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GROWING SHAREHOLDER VALUE IN A LOWER-CARBON FUTURE: SUMMARY May 2021GROWING SHAREHOLDER VALUE IN A LOWER-CARBON FUTURE: SUMMARY May 2021
Cautionary statement FORWARD-LOOKING STATEMENTS. Outlooks; projections; goals; estimates; discussions of earnings, cash flow, and margins; descriptions of strategic plans and objectives; planned capital and cash operating expense reductions and the ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emissions reductions; emission profiles of future developments; carbon capture results and the impact of operational and technology efforts; future business markets like carbon capture or hydrogen; energy market evolution; rates of return; development plans; future distributions; and other statements of future events or conditions in this presentation or the subsequent discussion period are forward-looking statements. Actual future results could differ materially due to a number of factors. These include the continuity of our board and their strategic oversight; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil, gas, petroleum, petrochemicals and feedstocks; company actions to protect the health and safety of employees, vendors, customers, and communities; the severity, length and ultimate impact of COVID-19 and government responses on people and economies; global population and economic growth; changes in law, taxes or regulation, including environmental regulations, taxes, political sanctions and international treaties; the timely granting or freeze, suspension or revocation of government permits; the impact of fiscal and commercial terms and the outcome of commercial negotiations; feasibility and timing for regulatory approval of potential investments or divestments; the actions of competitors and preferences of customers; the capture of efficiencies between business lines; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; unforeseen technical or operating difficulties; the ability to bring new technologies to commercial scale on a cost- competitive basis, including large-scale hydraulic fracturing projects and carbon capture projects; and other factors discussed here, in Item 1A. Risk Factors in our Form 10-K for the year ended December 31, 2020 and under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. The forward-looking statements and dates used in this presentation are based on management’s good faith plans and objectives as of the of this presentation, unless otherwise stated. We assume no duty to update these statements as of any future date and neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact. SUPPLEMENTAL INFORMATION. See the Supplemental Information included on pages 19 through 24 of this presentation for additional important information required by Regulation G for non-GAAP measures or that the company considers is useful to investors as well as definitions of terms used in the materials, including future earnings, cash flow, margins, ROCE, returns, addressable markets, and cash operating expenses. Supplemental Information also includes information on the assumptions used in these materials, including assumptions on future crude oil prices and product margins used to develop outlooks regarding future potential outcomes of current management plans. 2Cautionary statement FORWARD-LOOKING STATEMENTS. Outlooks; projections; goals; estimates; discussions of earnings, cash flow, and margins; descriptions of strategic plans and objectives; planned capital and cash operating expense reductions and the ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emissions reductions; emission profiles of future developments; carbon capture results and the impact of operational and technology efforts; future business markets like carbon capture or hydrogen; energy market evolution; rates of return; development plans; future distributions; and other statements of future events or conditions in this presentation or the subsequent discussion period are forward-looking statements. Actual future results could differ materially due to a number of factors. These include the continuity of our board and their strategic oversight; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil, gas, petroleum, petrochemicals and feedstocks; company actions to protect the health and safety of employees, vendors, customers, and communities; the severity, length and ultimate impact of COVID-19 and government responses on people and economies; global population and economic growth; changes in law, taxes or regulation, including environmental regulations, taxes, political sanctions and international treaties; the timely granting or freeze, suspension or revocation of government permits; the impact of fiscal and commercial terms and the outcome of commercial negotiations; feasibility and timing for regulatory approval of potential investments or divestments; the actions of competitors and preferences of customers; the capture of efficiencies between business lines; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; unforeseen technical or operating difficulties; the ability to bring new technologies to commercial scale on a cost- competitive basis, including large-scale hydraulic fracturing projects and carbon capture projects; and other factors discussed here, in Item 1A. Risk Factors in our Form 10-K for the year ended December 31, 2020 and under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. The forward-looking statements and dates used in this presentation are based on management’s good faith plans and objectives as of the of this presentation, unless otherwise stated. We assume no duty to update these statements as of any future date and neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact. SUPPLEMENTAL INFORMATION. See the Supplemental Information included on pages 19 through 24 of this presentation for additional important information required by Regulation G for non-GAAP measures or that the company considers is useful to investors as well as definitions of terms used in the materials, including future earnings, cash flow, margins, ROCE, returns, addressable markets, and cash operating expenses. Supplemental Information also includes information on the assumptions used in these materials, including assumptions on future crude oil prices and product margins used to develop outlooks regarding future potential outcomes of current management plans. 2
ExxonMobil has right strategy and financial plan for shareholders Uniquely positioned to sustainably meet the world’s energy needs in a lower-carbon future 1 • Invest in low-carbon to expand opportunities in energy’s long-term future – Low Carbon Solutions business will help address society’s ambition to reduce emissions in hard-to- decarbonize sectors, targeting new CCS, hydrogen, and biofuels opportunities with large addressable markets and high growth Right strategy and – Leverages decades of technology expertise at scale and competitive advantages demonstrated in existing plan: value chains advancing two priorities – Reducing emissions in our operations consistent with the Paris Agreement and a 2°C pathway to maximize • Driving cash flow improvements in existing businesses with a disciplined, value driven approach shareholder value – Investing in one of the most attractive, high-return portfolios in the industry to increase cash flow while maintaining existing production levels – Improving portfolio competitiveness through structural operating cost improvements – Responsibly meeting continued demand for oil & gas and high-value products • Management and the Board made tough decisions to improve ExxonMobil’s portfolio starting in 2 2017 with counter-cyclical investments; long-cycle actions driving performance and TSR today Strong performance: • TSR outperforms peer average over six month, one year, two year, and three year periods, with resulting from capital 1 +52% TSR over the past year investments, corporate 2 values and competitive • Outperformance vs. peer average on long-term ROCE and dividend growth strengths • Resilient 2020 performance – best-ever workforce safety and reliability, reduced cash opex by 15% 3 and capex by 30% See Supplemental Information for footnotes and definitions 3ExxonMobil has right strategy and financial plan for shareholders Uniquely positioned to sustainably meet the world’s energy needs in a lower-carbon future 1 • Invest in low-carbon to expand opportunities in energy’s long-term future – Low Carbon Solutions business will help address society’s ambition to reduce emissions in hard-to- decarbonize sectors, targeting new CCS, hydrogen, and biofuels opportunities with large addressable markets and high growth Right strategy and – Leverages decades of technology expertise at scale and competitive advantages demonstrated in existing plan: value chains advancing two priorities – Reducing emissions in our operations consistent with the Paris Agreement and a 2°C pathway to maximize • Driving cash flow improvements in existing businesses with a disciplined, value driven approach shareholder value – Investing in one of the most attractive, high-return portfolios in the industry to increase cash flow while maintaining existing production levels – Improving portfolio competitiveness through structural operating cost improvements – Responsibly meeting continued demand for oil & gas and high-value products • Management and the Board made tough decisions to improve ExxonMobil’s portfolio starting in 2 2017 with counter-cyclical investments; long-cycle actions driving performance and TSR today Strong performance: • TSR outperforms peer average over six month, one year, two year, and three year periods, with resulting from capital 1 +52% TSR over the past year investments, corporate 2 values and competitive • Outperformance vs. peer average on long-term ROCE and dividend growth strengths • Resilient 2020 performance – best-ever workforce safety and reliability, reduced cash opex by 15% 3 and capex by 30% See Supplemental Information for footnotes and definitions 3
ExxonMobil’s Board is committed to strong oversight Engine No. 1 has not put forward any new ideas and does not have a plan to create value 3 • Our Board has played an important role in overseeing our strategy and has continually refreshed Led by strong, itself with relevant expertise to support the pursuit of our core priorities independent Board with relevant • New Director additions enhance Board expertise in energy, capital allocation, investor experience perspective, and transition 4 • Engine No. 1 has not constructively engaged to seek a resolution, despite multiple attempts by ExxonMobil • Engine No. 1 has provided no plan to create shareholder value, and does not understand the industry or ExxonMobil’s plan Engine No. 1 does not have a plan for • Engine No. 1 is backpedaling from previous statements in response to market skepticism of its ExxonMobil platform • Engine No. 1’s nominees lack breadth of experience, leadership at a global scale and skillsets needed by ExxonMobil Board 4ExxonMobil’s Board is committed to strong oversight Engine No. 1 has not put forward any new ideas and does not have a plan to create value 3 • Our Board has played an important role in overseeing our strategy and has continually refreshed Led by strong, itself with relevant expertise to support the pursuit of our core priorities independent Board with relevant • New Director additions enhance Board expertise in energy, capital allocation, investor experience perspective, and transition 4 • Engine No. 1 has not constructively engaged to seek a resolution, despite multiple attempts by ExxonMobil • Engine No. 1 has provided no plan to create shareholder value, and does not understand the industry or ExxonMobil’s plan Engine No. 1 does not have a plan for • Engine No. 1 is backpedaling from previous statements in response to market skepticism of its ExxonMobil platform • Engine No. 1’s nominees lack breadth of experience, leadership at a global scale and skillsets needed by ExxonMobil Board 4
IPCC expects a diverse energy mix in achieving 2°C Multiple potential pathways to 2°C lead to wide range of projections 2040 ENERGY MIX IN IPCC LOWER 2°C SCENARIOS Quadrillion BTUs (Quads) High IPCC 2040 Wind/Solar Lower 2°C energy demand Bioenergy • Substantial efficiency gains range 19% Low-carbon Wind Other needed to offset population energy Solar demand and economic growth grows 44% Low Bioenergy Coal • Significant growth in low- Other carbon energy Coal • Oil and natural gas remain Oil / Oil & Oil / 55% Natural gas Natural gas essential 48% Natural gas still integral 2019 IAv PCC era 20 ge40 IEA 2019 IPCC 2040 total energy demand average estimated demand Average Source: (left) IEA (International Energy Agency) World Energy Outlook 2020; (right) IAMC 1.5°C Scenario Explorer and Data, average of IPCC (Intergovernmental Panel on Climate Change) Lower 2°C scenarios. 5 See Supplemental Information for definitionsIPCC expects a diverse energy mix in achieving 2°C Multiple potential pathways to 2°C lead to wide range of projections 2040 ENERGY MIX IN IPCC LOWER 2°C SCENARIOS Quadrillion BTUs (Quads) High IPCC 2040 Wind/Solar Lower 2°C energy demand Bioenergy • Substantial efficiency gains range 19% Low-carbon Wind Other needed to offset population energy Solar demand and economic growth grows 44% Low Bioenergy Coal • Significant growth in low- Other carbon energy Coal • Oil and natural gas remain Oil / Oil & Oil / 55% Natural gas Natural gas essential 48% Natural gas still integral 2019 IAv PCC era 20 ge40 IEA 2019 IPCC 2040 total energy demand average estimated demand Average Source: (left) IEA (International Energy Agency) World Energy Outlook 2020; (right) IAMC 1.5°C Scenario Explorer and Data, average of IPCC (Intergovernmental Panel on Climate Change) Lower 2°C scenarios. 5 See Supplemental Information for definitions
ExxonMobil developing technologies to reduce emissions Available alternatives do not fully meet needs of hard-to-decarbonize sectors, requiring innovation EXXONMOBIL FOCUS ON SOLUTIONS FOR IPCC 2040 DEMAND ACTIONS TODAY TOMORROW Oil and Gas Wind • Providing natural gas to Coal POWER replace coal• Fuel cells for lower-cost CCS and Nuclear • Cogeneration hydrogen GENERATION Solar • Lubricants for wind turbines Other renewables Need: 24/7 on-demand electricity Electricity Bio- • Fuels and lubricants to improve fuel TRANSPORTATION energy long-haul trucks, efficiency Other aviation, marine, • Biofuels blending and distribution• Advanced biofuels passenger cars • Lightweight plastics to improve Oil and Gas Need: rapid refueling of energy- vehicle efficiency dense fuels INDUSTRIAL Electricity • New materials with lower-emission • Fuel cells for lower-cost CCS and steel, cement, Oil and footprint hydrogen textiles, plastics Gas • Energy-efficient process redesign• Less energy-intense manufacturing • Carbon capture and hydrogen processes Need: fuel for high-temperature Coal Other processes Source: IAMC 1.5°C Scenario Explorer and Data, average of IPCC Lower 2°C scenarios and ExxonMobil analysis of IPCC Fifth Assessment Report and Special Report 1.5. 6ExxonMobil developing technologies to reduce emissions Available alternatives do not fully meet needs of hard-to-decarbonize sectors, requiring innovation EXXONMOBIL FOCUS ON SOLUTIONS FOR IPCC 2040 DEMAND ACTIONS TODAY TOMORROW Oil and Gas Wind • Providing natural gas to Coal POWER replace coal• Fuel cells for lower-cost CCS and Nuclear • Cogeneration hydrogen GENERATION Solar • Lubricants for wind turbines Other renewables Need: 24/7 on-demand electricity Electricity Bio- • Fuels and lubricants to improve fuel TRANSPORTATION energy long-haul trucks, efficiency Other aviation, marine, • Biofuels blending and distribution• Advanced biofuels passenger cars • Lightweight plastics to improve Oil and Gas Need: rapid refueling of energy- vehicle efficiency dense fuels INDUSTRIAL Electricity • New materials with lower-emission • Fuel cells for lower-cost CCS and steel, cement, Oil and footprint hydrogen textiles, plastics Gas • Energy-efficient process redesign• Less energy-intense manufacturing • Carbon capture and hydrogen processes Need: fuel for high-temperature Coal Other processes Source: IAMC 1.5°C Scenario Explorer and Data, average of IPCC Lower 2°C scenarios and ExxonMobil analysis of IPCC Fifth Assessment Report and Special Report 1.5. 6
Pursuing low-carbon opportunities with large addressable markets Leveraging core skills and existing assets to capture markets with strongest fit and high growth 2040 MARKET SIZE, GROWTH, AND FIT WITH EXXONMOBIL COMPETENCIES Trillion USD 1 Total Addressable Market: 2040 1 Size = Total Addressable Market in 2040 Carbon Capture 40% ~$2T Strongest fit with Carbon and Storage ExxonMobil’s experience and Capture core competencies Hydrogen ~$1T 25% Biofuels ~$0.4T Hydrogen Solar Oil & Natural Gas ~$6.5T Biofuels Wind 10% Nuclear Chemicals ~$4T Low Fit High Fit 3 Oil & Gas Competitive Positioning (5%) See Supplemental Information for footnotes and definitions 7 2 Projected CAGR 2020 - 2040Pursuing low-carbon opportunities with large addressable markets Leveraging core skills and existing assets to capture markets with strongest fit and high growth 2040 MARKET SIZE, GROWTH, AND FIT WITH EXXONMOBIL COMPETENCIES Trillion USD 1 Total Addressable Market: 2040 1 Size = Total Addressable Market in 2040 Carbon Capture 40% ~$2T Strongest fit with Carbon and Storage ExxonMobil’s experience and Capture core competencies Hydrogen ~$1T 25% Biofuels ~$0.4T Hydrogen Solar Oil & Natural Gas ~$6.5T Biofuels Wind 10% Nuclear Chemicals ~$4T Low Fit High Fit 3 Oil & Gas Competitive Positioning (5%) See Supplemental Information for footnotes and definitions 7 2 Projected CAGR 2020 - 2040
Uniquely positioned to succeed in carbon capture Leveraging position as the global CCS leader in a ~$2 trillion addressable market by 2040 1 CUMULATIVE CO CAPTURE VOLUME SINCE 1970 2 • Leverages history and experience at scale Million tonnes 1 − #1 in the world for CO capture; 9 Mta capacity 2 2 − #2 in the world for CO pipelines 2 Remaining 44 3 − #2 in the world for CO geologic storage 2 companies ExxonMobil ~120 MT • Leverages core capabilities and advantages captured − Subsurface and reservoir expertise 40% − Project development and execution Of all CO 2 captured since − Responsible and efficient operations 1970 • Established Low Carbon Solutions Business: Company D − Develop commercial opportunities at scale Company C − Advance regulatory and legal frameworks Company B Company A − Progress >20 new CCS opportunities See Supplemental Information for footnotes and definitions 8Uniquely positioned to succeed in carbon capture Leveraging position as the global CCS leader in a ~$2 trillion addressable market by 2040 1 CUMULATIVE CO CAPTURE VOLUME SINCE 1970 2 • Leverages history and experience at scale Million tonnes 1 − #1 in the world for CO capture; 9 Mta capacity 2 2 − #2 in the world for CO pipelines 2 Remaining 44 3 − #2 in the world for CO geologic storage 2 companies ExxonMobil ~120 MT • Leverages core capabilities and advantages captured − Subsurface and reservoir expertise 40% − Project development and execution Of all CO 2 captured since − Responsible and efficient operations 1970 • Established Low Carbon Solutions Business: Company D − Develop commercial opportunities at scale Company C − Advance regulatory and legal frameworks Company B Company A − Progress >20 new CCS opportunities See Supplemental Information for footnotes and definitions 8
Reducing emissions consistent with the goals of Paris ExxonMobil’s plan to 2025 consistent with 2°C pathway, while NDCs fall short 1,2,3 EXXONMOBIL AND SOCIETY’S EMISSIONS Percent reduction versus 2016 1 Society’s emissions Paris submissions by signatory nations result in societal emissions that are relatively flat through 2030 0.9 (estimated 2016 Nationally Determined Contributions) 0% 0.8 0.7 ExxonMobil -25% GHG emissions 0.6 0.5 -50% 0.4 0.3 -75% 0.2 0.1 Hypothetical Hypothetical 1.5°C pathway 2°C pathway Net -100% 0 zero 2016 2015 2030 2045 2060 2075 See Supplemental Information for footnotes 9Reducing emissions consistent with the goals of Paris ExxonMobil’s plan to 2025 consistent with 2°C pathway, while NDCs fall short 1,2,3 EXXONMOBIL AND SOCIETY’S EMISSIONS Percent reduction versus 2016 1 Society’s emissions Paris submissions by signatory nations result in societal emissions that are relatively flat through 2030 0.9 (estimated 2016 Nationally Determined Contributions) 0% 0.8 0.7 ExxonMobil -25% GHG emissions 0.6 0.5 -50% 0.4 0.3 -75% 0.2 0.1 Hypothetical Hypothetical 1.5°C pathway 2°C pathway Net -100% 0 zero 2016 2015 2030 2045 2060 2075 See Supplemental Information for footnotes 9
Significant investment required to meet oil and gas demand 1 IEA forecasts incremental $12 trillion investment in oil and gas needed in its <2°C scenario “Sharp spending cuts and project delays are already constraining supply growth across the globe… In the absence of stronger policy action, global oil production would need to rise 10.2mb/d by 2026 to meet the expected rebound in demand” GLOBAL ENERGY DEMAND IN IPCC LOWER 2°C SCENARIOS GLOBAL OIL SUPPLY ESTIMATES Quads Moebd 525 120 Wind Solar IEA STEPS demand Bioenergy 350 Average demand based on o Other IPCC Lower 2 C scenarios IEA SDS demand Coal New supply required Natural Oil and gas gas 175 essential to meet 48% demand and support societal Decline without investment Oil needs 0 - 0 IIPCC PCC 2 20 04 40 0 2019 2040 average estimated demand Average Source: (quote) IEA Oil 2021 report ( left) IAMC 1.5°C Scenario Explorer and Data, average of IPCC Lower 2°C scenarios; (right) Excludes biofuels. IHS, IEA, ExxonMobil analysis of IAMC 1.5°C Scenario Explorer and Data, average of IPCC Lower 2°C scenarios. See Supplemental Information for footnotes and definitions 10Significant investment required to meet oil and gas demand 1 IEA forecasts incremental $12 trillion investment in oil and gas needed in its <2°C scenario “Sharp spending cuts and project delays are already constraining supply growth across the globe… In the absence of stronger policy action, global oil production would need to rise 10.2mb/d by 2026 to meet the expected rebound in demand” GLOBAL ENERGY DEMAND IN IPCC LOWER 2°C SCENARIOS GLOBAL OIL SUPPLY ESTIMATES Quads Moebd 525 120 Wind Solar IEA STEPS demand Bioenergy 350 Average demand based on o Other IPCC Lower 2 C scenarios IEA SDS demand Coal New supply required Natural Oil and gas gas 175 essential to meet 48% demand and support societal Decline without investment Oil needs 0 - 0 IIPCC PCC 2 20 04 40 0 2019 2040 average estimated demand Average Source: (quote) IEA Oil 2021 report ( left) IAMC 1.5°C Scenario Explorer and Data, average of IPCC Lower 2°C scenarios; (right) Excludes biofuels. IHS, IEA, ExxonMobil analysis of IAMC 1.5°C Scenario Explorer and Data, average of IPCC Lower 2°C scenarios. See Supplemental Information for footnotes and definitions 10
Industry-leading Upstream resource investment portfolio 1 Capital program prioritizes low cost-of-supply opportunities that generate >10% returns at ≤$35/bbl 1 UPSTREAM RESOURCE INVESTMENTS Brent $/bbl required to generate the cost-of-supply plus 10% return $45 Developing projects at less than $40/bbl Brent cost-of-supply $30 $15 ~90% of Upstream resource investments generate >10% returns at ≤$35/bbl $0 2021–2025 Cumulative Capex See Supplemental Information for footnotes and definitions 11Industry-leading Upstream resource investment portfolio 1 Capital program prioritizes low cost-of-supply opportunities that generate >10% returns at ≤$35/bbl 1 UPSTREAM RESOURCE INVESTMENTS Brent $/bbl required to generate the cost-of-supply plus 10% return $45 Developing projects at less than $40/bbl Brent cost-of-supply $30 $15 ~90% of Upstream resource investments generate >10% returns at ≤$35/bbl $0 2021–2025 Cumulative Capex See Supplemental Information for footnotes and definitions 11
Developing the world’s most attractive upstream portfolio Projects deliver industry-leading returns and outsized value according to Wood Mackenzie WOOD MACKENZIE UPSTREAM PORTFOLIO COST-OF-SUPPLY AND RETURNS 1 Size = NPV10 Projects in ExxonMobil’s Current Portfolio MOST ATTRACTIVE 60% ExxonMobil’s near-term upstream capital 2 projects generate industry-leading returns ExxonMobil’s assets generate − Top quartile of expected IRRs high returns with low breakeven oil prices − Top third of breakevens 30% LEAST ATTRACTIVE 0% $55 $50 $45 $40 $35 $30 $25 $20 $15 Brent breakeven oil price to generate a 10% return Source: Wood Mackenzie Q4 2020 FID Tracker See Supplemental Information for footnotes and definitions 12 Project IRR’s at Wood Mackenzie independent pricingDeveloping the world’s most attractive upstream portfolio Projects deliver industry-leading returns and outsized value according to Wood Mackenzie WOOD MACKENZIE UPSTREAM PORTFOLIO COST-OF-SUPPLY AND RETURNS 1 Size = NPV10 Projects in ExxonMobil’s Current Portfolio MOST ATTRACTIVE 60% ExxonMobil’s near-term upstream capital 2 projects generate industry-leading returns ExxonMobil’s assets generate − Top quartile of expected IRRs high returns with low breakeven oil prices − Top third of breakevens 30% LEAST ATTRACTIVE 0% $55 $50 $45 $40 $35 $30 $25 $20 $15 Brent breakeven oil price to generate a 10% return Source: Wood Mackenzie Q4 2020 FID Tracker See Supplemental Information for footnotes and definitions 12 Project IRR’s at Wood Mackenzie independent pricing
Delivered ~$3 billion of structural cost reductions in 2020 Value chain restructuring enabled accelerated efficiency capture; additional $3 billion by 2023 ORGANIZATIONAL RESTRUCTURING DRIVING EFFICIENCIES Organizational restructuring – end to end oversight for each business unit, efficiencies Capture benefits from organizational and consolidation of like for like activities restructuring Finalized plan to align around Downstream Creation of global Upstream reorganization Structural efficiencies including workforce value chains reorganization complete projects organization complete reductions, anticipate further upside from synergies and scale 2017 2018 2019 2020 2023 CASH OPEX EXCLUDING ENERGY AND PRODUCTION TAXES Billion USD DELIVERED STRUCTURAL 3 44 REDUCTIONS OF ~$3 41 39 39 3+ BILLION IN 2020 WHILE 38 TARGETING ADDITIONAL 34 34 $3 BILLION BY 2023 2019 Structural Market / activity 2020 Structural Market / activity 2023 See Supplemental Information for definitions 13Delivered ~$3 billion of structural cost reductions in 2020 Value chain restructuring enabled accelerated efficiency capture; additional $3 billion by 2023 ORGANIZATIONAL RESTRUCTURING DRIVING EFFICIENCIES Organizational restructuring – end to end oversight for each business unit, efficiencies Capture benefits from organizational and consolidation of like for like activities restructuring Finalized plan to align around Downstream Creation of global Upstream reorganization Structural efficiencies including workforce value chains reorganization complete projects organization complete reductions, anticipate further upside from synergies and scale 2017 2018 2019 2020 2023 CASH OPEX EXCLUDING ENERGY AND PRODUCTION TAXES Billion USD DELIVERED STRUCTURAL 3 44 REDUCTIONS OF ~$3 41 39 39 3+ BILLION IN 2020 WHILE 38 TARGETING ADDITIONAL 34 34 $3 BILLION BY 2023 2019 Structural Market / activity 2020 Structural Market / activity 2023 See Supplemental Information for definitions 13
Investments drive strong earnings growth Cost reductions and advantaged investments enhance earnings power across a range of prices / margins 1,2 EARNINGS GROWTH $55/bbl real Brent Billion USD and 10yr high • Delivering structural cash Opex reductions across Downstream and Chemical margins the corporation • Investing in high-quality Upstream portfolio to 20 Portfolio improve profitability and offset decline improvements Structural Uplift to 10yr cash Opex avg. Downstream reductions • High-grading Downstream product yields with and Chemical strategic investments margins $50/bbl real Brent 10 and 10yr low Downstream/ Chemical margins • Growing high-value Chemical performance products through advantaged projects 0 2021 2025 Brent price adjusted for inflation from 2021. See Supplemental Information for footnotes and definitions 14Investments drive strong earnings growth Cost reductions and advantaged investments enhance earnings power across a range of prices / margins 1,2 EARNINGS GROWTH $55/bbl real Brent Billion USD and 10yr high • Delivering structural cash Opex reductions across Downstream and Chemical margins the corporation • Investing in high-quality Upstream portfolio to 20 Portfolio improve profitability and offset decline improvements Structural Uplift to 10yr cash Opex avg. Downstream reductions • High-grading Downstream product yields with and Chemical strategic investments margins $50/bbl real Brent 10 and 10yr low Downstream/ Chemical margins • Growing high-value Chemical performance products through advantaged projects 0 2021 2025 Brent price adjusted for inflation from 2021. See Supplemental Information for footnotes and definitions 14
Board driving strategic change in transitioning market Consistently refreshed to have the skillsets needed to guide the business through challenging cycles Board Oversight Focus Areas 2017 2018 2019 2020 2021 Annual Strategy Review Annual Energy Outlook Corporate Annual Corporate plan and budget approval Flexible investment strategy has led to industry Strategy & Capital Reorganizations Engaged outside experts leading, low cost asset portfolio to assess capital allocation Allocation Updated leadership framework / culture Annual climate and technology strategy reviews Energy and Carbon Summary (ECS) Climate & Engaged outside experts on energy transition Focused on growing shareholder value in a Energy 2025 Emission 2018 Emission Reduction Plans lower-carbon future and improved disclosure Reduction Plans Transition Low Carbon CCS Venture Solutions Annual Corp. Plan / Quarterly Performance Review Review of Dividend / Capital Allocation Substantive improvements in core processes Risk Management Updated investment framework since 2017 Rapid COVID Response (Capital& Cost Updated Risk Reduction + Financing) Framework Annual Review of CEO Objectives Tied To Compensation Board Expertise and Jay Hooley (Investor perspective) Continued refreshment has resulted in Executive Oversight Susan Avery (Climate Expertise) balanced, diverse Board with relevant skills Steve Kandarian (Risk Mgmt) Three New Directors (energy, ESG, transition) 15Board driving strategic change in transitioning market Consistently refreshed to have the skillsets needed to guide the business through challenging cycles Board Oversight Focus Areas 2017 2018 2019 2020 2021 Annual Strategy Review Annual Energy Outlook Corporate Annual Corporate plan and budget approval Flexible investment strategy has led to industry Strategy & Capital Reorganizations Engaged outside experts leading, low cost asset portfolio to assess capital allocation Allocation Updated leadership framework / culture Annual climate and technology strategy reviews Energy and Carbon Summary (ECS) Climate & Engaged outside experts on energy transition Focused on growing shareholder value in a Energy 2025 Emission 2018 Emission Reduction Plans lower-carbon future and improved disclosure Reduction Plans Transition Low Carbon CCS Venture Solutions Annual Corp. Plan / Quarterly Performance Review Review of Dividend / Capital Allocation Substantive improvements in core processes Risk Management Updated investment framework since 2017 Rapid COVID Response (Capital& Cost Updated Risk Reduction + Financing) Framework Annual Review of CEO Objectives Tied To Compensation Board Expertise and Jay Hooley (Investor perspective) Continued refreshment has resulted in Executive Oversight Susan Avery (Climate Expertise) balanced, diverse Board with relevant skills Steve Kandarian (Risk Mgmt) Three New Directors (energy, ESG, transition) 15
Shareholder engagement informs board actions Have continued to adopt best practices in ESG, responding to shareholder input Shareholder Feedback Actions Taken Results • Since 2016 we have published an Energy and Carbon • Increases transparency on climate initiatives and alignment Summary and enhanced it every year with Paris Agreement goals Increase Transparency and • Environmental performance integrated in executive • Aligns executive interests with those of shareholders over Alignment on Environment and compensation program for many years, enhanced the long term Climate Change disclosures since 2018 • Progress on climate-related strategic initiatives clearly • 2020 commitment to disclose Scope 3 emissions described in proxy • Brings fresh perspectives and key skillsets which ensure • Appointed 6 new independent directors since 2017 across robust discussion and effective decision making Ensure Appropriate range of critical expertise areas Board Composition • 25% gender diversity, 25% racial/ethnic diversity, 42% • Prioritized board diversity overall board diversity • Amended bylaws to provide for majority vote for uncontested director elections • Facilitates and optimizes shareholder participation in governance consistent with best practices which enhances Enhance Mechanisms of Board • Amended bylaws to provide for proxy access and provide for board accountability to shareholders special meeting rights at 15% of shares outstanding Accountability • Strengthened the role of lead independent director 16Shareholder engagement informs board actions Have continued to adopt best practices in ESG, responding to shareholder input Shareholder Feedback Actions Taken Results • Since 2016 we have published an Energy and Carbon • Increases transparency on climate initiatives and alignment Summary and enhanced it every year with Paris Agreement goals Increase Transparency and • Environmental performance integrated in executive • Aligns executive interests with those of shareholders over Alignment on Environment and compensation program for many years, enhanced the long term Climate Change disclosures since 2018 • Progress on climate-related strategic initiatives clearly • 2020 commitment to disclose Scope 3 emissions described in proxy • Brings fresh perspectives and key skillsets which ensure • Appointed 6 new independent directors since 2017 across robust discussion and effective decision making Ensure Appropriate range of critical expertise areas Board Composition • 25% gender diversity, 25% racial/ethnic diversity, 42% • Prioritized board diversity overall board diversity • Amended bylaws to provide for majority vote for uncontested director elections • Facilitates and optimizes shareholder participation in governance consistent with best practices which enhances Enhance Mechanisms of Board • Amended bylaws to provide for proxy access and provide for board accountability to shareholders special meeting rights at 15% of shares outstanding Accountability • Strengthened the role of lead independent director 16
Recent additions deepen board expertise and perspective Additional experience in energy, capital allocation, investor perspective, climate and transition Wan Zulkiflee Michael J. Angelakis Jeffrey W. Ubben Appointed Jan 2021 Appointed Mar 2021 Appointed Mar 2021 Former President & CEO, Former CFO, Comcast (2007‒2015) Founder, Portfolio Manager Petronas (2015‒2020) Chairman and CEO, Atairos and Managing Partner, Inclusive Capital Partners Industry CEO / Field Climate / Capital CFO / Field Transition Capital Investor Climate Expertise Prominence Transition Allocation Prominence Experience Allocation Perspective Expertise • Successfully managed through market downturn • Led strategic planning, capital allocation and • Founder of Inclusive Capital in 2020; previously and achieved key portfolio optimization and corporate development at Comcast with long- founder and CEO of ValueAct Capital operational objectives, growing EBITDA +28% standing reputation for judgment and discipline from 2015 to 2019• Experienced investor in low-carbon and • Oversaw Comcast’s successful transition into a renewable technology • Improved return on capital employed (ROCE) by media & entertainment powerhouse with 360bps to 8.7% acquisition of NBC Universal• Pivotal role in AES’s transition to renewable • Enhanced Petronas’ environmental energy; 140%+ share price improvement during commitments and leveraged capabilities across • Recognized by The Wall Street Journal as a top Board tenure the value chain to add renewable energy to the performing CFO and by Institutional Investor as integrated portfolio, positioning the Company one of America’s Best CFOs six times• Substantial time served on public company to navigate the energy transition towards a boards with capital allocation, cost streamlining lower carbon future• Served with distinction as Chairman of Federal and business transition expertise Reserve Bank of Philadelphia • Extensive experience in growing and important Asia / Pacific markets Current Boards: Current Public Boards: Current Public Boards: Past Public Boards: Past Public Boards: Past Public Boards: Petronas Chemicals Group Berhad Petronas Gas Berhad Petronas Dagangan Berhad Other Positions: Past Positions: Chairman of the National Trust Fund (Chairman) World Economic Forum’s Oil & Gas Governors Forum Source: Based on company filings/publicly available information 17 See Supplemental Information for definitionsRecent additions deepen board expertise and perspective Additional experience in energy, capital allocation, investor perspective, climate and transition Wan Zulkiflee Michael J. Angelakis Jeffrey W. Ubben Appointed Jan 2021 Appointed Mar 2021 Appointed Mar 2021 Former President & CEO, Former CFO, Comcast (2007‒2015) Founder, Portfolio Manager Petronas (2015‒2020) Chairman and CEO, Atairos and Managing Partner, Inclusive Capital Partners Industry CEO / Field Climate / Capital CFO / Field Transition Capital Investor Climate Expertise Prominence Transition Allocation Prominence Experience Allocation Perspective Expertise • Successfully managed through market downturn • Led strategic planning, capital allocation and • Founder of Inclusive Capital in 2020; previously and achieved key portfolio optimization and corporate development at Comcast with long- founder and CEO of ValueAct Capital operational objectives, growing EBITDA +28% standing reputation for judgment and discipline from 2015 to 2019• Experienced investor in low-carbon and • Oversaw Comcast’s successful transition into a renewable technology • Improved return on capital employed (ROCE) by media & entertainment powerhouse with 360bps to 8.7% acquisition of NBC Universal• Pivotal role in AES’s transition to renewable • Enhanced Petronas’ environmental energy; 140%+ share price improvement during commitments and leveraged capabilities across • Recognized by The Wall Street Journal as a top Board tenure the value chain to add renewable energy to the performing CFO and by Institutional Investor as integrated portfolio, positioning the Company one of America’s Best CFOs six times• Substantial time served on public company to navigate the energy transition towards a boards with capital allocation, cost streamlining lower carbon future• Served with distinction as Chairman of Federal and business transition expertise Reserve Bank of Philadelphia • Extensive experience in growing and important Asia / Pacific markets Current Boards: Current Public Boards: Current Public Boards: Past Public Boards: Past Public Boards: Past Public Boards: Petronas Chemicals Group Berhad Petronas Gas Berhad Petronas Dagangan Berhad Other Positions: Past Positions: Chairman of the National Trust Fund (Chairman) World Economic Forum’s Oil & Gas Governors Forum Source: Based on company filings/publicly available information 17 See Supplemental Information for definitions
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Supplemental Information 19Supplemental Information 19
Supplemental information IMPORTANT INFORMATION AND ASSUMPTIONS REGARDING CERTAIN FORWARD-LOOKING STATEMENTS. Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, margins, ROCE, returns, addressable markets, and cash operating expenses are not forecasts of actual future results. These figures are provided to help quantify the potential future results and goals of currently-contemplated management plans and objectives including new project investments, plans to replace natural decline in Upstream production with low-cost volumes, plans to increase sales in our Downstream and Chemical segments and to shift our Downstream product mix toward higher-value products, continued highgrading of ExxonMobil’s portfolio through our ongoing asset management program, both announced and continuous initiatives to improve efficiencies and reduce costs, capital expenditures and cash management, and other efforts within management’s control to impact future results as discussed in this presentation. These figures are intended to quantify for illustrative purposes management’s view of the potentials for these efforts over the time periods shown, calculated on a basis consistent with our internal modelling assumptions for factors such as working capital, as well as factors management does not control, such as interest, differentials, and exchange rates. For all price point comparisons, unless otherwise indicated, we assume $50/bbl Brent crude prices. Unless otherwise specified, crude prices are Brent prices. Except where noted, natural gas prices used are consistent with management’s internal price assumptions for the relevant natural gas markets relative to the crude price for a given case. All crude and natural gas prices for future years are adjusted for inflation from 2021. Downstream and Chemical margins reflect annual historical averages for the 10-year period from 2010—2019 unless otherwise stated. These prices are not intended to reflect management’s forecasts for future prices or the prices we use for internal planning purposes. We have assumed that other factors such as laws and regulations, including tax and environmental laws, and fiscal regimes remain consistent with current conditions for the relevant periods. This presentation does not attempt to model potential COVID-19 outbreaks or recoveries beyond historical pricing. Unless otherwise indicated, asset sales and proceeds are consistent with our internal planning. For future periods, we have assumed Corporate & Financing expenses between $2.1 and $2.7 billion annually. To illustrate future financial capacity, we have used scenarios of Corporate & Financing expenses that reflect the estimated potential debt levels under those scenarios. ExxonMobil-operated emissions, reductions, and avoidance performance data are based on a combination of measured and estimated emissions data using reasonable efforts and collection methods. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. There is uncertainty associated with the emissions, reductions, and avoidance performance data due to variation in the processes and operations, the availability of sufficient data, quality of those data and methodology used for measurement and estimation. Performance data may include rounding. Changes to the performance data may be reported as part of the company’s annual publications as new or updated data and/or emission methodologies become available. Emissions, reductions, and avoidance estimates from non- ExxonMobil operated facilities are also included in the equity data and similarly may be updated as part of the company’s annual publications. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies. See the Cautionary Statement at the front of this presentation for additional information regarding forward-looking statements. 20Supplemental information IMPORTANT INFORMATION AND ASSUMPTIONS REGARDING CERTAIN FORWARD-LOOKING STATEMENTS. Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, margins, ROCE, returns, addressable markets, and cash operating expenses are not forecasts of actual future results. These figures are provided to help quantify the potential future results and goals of currently-contemplated management plans and objectives including new project investments, plans to replace natural decline in Upstream production with low-cost volumes, plans to increase sales in our Downstream and Chemical segments and to shift our Downstream product mix toward higher-value products, continued highgrading of ExxonMobil’s portfolio through our ongoing asset management program, both announced and continuous initiatives to improve efficiencies and reduce costs, capital expenditures and cash management, and other efforts within management’s control to impact future results as discussed in this presentation. These figures are intended to quantify for illustrative purposes management’s view of the potentials for these efforts over the time periods shown, calculated on a basis consistent with our internal modelling assumptions for factors such as working capital, as well as factors management does not control, such as interest, differentials, and exchange rates. For all price point comparisons, unless otherwise indicated, we assume $50/bbl Brent crude prices. Unless otherwise specified, crude prices are Brent prices. Except where noted, natural gas prices used are consistent with management’s internal price assumptions for the relevant natural gas markets relative to the crude price for a given case. All crude and natural gas prices for future years are adjusted for inflation from 2021. Downstream and Chemical margins reflect annual historical averages for the 10-year period from 2010—2019 unless otherwise stated. These prices are not intended to reflect management’s forecasts for future prices or the prices we use for internal planning purposes. We have assumed that other factors such as laws and regulations, including tax and environmental laws, and fiscal regimes remain consistent with current conditions for the relevant periods. This presentation does not attempt to model potential COVID-19 outbreaks or recoveries beyond historical pricing. Unless otherwise indicated, asset sales and proceeds are consistent with our internal planning. For future periods, we have assumed Corporate & Financing expenses between $2.1 and $2.7 billion annually. To illustrate future financial capacity, we have used scenarios of Corporate & Financing expenses that reflect the estimated potential debt levels under those scenarios. ExxonMobil-operated emissions, reductions, and avoidance performance data are based on a combination of measured and estimated emissions data using reasonable efforts and collection methods. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. There is uncertainty associated with the emissions, reductions, and avoidance performance data due to variation in the processes and operations, the availability of sufficient data, quality of those data and methodology used for measurement and estimation. Performance data may include rounding. Changes to the performance data may be reported as part of the company’s annual publications as new or updated data and/or emission methodologies become available. Emissions, reductions, and avoidance estimates from non- ExxonMobil operated facilities are also included in the equity data and similarly may be updated as part of the company’s annual publications. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies. See the Cautionary Statement at the front of this presentation for additional information regarding forward-looking statements. 20
Supplemental information NON-GAAP AND OTHER MEASURES. With respect to historical periods, reconciliation information is provided in the Frequently Used Terms available on the Investor page of our website at www.exxonmobil.com under the heading News & Resources for certain terms used in this presentation including cash operating expense. For future periods, we are unable to provide a reconciliation of forward-looking non-GAAP or other measures to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions noted above. DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS. Cash operating expenses (cash Opex, structural efficiencies, or structural reductions). Cash operating expenses are a subset of total operating costs that are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand the Corporation’s efforts to optimize cash through disciplined expense management. For information concerning the calculation and reconciliation of cash operating expenses see the Frequently Used Terms available on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. Compounded Annual Growth Rate (CAGR): represents the consistent rate at which an investment would have grown had the investment compounded at the same rate each year. Lower 2°C scenarios. The Intergovernmental Panel on Climate Change (IPCC) published a Special Report on “Global Warming of 1.5°C” and identified 74 scenarios as “Lower 2ºC,” which are pathways limiting peak warming to below 2ºC during the entire 21st century with greater than 66 percent likelihood. Operating costs (Opex). 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. For information concerning the calculation and reconciliation of operating costs see the Frequently Used Terms available on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. Peers / Peer average. Proxy industry peers are Chevron (NYSE: CVX), Royal Dutch Shell (LON: RDSA), Total (EPA: FP), BP (LON: BP) Project. The term “project” as used in this presentation can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. 21Supplemental information NON-GAAP AND OTHER MEASURES. With respect to historical periods, reconciliation information is provided in the Frequently Used Terms available on the Investor page of our website at www.exxonmobil.com under the heading News & Resources for certain terms used in this presentation including cash operating expense. For future periods, we are unable to provide a reconciliation of forward-looking non-GAAP or other measures to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions noted above. DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS. Cash operating expenses (cash Opex, structural efficiencies, or structural reductions). Cash operating expenses are a subset of total operating costs that are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand the Corporation’s efforts to optimize cash through disciplined expense management. For information concerning the calculation and reconciliation of cash operating expenses see the Frequently Used Terms available on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. Compounded Annual Growth Rate (CAGR): represents the consistent rate at which an investment would have grown had the investment compounded at the same rate each year. Lower 2°C scenarios. The Intergovernmental Panel on Climate Change (IPCC) published a Special Report on “Global Warming of 1.5°C” and identified 74 scenarios as “Lower 2ºC,” which are pathways limiting peak warming to below 2ºC during the entire 21st century with greater than 66 percent likelihood. Operating costs (Opex). 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. For information concerning the calculation and reconciliation of operating costs see the Frequently Used Terms available on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. Peers / Peer average. Proxy industry peers are Chevron (NYSE: CVX), Royal Dutch Shell (LON: RDSA), Total (EPA: FP), BP (LON: BP) Project. The term “project” as used in this presentation can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. 21
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS, CONTINUED Return on average capital employed (ROCE). 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. For information concerning the calculation and reconciliation of ROCE see the Frequently Used Terms available on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. Returns, rate of return, IRR. Unless referring specifically to external data, references to returns, rate of return, IRR, 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. Stated Policies Scenario (STEPS). STEPS is an IEA scenario in their World Energy Outlook 2020 based on today’s policy settings and an assumption that the COVID-19 pandemic is brought under control in 2021. Total Addressable Market (TAM). Refers to the size of the total market revenue of a particular product or service Total Shareholder Return (TSR). Measures the change in value of an investment in stock over a specified period of time, assuming dividend reinvestment. TSR is subject to many different variables, including factors beyond the control of management. 22Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS, CONTINUED Return on average capital employed (ROCE). 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. For information concerning the calculation and reconciliation of ROCE see the Frequently Used Terms available on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. Returns, rate of return, IRR. Unless referring specifically to external data, references to returns, rate of return, IRR, 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. Stated Policies Scenario (STEPS). STEPS is an IEA scenario in their World Energy Outlook 2020 based on today’s policy settings and an assumption that the COVID-19 pandemic is brought under control in 2021. Total Addressable Market (TAM). Refers to the size of the total market revenue of a particular product or service Total Shareholder Return (TSR). Measures the change in value of an investment in stock over a specified period of time, assuming dividend reinvestment. TSR is subject to many different variables, including factors beyond the control of management. 22
Supplemental information OTHER INFORMATION. All references to production rates, project capacity, resource size, and acreage are on a gross basis, unless otherwise noted. This presentation includes a number of third party scenarios such as the 74 Lower 2°C scenarios, made available through the IPCC SR 1.5 scenario explorer data, and the IEA’s Stated Policies Scenario as well as the IEA’s Sustainable Development Scenario. These third party scenarios reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use and inclusion herein is not an endorsement by ExxonMobil of their likelihood or probability. The analysis done by ExxonMobil on the IPCC Lower 2°C scenarios and the representation thereof aims to reflect the average or trends across a wide range of pathways. Where data was not or insufficiently available, further analysis was done to enable a more granular view on trends within these IPCC Lower 2°C scenarios. 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, operated by others, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. Competitor data is based on publicly available information and, where estimated or derived, done so on a consistent basis with ExxonMobil data. Future competitor data, unless otherwise noted, is taken from publicly available statements or disclosures by that competitor and has not been independently verified by ExxonMobil or any third party. We note that certain competitors report financial information under accounting standards other than U.S. GAAP (i.e., IFRS). 23Supplemental information OTHER INFORMATION. All references to production rates, project capacity, resource size, and acreage are on a gross basis, unless otherwise noted. This presentation includes a number of third party scenarios such as the 74 Lower 2°C scenarios, made available through the IPCC SR 1.5 scenario explorer data, and the IEA’s Stated Policies Scenario as well as the IEA’s Sustainable Development Scenario. These third party scenarios reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use and inclusion herein is not an endorsement by ExxonMobil of their likelihood or probability. The analysis done by ExxonMobil on the IPCC Lower 2°C scenarios and the representation thereof aims to reflect the average or trends across a wide range of pathways. Where data was not or insufficiently available, further analysis was done to enable a more granular view on trends within these IPCC Lower 2°C scenarios. 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, operated by others, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. Competitor data is based on publicly available information and, where estimated or derived, done so on a consistent basis with ExxonMobil data. Future competitor data, unless otherwise noted, is taken from publicly available statements or disclosures by that competitor and has not been independently verified by ExxonMobil or any third party. We note that certain competitors report financial information under accounting standards other than U.S. GAAP (i.e., IFRS). 23
Supplemental information Slide 3 Slide 9 1) Through periods ending 4/15/2021 1) Global CO2 emissions: Global Carbon Budget 2020; Friedlingstein et al (2020); 2) Based on company filings and EM analysis of publicly available information including energy-related and cement processing CO2 emissions. 3) ExxonMobil workforce refers to employees and contractors. Best-ever refers 2) Paris submissions: estimated based on 2016 Nationally Determined to data since the ExxonMobil merger Industry data: workforce safety data Contributions. from participating API companies. Reduction is in Cash Operating Expense, 3) Emission reduction plans announced in December 2020 include a 15 to 20 comparing 2020 to 2019. See definitions on page 21. percent reduction in greenhouse gas intensity of upstream operations by 2025 compared to 2016 levels. This will be supported by a 40 to 50 percent reduction in methane intensity and 35 to 45 percent reduction in flaring intensity. The Slide 7 2025 emissions reduction plans are expected to reduce absolute greenhouse 1) Total Addressable Market figures: ExxonMobil analysis of IPCC SR 1.5 gas emissions of Upstream operations by an estimated 30 percent and absolute scenario explorer data on Lower 2°C scenarios for CO , H2, Biofuels, and 2 flaring and methane emissions by 40 to 50 percent. Plans cover Scope 1 and Fuels. Volumes and prices in 2040 in the Lower 2°C scenarios were used, Scope 2 emissions for assets operated by the company by the end of 2025, where available, to calculate an estimate of the market revenue. For H2, the consistent with approved corporate plans. highest and lowest outliers for market revenue in the Lower 2°C scenarios were excluded. For Chemicals, ExxonMobil analysis of current market data Slide 10 from Statista 2020 Report on Chemical Industry Worldwide, and the IEA 1) IEA World Energy Outlook 2020 Annex A.5, investment data. Sustainable Development Scenario data for petrochemical feedstock growth to 2040. 2) Average of IPCC Lower 2°C scenarios (CAGR 2020-2040) Slide 11 3) McKinsey & Company report on 3/10/2021, “The big choices for oil and gas in 1) Includes projects that bring on new volumes. Breakeven based on cost-of- navigating the energy transition” supply to generate a minimum 10 percent return on a money-forward basis. Slide 12 Slide 8 1) Includes projects to FID within current 2021-2025 plan 1) Global CCS Institute. Data updated as of April 2020 and based on cumulative 2) When comparing projects to FID in current 2021-2025 plan versus full data set anthropogenic carbon dioxide capture volume. Anthropogenic CO , for the 2 excluding assets with missing data in the native WoodMac report. purposes of this calculation, means CO that without carbon capture and 2 storage would have been emitted to the atmosphere, including, but not Slide 14 limited to: reservoir CO from gas fields; CO emitted during production and 2 2 1) 10-year high and low Downstream and Chemical margins refer to annual highs CO emitted during combustion. It does not include natural CO produced 2 2 and lows from 2010—2019. 10-year average Downstream and Chemical solely for enhanced oil recovery. margins refer to the average of annual margins from 2010—2019. 2) ExxonMobil analysis. Ranking estimate of CO pipelines is based on pipeline 2 2) Portfolio improvements include uplift from new projects in Downstream and capacity. Chemical, uplift, base decline and nominal price inflation from Upstream, mix, 3) ExxonMobil analysis. Ranking estimate of CO geologic storage is based on 2 yield and marketing impacts, and corporate and financial impacts. anthropogenic CO ; storage for natural CO produced and anthropogenic 2 2 CO captured for enhanced oil recovery is excluded. 2 24Supplemental information Slide 3 Slide 9 1) Through periods ending 4/15/2021 1) Global CO2 emissions: Global Carbon Budget 2020; Friedlingstein et al (2020); 2) Based on company filings and EM analysis of publicly available information including energy-related and cement processing CO2 emissions. 3) ExxonMobil workforce refers to employees and contractors. Best-ever refers 2) Paris submissions: estimated based on 2016 Nationally Determined to data since the ExxonMobil merger Industry data: workforce safety data Contributions. from participating API companies. Reduction is in Cash Operating Expense, 3) Emission reduction plans announced in December 2020 include a 15 to 20 comparing 2020 to 2019. See definitions on page 21. percent reduction in greenhouse gas intensity of upstream operations by 2025 compared to 2016 levels. This will be supported by a 40 to 50 percent reduction in methane intensity and 35 to 45 percent reduction in flaring intensity. The Slide 7 2025 emissions reduction plans are expected to reduce absolute greenhouse 1) Total Addressable Market figures: ExxonMobil analysis of IPCC SR 1.5 gas emissions of Upstream operations by an estimated 30 percent and absolute scenario explorer data on Lower 2°C scenarios for CO , H2, Biofuels, and 2 flaring and methane emissions by 40 to 50 percent. Plans cover Scope 1 and Fuels. Volumes and prices in 2040 in the Lower 2°C scenarios were used, Scope 2 emissions for assets operated by the company by the end of 2025, where available, to calculate an estimate of the market revenue. For H2, the consistent with approved corporate plans. highest and lowest outliers for market revenue in the Lower 2°C scenarios were excluded. For Chemicals, ExxonMobil analysis of current market data Slide 10 from Statista 2020 Report on Chemical Industry Worldwide, and the IEA 1) IEA World Energy Outlook 2020 Annex A.5, investment data. Sustainable Development Scenario data for petrochemical feedstock growth to 2040. 2) Average of IPCC Lower 2°C scenarios (CAGR 2020-2040) Slide 11 3) McKinsey & Company report on 3/10/2021, “The big choices for oil and gas in 1) Includes projects that bring on new volumes. Breakeven based on cost-of- navigating the energy transition” supply to generate a minimum 10 percent return on a money-forward basis. Slide 12 Slide 8 1) Includes projects to FID within current 2021-2025 plan 1) Global CCS Institute. Data updated as of April 2020 and based on cumulative 2) When comparing projects to FID in current 2021-2025 plan versus full data set anthropogenic carbon dioxide capture volume. Anthropogenic CO , for the 2 excluding assets with missing data in the native WoodMac report. purposes of this calculation, means CO that without carbon capture and 2 storage would have been emitted to the atmosphere, including, but not Slide 14 limited to: reservoir CO from gas fields; CO emitted during production and 2 2 1) 10-year high and low Downstream and Chemical margins refer to annual highs CO emitted during combustion. It does not include natural CO produced 2 2 and lows from 2010—2019. 10-year average Downstream and Chemical solely for enhanced oil recovery. margins refer to the average of annual margins from 2010—2019. 2) ExxonMobil analysis. Ranking estimate of CO pipelines is based on pipeline 2 2) Portfolio improvements include uplift from new projects in Downstream and capacity. Chemical, uplift, base decline and nominal price inflation from Upstream, mix, 3) ExxonMobil analysis. Ranking estimate of CO geologic storage is based on 2 yield and marketing impacts, and corporate and financial impacts. anthropogenic CO ; storage for natural CO produced and anthropogenic 2 2 CO captured for enhanced oil recovery is excluded. 2 24
Important Additional Information Regarding Proxy Solicitation Exxon Mobil Corporation (“ExxonMobil”) has filed a definitive proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Proxy Statement. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders can also obtain, without charge, a copy of the Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at shareholderrelations@exxonmobil.com or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor. 25Important Additional Information Regarding Proxy Solicitation Exxon Mobil Corporation (“ExxonMobil”) has filed a definitive proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Proxy Statement. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders can also obtain, without charge, a copy of the Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at shareholderrelations@exxonmobil.com or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor. 25