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FIRST QUARTER 2021 RESULTS 4.30.21 STEPHEN LITTLETON VICE PRESIDENT, INVESTOR RELATIONS AND SECRETARYFIRST QUARTER 2021 RESULTS 4.30.21 STEPHEN LITTLETON VICE PRESIDENT, INVESTOR RELATIONS AND SECRETARY
CAUTIONARY STATEMENT Statements of future events or conditions in this presentation or the subsequent discussion period are forward-looking statements. Actual future results, including financial and operating performance; demand growth and mix; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emissions reductions; carbon capture results and the impact of operational and technology efforts; progress on innovative concepts like the Houston CCS zone; price and margin recovery; future cash flows, dividends, cash and debt balances, and capital allocation; volume/production maintenance and mix; the impacts of the COVID-19 pandemic and current industry oversupply conditions on ExxonMobil’s business and results; resource recoveries; production rates; rates of return; development costs; project plans, timing, costs, and capacities; drilling programs and improvements; and product sales and mix could differ materially due to a number of factors including global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; the outcome of government policies and actions, including drilling policies, carbon policies, and actions taken to address COVID-19; the severity, length and ultimate impact of COVID-19 on people and economies and the timing and pace of regional and global economic recovery; the ability to access short- and long-term debt markets on a timely and affordable basis; the ability to realize efficiencies within and across our business lines and to maintain cost reductions without impairing our competitive positioning; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; reservoir performance; the outcome and timing of exploration and development projects; timely completion of construction projects; war and other security disturbances, including shipping blockades or harassment; political factors including changes in local, national, or international policies affecting our business; changes in law or government regulation, including trade sanctions, tax and environmental regulations; the outcome of commercial negotiations and impact of commercial terms; actions of competitors and commercial counterparties; actions of consumers; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this presentation and we assume no duty to update these statements as of any future date. Reconciliations and definitions of non-GAAP measures and other terms are provided in the text or in the supplemental information accompanying these slides. 2CAUTIONARY STATEMENT Statements of future events or conditions in this presentation or the subsequent discussion period are forward-looking statements. Actual future results, including financial and operating performance; demand growth and mix; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emissions reductions; carbon capture results and the impact of operational and technology efforts; progress on innovative concepts like the Houston CCS zone; price and margin recovery; future cash flows, dividends, cash and debt balances, and capital allocation; volume/production maintenance and mix; the impacts of the COVID-19 pandemic and current industry oversupply conditions on ExxonMobil’s business and results; resource recoveries; production rates; rates of return; development costs; project plans, timing, costs, and capacities; drilling programs and improvements; and product sales and mix could differ materially due to a number of factors including global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; the outcome of government policies and actions, including drilling policies, carbon policies, and actions taken to address COVID-19; the severity, length and ultimate impact of COVID-19 on people and economies and the timing and pace of regional and global economic recovery; the ability to access short- and long-term debt markets on a timely and affordable basis; the ability to realize efficiencies within and across our business lines and to maintain cost reductions without impairing our competitive positioning; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; reservoir performance; the outcome and timing of exploration and development projects; timely completion of construction projects; war and other security disturbances, including shipping blockades or harassment; political factors including changes in local, national, or international policies affecting our business; changes in law or government regulation, including trade sanctions, tax and environmental regulations; the outcome of commercial negotiations and impact of commercial terms; actions of competitors and commercial counterparties; actions of consumers; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this presentation and we assume no duty to update these statements as of any future date. Reconciliations and definitions of non-GAAP measures and other terms are provided in the text or in the supplemental information accompanying these slides. 2
DEVELOPMENTS SINCE FOURTH QUARTER 2020 Improved liquids and gas realizations with market recovery UPSTREAM Lower government-mandated curtailments and higher seasonal European gas demand 1 Announced >$1 billion sale of U.K. central and northern North Sea assets Improved North America margins, continued challenges with Europe and global jet demand DOWNSTREAM Provided power to more than 200,000 Texas homes during the winter storm Announced refinery terminal conversions; ~500 Kbd of industry rationalizations announced in 2021 Margins increased on strong demand, tight industry supply, and global shipping constraints CHEMICAL Reliable operations and rapid winter storm recovery; continued delivery of cost efficiencies Reduced debt by more than $4 billion CORPORATE Operations rapidly recovered across all businesses following winter storm Established Low Carbon Solutions business to commercialize emission-reduction technology portfolio 3 See Supplemental Information for footnotes.DEVELOPMENTS SINCE FOURTH QUARTER 2020 Improved liquids and gas realizations with market recovery UPSTREAM Lower government-mandated curtailments and higher seasonal European gas demand 1 Announced >$1 billion sale of U.K. central and northern North Sea assets Improved North America margins, continued challenges with Europe and global jet demand DOWNSTREAM Provided power to more than 200,000 Texas homes during the winter storm Announced refinery terminal conversions; ~500 Kbd of industry rationalizations announced in 2021 Margins increased on strong demand, tight industry supply, and global shipping constraints CHEMICAL Reliable operations and rapid winter storm recovery; continued delivery of cost efficiencies Reduced debt by more than $4 billion CORPORATE Operations rapidly recovered across all businesses following winter storm Established Low Carbon Solutions business to commercialize emission-reduction technology portfolio 3 See Supplemental Information for footnotes.
RESULTS 1Q21 VS. 4Q20 U/S D/S CHEM C&F TOTAL • Price / margin improvements across all (18.5) (1.2) 0.7 (1.0) (20.1) 4Q20 GAAP Earnings / (Loss) businesses with demand recovery Identified items (19.3) (0.5) - (0.3) (20.2) 4Q20 Earnings / (Loss) ex. identified items 0.7 (0.7) 0.7 (0.7) 0.1 • Winter storm impacted all businesses; rapid recovery minimized impact Winter storm (0.2) (0.1) (0.2) - (0.6) Price / margin / forex 2.2 0.1 0.5 0.1 2.8 • Continued benefit from structurally lower 1 Unsettled derivatives: mark-to-market (0.0) 0.3 - - 0.3 operating costs Demand / volume (0.1) (0.0) 0.1 - (0.0) Other base business 0.0 0.1 0.3 (0.2) 0.2 1Q21 Earnings / (Loss) ex. identified items 2.6 (0.4) 1.4 (0.8) 2.8 - - - (0.0) (0.0) Identified items – severance 1Q21 GAAP Earnings / (Loss) 2.6 (0.4) 1.4 (0.8) 2.7 Billions of dollars unless specified otherwise. Due to rounding, numbers presented above may not add up precisely to the totals indicated. 4 See Supplemental Information for footnotes, definitions, and reconciliation of Identified items.RESULTS 1Q21 VS. 4Q20 U/S D/S CHEM C&F TOTAL • Price / margin improvements across all (18.5) (1.2) 0.7 (1.0) (20.1) 4Q20 GAAP Earnings / (Loss) businesses with demand recovery Identified items (19.3) (0.5) - (0.3) (20.2) 4Q20 Earnings / (Loss) ex. identified items 0.7 (0.7) 0.7 (0.7) 0.1 • Winter storm impacted all businesses; rapid recovery minimized impact Winter storm (0.2) (0.1) (0.2) - (0.6) Price / margin / forex 2.2 0.1 0.5 0.1 2.8 • Continued benefit from structurally lower 1 Unsettled derivatives: mark-to-market (0.0) 0.3 - - 0.3 operating costs Demand / volume (0.1) (0.0) 0.1 - (0.0) Other base business 0.0 0.1 0.3 (0.2) 0.2 1Q21 Earnings / (Loss) ex. identified items 2.6 (0.4) 1.4 (0.8) 2.8 - - - (0.0) (0.0) Identified items – severance 1Q21 GAAP Earnings / (Loss) 2.6 (0.4) 1.4 (0.8) 2.7 Billions of dollars unless specified otherwise. Due to rounding, numbers presented above may not add up precisely to the totals indicated. 4 See Supplemental Information for footnotes, definitions, and reconciliation of Identified items.
UPSTREAM 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD • Continued market recovery increased liquids, 2,554 170 natural gas, and LNG realizations (110) (80) • Higher volumes with lower government-mandated curtailments, more than offset by mix effects 2,070 • Continuing to deliver further structural efficiencies 745 (240) 4Q20 ex. Winter Price Volume Expenses Tax / other 1Q21 ex. ident. items storm ident. items 5 See Supplemental Information for definitions.UPSTREAM 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD • Continued market recovery increased liquids, 2,554 170 natural gas, and LNG realizations (110) (80) • Higher volumes with lower government-mandated curtailments, more than offset by mix effects 2,070 • Continuing to deliver further structural efficiencies 745 (240) 4Q20 ex. Winter Price Volume Expenses Tax / other 1Q21 ex. ident. items storm ident. items 5 See Supplemental Information for definitions.
UPSTREAM VOLUMES 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN VOLUMES Koebd 3,787 • Government-mandated curtailments reduced to ~125 Koebd 40 70 3,689 • Higher seasonal European gas demand (40) 60 (40) • Permian and Guyana unchanged versus 4Q20 excluding winter storm impact − Permian up ~20% since 1Q20 − Guyana up ~70% since 1Q20 4Q20 Winter Entitle- Curtail- Demand Maint / 1Q21 storm ments ments other 6 See Supplemental Information for additional information on winter storm and curtailments.UPSTREAM VOLUMES 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN VOLUMES Koebd 3,787 • Government-mandated curtailments reduced to ~125 Koebd 40 70 3,689 • Higher seasonal European gas demand (40) 60 (40) • Permian and Guyana unchanged versus 4Q20 excluding winter storm impact − Permian up ~20% since 1Q20 − Guyana up ~70% since 1Q20 4Q20 Winter Entitle- Curtail- Demand Maint / 1Q21 storm ments ments other 6 See Supplemental Information for additional information on winter storm and curtailments.
DOWNSTREAM 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD • Improved margins primarily on increased North America demand (40) • Jet demand remains weak with limited global travel (210) 380 • Structural efficiencies include maintenance (150) optimization, logistics, and marketing (40) (390) • Unfavorable foreign exchange impacts and 490 absence of year-end LIFO adjustment (691) (130) • Other includes reserve for terminal conversions 4Q20 ex. Winter Margin Demand Expenses Mfg. LIFO / Other 1Q21 ex. ident. storm volume forex ident. items items 7 See Supplemental Information for definitions.DOWNSTREAM 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD • Improved margins primarily on increased North America demand (40) • Jet demand remains weak with limited global travel (210) 380 • Structural efficiencies include maintenance (150) optimization, logistics, and marketing (40) (390) • Unfavorable foreign exchange impacts and 490 absence of year-end LIFO adjustment (691) (130) • Other includes reserve for terminal conversions 4Q20 ex. Winter Margin Demand Expenses Mfg. LIFO / Other 1Q21 ex. ident. storm volume forex ident. items items 7 See Supplemental Information for definitions.
CHEMICAL 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD 1,415 • Captured improved industry margins with reliable polyethylene and polypropylene operations 180 150 • Continued robust performance products demand 100 in packaging and durable goods 713 500 • Delivered additional cost reductions from turnarounds and maintenance scope optimization (230) 4Q20 ex. Winter Margin Demand Expenses LIFO / 1Q21 ex. ident. items storm other ident. items 8 See Supplemental Information for definitions.CHEMICAL 1Q21 VS. 4Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD 1,415 • Captured improved industry margins with reliable polyethylene and polypropylene operations 180 150 • Continued robust performance products demand 100 in packaging and durable goods 713 500 • Delivered additional cost reductions from turnarounds and maintenance scope optimization (230) 4Q20 ex. Winter Margin Demand Expenses LIFO / 1Q21 ex. ident. items storm other ident. items 8 See Supplemental Information for definitions.
EARNINGS 1Q21 VS. 1Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD 1 • Total price / margin improvement of ~$1.3 billion 740 − Improvement in Upstream and Chemical margins 1,690 more than offset Downstream 1,070 − Absence of significant mark-to-market derivatives benefit due to rapid price decline in 1Q20 2,761 Unsettled derivatives (550) mark-to- market 2,273 (1,880) • Structural cost efficiencies include maintenance, (590) supply chain optimizations, and workforce reductions • Lower Upstream volumes and unfavorable foreign exchange 1Q20 ex. Winter U/S Chem D/S Expenses Volume / 1Q21 ex. ident. storm price margin margin forex / ident. items other items 9 See Supplemental Information for footnotes and definitions.EARNINGS 1Q21 VS. 1Q20 CONTRIBUTING FACTORS TO CHANGE IN EARNINGS Million USD 1 • Total price / margin improvement of ~$1.3 billion 740 − Improvement in Upstream and Chemical margins 1,690 more than offset Downstream 1,070 − Absence of significant mark-to-market derivatives benefit due to rapid price decline in 1Q20 2,761 Unsettled derivatives (550) mark-to- market 2,273 (1,880) • Structural cost efficiencies include maintenance, (590) supply chain optimizations, and workforce reductions • Lower Upstream volumes and unfavorable foreign exchange 1Q20 ex. Winter U/S Chem D/S Expenses Volume / 1Q21 ex. ident. storm price margin margin forex / ident. items other items 9 See Supplemental Information for footnotes and definitions.
DISCIPLINED INVESTING AND COST MANAGEMENT CASH OPEX EXCLUDING ENERGY AND PRODUCTION TAXES Billion USD • Efficiencies and cost reductions on track, consistent with plans 10.2 (0.7) 9.2 (0.3) • Cash Opex structurally lower due to maintenance / turnaround efficiencies and workforce reductions 1Q20 Upstream Downstream / 1Q21 Chemical / other CAPEX Billion USD 7.1 • Capital expenditures in line with plan 2.8 3.1 1.2 1Q20 Upstream Downstream / 1Q21 Chemical / other 10 See Supplemental Information for definitions.DISCIPLINED INVESTING AND COST MANAGEMENT CASH OPEX EXCLUDING ENERGY AND PRODUCTION TAXES Billion USD • Efficiencies and cost reductions on track, consistent with plans 10.2 (0.7) 9.2 (0.3) • Cash Opex structurally lower due to maintenance / turnaround efficiencies and workforce reductions 1Q20 Upstream Downstream / 1Q21 Chemical / other CAPEX Billion USD 7.1 • Capital expenditures in line with plan 2.8 3.1 1.2 1Q20 Upstream Downstream / 1Q21 Chemical / other 10 See Supplemental Information for definitions.
FIRST QUARTER 2021 CASH PROFILE 1Q21 4Q20 • Stronger overall market fundamentals improved Beginning cash 4.4 8.8 cash flow Earnings / (Loss) 2.7 (20.1) Identified items: impairments - 19.3 • Efficiencies continuing to increase cash flow 1 Depreciation 5.0 5.0 from operations 1 Working capital / other 1.5 (0.2) Cash flow from operating activities 9.3 4.0 • Deleveraging with additional cash; more than Proceeds associated with asset sales 0.3 0.8 $4 billion of debt reduction Cash flow from operations and asset sales 9.6 4.8 Shareholder distributions (3.7) (3.7) 2 PP&E adds / investments and advances (2.7) (4.1) Debt / other financing (4.0) (1.5) Ending cash 3.5 4.4 3 Ending debt 63.3 67.6 Billions of USD. Due to rounding, numbers presented above may not add up precisely to the totals indicated. 11 11 See Supplemental Information for footnotes.FIRST QUARTER 2021 CASH PROFILE 1Q21 4Q20 • Stronger overall market fundamentals improved Beginning cash 4.4 8.8 cash flow Earnings / (Loss) 2.7 (20.1) Identified items: impairments - 19.3 • Efficiencies continuing to increase cash flow 1 Depreciation 5.0 5.0 from operations 1 Working capital / other 1.5 (0.2) Cash flow from operating activities 9.3 4.0 • Deleveraging with additional cash; more than Proceeds associated with asset sales 0.3 0.8 $4 billion of debt reduction Cash flow from operations and asset sales 9.6 4.8 Shareholder distributions (3.7) (3.7) 2 PP&E adds / investments and advances (2.7) (4.1) Debt / other financing (4.0) (1.5) Ending cash 3.5 4.4 3 Ending debt 63.3 67.6 Billions of USD. Due to rounding, numbers presented above may not add up precisely to the totals indicated. 11 11 See Supplemental Information for footnotes.
SECOND QUARTER 2021 OUTLOOK Announced government-mandated curtailments in line with 1Q21 UPSTREAM Lower volumes with seasonal gas demand and higher scheduled maintenance U.K. North Sea sale expected to close near mid-year, subject to regulatory and third-party approvals Continuing demand improvement with economic recovery DOWNSTREAM Higher planned turnarounds and maintenance Continuing tight supply / demand balance with increased industry maintenance CHEMICAL Higher planned turnarounds and maintenance Corporate and financing expenses expected to be ~$600 million CORPORATE Continue to progress deleveraging 12SECOND QUARTER 2021 OUTLOOK Announced government-mandated curtailments in line with 1Q21 UPSTREAM Lower volumes with seasonal gas demand and higher scheduled maintenance U.K. North Sea sale expected to close near mid-year, subject to regulatory and third-party approvals Continuing demand improvement with economic recovery DOWNSTREAM Higher planned turnarounds and maintenance Continuing tight supply / demand balance with increased industry maintenance CHEMICAL Higher planned turnarounds and maintenance Corporate and financing expenses expected to be ~$600 million CORPORATE Continue to progress deleveraging 12
MANAGEMENT PERSPECTIVES DARREN WOODS CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICERMANAGEMENT PERSPECTIVES DARREN WOODS CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
POSITIONED FOR SUCCESS Decisive response to pandemic balanced near, medium, and long-term priorities • Developing industry-leading portfolio of advantaged investments • Restructuring provided foundation for rapid response and significant improvements − Fewer organizational interfaces improved speed and quality of decisions − Single project organization optimized and paced portfolio while enhancing value • Substantive cost reductions with improved operational performance − Streamlined organization with less overhead and simpler processes − Clearer line of sight to market and increased P&L accountability • Balanced spending reductions with leverage to maintain dividend and progress highest-return investments • Low Carbon Solutions established to advance technology and enable emissions reductions at scale • Paced investments and maintenance with recovery in mind − Achieved short-term reductions while preserving upside − Efficiently paused projects at optimum break points 14POSITIONED FOR SUCCESS Decisive response to pandemic balanced near, medium, and long-term priorities • Developing industry-leading portfolio of advantaged investments • Restructuring provided foundation for rapid response and significant improvements − Fewer organizational interfaces improved speed and quality of decisions − Single project organization optimized and paced portfolio while enhancing value • Substantive cost reductions with improved operational performance − Streamlined organization with less overhead and simpler processes − Clearer line of sight to market and increased P&L accountability • Balanced spending reductions with leverage to maintain dividend and progress highest-return investments • Low Carbon Solutions established to advance technology and enable emissions reductions at scale • Paced investments and maintenance with recovery in mind − Achieved short-term reductions while preserving upside − Efficiently paused projects at optimum break points 14
IMPROVING ENVIRONMENT Prices and margins returning to historic range PRICES / MARGINS 2010—2021 • Crude and natural gas markets improved with Crude¹ Natural gas² Downstream Chemical ($/bbl) ($/mbtu) margins³ margins⁴ demand recovery ($/bbl) ($/tonne) 1Q21 • Chemical margins driven by tight industry supply and global shipping constraints 2010-19 annual range • Downstream margins improved from historic lows 4Q20 driven by North America − Low jet demand and slow recovery in Europe 3Q20 continue − Diesel and gasoline demand forecast to return to 5 pre-pandemic levels by year-end 2021 15 See Supplemental Information for footnotes.IMPROVING ENVIRONMENT Prices and margins returning to historic range PRICES / MARGINS 2010—2021 • Crude and natural gas markets improved with Crude¹ Natural gas² Downstream Chemical ($/bbl) ($/mbtu) margins³ margins⁴ demand recovery ($/bbl) ($/tonne) 1Q21 • Chemical margins driven by tight industry supply and global shipping constraints 2010-19 annual range • Downstream margins improved from historic lows 4Q20 driven by North America − Low jet demand and slow recovery in Europe 3Q20 continue − Diesel and gasoline demand forecast to return to 5 pre-pandemic levels by year-end 2021 15 See Supplemental Information for footnotes.
PRIORITIZED INVESTMENTS Progressing development of highest-return opportunities CORPUS CHRISTI DEEPWATER PERMIAN CHEMICAL COMPLEX 1 2 >10% return at <$35/bbl >10% return at <$35/bbl 3 >$500 million / year earnings Guyana Permian Corpus Christi th th • 5 and 6 drilling rigs arrived in Guyana • Continued positive free cash in 1Q21• All modules onsite; start-up readiness activities underway • Liza Unity FPSO expected to sail from • Continuing to deliver frac and drilling Singapore mid-year cost improvements• Expected to deliver 25% below 4 industry average cost • Payara on schedule; progressing • Performance improvements increasing Yellowtail development plan 2021 outlook to 410-430 Koebd • 4Q21 start-up ahead of schedule Brazil • d paced investments • Advancing Bacalhau towards FID • Continuing exploration drilling 16 See Supplemental Information for footnotes and definitions.PRIORITIZED INVESTMENTS Progressing development of highest-return opportunities CORPUS CHRISTI DEEPWATER PERMIAN CHEMICAL COMPLEX 1 2 >10% return at <$35/bbl >10% return at <$35/bbl 3 >$500 million / year earnings Guyana Permian Corpus Christi th th • 5 and 6 drilling rigs arrived in Guyana • Continued positive free cash in 1Q21• All modules onsite; start-up readiness activities underway • Liza Unity FPSO expected to sail from • Continuing to deliver frac and drilling Singapore mid-year cost improvements• Expected to deliver 25% below 4 industry average cost • Payara on schedule; progressing • Performance improvements increasing Yellowtail development plan 2021 outlook to 410-430 Koebd • 4Q21 start-up ahead of schedule Brazil • d paced investments • Advancing Bacalhau towards FID • Continuing exploration drilling 16 See Supplemental Information for footnotes and definitions.
PRESERVING PROJECT VALUE Leveraging unique capabilities to deliver robust project returns BAYTOWN CHEMICAL EXPANSION 2Q20 Current • Collaborated with contractors, partners, and governments to effectively pace projects • Global Projects organization optimally managed activity to preserve value and provide flexibility • Deferral costs offset with efficiencies and market savings BATON ROUGE POLYPROPYLENE 1 1Q20 Current − Downstream and Chemical portfolio return of ~30% • Planned resumption of project activity in line with market recovery 17 See Supplemental Information for footnotes.PRESERVING PROJECT VALUE Leveraging unique capabilities to deliver robust project returns BAYTOWN CHEMICAL EXPANSION 2Q20 Current • Collaborated with contractors, partners, and governments to effectively pace projects • Global Projects organization optimally managed activity to preserve value and provide flexibility • Deferral costs offset with efficiencies and market savings BATON ROUGE POLYPROPYLENE 1 1Q20 Current − Downstream and Chemical portfolio return of ~30% • Planned resumption of project activity in line with market recovery 17 See Supplemental Information for footnotes.
INVESTING IN HIGHEST-RETURN ASSETS 2020 investments drive cash flow growth 2 2020 UPSTREAM INVESTMENTS OPERATING CASH FLOW FROM PROJECTS RETAINED IN 2020 CAPEX 1 Brent $/bbl required to generate the cost-of-supply plus 10% return Billion USD 45 8 $40/bbl Brent 30 4 15 0 0 2021 2025 2020 Cumulative Capex • >90% of 2020 investments in resource • 2020 investments provide ~10% of total Upstream development generate >10% return at ≤$35/bbl operating cash flow in 2021 18 See Supplemental Information for footnotes and definitions.INVESTING IN HIGHEST-RETURN ASSETS 2020 investments drive cash flow growth 2 2020 UPSTREAM INVESTMENTS OPERATING CASH FLOW FROM PROJECTS RETAINED IN 2020 CAPEX 1 Brent $/bbl required to generate the cost-of-supply plus 10% return Billion USD 45 8 $40/bbl Brent 30 4 15 0 0 2021 2025 2020 Cumulative Capex • >90% of 2020 investments in resource • 2020 investments provide ~10% of total Upstream development generate >10% return at ≤$35/bbl operating cash flow in 2021 18 See Supplemental Information for footnotes and definitions.
CONTINUING TO GROW PERMIAN VALUE 2020 work provided foundation for ongoing performance improvement 1 DAILY DRILLING LATERAL FEET FRAC STAGES PER DAY 4 220% >80% 180% ~50% • Increased 1Q21 volumes ~60 Koebd vs. 1Q20 improvement improvement − Despite 35% Capex reduction in 2020 versus plan DAILY DRILLING LATERAL − Free cash positive from 4Q20 FEET1 80% 80% • Positioned for continued free cash growth 2019 2020 2021 YTD 2019 2020 2021 YTD − Significant performance improvement − Lower costs 2 3 DRILLING AND COMPLETION COSTS LEASE OPERATING EXPENSES − Major infrastructure investments online (Poker Lake >40% ~40% 100% 100% central processing facility and pipelines to Gulf Coast) improvement improvement − Drilled uncomplete inventory >300 0% 0% 2019 2020 2021 YTD 2019 2020 2021 YTD 19 See Supplemental Information for footnotes and definitions.CONTINUING TO GROW PERMIAN VALUE 2020 work provided foundation for ongoing performance improvement 1 DAILY DRILLING LATERAL FEET FRAC STAGES PER DAY 4 220% >80% 180% ~50% • Increased 1Q21 volumes ~60 Koebd vs. 1Q20 improvement improvement − Despite 35% Capex reduction in 2020 versus plan DAILY DRILLING LATERAL − Free cash positive from 4Q20 FEET1 80% 80% • Positioned for continued free cash growth 2019 2020 2021 YTD 2019 2020 2021 YTD − Significant performance improvement − Lower costs 2 3 DRILLING AND COMPLETION COSTS LEASE OPERATING EXPENSES − Major infrastructure investments online (Poker Lake >40% ~40% 100% 100% central processing facility and pipelines to Gulf Coast) improvement improvement − Drilled uncomplete inventory >300 0% 0% 2019 2020 2021 YTD 2019 2020 2021 YTD 19 See Supplemental Information for footnotes and definitions.
GROWING LONG-TERM SHAREHOLDER VALUE Highgraded portfolio, improved earnings and cash flow, and positioned for a lower-carbon future SUSTAINABLE SHAREHOLDER VALUE STRONG CASH FLOW STRUCTURAL COST SAVINGS ~2.8 million >$9 billion ~10% reduction 2 shareholders received reliable 1Q21 cash flow from operations; in cash Opex versus 1Q20 1 dividend reduced debt by more than $4 leveraging prior reorganizations to billion deliver structural efficiencies FLEXIBLE CAPEX INDUSTRY-LEADING OPERATIONS LOW CARBON $4 billion reduction Best-ever Solutions versus 1Q20, prioritizing reliability performance maintained business created and developing advantaged assets while preserving with rapid recovery from the winter technology commercialization value of paced investments storm strategies initially focused on CCS 20 See Supplemental Information for footnotes and definitions.GROWING LONG-TERM SHAREHOLDER VALUE Highgraded portfolio, improved earnings and cash flow, and positioned for a lower-carbon future SUSTAINABLE SHAREHOLDER VALUE STRONG CASH FLOW STRUCTURAL COST SAVINGS ~2.8 million >$9 billion ~10% reduction 2 shareholders received reliable 1Q21 cash flow from operations; in cash Opex versus 1Q20 1 dividend reduced debt by more than $4 leveraging prior reorganizations to billion deliver structural efficiencies FLEXIBLE CAPEX INDUSTRY-LEADING OPERATIONS LOW CARBON $4 billion reduction Best-ever Solutions versus 1Q20, prioritizing reliability performance maintained business created and developing advantaged assets while preserving with rapid recovery from the winter technology commercialization value of paced investments storm strategies initially focused on CCS 20 See Supplemental Information for footnotes and definitions.
CONSISTENT CAPITAL ALLOCATION PRIORITIES Balanced approach to maintain the dividend, accretively invest and manage debt 1,2,3 2021 ESTIMATED SOURCES AND USES OF CASH Billion USD • Long-term capital allocation priorities remain By Brent price, with 10yr low Downstream − Invest in advantaged projects to drive cash flow Guidance: & Chemical margins $16—19 $55/bbl − Maintain balance sheet strength $50/bbl − Provide reliable dividend Flexible $45/bbl Less flexible• Flexible Capex plan: − $16—19 billion in 2021 − $20—25 billion per year from 2022—2025 • Strengthening the balance sheet Available cash Dividend Capex from operations 21 See Supplemental Information for footnotes and definitions.CONSISTENT CAPITAL ALLOCATION PRIORITIES Balanced approach to maintain the dividend, accretively invest and manage debt 1,2,3 2021 ESTIMATED SOURCES AND USES OF CASH Billion USD • Long-term capital allocation priorities remain By Brent price, with 10yr low Downstream − Invest in advantaged projects to drive cash flow Guidance: & Chemical margins $16—19 $55/bbl − Maintain balance sheet strength $50/bbl − Provide reliable dividend Flexible $45/bbl Less flexible• Flexible Capex plan: − $16—19 billion in 2021 − $20—25 billion per year from 2022—2025 • Strengthening the balance sheet Available cash Dividend Capex from operations 21 See Supplemental Information for footnotes and definitions.
CLIMATE STRATEGY Responsibly meeting society’s evolving need for energy in a reliable and sustainable manner MITIGATING EMISSIONS IN PROVIDING PRODUCTS TO PROACTIVELY ENGAGING ON DEVELOPING AND COMPANY OPERATIONS HELP CUSTOMERS REDUCE CLIMATE-RELATED POLICY DEPLOYING SCALABLE THEIR EMISSIONS TECHNOLOGY SOLUTIONS • Achieved 2020 emission • Natural gas• Support an economy-wide • Created Low Carbon reduction goals price on CO emissions Solutions business to 2 • Lightweight materials and commercialize portfolio of • Set 2025 GHG emission- packaging low-carbon technologies • Continue to engage in efforts reduction plans consistent to encourage sound and • Advanced fuels and lubricants with goals of Paris constructive policy solutions• Invested >$10 billion since 1 Agreement 2000 in lower-emission solutions; additional $3 billion • Aiming for industry-leading 2 through 2025 GHG performance by 2030 22 See Supplemental Information for footnotes and definitions.CLIMATE STRATEGY Responsibly meeting society’s evolving need for energy in a reliable and sustainable manner MITIGATING EMISSIONS IN PROVIDING PRODUCTS TO PROACTIVELY ENGAGING ON DEVELOPING AND COMPANY OPERATIONS HELP CUSTOMERS REDUCE CLIMATE-RELATED POLICY DEPLOYING SCALABLE THEIR EMISSIONS TECHNOLOGY SOLUTIONS • Achieved 2020 emission • Natural gas• Support an economy-wide • Created Low Carbon reduction goals price on CO emissions Solutions business to 2 • Lightweight materials and commercialize portfolio of • Set 2025 GHG emission- packaging low-carbon technologies • Continue to engage in efforts reduction plans consistent to encourage sound and • Advanced fuels and lubricants with goals of Paris constructive policy solutions• Invested >$10 billion since 1 Agreement 2000 in lower-emission solutions; additional $3 billion • Aiming for industry-leading 2 through 2025 GHG performance by 2030 22 See Supplemental Information for footnotes and definitions.
SIGNIFICANT INVESTMENTS IN TARGETED MARKETS Investment in carbon capture and storage proportionate to potential market size 1 EXXONMOBIL ENERGY INVESTMENT Percent of total addressable market • Carbon capture and storage is critical to achieve the goals of the Paris Agreement • Large investments in lower-carbon solutions 3% relative to current market size • Lower-carbon investments expected to grow as markets evolve and expand 0% CCS Oil, natural gas, and chemicals 23 See Supplemental Information for footnotes.SIGNIFICANT INVESTMENTS IN TARGETED MARKETS Investment in carbon capture and storage proportionate to potential market size 1 EXXONMOBIL ENERGY INVESTMENT Percent of total addressable market • Carbon capture and storage is critical to achieve the goals of the Paris Agreement • Large investments in lower-carbon solutions 3% relative to current market size • Lower-carbon investments expected to grow as markets evolve and expand 0% CCS Oil, natural gas, and chemicals 23 See Supplemental Information for footnotes.
POSITIONED TO SUCCEED IN CARBON CAPTURE Leveraging position as global leader in critical technology required for net zero emissions 5 GLOBAL LEADERSHIP SIGNIFICANT POTENTIAL GROWTH MARKET 2 ExxonMobil TOTAL CO CAPTURE • #1 in CO capture 2• ~$2 trillion 2 Million tonnes addressable market 3 • #2 for CO pipelines 40% 2 • ~35% projected of all CO 2 • #2 for CO geologic captured 2 growth per year 4 since storage 1 1970 Remaining 48 companies 2020 2030 2040 LEVERAGES COMPETITIVE ADVANTAGES AND CORE CAPABILITIES Scale Technology Integration Functional excellence People Subsurface and reservoir expertise Large-scale project development and execution Significant patent portfolio 24 See Supplemental Information for footnotes and definitions.POSITIONED TO SUCCEED IN CARBON CAPTURE Leveraging position as global leader in critical technology required for net zero emissions 5 GLOBAL LEADERSHIP SIGNIFICANT POTENTIAL GROWTH MARKET 2 ExxonMobil TOTAL CO CAPTURE • #1 in CO capture 2• ~$2 trillion 2 Million tonnes addressable market 3 • #2 for CO pipelines 40% 2 • ~35% projected of all CO 2 • #2 for CO geologic captured 2 growth per year 4 since storage 1 1970 Remaining 48 companies 2020 2030 2040 LEVERAGES COMPETITIVE ADVANTAGES AND CORE CAPABILITIES Scale Technology Integration Functional excellence People Subsurface and reservoir expertise Large-scale project development and execution Significant patent portfolio 24 See Supplemental Information for footnotes and definitions.
HOUSTON CCS INNOVATION ZONE CONCEPT Houston ship channel is an ideal location for a large-scale CCS project 1 Potential to mitigate 100 MILLION tonnes of CO annually by 2040 CRITICAL ENABLERS INCLUDE: 2 Supportive Broad industry and regulatory and government legal framework alignment $/CO 2 Adequate financial Public support incentives 2 Storage potential of ~500 BILLION tonnes; 3 ~100 years of the total U.S. CO emissions 2 25 See Supplemental Information for footnotes.HOUSTON CCS INNOVATION ZONE CONCEPT Houston ship channel is an ideal location for a large-scale CCS project 1 Potential to mitigate 100 MILLION tonnes of CO annually by 2040 CRITICAL ENABLERS INCLUDE: 2 Supportive Broad industry and regulatory and government legal framework alignment $/CO 2 Adequate financial Public support incentives 2 Storage potential of ~500 BILLION tonnes; 3 ~100 years of the total U.S. CO emissions 2 25 See Supplemental Information for footnotes.
GROWING LONG-TERM SHAREHOLDER VALUE Progressing actions to highgrade portfolio and improve earnings and cash flow • Committed to delivering sustainable shareholder value • Competitively advantaged assets and investments drive strong cash flow to sustain dividend, reduce debt, and invest in the future • Significant structural cost savings and flexible Capex resilient to price cycles • Focused on industry-leading safety, reliability, and environmental performance; executing plans to deliver aggressive 2025 emission reductions • Strategy leverages experience and competitive advantages to deliver value while transitioning to a lower-carbon future, consistent with the goals of the Paris Agreement 26 See Supplemental Information for definitions.GROWING LONG-TERM SHAREHOLDER VALUE Progressing actions to highgrade portfolio and improve earnings and cash flow • Committed to delivering sustainable shareholder value • Competitively advantaged assets and investments drive strong cash flow to sustain dividend, reduce debt, and invest in the future • Significant structural cost savings and flexible Capex resilient to price cycles • Focused on industry-leading safety, reliability, and environmental performance; executing plans to deliver aggressive 2025 emission reductions • Strategy leverages experience and competitive advantages to deliver value while transitioning to a lower-carbon future, consistent with the goals of the Paris Agreement 26 See Supplemental Information for definitions.
Q&AQ&A
SECOND QUARTER 2021 OUTLOOK 1 DOWNSTREAM SCHEDULED MAINTENANCE QUARTERLY EARNINGS IMPACT Million USD •• 1H21 1,2 Se sc e heduled Suppleme ma nta inl te Informat nance pion ositions 600 Downstream for continued market recovery 300 • Higher planned turnaround activity in Chemical 0 2020 quarterly average 1Q21 2Q21 est. CHEMICAL SCHEDULED MAINTENANCE QUARTERLY EARNINGS IMPACT² Million USD 200 100 0 2020 quarterly average 1Q21 2Q21 est. 28 See Supplemental Information for footnotes.SECOND QUARTER 2021 OUTLOOK 1 DOWNSTREAM SCHEDULED MAINTENANCE QUARTERLY EARNINGS IMPACT Million USD •• 1H21 1,2 Se sc e heduled Suppleme ma nta inl te Informat nance pion ositions 600 Downstream for continued market recovery 300 • Higher planned turnaround activity in Chemical 0 2020 quarterly average 1Q21 2Q21 est. CHEMICAL SCHEDULED MAINTENANCE QUARTERLY EARNINGS IMPACT² Million USD 200 100 0 2020 quarterly average 1Q21 2Q21 est. 28 See Supplemental Information for footnotes.
SUPPLEMENTAL INFORMATION IDENTIFIED ITEMS RECONCILIATION FOURTH QUARTER 2020 Earnings / (Loss) U.S. GAAP (20.1) Identified items included in earnings / (loss) Noncash inventory valuation - lower of cost or market - Impairment (19.3) Tax and other items (asset management, severance) (0.9) Corporate total (20.2) Earnings/(Loss) excluding identified items 0.1 Billions of dollars unless specified otherwise. 29 Due to rounding, numbers presented above may not add up precisely to the totals indicated.SUPPLEMENTAL INFORMATION IDENTIFIED ITEMS RECONCILIATION FOURTH QUARTER 2020 Earnings / (Loss) U.S. GAAP (20.1) Identified items included in earnings / (loss) Noncash inventory valuation - lower of cost or market - Impairment (19.3) Tax and other items (asset management, severance) (0.9) Corporate total (20.2) Earnings/(Loss) excluding identified items 0.1 Billions of dollars unless specified otherwise. 29 Due to rounding, numbers presented above may not add up precisely to the totals indicated.
SUPPLEMENTAL INFORMATION “Winter storm” as used on slide 6 is included below as part of the “Downtime/Maintenance” category. “Curtailments” as used on slide 6 includes government mandates shown as a separate category below. 1 UPSTREAM VOLUME FACTOR ANALYSIS 1Q21 vs. 4Q20 1Q21 vs. 1Q20 Prior Period 3,689 4,046 Downtime / Maintenance -22 -22 Growth / Decline -18 -78 Entitlement / Divestments -46 -69 Government mandates 62 -124 Demand / Other 122 34 Current Period 3,787 3,787 1 30 Koebd.SUPPLEMENTAL INFORMATION “Winter storm” as used on slide 6 is included below as part of the “Downtime/Maintenance” category. “Curtailments” as used on slide 6 includes government mandates shown as a separate category below. 1 UPSTREAM VOLUME FACTOR ANALYSIS 1Q21 vs. 4Q20 1Q21 vs. 1Q20 Prior Period 3,689 4,046 Downtime / Maintenance -22 -22 Growth / Decline -18 -78 Entitlement / Divestments -46 -69 Government mandates 62 -124 Demand / Other 122 34 Current Period 3,787 3,787 1 30 Koebd.
SUPPLEMENTAL INFORMATION RECONCILIATION OF OPERATING COSTS AND CASH OPERATING EXPENSES COMPONENTS OF OPERATING COSTS 1Q21 1Q20 From ExxonMobil’s Consolidated statement of income: Production and manufacturing expenses 8.1 8.3 Selling, general and administrative expenses 2.4 2.6 Depreciation and depletion 5.0 5.8 Exploration expenses, including dry holes 0.2 0.3 Non-service pension and postretirement benefit expense 0.4 0.3 Subtotal 16.0 17.3 ExxonMobil’s share of equity company expenses 2.1 2.5 Total operating costs 18.2 19.7 CASH OPERATING EXPENSES (CASH OPEX) Total operating costs 18.2 19.7 Less: Depreciation and depletion 5.0 5.8 Non-service pension and postretirement benefit expense 0.4 0.3 Other adjustments (includes equity company depreciation and depletion) 0.7 1.0 Total cash operating expenses (cash Opex) 12.1 12.6 Energy and production taxes 2.9 2.4 Total cash operating expenses (cash Opex) excluding energy and production taxes 9.2 10.2 Billions of dollars unless specified otherwise. 31 Due to rounding, numbers presented above may not add up precisely to the totals indicated.SUPPLEMENTAL INFORMATION RECONCILIATION OF OPERATING COSTS AND CASH OPERATING EXPENSES COMPONENTS OF OPERATING COSTS 1Q21 1Q20 From ExxonMobil’s Consolidated statement of income: Production and manufacturing expenses 8.1 8.3 Selling, general and administrative expenses 2.4 2.6 Depreciation and depletion 5.0 5.8 Exploration expenses, including dry holes 0.2 0.3 Non-service pension and postretirement benefit expense 0.4 0.3 Subtotal 16.0 17.3 ExxonMobil’s share of equity company expenses 2.1 2.5 Total operating costs 18.2 19.7 CASH OPERATING EXPENSES (CASH OPEX) Total operating costs 18.2 19.7 Less: Depreciation and depletion 5.0 5.8 Non-service pension and postretirement benefit expense 0.4 0.3 Other adjustments (includes equity company depreciation and depletion) 0.7 1.0 Total cash operating expenses (cash Opex) 12.1 12.6 Energy and production taxes 2.9 2.4 Total cash operating expenses (cash Opex) excluding energy and production taxes 9.2 10.2 Billions of dollars unless specified otherwise. 31 Due to rounding, numbers presented above may not add up precisely to the totals indicated.
SUPPLEMENTAL INFORMATION Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, addressable markets, available cash from operations, and free cash 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 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. 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. 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. Non-GAAP and other measures. With respect to historical periods, reconciliation and other information is provided on pages 29 through 31 of this presentation and 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 operating cash flow. 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. 32SUPPLEMENTAL INFORMATION Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, addressable markets, available cash from operations, and free cash 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 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. 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. 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. Non-GAAP and other measures. With respect to historical periods, reconciliation and other information is provided on pages 29 through 31 of this presentation and 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 operating cash flow. 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. 32
SUPPLEMENTAL INFORMATION Definitions Available cash from operations. Available cash from operations provides an indication of cash flow available to fund shareholder distributions, capex, and debt reduction and is calculated as the sum of (1) net cash provided by operating activities and (2) net cash used in investing activities, both from the Consolidated statement of cash flows, and (3) capital and exploration expenditures. It includes estimated proceeds from asset sales net of forgone cash flows from divested assets. This measure is useful when evaluating total sources of cash available, including from equity companies, for uses such as capital and exploration expenditures and financing activities, including debt reduction and shareholder distributions. 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 table on slide 31. Flexible Capex. Flexible Capex includes those investments with minimal costs or value loss to defer expenditures, such as investments in short cycle businesses like unconventionals, projects that have not commenced or are early in construction and with limited penalty to pause. Less-flexible Capex. Less-flexible Capex includes projects conducted for safety, environmental and regulatory reasons, projects already in execution with penalties or loss of value associated with pausing, and investments made in order to retain rights or options for potential future investment. Free cash. Free cash is operating cash flow less capital investment. This measure is useful when approximating contributions to cash available for financing activities, applied to the Upstream business. 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 cash flow. Operating cash flow is earnings plus depreciation and depletion, including non-controlling interests and abandonment spend, plus asset sales proceeds. Where applicable, pro-rata equity company earnings are net of depreciation and depletion. This measure is useful when approximating contributions to cash available for investment and financing activities excluding working capital impacts, applied to the Upstream business. 33SUPPLEMENTAL INFORMATION Definitions Available cash from operations. Available cash from operations provides an indication of cash flow available to fund shareholder distributions, capex, and debt reduction and is calculated as the sum of (1) net cash provided by operating activities and (2) net cash used in investing activities, both from the Consolidated statement of cash flows, and (3) capital and exploration expenditures. It includes estimated proceeds from asset sales net of forgone cash flows from divested assets. This measure is useful when evaluating total sources of cash available, including from equity companies, for uses such as capital and exploration expenditures and financing activities, including debt reduction and shareholder distributions. 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 table on slide 31. Flexible Capex. Flexible Capex includes those investments with minimal costs or value loss to defer expenditures, such as investments in short cycle businesses like unconventionals, projects that have not commenced or are early in construction and with limited penalty to pause. Less-flexible Capex. Less-flexible Capex includes projects conducted for safety, environmental and regulatory reasons, projects already in execution with penalties or loss of value associated with pausing, and investments made in order to retain rights or options for potential future investment. Free cash. Free cash is operating cash flow less capital investment. This measure is useful when approximating contributions to cash available for financing activities, applied to the Upstream business. 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 cash flow. Operating cash flow is earnings plus depreciation and depletion, including non-controlling interests and abandonment spend, plus asset sales proceeds. Where applicable, pro-rata equity company earnings are net of depreciation and depletion. This measure is useful when approximating contributions to cash available for investment and financing activities excluding working capital impacts, applied to the Upstream business. 33
SUPPLEMENTAL INFORMATION Definitions 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 table on slide 31. Performance product. Refers to Chemical products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. 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. Resources, resource base, and recoverable resources. Along with similar terms, these refer to the total remaining estimated quantities of oil and natural gas that are expected to be ultimately recoverable. ExxonMobil refers to new discoveries and acquisitions of discovered resources as resource additions. The resource base includes quantities of oil and natural gas classified as proved reserves, as well as, quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms is not intended to correspond to SEC definitions such as “probable” or “possible” reserves. The term “in-place” refers to those quantities of oil and natural gas estimated to be contained in known accumulations and includes recoverable and unrecoverable amounts. 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. Winter storm impacts: Represents effects on ExxonMobil’s operations of severe winter weather in Texas and surrounding areas during the first quarter of 2021. Includes impacts from lower production and sales volumes, repair costs, and net impact of energy purchases and sales. Does not include indirect impacts from winter storm supply disruptions, if any, on market prices for crude oil, natural gas, petroleum products, or chemicals. 34SUPPLEMENTAL INFORMATION Definitions 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 table on slide 31. Performance product. Refers to Chemical products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. 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. Resources, resource base, and recoverable resources. Along with similar terms, these refer to the total remaining estimated quantities of oil and natural gas that are expected to be ultimately recoverable. ExxonMobil refers to new discoveries and acquisitions of discovered resources as resource additions. The resource base includes quantities of oil and natural gas classified as proved reserves, as well as, quantities that are not yet classified as proved reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms is not intended to correspond to SEC definitions such as “probable” or “possible” reserves. The term “in-place” refers to those quantities of oil and natural gas estimated to be contained in known accumulations and includes recoverable and unrecoverable amounts. 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. Winter storm impacts: Represents effects on ExxonMobil’s operations of severe winter weather in Texas and surrounding areas during the first quarter of 2021. Includes impacts from lower production and sales volumes, repair costs, and net impact of energy purchases and sales. Does not include indirect impacts from winter storm supply disruptions, if any, on market prices for crude oil, natural gas, petroleum products, or chemicals. 34
SUPPLEMENTAL INFORMATION Slide 3 Slide 15 1) Source: S&P Global Platts. 1) Includes most of the non-operated U.K. central and northern North Sea assets. 2) Source: ICE. Equal weighting of Henry Hub and NBP. Sale price is subject to closing adjustments and has additional upside of ~$300 3) Source: S&P Global Platts and ExxonMobil analysis. Equal weighting of U.S. million in contingent payments based on potential for increase in commodity prices. Gulf Coast (Maya – Coking), Northwest Europe (Brent – Catalytic Cracking), and Singapore (Dubai – Catalytic Cracking) based on ExxonMobil capacity Slide 4 and netted for industry average Opex and renewable identification numbers 1) Period-to-period change in earnings as a result of fair value accounting for (RINS). unsettled derivatives. 4) Source: IHS Markit, Platts, and company estimates. Weighting of polyethylene, polypropylene, and paraxylene based on ExxonMobil capacity. 5) Forecast based on IEA monthly oil market reports and ExxonMobil estimates. Slide 9 1) Includes Upstream price, Chemical margin, and Downstream margin excluding Slide 16 unsettled derivative mark-to-market impacts. 1) Guyana and Bacalhau projects on a money-forward basis. 2) Money-forward basis. Slide 11 3) Annual earnings, at full capacity, based on the average annual Chemical 1) Excludes impact of impairments classified as identified items in 4Q20. margins from 2010—2019. 2) Includes PP&E Adds of ($2.4) billion and net investments / advances of ($0.3) billion 4) Cost benchmarked against recent comparable announced U.S. cracker in 1Q21. projects. Sources: Public announcements (industry) and ExxonMobil 3) Ending debt is the sum of (1) Notes and loans payable and (2) Long-term debt as estimates (ExxonMobil). reported in Form 10-Q, at the end of the first quarter. Slide 17 1) Return based on 2021 money-forward, remaining Capex-weighted basis for the following growth projects in 2027 at full capacity across Downstream and Chemical using 2010—2019 annual average margins: Permian crude venture, Beaumont light crude, Fawley hydrofiner, Singapore resid upgrade, Corpus Christi complex, China complex, Baton Rouge polypropylene, and Baytown Chemical expansion. 35SUPPLEMENTAL INFORMATION Slide 3 Slide 15 1) Source: S&P Global Platts. 1) Includes most of the non-operated U.K. central and northern North Sea assets. 2) Source: ICE. Equal weighting of Henry Hub and NBP. Sale price is subject to closing adjustments and has additional upside of ~$300 3) Source: S&P Global Platts and ExxonMobil analysis. Equal weighting of U.S. million in contingent payments based on potential for increase in commodity prices. Gulf Coast (Maya – Coking), Northwest Europe (Brent – Catalytic Cracking), and Singapore (Dubai – Catalytic Cracking) based on ExxonMobil capacity Slide 4 and netted for industry average Opex and renewable identification numbers 1) Period-to-period change in earnings as a result of fair value accounting for (RINS). unsettled derivatives. 4) Source: IHS Markit, Platts, and company estimates. Weighting of polyethylene, polypropylene, and paraxylene based on ExxonMobil capacity. 5) Forecast based on IEA monthly oil market reports and ExxonMobil estimates. Slide 9 1) Includes Upstream price, Chemical margin, and Downstream margin excluding Slide 16 unsettled derivative mark-to-market impacts. 1) Guyana and Bacalhau projects on a money-forward basis. 2) Money-forward basis. Slide 11 3) Annual earnings, at full capacity, based on the average annual Chemical 1) Excludes impact of impairments classified as identified items in 4Q20. margins from 2010—2019. 2) Includes PP&E Adds of ($2.4) billion and net investments / advances of ($0.3) billion 4) Cost benchmarked against recent comparable announced U.S. cracker in 1Q21. projects. Sources: Public announcements (industry) and ExxonMobil 3) Ending debt is the sum of (1) Notes and loans payable and (2) Long-term debt as estimates (ExxonMobil). reported in Form 10-Q, at the end of the first quarter. Slide 17 1) Return based on 2021 money-forward, remaining Capex-weighted basis for the following growth projects in 2027 at full capacity across Downstream and Chemical using 2010—2019 annual average margins: Permian crude venture, Beaumont light crude, Fawley hydrofiner, Singapore resid upgrade, Corpus Christi complex, China complex, Baton Rouge polypropylene, and Baytown Chemical expansion. 35
SUPPLEMENTAL INFORMATION Slide 18 Slide 22 1) Includes projects that bring on new volumes. Break-even based on a cost-of-supply 1) Emission reduction plans announced in December 2020 include a 15 to 20 to generate a minimum 10% return on a money-forward basis. percent reduction in greenhouse gas intensity of Upstream operations 2) Potential assuming $50/bbl Brent price adjusted for inflation from 2021. Projects compared to 2016 levels. Plans cover Scope 1 and 2 emissions, and are included in the Company’s 2020 Capex program may require additional Capex in expected to result in a 30 percent reduction in absolute greenhouse gas future years. emissions from assets operated by the Company. 2) Represents investments since 2000 and currently identified future investment Slide 19 opportunities through 2025, consistent with past practice, results, and 1) Spud to rig-release days. announced plans. 2) Drilling and completion costs per lateral foot. 3) Field operations, well work, and energy expense per oil-equivalent barrel; operated Slide 23 business only. 1) Total addressable market figures: ExxonMobil analysis of IPCC SR 1.5 4) Excluding winter storm impacts. scenario explorer data on Lower 2°C scenarios for CO , fuels, biofuels, and 2 natural gas. Volumes and prices in 2020 in the Lower 2°C scenarios were Slide 21 used, where available, to calculate an estimate of the market revenue. For 1) See definition of Available cash from operations. Chemicals, ExxonMobil analysis of current market data from Statista 2020 2) 2021 Available cash from operations assumes Downstream and Chemical margins Report on Chemical Industry Worldwide. Investment figures: ExxonMobil at 10-year annual lows from 2010—2019. currently identified estimates of average, annual future spending on CCS 3) Any decisions on future dividend levels is at the discretion of the Board of Directors. research and development and projects from 2021—2025. Oil, natural gas, This chart assumes dividends per share are held flat relative to 4Q20 levels. and chemicals investment is currently identified estimates of average, annual Upstream, Downstream, and Chemical Capex from 2021—2025. Slide 20 1) April 2020; consolidates individual shareholders within managed accounts. 2) Excluding energy and production taxes. 36SUPPLEMENTAL INFORMATION Slide 18 Slide 22 1) Includes projects that bring on new volumes. Break-even based on a cost-of-supply 1) Emission reduction plans announced in December 2020 include a 15 to 20 to generate a minimum 10% return on a money-forward basis. percent reduction in greenhouse gas intensity of Upstream operations 2) Potential assuming $50/bbl Brent price adjusted for inflation from 2021. Projects compared to 2016 levels. Plans cover Scope 1 and 2 emissions, and are included in the Company’s 2020 Capex program may require additional Capex in expected to result in a 30 percent reduction in absolute greenhouse gas future years. emissions from assets operated by the Company. 2) Represents investments since 2000 and currently identified future investment Slide 19 opportunities through 2025, consistent with past practice, results, and 1) Spud to rig-release days. announced plans. 2) Drilling and completion costs per lateral foot. 3) Field operations, well work, and energy expense per oil-equivalent barrel; operated Slide 23 business only. 1) Total addressable market figures: ExxonMobil analysis of IPCC SR 1.5 4) Excluding winter storm impacts. scenario explorer data on Lower 2°C scenarios for CO , fuels, biofuels, and 2 natural gas. Volumes and prices in 2020 in the Lower 2°C scenarios were Slide 21 used, where available, to calculate an estimate of the market revenue. For 1) See definition of Available cash from operations. Chemicals, ExxonMobil analysis of current market data from Statista 2020 2) 2021 Available cash from operations assumes Downstream and Chemical margins Report on Chemical Industry Worldwide. Investment figures: ExxonMobil at 10-year annual lows from 2010—2019. currently identified estimates of average, annual future spending on CCS 3) Any decisions on future dividend levels is at the discretion of the Board of Directors. research and development and projects from 2021—2025. Oil, natural gas, This chart assumes dividends per share are held flat relative to 4Q20 levels. and chemicals investment is currently identified estimates of average, annual Upstream, Downstream, and Chemical Capex from 2021—2025. Slide 20 1) April 2020; consolidates individual shareholders within managed accounts. 2) Excluding energy and production taxes. 36
SUPPLEMENTAL INFORMATION Slide 24 Slide 28 1) 40% of all anthropogenic CO captured since 1970. Global CCS Institute 2020 1) Estimates based on March margins and operating expenses related to 2 report and ExxonMobil analysis of 2020 facility data. turnaround activities. 2) Global CCS Institute. Data updated as of April 2020 and based on cumulative 2) Based on operating expenses related to turnaround activities. anthropogenic carbon dioxide capture volume. Anthropogenic CO , for the 2 purposes of this calculation, means CO that without carbon capture and storage 2 would have been emitted to the atmosphere, including, but not limited to: reservoir CO from gas fields; CO emitted during production and CO emitted during 2 2 2 combustion. It does not include natural CO produced solely for enhanced oil 2 recovery. 3) ExxonMobil analysis. Ranking estimate of CO pipelines is based on pipeline 2 capacity. 4) ExxonMobil analysis. Ranking estimate of CO geologic storage is based on 2 anthropogenic CO ; storage for natural CO produced and anthropogenic CO 2 2 2 captured for enhanced oil recovery is excluded. 5) $2 trillion addressable market and projected growth: ExxonMobil analysis of IPCC SR 1.5 scenario explorer data on Lower 2°C scenarios. For CO , volumes and prices 2 in 2020 and 2040 in the Lower 2°C scenarios were used, where available, to calculate an estimate of the market revenue and corresponding annual growth. Slide 25 1) ExxonMobil analysis on U.S. 2019 greenhouse gas emissions from large facilities in EPA FLIGHT Database. 2) ExxonMobil estimates derived for U.S. Gulf Coast from Department of Energy Carbon Storage Atlas (2012, 2015). 3) U.S. 2019 total CO emissions from EPA Inventory of U.S. Greenhouse Gas 2 Emissions and Sink 1990—2019 report. 37SUPPLEMENTAL INFORMATION Slide 24 Slide 28 1) 40% of all anthropogenic CO captured since 1970. Global CCS Institute 2020 1) Estimates based on March margins and operating expenses related to 2 report and ExxonMobil analysis of 2020 facility data. turnaround activities. 2) Global CCS Institute. Data updated as of April 2020 and based on cumulative 2) Based on operating expenses related to turnaround activities. anthropogenic carbon dioxide capture volume. Anthropogenic CO , for the 2 purposes of this calculation, means CO that without carbon capture and storage 2 would have been emitted to the atmosphere, including, but not limited to: reservoir CO from gas fields; CO emitted during production and CO emitted during 2 2 2 combustion. It does not include natural CO produced solely for enhanced oil 2 recovery. 3) ExxonMobil analysis. Ranking estimate of CO pipelines is based on pipeline 2 capacity. 4) ExxonMobil analysis. Ranking estimate of CO geologic storage is based on 2 anthropogenic CO ; storage for natural CO produced and anthropogenic CO 2 2 2 captured for enhanced oil recovery is excluded. 5) $2 trillion addressable market and projected growth: ExxonMobil analysis of IPCC SR 1.5 scenario explorer data on Lower 2°C scenarios. For CO , volumes and prices 2 in 2020 and 2040 in the Lower 2°C scenarios were used, where available, to calculate an estimate of the market revenue and corresponding annual growth. Slide 25 1) ExxonMobil analysis on U.S. 2019 greenhouse gas emissions from large facilities in EPA FLIGHT Database. 2) ExxonMobil estimates derived for U.S. Gulf Coast from Department of Energy Carbon Storage Atlas (2012, 2015). 3) U.S. 2019 total CO emissions from EPA Inventory of U.S. Greenhouse Gas 2 Emissions and Sink 1990—2019 report. 37
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. 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.