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2020
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to               
Commission File Number 1-2256
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey13-5409005
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code)
(972) 940-6000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, without par value XOM New York Stock Exchange
0.142% Notes due 2024XOM24BNew York Stock Exchange
0.524% Notes due 2028XOM28New York Stock Exchange
0.835% Notes due 2032XOM32New York Stock Exchange
1.408% Notes due 2039XOM39ANew York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes R No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes No
The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2020, the last business day of the registrant’s most recently completed second fiscal quarter, based on the closing price on that date of $44.72 on the New York Stock Exchange composite tape, was in excess of $189 billion.
Class Outstanding as of January 31, 2021
Common stock, without par value 4,233,483,160
Documents Incorporated by Reference: Proxy Statement for the 2021 Annual Meeting of Shareholders (Part III)



EXXON MOBIL CORPORATION
FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020
 
TABLE OF CONTENTS
 
PART I
 
Item 1.Business1
Item 1A.Risk Factors2
Item 1B.Unresolved Staff Comments5
Item 2.Properties6
Item 3.Legal Proceedings27
Item 4.Mine Safety Disclosures27
Information about our Executive Officers28
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities30
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations30
Item 7A.Quantitative and Qualitative Disclosures About Market Risk30
Item 8.Financial Statements and Supplementary Data31
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure31
Item 9A.Controls and Procedures31
Item 9B.Other Information31
 
PART III
Item 10.Directors, Executive Officers and Corporate Governance32
Item 11.Executive Compensation32
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters32
Item 13.Certain Relationships and Related Transactions, and Director Independence33
Item 14.Principal Accounting Fees and Services33
PART IV
Item 15.Exhibits, Financial Statement Schedules33
Item 16.Form 10-K Summary33
Financial Section34
Index to Exhibits124
Signatures125
Exhibits 31 and 32 — Certifications 




PART I

ITEM 1. BUSINESS
Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. Their principal business involves 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. Affiliates of ExxonMobil conduct extensive research programs in support of these businesses.
Exxon Mobil Corporation has several divisions and hundreds of affiliates, many with names that include ExxonMobil, Exxon, Esso, Mobil or XTO. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso, Mobil and XTO, as well as terms like Corporation, Company, our, we and its, are sometimes used as abbreviated references to specific affiliates or groups of affiliates. The precise meaning depends on the context in question.
The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel and chemical needs of industrial and individual consumers. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes.
Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: “Note 18: Disclosures about Segments and Related Information” and “Operating Information”. Information on oil and gas reserves is contained in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report.
ExxonMobil has a long-standing commitment to the development of proprietary technology. We have a wide array of research programs designed to meet the needs identified in each of our business segments. ExxonMobil held nearly 9 thousand active patents worldwide at the end of 2020. For technology licensed to third parties, revenues totaled approximately $130 million in 2020. Although technology is an important contributor to the overall operations and results of our Company, the profitability of each business segment is not dependent on any individual patent, trade secret, trademark, license, franchise or concession.
ExxonMobil operates in a highly complex, competitive and changing global energy business environment where decisions and risks play out over time horizons that are often decades in length. This long-term orientation underpins the Corporation's philosophy on talent development.
Talent development begins with recruiting exceptional candidates and continues with individually planned experiences and training designed to facilitate broad development and a deep understanding of our business across the business cycle. Our career-oriented approach to talent development results in strong retention and an average length of service of 30 years for our career employees. Compensation, benefits and workplace programs support the Corporation's talent management approach, and are designed to attract and retain employees for a career through compensation that is market competitive, long-term oriented, and highly differentiated by individual performance.
Sixty percent of our global employee workforce is from outside the U.S., and over the past decade 39 percent of our global hires for management, professional and technical positions were female and 31 percent of our U.S. hires for management, professional and technical positions were minorities. With over 160 nationalities represented in the Company, we encourage and respect diversity of thought, ideas and perspective from our workforce. We consider and monitor diversity through all stages of employment, including recruitment, training and development of our employees. We also work closely with the communities where we operate to identify and invest in initiatives that help support local needs, including local talent and skill development.
The number of regular employees was 72 thousand, 75 thousand, and 71 thousand at years ended 2020, 2019, and 2018, respectively. Regular employees are defined as active executive, management, professional, technical and wage employees who work full time or part time for the Corporation and are covered by the Corporation’s benefit plans and programs.
As discussed in item 1A. Risk Factors in this report, compliance with existing and potential future government regulations, including taxes, environmental regulations, and other government regulations and policies that directly or indirectly affect the production and sale of our products, may have material effects on the capital expenditures, earnings, and competitive position of ExxonMobil. With respect to the environment, throughout ExxonMobil’s businesses, new and ongoing measures are taken to prevent and minimize the impact of our operations on air, water and ground, including, but not limited to, compliance with environmental regulations. These include a significant investment in refining infrastructure and technology to manufacture clean fuels, as well as projects to monitor and reduce nitrogen oxide, sulfur oxide and greenhouse gas emissions, and expenditures for asset retirement obligations. Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil’s 2020 worldwide environmental expenditures for all such preventative and remediation steps, including ExxonMobil’s share of equity company expenditures, were $4.5 billion, of which $3.4 billion were included in expenses with the remainder in capital expenditures. The total cost for such activities is expected to increase to approximately $4.9 billion in 2021 and 2022. Capital expenditures are expected to account for approximately 25 percent of the total.
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Information concerning the source and availability of raw materials used in the Corporation’s business, the extent of seasonality in the business, the possibility of renegotiation of profits or termination of contracts at the election of governments and risks attendant to foreign operations may be found in “Item 1A. Risk Factors” and “Item 2. Properties” in this report.
ExxonMobil maintains a website at exxonmobil.com. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available through our website as soon as reasonably practical after we electronically file or furnish the reports to the Securities and Exchange Commission (SEC). Also available on the Corporation’s website are the Company’s Corporate Governance Guidelines, Code of Ethics and Business Conduct, and additional policies as well as the charters of the audit, compensation, and other committees of the Board of Directors. Information on our website is not incorporated into this report.
The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
ITEM 1A. RISK FACTORS
ExxonMobil’s financial and operating results are subject to a variety of risks inherent in the global oil, gas, and petrochemical businesses. Many of these risk factors are not within the Company’s control and could adversely affect our business, our financial and operating results, or our financial condition. These risk factors include:
 
Supply and Demand
The oil, gas, and petrochemical businesses are fundamentally commodity businesses. This means ExxonMobil’s operations and earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined products. Oil, gas, petrochemical, and product prices and margins in turn depend on local, regional, and global events or conditions that affect supply and demand for the relevant commodity. Any material decline in oil or natural gas prices could have a material adverse effect on certain of the Company’s operations, especially in the Upstream segment, financial condition, and proved reserves. On the other hand, a material increase in oil or natural gas prices could have a material adverse effect on certain of the Company’s operations, especially in the Downstream and Chemical segments.
Economic conditions. The demand for energy and petrochemicals is generally linked closely with broad-based economic activities and levels of prosperity. The occurrence of recessions or other periods of low or negative economic growth will typically have a direct adverse impact on our results. Other factors that affect general economic conditions in the world or in a major region, such as changes in population growth rates, periods of civil unrest, government austerity programs, trade tariffs, security or public health issues and responses, or currency exchange rate fluctuations, can also impact the demand for energy and petrochemicals. Sovereign debt downgrades, defaults, inability to access debt markets due to credit or legal constraints, liquidity crises, the breakup or restructuring of fiscal, monetary, or political systems such as the European Union, and other events or conditions that impair the functioning of financial markets and institutions also pose risks to ExxonMobil, including risks to the safety of our financial assets and to the ability of our partners and customers to fulfill their commitments to ExxonMobil. Demand reduction due to the COVID-19 pandemic as well as accompanying conditions of oversupply have led to a significant decrease in commodity prices and margins. Future business results, including cash flows and financing needs, will be affected by the extent and duration of these conditions and the effectiveness of responsive actions that the Corporation and others take, including actions to reduce capital and operating expenses, and actions taken by governments and others to address the COVID-19 pandemic including the ongoing development and distribution of COVID-19 vaccines, and the impact of the pandemic on national and global economies and markets.
Other demand-related factors. Other factors that may affect the demand for oil, gas, and petrochemicals, and therefore impact our results, include technological improvements in energy efficiency; seasonal weather patterns; increased competitiveness of, or government policy support for, alternative energy sources; changes in technology that alter fuel choices, such as technological advances in energy storage that make wind and solar more competitive for power generation; changes in consumer preferences for our products, including consumer demand for alternative fueled or electric transportation or alternatives to plastic products; and broad-based changes in personal income levels.
Other supply-related factors. Commodity prices and margins also vary depending on a number of factors affecting supply. For example, increased supply from the development of new oil and gas supply sources and technologies to enhance recovery from existing sources tend to reduce commodity prices to the extent such supply increases are not offset by commensurate growth in demand. Similarly, increases in industry refining or petrochemical manufacturing capacity relative to demand tend to reduce margins on the affected products. World oil, gas, and petrochemical supply levels can also be affected by factors that reduce available supplies, such as adherence by countries to OPEC production quotas and other agreements among sovereigns, government policies that restrict oil and gas production or increase associated costs, and the occurrence of wars, hostile actions, natural disasters, disruptions in competitors’ operations, logistics constraints or unexpected unavailability of distribution channels that may disrupt supplies. Technological change can also alter the relative costs for competitors to find, produce, and refine oil and gas and to manufacture petrochemicals.
Other market factors. ExxonMobil’s business results are also exposed to potential negative impacts due to changes in interest rates, inflation, currency exchange rates, and other local or regional market conditions.
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Government and Political Factors
ExxonMobil’s results can be adversely affected by political or regulatory developments affecting our operations.
Access limitations. A number of countries limit access to their oil and gas resources, including by restricting leasing or permitting activities, or may place resources off-limits from development altogether. Restrictions on production of oil and gas could increase to the extent governments view such measures as a viable approach for pursuing national and global energy and climate policies. Restrictions on foreign investment in the oil and gas sector tend to increase in times of high commodity prices, when national governments may have less need of outside sources of private capital. Many countries also restrict the import or export of certain products based on point of origin.
Restrictions on doing business. ExxonMobil is subject to laws and sanctions imposed by the United States or by other jurisdictions where we do business that may prohibit ExxonMobil or certain of its affiliates from doing business in certain countries, or restricting the kind of business that may be conducted. Such restrictions may provide a competitive advantage to competitors who may not be subject to comparable restrictions.
Lack of legal certainty. Some countries in which we do business lack well-developed legal systems, or have not yet adopted, or may be unable to maintain, clear regulatory frameworks for oil and gas development. Lack of legal certainty exposes our operations to increased risk of adverse or unpredictable actions by government officials, and also makes it more difficult for us to enforce our contracts. In some cases these risks can be partially offset by agreements to arbitrate disputes in an international forum, but the adequacy of this remedy may still depend on the local legal system to enforce an award.
Regulatory and litigation risks. Even in countries with well-developed legal systems where ExxonMobil does business, we remain exposed to changes in law or interpretation of settled law (including changes that result from international treaties and accords) that could adversely affect our results, such as:
increases in taxes, duties, or government royalty rates (including retroactive claims);
price controls;
changes in environmental regulations or other laws that increase our cost of compliance or reduce or delay available business opportunities (including changes in laws affecting offshore drilling operations, water use, methane emissions, hydraulic fracturing or use of plastics);
actions by regulators or other political actors to delay or deny necessary licenses and permits or restrict the transportation of our products;
adoption of regulations mandating efficiency standards, the use of alternative fuels or uncompetitive fuel components;
adoption of government payment transparency regulations that could require us to disclose competitively sensitive commercial information, or that could cause us to violate the non-disclosure laws of other countries; and
government actions to cancel contracts, re-denominate the official currency, renounce or default on obligations, renegotiate terms unilaterally, or expropriate assets.
Legal remedies available to compensate us for expropriation or other takings may be inadequate.
We also may be adversely affected by the outcome of litigation, especially in countries such as the United States in which very large and unpredictable punitive damage awards may occur; by government enforcement proceedings alleging non-compliance with applicable laws or regulations; or by state and local government actors as well as private plaintiffs acting in parallel that attempt to use the legal system to promote public policy agendas, gain political notoriety, or obtain monetary awards from the Company.
Security concerns. Successful operation of particular facilities or projects may be disrupted by civil unrest, acts of sabotage or terrorism, cybersecurity attacks, and other local security concerns. Such concerns may require us to incur greater costs for security or to shut down operations for a period of time.
Climate change and greenhouse gas restrictions. Driven by concern over the risks of climate change, a number of countries have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions or production and use of oil and gas. These include adoption of cap and trade regimes, carbon taxes, trade tariffs, minimum renewable usage requirements, restrictive permitting, increased efficiency standards, and incentives or mandates for renewable energy. Political and other actors and their agents also increasingly seek to advance climate change objectives indirectly, such as by seeking to reduce the availability of or increase the cost for, financing and investment in the oil and gas sector and taking actions intended to promote changes in business strategy for oil and gas companies. Depending on how policies are formulated and applied, they could have the potential to negatively affect investment returns, make our products more expensive or less competitive, lengthen project implementation times, and reduce demand for hydrocarbons, as well as shift hydrocarbon demand toward relatively lower-carbon sources such as natural gas. Current and pending greenhouse gas regulations or policies may also increase our compliance costs, such as for monitoring or sequestering emissions.
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Alternative energy. Many governments are providing tax advantages and other subsidies to support transitioning to alternative energy sources or are mandating the use of specific fuels or technologies. Governments and others are also promoting research into new technologies to reduce the cost and increase the scalability of alternative energy sources. We are conducting our own research both in-house and by working with more than 80 leading universities around the world, including the Massachusetts Institute of Technology, Princeton University, The University of Texas, and Stanford University in the U.S., and in Singapore with Nanyang Technological Institute and the National University. Our research projects focus on developing advanced biofuels and hydrogen, carbon capture and storage, breakthrough energy efficiency processes, advanced energy-saving materials, and other technologies in collaboration with our partners including Synthetic Genomics, FuelCell Energy and Global Thermostat. Our future results may depend in part on the success of our research efforts and on our ability to adapt and apply the strengths of our current business model to providing the energy products of the future in a cost-competitive manner. See “Operational and Other Factors” below.
 
Operational and Other Factors
In addition to external economic and political factors, our future business results also depend on our ability to manage successfully those factors that are at least in part within our control. The extent to which we manage these factors will impact our performance relative to competition. For projects in which we are not the operator, we depend on the management effectiveness of one or more co-venturers whom we do not control.
Exploration and development program. Our ability to maintain and grow our oil and gas production depends on the success of our exploration and development efforts. Among other factors, we must continuously improve our ability to identify the most promising resource prospects and apply our project management expertise to bring discovered resources on line as scheduled and within budget.
Project and portfolio management. The long-term success of ExxonMobil’s Upstream, Downstream, and Chemical businesses depends on complex, long-term, capital intensive projects. These projects in turn require a high degree of project management expertise to maximize efficiency. Specific factors that can affect the performance of major projects include our ability to: negotiate successfully with joint venturers, partners, governments, suppliers, customers, or others; model and optimize reservoir performance; develop markets for project outputs, whether through long-term contracts or the development of effective spot markets; manage changes in operating conditions and costs, including costs of third party equipment or services such as drilling rigs and shipping; prevent, to the extent possible, and respond effectively to unforeseen technical difficulties that could delay project startup or cause unscheduled project downtime; and influence the performance of project operators where ExxonMobil does not perform that role. In addition to the effective management of individual projects, ExxonMobil’s success, including our ability to mitigate risk and provide attractive returns to shareholders, depends on our ability to successfully manage our overall portfolio, including diversification among types and locations of our projects and strategies to divest assets. We may not be able to divest assets at a price or on the timeline we contemplate in our strategies. Additionally, we may retain certain liabilities following a divestment and could be held liable for past use or for different liabilities than anticipated.
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.
Operational efficiency. An important component of ExxonMobil’s competitive performance, especially given the commodity-based nature of many of our businesses, is our ability to operate efficiently, including our ability to manage expenses and improve production yields on an ongoing basis. This requires continuous management focus, including technology improvements, cost control, productivity enhancements, regular reappraisal of our asset portfolio, and the recruitment, development, and retention of high caliber employees.
Research and development and technological change. To maintain our competitive position, especially in light of the technological nature of our businesses and the need for continuous efficiency improvement, ExxonMobil’s research and development organizations must be successful and able to adapt to a changing market and policy environment, including developing technologies to help reduce greenhouse gas emissions. To remain competitive we must also continuously adapt and capture the benefits of new and emerging technologies, including successfully applying advances in the ability to process very large amounts of data to our businesses.
Safety, business controls, and environmental risk management. Our results depend on management’s ability to minimize the inherent risks of oil, gas, and petrochemical operations, to control effectively our business activities, and to minimize the potential for human error. We apply rigorous management systems and continuous focus on workplace safety and avoiding spills or other adverse environmental events. For example, we work to minimize spills through a combined program of effective operations integrity management, ongoing upgrades, key equipment replacements, and comprehensive inspection and surveillance. Similarly, we are implementing cost-effective new technologies and adopting new operating practices to reduce air emissions, not only in response to government requirements but also to address community priorities. We also maintain a disciplined framework of internal controls and apply a controls management system for monitoring compliance with this framework. Substantial liabilities and other adverse impacts could result if our management systems and controls do not function as intended.

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Cybersecurity. ExxonMobil is regularly subject to attempted cybersecurity disruptions from a variety of threat actors including state-sponsored actors. ExxonMobil’s defensive preparedness includes multi-layered technological capabilities for prevention and detection of cybersecurity disruptions; non-technological measures such as threat information sharing with governmental and industry groups; internal training and awareness campaigns including routine testing of employee awareness and an emphasis on resiliency including business response and recovery. If the measures we are taking to protect against cybersecurity disruptions prove to be insufficient or if our proprietary data is otherwise not protected, ExxonMobil as well as our customers, employees, or third parties could be adversely affected. Cybersecurity disruptions could cause physical harm to people or the environment; damage or destroy assets; compromise business systems; result in proprietary information being altered, lost, or stolen; result in employee, customer, or third-party information being compromised; or otherwise disrupt our business operations. We could incur significant costs to remedy the effects of a major cybersecurity disruption in addition to costs in connection with resulting regulatory actions, litigation or reputational harm.
Preparedness. Our operations may be disrupted by severe weather events, natural disasters, human error, and similar events. For example, hurricanes may damage our offshore production facilities or coastal refining and petrochemical plants in vulnerable areas. Our facilities are designed, constructed, and operated to withstand a variety of extreme climatic and other conditions, with safety factors built in to cover a number of engineering uncertainties, including those associated with wave, wind, and current intensity, marine ice flow patterns, permafrost stability, storm surge magnitude, temperature extremes, extreme rainfall events, and earthquakes. Our consideration of changing weather conditions and inclusion of safety factors in design covers the engineering uncertainties that climate change and other events may potentially introduce. Our ability to mitigate the adverse impacts of these events depends in part upon the effectiveness of our robust facility engineering as well as our rigorous disaster preparedness and response, and business continuity planning.
Insurance limitations. The ability of the Corporation to insure against many of the risks it faces as described in this Item 1A is limited by the capacity of the applicable insurance markets, which may not be sufficient.
Competition. As noted in Item 1 above, the energy and petrochemical industries are highly competitive. We face competition not only from other private firms, but also from state-owned companies that are increasingly competing for opportunities outside of their home countries and as partners with other private firms. In some cases, these state-owned companies may pursue opportunities in furtherance of strategic objectives of their government owners, with less focus on financial returns than companies owned by private shareholders, such as ExxonMobil. Technology and expertise provided by industry service companies may also enhance the competitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas companies in order to monetize national resources.
Reputation. Our reputation is an important corporate asset. An operating incident, significant cybersecurity disruption, change in consumer views concerning our products, or other adverse event such as those described in this Item 1A may have a negative impact on our reputation, which in turn could make it more difficult for us to compete successfully for new opportunities, obtain necessary regulatory approvals, obtain financing, or could reduce consumer demand for our branded products. ExxonMobil’s reputation may also be harmed by events which negatively affect the image of our industry as a whole.
Projections, estimates, and descriptions of ExxonMobil’s plans and objectives included or incorporated in Items 1, 1A, 2, 7 and 7A of this report are forward-looking statements. Actual future results, including project completion dates, production rates, capital expenditures, costs, and business plans could differ materially due to, among other things, the factors discussed above and elsewhere in this report.

ITEM 1B. UNRESOLVED STAFF COMMENTS
None.

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ITEM 2. PROPERTIES
Information with regard to oil and gas producing activities follows:
1. Disclosure of Reserves
A. Summary of Oil and Gas Reserves at Year-End 2020
The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidated subsidiaries and equity companies. Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels. The Corporation has reported proved reserves on the basis of the average of the first-day-of-the-month price for each month during the last 12-month period. Primarily as a result of very low prices during 2020 and the effects of reductions in capital expenditures, under the SEC definition of proved reserves, certain quantities of crude oil, bitumen, and natural gas that qualified as proved reserves in prior years did not qualify as proved reserves at year-end 2020. Otherwise, no major discovery or other favorable or adverse event has occurred since December 31, 2020, that would cause a significant change in the estimated proved reserves as of that date.
 Crude
Oil
Natural Gas
Liquids
BitumenSynthetic
Oil
 Natural
Gas
Oil-Equivalent
Total
All Products
 (million bbls)(million bbls)(million bbls)(million bbls)(billion cubic ft)(million bbls)
Proved Reserves      
Developed      
Consolidated Subsidiaries      
United States1,029 444 — — 10,375 3,202 
Canada/Other Americas (1)
288 76 311 472 759 
Europe11 — — 399 79 
Africa314 31 — — 318 398 
Asia2,215 84 — — 3,323 2,853 
Australia/Oceania44 23 — — 3,344 624 
Total Consolidated3,901 589 76 311 18,231 7,915 
Equity Companies      
United States107 — — 83 125 
Europe— — — 293 57 
Africa— — — — — — 
Asia432 214 — — 8,992 2,144 
Total Equity Company547 218 — — 9,368 2,326 
Total Developed4,448 807 76 311 27,599 10,241 
Undeveloped      
Consolidated Subsidiaries      
United States930 412 — — 3,064 1,853 
Canada/Other Americas (1)
209 — 133 89 362 
Europe11 — — 42 23 
Africa42 — — — 42 
Asia935 40 — — 986 1,139 
Australia/Oceania30 — — 2,790 503 
Total Consolidated2,157 465 133 6,973 3,922 
Equity Companies      
United States24 — — — 19 27 
Europe— — — 67 12 
Africa— — — 917 159 
Asia393 59 — — 2,385 850 
Total Equity Company424 59 — — 3,388 1,048 
Total Undeveloped2,581 524 133 10,361 4,970 
Total Proved Reserves7,029 1,331 81 444 37,960 15,211 
(1)Other Americas includes proved developed reserves of 119 million barrels of crude oil and 138 billion cubic feet of natural gas, as well as proved undeveloped reserves of 179 million barrels of crude oil and 77 billion cubic feet of natural gas.
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In the preceding reserves information, consolidated subsidiary and equity company reserves are reported separately. However, the Corporation operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries.
The Corporation anticipates several projects will come online over the next few years providing additional production capacity. However, actual volumes will vary from year to year due to the timing of individual project start-ups; operational outages; reservoir performance; performance of enhanced oil recovery projects; regulatory changes; the impact of fiscal and commercial terms; asset sales; weather events; price effects on production sharing contracts; changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment; and other factors described in Item 1A. Risk Factors.
The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments and detailed analysis of well and reservoir information such as flow rates and reservoir pressures. Furthermore, the Corporation only records proved reserves for projects which have received significant funding commitments by management toward the development of the reserves. Although the Corporation is reasonably certain that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, and significant changes in crude oil and natural gas price levels. In addition, proved reserves could be affected by an extended period of low prices which could reduce the level of the Corporation’s capital spending and also impact our partners’ capacity to fund their share of joint projects.
During the first and second quarters of 2020, the balance of supply and demand for petroleum and petrochemical products experienced two significant disruptive effects. On the demand side, the COVID-19 pandemic spread rapidly through most areas of the world resulting in substantial reductions in consumer and business activity and significantly reduced demand for crude oil, natural gas, and petroleum products. This reduction in demand coincided with announcements of increased production in certain key oil-producing countries which led to increases in inventory levels and sharp declines in prices for crude oil, natural gas, and petroleum products. Market conditions continued to reflect considerable uncertainty throughout 2020.
As noted above, certain quantities of crude oil, bitumen, and natural gas that qualified as proved reserves in prior years did not qualify as proved reserves at year-end 2020. Amounts no longer qualifying as proved reserves include 3.1 billion barrels of bitumen at Kearl, 0.6 billion barrels of bitumen at Cold Lake, and 0.5 billion oil-equivalent barrels in the United States. The Corporation's near-term reduction in capital expenditures resulted in a net reduction to estimates of proved reserves of approximately 1.5 billion oil-equivalent barrels, mainly related to unconventional drilling in the United States. Among the factors that could result in portions of these amounts being recognized again as proved reserves at some point in the future are a recovery in the SEC price basis, cost reductions, operating efficiencies, and increases in planned capital spending.
B. Technologies Used in Establishing Proved Reserves Additions in 2020
Additions to ExxonMobil’s proved reserves in 2020 were based on estimates generated through the integration of available and appropriate geological, engineering and production data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results.
Data used in these integrated assessments included information obtained directly from the subsurface via wellbores, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data utilized also included subsurface information obtained through indirect measurements including high-quality 3-D and 4-D seismic data, calibrated with available well control information. The tools used to interpret the data included proprietary seismic processing software, proprietary reservoir modeling and simulation software, and commercially available data analysis packages.
In some circumstances, where appropriate analog reservoirs were available, reservoir parameters from these analogs were used to increase the quality of and confidence in the reserves estimates.

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C. Qualifications of Reserves Technical Oversight Group and Internal Controls over Proved Reserves
ExxonMobil has a dedicated Global Reserves and Resources group that provides technical oversight and is separate from the operating organization. Primary responsibilities of this group include oversight of the reserves estimation process for compliance with Securities and Exchange Commission (SEC) rules and regulations, review of annual changes in reserves estimates, and the reporting of ExxonMobil’s proved reserves. This group also maintains the official company reserves estimates for ExxonMobil’s proved reserves of crude oil, natural gas liquids, bitumen, synthetic oil, and natural gas. In addition, the group provides training to personnel involved in the reserves estimation and reporting process within ExxonMobil and its affiliates. The Manager of the Global Reserves and Resources group has more than 30 years of experience in reservoir engineering and reserves assessment, has a degree in Engineering and currently serves on the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE). The group is staffed with individuals that have an average of more than 15 years of technical experience in the petroleum industry, including expertise in the classification and categorization of reserves under SEC guidelines. This group includes individuals who hold degrees in either Engineering or Geology.
The Global Reserves and Resources group maintains a central database containing the official company reserves estimates. Appropriate controls, including limitations on database access and update capabilities, are in place to ensure data integrity within this central database. An annual review of the system’s controls is performed by internal audit. Key components of the reserves estimation process include technical evaluations, commercial and market assessments, analysis of well and field performance, and long-standing approval guidelines. No changes may be made to the reserves estimates in the central database, including additions of any new initial reserves estimates or subsequent revisions, unless these changes have been thoroughly reviewed and evaluated by duly authorized geoscience and engineering professionals within the operating organization. In addition, changes to reserves estimates that exceed certain thresholds require further review and approval by the appropriate level of management within the operating organization before the changes may be made in the central database. Endorsement by the Global Reserves and Resources group for all proved reserves changes is a mandatory component of this review process. After all changes are made, reviews are held with senior management for final endorsement.
2. Proved Undeveloped Reserves
At year-end 2020, approximately 5.0 billion oil-equivalent barrels (GOEB) of ExxonMobil’s proved reserves were classified as proved undeveloped. This represents 33 percent of the 15.2 GOEB reported in proved reserves. This compares to the 7.7 GOEB of proved undeveloped reserves reported at the end of 2019. During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 0.9 GOEB from proved undeveloped to proved developed reserves by year end. The largest transfers were related to development activities in the United States, Qatar, the United Arab Emirates, and Guyana. During 2020, extensions, primarily in the United States and Canada, resulted in an addition of approximately 0.5 GOEB of proved undeveloped reserves. Also, as a result of very low prices during 2020 and the effects of reductions in capital expenditures, the Corporation reclassified approximately 2.3 GOEB of proved undeveloped reserves which no longer met the SEC definition of proved reserves, primarily in the United States and Canada.
Overall, investments of $10.7 billion were made by the Corporation during 2020 to progress the development of reported proved undeveloped reserves, including $10.4 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities. These investments represented 74 percent of the $14.4 billion in total reported Upstream capital and exploration expenditures.
One of ExxonMobil’s requirements for reporting proved reserves is that management has made significant funding commitments toward the development of the reserves. ExxonMobil has a disciplined investment strategy and many major fields require long lead-time in order to be developed. Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects. Proved undeveloped reserves in Australia, Kazakhstan, the United States, and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects. The Corporation is reasonably certain that these proved reserves will be produced; however, the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, the pace of co-venturer/government funding, changes in the amount and timing of capital investments, and significant changes in crude oil and natural gas price levels. Of the proved undeveloped reserves that have been reported for five or more years, over 80 percent are contained in the aforementioned countries. In Australia, proved undeveloped reserves are associated with future compression for the Gorgon Jansz LNG project. In Kazakhstan, the proved undeveloped reserves are related to the remainder of the Tengizchevroil joint venture development that includes a production license in the Tengiz - Korolev field complex. The Tengizchevroil joint venture is producing, and proved undeveloped reserves will continue to move to proved developed as approved development phases progress. In the United Arab Emirates, proved undeveloped reserves are associated with an approved development plan and continued drilling investment for the producing Upper Zakum field.
8


3. Oil and Gas Production, Production Prices and Production Costs
A. Oil and Gas Production
The table below summarizes production by final product sold and by geographic area for the last three years.
 202020192018
 (thousands of barrels daily)
Crude oil and natural gas liquids productionCrude OilNGLCrude OilNGLCrude OilNGL
Consolidated Subsidiaries      
United States481 154 461 131 395 101 
Canada/Other Americas (1)
121 87 62 
Europe22 84 21 101 27 
Africa301 11 360 12 377 10 
Asia449 23 432 22 398 25 
Australia/Oceania29 15 30 15 31 16 
Total Consolidated Subsidiaries1,403 213 1,454 205 1,364 185 
Equity Companies      
United States49 52 54 
Europe— — — 
Asia208 62 232 62 226 62 
Total Equity Companies260 63 287 64 284 63 
Total crude oil and natural gas liquids production1,663 276 1,741 269 1,648 248 
Bitumen production     
Consolidated Subsidiaries      
Canada/Other Americas342 311 310  
Synthetic oil production 
Consolidated Subsidiaries 
Canada/Other Americas68 65 60  
Total liquids production2,349 2,386 2,266  
 (millions of cubic feet daily) 
Natural gas production available for sale      
Consolidated Subsidiaries      
United States2,668 2,756 2,550  
Canada/Other Americas (1)
277 258 227  
Europe447 808 925  
Africa13  
Asia872 851 838  
Australia/Oceania1,219 1,319 1,325  
Total Consolidated Subsidiaries5,492 5,999 5,878  
Equity Companies 
United States23 22 24  
Europe342 649 728  
Asia2,614 2,724 2,775  
Total Equity Companies2,979 3,395 3,527  
Total natural gas production available for sale8,471 9,394 9,405  
 (thousands of oil-equivalent barrels daily) 
Oil-equivalent production3,761 3,952 3,833  
(1)Other Americas includes crude oil production for 2020, 2019 and 2018 of 29 thousand, 2 thousand, and 2 thousand barrels daily, respectively; and natural gas production available for sale for 2020, 2019 and 2018 of 45 million, 36 million, and 28 million cubic feet daily, respectively.
9


B. Production Prices and Production Costs
The table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.
 United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
During 2020
(dollars per unit)
Consolidated Subsidiaries       
Average production prices       
Crude oil, per barrel34.97 37.26 41.39 42.27 39.39 36.67 38.31 
NGL, per barrel13.83 10.34 20.11 21.32 21.37 27.92 16.05 
Natural gas, per thousand cubic feet0.98 1.56 3.13 1.24 1.49 4.34 2.01 
Bitumen, per barrel— 17.71 — — — — 17.71 
Synthetic oil, per barrel— 37.32 — — — — 37.32 
Average production costs, per oil-equivalent barrel - total9.82 18.40 21.22 16.67 6.50 5.35 11.57 
Average production costs, per barrel - bitumen— 19.22 — — — — 19.22 
Average production costs, per barrel - synthetic oil— 33.61 — — — — 33.61 
Equity Companies
Average production prices
Crude oil, per barrel39.10 — 38.95 — 35.18 — 35.97 
NGL, per barrel11.05 — — — 30.02 — 29.58 
Natural gas, per thousand cubic feet1.19 — 3.85 — 3.14 — 3.20 
Average production costs, per oil-equivalent barrel - total27.39 — 30.74 — 1.63 — 5.49 
Total
Average production prices
Crude oil, per barrel35.35 37.26 41.11 42.27 38.07 36.67 37.95 
NGL, per barrel13.80 10.34 20.11 21.32 27.65 27.92 19.16 
Natural gas, per thousand cubic feet0.98 1.56 3.44 1.24 2.72 4.34 2.43 
Bitumen, per barrel— 17.71 — — — — 17.71 
Synthetic oil, per barrel— 37.32 — — — — 37.32 
Average production costs, per oil-equivalent barrel - total10.66 18.40 24.76 16.73 3.91 5.35 10.24 
Average production costs, per barrel - bitumen— 19.22 — — — — 19.22 
Average production costs, per barrel - synthetic oil— 33.61 — — — — 33.61 
During 2019
Consolidated Subsidiaries
Average production prices
Crude oil, per barrel54.41 59.39 63.59 65.64 64.14 61.08 61.04 
NGL, per barrel18.94 16.59 30.56 41.41 24.64 30.55 22.85 
Natural gas, per thousand cubic feet1.54 1.44 4.50 1.49 2.07 6.26 3.05 
Bitumen, per barrel— 36.25 — — — — 36.25 
Synthetic oil, per barrel— 56.18 — — — — 56.18 
Average production costs, per oil-equivalent barrel - total12.25 23.41 13.69 17.51 7.34 6.60 13.43 
Average production costs, per barrel - bitumen— 24.18 — — — — 24.18 
Average production costs, per barrel - synthetic oil— 40.38 — — — — 40.38 
Equity Companies
Average production prices
Crude oil, per barrel60.95 — 58.72 — 58.74 — 59.15 
NGL, per barrel15.63 — — — 36.28 — 35.76 
Natural gas, per thousand cubic feet1.75 — 5.01 — 5.24 — 5.17 
Average production costs, per oil-equivalent barrel - total28.17 — 14.04 — 2.03 — 5.16 
Total
Average production prices
Crude oil, per barrel55.08 59.39 63.41 65.64 62.27 61.08 60.73 
NGL, per barrel18.90 16.59 30.56 41.41 33.23 30.55 25.89 
Natural gas, per thousand cubic feet1.54 1.44 4.73 1.49 4.49 6.26 3.82 
Bitumen, per barrel— 36.25 — — — — 36.25 
Synthetic oil, per barrel— 56.18 — — — — 56.18 
Average production costs, per oil-equivalent barrel - total13.08 23.41 13.80 17.56 4.39 6.60 11.51 
Average production costs, per barrel - bitumen— 24.18 — — — — 24.18 
Average production costs, per barrel - synthetic oil— 40.38 — — — — 40.38 
10


 United
States
Canada/
Other
Americas
EuropeAfricaAsiaAustralia/
Oceania
Total
During 2018
(dollars per unit)
Consolidated Subsidiaries       
Average production prices       
Crude oil, per barrel59.84 64.53 69.80 70.84 69.86 66.89 66.91 
NGL, per barrel30.78 37.27 38.53 47.10 26.30 36.34 32.88 
Natural gas, per thousand cubic feet2.14 1.68 6.97 1.96 2.33 6.39 3.87 
Bitumen, per barrel— 28.66 — — — — 28.66 
Synthetic oil, per barrel— 54.85 — — — — 54.85 
Average production costs, per oil-equivalent barrel - total11.64 24.32 13.07 17.28 7.31 6.94 13.34 
Average production costs, per barrel - bitumen— 22.93 — — — — 22.93 
Average production costs, per barrel - synthetic oil— 45.33 — — — — 45.33 
Equity Companies
Average production prices
Crude oil, per barrel66.30 — 63.92 — 67.31 — 67.07 
NGL, per barrel27.16 — — — 45.10 — 44.64 
Natural gas, per thousand cubic feet2.19 — 5.03 — 6.31 — 6.01 
Average production costs, per oil-equivalent barrel - total24.71 — 16.30 — 1.49 — 4.96 
Total
Average production prices
Crude oil, per barrel60.61 64.53 69.57 70.84 68.92 66.89 66.93 
NGL, per barrel30.72 37.27 38.53 47.10 39.69 36.34 35.85 
Natural gas, per thousand cubic feet2.14 1.68 6.11 1.96 5.38 6.39 4.67 
Bitumen, per barrel— 28.66 — — — — 28.66 
Synthetic oil, per barrel— 54.85 — — — — 54.85 
Average production costs, per oil-equivalent barrel - total12.43 24.32 14.06 17.31 3.98 6.94 11.29 
Average production costs, per barrel - bitumen— 22.93 — — — — 22.93 
Average production costs, per barrel - synthetic oil— 45.33 — — — — 45.33 

Average production prices have been calculated by using sales quantities from the Corporation’s own production as the divisor. Average production costs have been computed by using net production quantities for the divisor. The volumes of crude oil and natural gas liquids (NGL) production used for this computation are shown in the oil and gas production table in section 3.A. The volumes of natural gas used in the calculation are the production volumes of natural gas available for sale and are also shown in section 3.A. The natural gas available for sale volumes are different from those shown in the reserves table in the “Oil and Gas Reserves” part of the “Supplemental Information on Oil and Gas Exploration and Production Activities” portion of the Financial Section of this report due to volumes consumed or flared. Natural gas is converted to an oil-equivalent basis at six million cubic feet per one thousand barrels.
11


4. Drilling and Other Exploratory and Development Activities
A. Number of Net Productive and Dry Wells Drilled
 202020192018
Net Productive Exploratory Wells Drilled   
Consolidated Subsidiaries   
United States
Canada/Other Americas
Europe— — 
Africa— 
Asia— — — 
Australia/Oceania— 
Total Consolidated Subsidiaries11 
Equity Companies
United States— — — 
Europe— — — 
Africa— — — 
Asia— — — 
Total Equity Companies— — — 
Total productive exploratory wells drilled11 
Net Dry Exploratory Wells Drilled
Consolidated Subsidiaries
United States— — 
Canada/Other Americas— 
Europe— 
Africa— — — 
Asia— — 
Australia/Oceania— 
Total Consolidated Subsidiaries
Equity Companies
United States— — — 
Europe— — — 
Africa— — — 
Asia— — — 
Total Equity Companies— — — 
Total dry exploratory wells drilled
12


 202020192018
Net Productive Development Wells Drilled   
Consolidated Subsidiaries   
United States412 618 389 
Canada/Other Americas36 49 32 
Europe
Africa
Asia15 12 14 
Australia/Oceania— — 
Total Consolidated Subsidiaries471 686 439 
Equity Companies
United States60 199 168 
Europe— 
Africa— — — 
Asia
Total Equity Companies66 208 177 
Total productive development wells drilled537 894 616 
Net Dry Development Wells Drilled
Consolidated Subsidiaries
United States
Canada/Other Americas— — 
Europe— — — 
Africa— 
Asia— — — 
Australia/Oceania— — 
Total Consolidated Subsidiaries
Equity Companies
United States— — — 
Europe— — — 
Africa— — — 
Asia— — — 
Total Equity Companies— — — 
Total dry development wells drilled
Total number of net wells drilled553 917 635 
13


B. Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining Technologies
Syncrude Operations. Syncrude is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil. Imperial Oil Limited is the owner of a 25 percent interest in the joint venture. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited. In 2020, the company’s share of net production of synthetic crude oil was about 68 thousand barrels per day and share of net acreage was about 55 thousand acres in the Athabasca oil sands deposit.
Kearl Operations. Kearl is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen. Imperial Oil Limited holds a 70.96 percent interest in the joint venture and ExxonMobil Canada Properties holds the other 29.04 percent. Exxon Mobil Corporation has a 69.6 percent interest in Imperial Oil Limited and a 100 percent interest in ExxonMobil Canada Properties. Kearl is comprised of six oil sands leases covering about 49 thousand acres in the Athabasca oil sands deposit.
Kearl is located approximately 40 miles north of Fort McMurray, Alberta, Canada. Bitumen is extracted from oil sands and processed through bitumen extraction and froth treatment trains. The product, a blend of bitumen and diluent, is shipped to our refineries and to other third parties. Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation by pipeline and rail. During 2020, average net production at Kearl was about 219 thousand barrels per day.
Primarily as a result of very low prices during 2020, under the SEC definition of proved reserves, the entire 3.1 billion barrels of bitumen at Kearl did not qualify as proved reserves at year-end 2020. Among the factors that could result in portions of these amounts being recognized again as proved reserves at some point in the future are a recovery in the SEC price basis, cost reductions, and/or operating efficiencies.

5. Present Activities
A. Wells Drilling
 
Year-End 2020
Year-End 2019
 GrossNetGrossNet
Wells Drilling    
Consolidated Subsidiaries    
United States1,206 741 1,133 704 
Canada/Other Americas38 29 27 20 
Europe13 16 
Africa14 
Asia14 46 14 
Australia/Oceania— — 14 
Total Consolidated Subsidiaries1,285 783 1,240 750 
Equity Companies
United States
Europe— — 
Africa
Asia11 
Total Equity Companies12 20 
Total gross and net wells drilling1,297 787 1,260 755 
14


B. Review of Principal Ongoing Activities
UNITED STATES
ExxonMobil’s year-end 2020 acreage holdings totaled 11.2 million net acres, of which 0.4 million net acres were offshore. ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska. Development activities continued on the Golden Pass liquefied natural gas export project.
During the year, 478.9 net exploration and development wells were completed in the inland lower 48 states. Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico.
ExxonMobil’s net acreage in the Gulf of Mexico at year-end 2020 was 0.3 million acres. A total of 0.9 net development wells were completed during the year.
Participation in Alaska production and development continued with a total of 2.7 net development wells completed.
CANADA / OTHER AMERICAS
Canada
Oil and Gas Operations: ExxonMobil’s year-end 2020 acreage holdings totaled 7.4 million net acres, of which 4.6 million net acres were offshore. A total of 6.1 net exploration and development wells were completed during the year.
In Situ Bitumen Operations: ExxonMobil’s year-end 2020 in situ bitumen acreage holdings totaled 0.6 million net onshore acres. A total of 28 net development wells at Cold Lake were completed during the year.
Argentina
ExxonMobil’s net acreage totaled 2.9 million acres, of which 2.6 million net acres were offshore at year-end 2020. During the year, a total of 1.8 net development wells were completed.
Guyana
ExxonMobil’s net acreage totaled 4.6 million offshore acres at year-end 2020. During the year, 2.4 net exploration and development wells were completed. Development activities continued on the Liza Phase 2 project, and the Payara project was funded in 2020.
EUROPE
Germany
ExxonMobil’s net acreage totaled 1.7 million onshore acres at year-end 2020. During the year, 0.8 net exploration and development wells were completed.
Netherlands
ExxonMobil’s net interest in licenses totaled approximately 1.4 million acres, of which 1.0 million acres were onshore at year-end 2020. During the year, a total of 1.3 net exploration and development wells were completed. In 2020, the Dutch Government further reduced Groningen gas extraction and maintained its plan to terminate Groningen production in 2022.
United Kingdom
ExxonMobil’s net interest in licenses totaled approximately 0.3 million offshore acres at year-end 2020. During the year, a total of 1.9 net development wells were completed. Development activities continued on the Penguins Redevelopment project.

15


AFRICA
Angola
ExxonMobil’s net acreage totaled approximately 3.0 million acres, of which 2.9 million net acres were offshore at year-end 2020. During the year, a total of 0.3 net development wells were completed. In 2020, ExxonMobil acquired approximately 2.7 million net acres in three offshore blocks located in the Namibe basin.
Chad
ExxonMobil’s net acreage holdings totaled 46 thousand onshore acres at year-end 2020.
Equatorial Guinea
ExxonMobil’s net acreage totaled 0.5 million offshore acres at year-end 2020. During the year, a total of 0.8 net development well was completed.
Mozambique
ExxonMobil’s net acreage totaled approximately 1.8 million offshore acres at year-end 2020. Development activities continued on the Coral South Floating LNG project during the year.
Nigeria
ExxonMobil’s net acreage totaled 0.9 million offshore acres at year-end 2020. During the year, a total of 1.8 net exploration and development wells were completed.
ASIA
Azerbaijan
ExxonMobil's net acreage totaled 7 thousand offshore acres at year-end 2020. During the year, a total of 0.7 net development wells were completed.
Indonesia
ExxonMobil’s net acreage totaled 0.1 million onshore acres at year-end 2020.
Iraq
ExxonMobil’s net acreage totaled 0.1 million onshore acres at year-end 2020. During the year, a total of 8.2 net development wells were completed at the West Qurna Phase I oil field. Oil field rehabilitation activities continued during 2020 and across the life of this project will include drilling of new wells, working over of existing wells, and optimization, debottlenecking and expansion of facilities. In the Kurdistan Region of Iraq, ExxonMobil has continued exploration activities.
Kazakhstan
ExxonMobil’s net acreage totaled 0.3 million acres, of which 0.2 million net acres were offshore at year-end 2020. During the year, a total of 4.5 net development wells were completed. Development activities continued on the Tengiz Expansion project.
Malaysia
ExxonMobil’s interests in production sharing contracts covered 0.2 million net acres offshore at year-end 2020. During the year, a total of 2.0 net development wells were completed. In 2020, ExxonMobil relinquished approximately 2.3 million net acres in three Sabah offshore blocks.
Qatar
Through our joint ventures with Qatar Petroleum, ExxonMobil’s net acreage totaled 65 thousand acres offshore at year-end 2020. ExxonMobil participated in 62.2 million tonnes per year gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year-end. During the year, a total of 0.3 net development well was completed. The Barzan project started up in 2020.
16


Russia
ExxonMobil’s net acreage holdings in Sakhalin totaled 85 thousand offshore acres at year-end 2020. During the year, a total of 2.7 net exploration and development wells were completed.
Thailand
ExxonMobil’s net onshore acreage in Thailand concessions totaled 16 thousand acres at year-end 2020. During the year, a total of 0.5 net exploration and development wells were completed.
United Arab Emirates
ExxonMobil’s net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 81 thousand acres at year-end 2020. During the year, a total of 1.7 net development wells were completed. The Upper Zakum 750 project started up in 2020 while commissioning continued on the final systems. Development activities continued on the Upper Zakum 1 MBD project.
AUSTRALIA / OCEANIA
Australia
ExxonMobil’s net acreage totaled 1.8 million acres offshore and 10 thousand acres onshore at year-end 2020. During the year, a total of 3.8 net development wells were completed. Development activities continued on the West Barracouta project during the year.
The co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) development consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million tonnes per year LNG facility and a 280 million cubic feet per day domestic gas plant located on Barrow Island, Western Australia. Development activities continued on the Gorgon Stage 2 project during the year.
Papua New Guinea
ExxonMobil’s net acreage totaled 5.5 million acres, of which 3.3 million net acres were offshore at year-end 2020. During the year, a total of 0.8 net exploration and development wells were completed. In 2020, ExxonMobil relinquished approximately 1.4 million net onshore acres. The Papua New Guinea (PNG) liquefied natural gas integrated development includes gas production and processing facilities in the southern PNG Highlands, onshore and offshore pipelines, and a 6.9 million tonnes per year liquefied natural gas facility near Port Moresby.
WORLDWIDE EXPLORATION
At year-end 2020, exploration activities were under way in several areas in which ExxonMobil has no established production operations and thus are not included above. A total of 29.8 million net acres were held at year-end 2020 and 0.7 net exploration wells were completed during the year in these countries.
6. Delivery Commitments
ExxonMobil sells crude oil and natural gas from its producing operations under a variety of contractual obligations, some of which may specify the delivery of a fixed and determinable quantity for periods longer than one year. ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and the spot market. Worldwide, we are contractually committed to deliver approximately 31 million barrels of oil and 2,600 billion cubic feet of natural gas for the period from 2021 through 2023. We expect to fulfill the majority of these delivery commitments with production from our proved developed reserves. Any remaining commitments will be fulfilled with production from our proved undeveloped reserves and purchases on the open market as necessary.
17


7. Oil and Gas Properties, Wells, Operations and Acreage
A. Gross and Net Productive Wells
 
Year-End 2020
Year-End 2019
 OilGasOilGas
 GrossNetGrossNetGrossNetGrossNet
Gross and Net Productive Wells        
Consolidated Subsidiaries        
United States19,631 7,878 20,480 12,195 20,559 8,502 21,893 13,182 
Canada/Other Americas4,754 4,644 3,276 1,275 4,905 4,724 3,441 1,347 
Europe559 126 487 221 741 207 517 236 
Africa1,141 432 26 10 1,191 456 13 
Asia974 310 132 78 943 301 133 79 
Australia/Oceania540 102 90 38 582 120 87 36 
Total Consolidated Subsidiaries27,599 13,492 24,491 13,817 28,921 14,310 26,084 14,885 
Equity Companies
United States12,368 4,851 4,223 417 12,947 5,328 4,500 577 
Europe57 20 552 172 57