to shareholders that capital has been used wisely over the long term. Additional measures, which are more cash-flow based, are used to make investment decisions. See page 2 for segment information relevant to ROCE. CAPITAL EMPLOYED AT YEAR END (millions of dollars) Business uses: asset and liability perspective Total assets Less liabilities and noncontrolling interests share of assets and liabilities Total current liabilities excluding notes and loans payable Total long-term liabilities excluding long-term debt Noncontrolling interests share of assets and liabilities Add ExxonMobil share of debt-financed equity company net assets Total capital employed Total corporate sources: debt and equity perspective Notes and loans payable Long-term debt ExxonMobil share of equity Less noncontrolling interests share of total debt Add ExxonMobil share of equity company debt Total capital employed 2019 2018 2017 2016 2015 362,597 346,196 348,691 330,314 336,758 (43,411) (73,328) (8,839) 3,906 240,925 20,578 26,342 191,650 (1,551) 3,906 240,925 (39,880) (69,992) (7,958) 3,914 232,280 17,258 20,538 191,794 (1,224) 3,914 232,280 (39,841) (72,014) (8,298) 3,929 232,467 17,930 24,406 187,688 (1,486) 3,929 232,467 (33,808) (79,914) (8,031) 4,233 212,794 13,830 28,932 167,325 (1,526) 4,233 212,794 (35,214) (86,047) (8,286) 4,447 211,658 18,762 19,925 170,811 (2,287) 4,447 211,658 Capital employed is a measure of net investment. When viewed from the perspective of how the capital is used by the businesses, it includes ExxonMobil’s net share of property, plant and equipment and other assets, less liabilities, excluding both short-term and long-term debt. When viewed from the perspective of the sources of capital employed in total for the Corporation, it includes ExxonMobil’s share of total debt and equity. Both of these views include ExxonMobil’s share of amounts applicable to equity companies, which the Corporation believes should be included to provide a more comprehensive measure of capital employed. 49 | F I N A N C I A L I N F O R M A T I O N OPERATING COSTS (millions of dollars) Reconciliation of operating costs From ExxonMobil’s Consolidated statement of income Total costs and other deductions Less: Crude oil and product purchases Interest expense Other taxes and duties Subtotal ExxonMobil’s share of equity company expenses Total operating costs Components of operating costs From ExxonMobil’s Consolidated statement of income Production and manufacturing expenses Selling, general and administrative expenses Depreciation and depletion Exploration expenses, including dry holes Non-service pension and postretirement benefit expense Subtotal ExxonMobil’s share of equity company expenses Total operating costs 2019 2018 2017 2016 2015 244,882 259,259 225,689 200,145 227,282 143,801 156,172 128,217 104,171 130,003 830 30,525 69,726 9,088 78,814 36,826 11,398 18,998 1,269 1,235 69,726 9,088 78,814 766 32,663 69,658 9,569 79,227 36,682 11,480 18,745 1,466 1,285 69,658 9,569 79,227 601 30,104 66,767 9,016 75,783 32,690 10,649 19,893 1,790 1,745 66,767 9,016 75,783 453 29,020 66,501 7,409 73,910 30,448 10,443 22,308 1,467 1,835 66,501 7,409 73,910 311 30,309 66,659 8,309 74,968 33,951 11,038 18,048 1,523 2,099 66,659 8,309 74,968 Operating costs are the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale – including energy, staffing, and maintenance costs. They exclude the cost of raw materials, taxes, and interest expense and are on a before-tax basis. While ExxonMobil’s management is responsible for all revenue and expense elements of net income, operating costs, as defined above, represent the expenses most directly under management’s control, and therefore, are useful for investors and ExxonMobil management in evaluating management’s performance. CASH FLOW FROM OPERATIONS AND ASSET SALES 2019 2018 2017 2016 2015 (millions of dollars) Net cash provided by operating activities Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments Cash flow from operations and asset sales 29,716 3,692 33,408 36,014 4,123 40,137 30,066 3,103 33,169 22,082 4,275 26,357 30,344 2,389 32,733 Cash flow from operations and asset sales is the sum of the net cash provided by operating activities and proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments from the Summary statement of cash flows. This cash flow reflects the total sources of cash from both operating the Corporation’s assets and from the divesting of assets. The Corporation employs a long-standing and regular disciplined review process to ensure that all assets are contributing to the Corporation’s strategic objectives. Assets are divested when they are no longer meeting these objectives or are worth considerably more to others. Because of the regular nature of this activity, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions. 50 EXXONMOBIL 2019 SUMMARY ANNUAL REPORTFREE CASH FLOW (millions of dollars) Net cash provided by operating activities Additions to property, plant and equipment Proceeds associated with sales of subsidiaries, property, plant and equipment, and sales and returns of investments Additional investments and advances Other investing activities including collection of advances Free cash flow 2019 2018 2017 2016 2015 29,716 (24,361) 3,692 (3,905) 1,490 6,632 36,014 (19,574) 4,123 (1,981) 986 19,568 30,066 (15,402) 3,103 (5,507) 2,076 14,336 22,082 (16,163) 4,275 (1,417) 902 9,679 30,344 (26,490) 2,389 (607) 842 6,478 Free cash flow is cash flow from operations and asset sales less additions to property, plant and equipment, and additional investments and advances, plus other investing activities, including collection of advances. This measure is useful when evaluating cash available for financing activities, including shareholder distributions, after investment in the business. FOOTNOTES Page 2 1 Natural gas converted to oil-equivalent at 6 million cubic feet per 1,000 barrels 2 Sales data reported net of purchases/sales contracts with the same counterparty Page 6 1 Unless otherwise specified, the source of data for pages 6 and 7 is ExxonMobil’s 2019 Outlook for Energy 2 Source: U.N. Human Development Reports 2018; World Bank DataBank 2019; ExxonMobil analysis, updated September 11, 2019 Page 7 1 Organisation for Economic Co-operation and Development (OECD): A forum for 36 nations that work with each other, as well as with many more partner nations, to promote policies that will improve the economic and social well-being of people around the world. In this report, OECD is referring to the 36 nations that are members of the forum; Non-OECD is a term used collectively for countries other than the 36 OECD nations. Page 8 1 Unless otherwise specified, the source of data for page 8 is ExxonMobil’s 2020 Energy & Carbon Summary Page 9 1 Unless otherwise specified, the source of data for page 9 is ExxonMobil’s 2019 Outlook for Energy 2 Source: ExxonMobil’s 2018 Outlook for Energy 3 Source: IPCC AR5 Climate Change 2014: Mitigation of Climate Change; ExxonMobil analysis 4 Source: U.S. Energy Information Administration (EIA) 5 Source: National Academies of Sciences, Engineering, and Medicine (2016); Commercial Aircraft Propulsion and Energy Systems Research: Reducing Global Carbon Emissions (2016); Behaviour of Lithium-Ion Batteries in Electric Vehicles – Battery Health, Performance, Safety, and Cost (2018); ExxonMobil analysis Page 11 1 Source: ExxonMobil analysis 2 Source: ExxonMobil analysis Page 14 1 Source: Wood Mackenzie (2019–2023 FID Tracker) 2 Source: ExxonMobil estimates where available, Wood Mackenzie, IHS Markit Page 19 1 Year-on-year growth in Midland and Delaware Basins 2 Source: IEA World Energy Outlook 2019 3 Source: IHS Markit, based on rig count Page 20 1 Resource and acreage values include Midland, Delaware, and minor conventional operations in the Central Basin Platform. Page 23 1 Pending regulatory approval of Ceara-Potiguar divestment in 2020 2 Source: Wood Mackenzie; includes already-awarded licenses and licenses pending government award. Compared to International Oil Companies (IOC). Page 24 1 Source: Wood Mackenzie; ExxonMobil analysis Page 26 1 Source: Wood Mackenzie; ExxonMobil analysis 2 Agreed sales value as of January 1, 2019. Estimated total cash to be received is $4 billion, including $3.1 billion received in 2019. Page 29 1 Source: ExxonMobil’s 2019 Outlook for Energy; ExxonMobil analysis Page 31 1 Estimated total pipeline network by 2022 Page 32 1 Source: Kline & Company Page 33 1 Volumes shown on 100-percent basis Page 35 1 Source: ExxonMobil’s 2019 Outlook for Energy; ExxonMobil analysis Page 36 1 Source: ExxonMobil’s 2019 Outlook for Energy; IHS Markit; ExxonMobil analysis Page 37 1 Source: ExxonMobil analysis. For further information, see our 2019 Chemical Spotlight available at exxonmobil.com Page 38 1 50/50 joint venture with SABIC 2 Volumes shown on 100-percent basis Page 39 1 Source: ExxonMobil analysis. For further information, see our 2019 Chemical Spotlight available at exxonmobil.com 51 BOARD OF DIRECTORS, OFFICERS, AND AFFILIATED COMPANIES STANDING COMMITTEES OF THE BOARD OFFICERS FUNCTIONAL AND SERVICE ORGANIZATIONS Audit Committee U.M. Burns (Chair) J.L. Hooley D.R. Oberhelman W.C. Weldon Board Affairs Committee K.C. Frazier (Chair) S.K. Avery S.J. Palmisano S.S Reinemund Compensation Committee S.J. Palmisano (Chair) A.F. Braly K.C. Frazier S.A. Kandarian Finance Committee D.W. Woods (Chair) U.M. Burns J.L. Hooley D.R. Oberhelman W.C. Weldon Public Issues and Contributions Committee A.F. Braly (Chair) S.K. Avery S.A. Kandarian S.S Reinemund Executive Committee D.W. Woods (Chair) U.M. Burns K.C. Frazier S.J. Palmisano S.S Reinemund D.W. Woods Chairman of the Board 1 N.A. Chapman Senior Vice President 1 A.P. Swiger Senior Vice President 1 J.P. Williams, Jr. Senior Vice President 1 R.M. Ebner Vice President and General Counsel 1 S.M. Greenlee Vice President 1 T.C. Gunnlaugsson Vice President – Human Resources N.A. Hansen Vice President – Investor Relations and Corporate Secretary 1 L.M. Mallon Vice President 1 S.M. McCarron Vice President – Public and Government Affairs K.T. McKee Vice President 1 B.W. Milton Vice President 1 D.S. Rosenthal Vice President and Controller 1 R.N. Schleckser Vice President and Treasurer 1 J.M. Spellings, Jr. Vice President and General Tax Counsel 1 D.G. Wascom T.J. Wojnar, Jr. Vice President – Operational Excellence, Safety, Security, Health and Environment Vice President – Corporate Strategic Planning 1 Upstream L.D. DuCharme S.M. Greenlee L.M. Mallon Downstream B.W. Milton Chemical K.T. McKee Other N.W. Duffin J.M. Gibbs B.H. March President, ExxonMobil Upstream Integrated Solutions Company 1 President, ExxonMobil Upstream Business Development Company 1 President, ExxonMobil Upstream Oil & Gas Company 1 President, ExxonMobil Fuels & Lubricants Company 1 President, ExxonMobil Chemical Company 1 President, ExxonMobil Global Projects Company 1 President, ExxonMobil Global Services Company President, ExxonMobil Research and Engineering Company 1 Required to file reports under Section 16 of the Securities Exchange Act of 1934. As of January 1, 2020 52 Scan QR code for more information about our management team. EXXONMOBIL 2019 SUMMARY ANNUAL REPORT (left to right) Angela F. Braly Former Chairman of the Board, President, and Chief Executive Officer, WellPoint, Inc. (health care) Kenneth C. Frazier Chairman of the Board and Chief Executive Officer, Merck & Company (pharmaceuticals) Joseph L. Hooley Former Chairman of the Board, President, and Chief Executive Officer, State Street Corporation (financial services) Ursula M. Burns Chairman of the Board and Chief Executive Officer, VEON Ltd. (telecommunication services) Samuel J. Palmisano Former Chairman of the Board, President, and Chief Executive Officer, International Business Machines Corporation (computer hardware, software, business consulting, and IT services) Darren W. Woods Chairman of the Board and Chief Executive Officer Douglas R. Oberhelman Former Chairman of the Board and Chief Executive Officer, Caterpillar Inc. (heavy equipment) Steven S Reinemund Presiding Director; Former Chairman of the Board and Chief Executive Officer, PepsiCo (consumer food products) William C. Weldon Former Chairman of the Board and Chief Executive Officer, Johnson & Johnson (pharmaceuticals) Susan K. Avery President Emerita, Woods Hole Oceanographic Institution (nonprofit ocean research, exploration, and education) Steven A. Kandarian Former Chairman of the Board, President, and Chief Executive Officer, MetLife Inc. (insurance) As of January 1, 2020 5353 INVESTOR INFORMATION SHAREHOLDER SERVICES Shareholder inquiries should be addressed to ExxonMobil Shareholder Services at Computershare Trust Company, N.A., ExxonMobil’s transfer agent: ExxonMobil Shareholder Services c/o Computershare P.O. Box 505000 Louisville, KY 40233 1-800-252-1800 (Within the United States and Canada) 1-781-575-2058 (Outside the United States and Canada) An automated voice-response system is available 24 hours a day, 7 days a week. Service representatives are available Monday through Friday 8 a.m. to 8 p.m. Eastern Time. Registered shareholders can access information about their ExxonMobil stock accounts via the Internet at computershare.com/exxonmobil. STOCK PURCHASE AND DIVIDEND REINVESTMENT PLAN Computershare Trust Company, N.A., sponsors a stock purchase and dividend reinvestment plan, the Computershare Investment Plan for Exxon Mobil Corporation Common Stock. For more information and plan materials, go to computershare.com/exxonmobil or call or write ExxonMobil Shareholder Services. For more information about ExxonMobil investor relations scan the QR code. 54 DIVIDEND DIRECT DEPOSIT Shareholders may have dividends deposited directly into their U.S. bank accounts. If you would like to elect this option, go to computershare.com/exxonmobil or call or write ExxonMobil Shareholder Services for an authorization form. CORPORATE GOVERNANCE Our Corporate Governance Guidelines and related materials are available by selecting “Investors” on our website at exxonmobil.com. ELECTRONIC DELIVERY OF DOCUMENTS Registered shareholders can receive the following documents online, instead of by mail, by contacting ExxonMobil Shareholder Services: • Annual meeting materials • Tax documents • Account statements Beneficial shareholders should contact their bank or broker for electronic receipt of proxy voting materials. EXXONMOBIL PUBLICATIONS The following publications are available without charge to shareholders and can be found at exxonmobil.com. Requests for printed copies should be directed to ExxonMobil Shareholder Services. • Summary Annual Report • Annual Report on Form 10-K • Sustainability Report • Outlook for Energy: A Perspective to 2040 • Energy & Carbon Summary 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 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 such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. Included in this Summary Annual Report are financial and operating highlights and summary financial statements. For complete financial statements, including notes, please refer to ExxonMobil’s 2019 Financial Statements and Supplemental Information booklet included in the Summary Annual Report mailing or in the “Investors” section of ExxonMobil’s website (exxonmobil.com) under “Investor publications.” The Financial Statements and Supplemental Information booklet also includes “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The “Investors” section of ExxonMobil’s website (exxonmobil.com) also contains the Proxy Statement and other company publications. These publications provide additional detail about the company’s global operations. The following are trademarks, service marks, or proprietary process names of Exxon Mobil Corporation or one of its affiliates: Achieve Advanced, Esso, Exceed XP, Exxon, ExxonMobil, Mobil, Mobil 1, Mobil EV, Santoprene, SpectraSyn HiVis, SpectraSyn LoVis, Synergy, Synergy Diesel Efficient, and Vistamaxx. The following third-party trademarks or service marks referred to in the text of the report are owned by The Trustees of the PWC Business Trust: PWC + Design. EXXONMOBIL 2019 SUMMARY ANNUAL REPORTANNUAL SHAREHOLDER MEETING The 2020 Annual Meeting of Shareholders will be held at 9:30 a.m. Central Time on Wednesday, May 27, 2020, at: Renaissance Dallas Hotel Conference Center 2222 North Stemmons Freeway Dallas, TX 75207 An audio webcast will be provided at exxonmobil.com. Information about the webcast will be available one week prior to the event. ExxonMobil on the Internet A quick, easy way to get information about ExxonMobil Important shareholder information is available at exxonmobil.com: • Publications • Stock Quote • Dividend Information • Contact Information • Speeches • News Releases • Investor Presentations • Corporate Governance GENERAL INFORMATION CORPORATE HEADQUARTERS Exxon Mobil Corporation 5959 Las Colinas Boulevard Irving, TX 75039-2298 Additional copies may be obtained by writing or calling: Phone: 972-940-6000 Fax: 972-940-6748 Email: shareholderrelations@exxonmobil.com SHAREHOLDER RELATIONS ADDRESS Shareholder Relations Exxon Mobil Corporation P.O. Box 140369 Irving, TX 75014-0369 MARKET INFORMATION The New York Stock Exchange is the principal exchange on which Exxon Mobil Corporation common stock is traded. STOCK SYMBOL: XOM exxonmobil.com/annualreport . A . S . U N I D E T N I R P N O I T A R O P R O C L I B O M N O X X E 0 2 0 2 © N G I S E D E N O T S T E H W 2 0 1 9 S U M M A R Y A N N U A L R E P O R T E X X O N M O B I L C O R P O R A T I O N 002CSNA8D4 Exxon Mobil Corporation Corporate Headquarters 5959 Las Colinas Blvd. Irving, Texas 75039-2298 exxonmobil.com Printed in U.S.A. For more information, visit exxonmobil.com 

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