2017 Analyst meeting New York Stock Exchange March 1, 2017
9:45 Welcome ExxonMobil investment case Agenda Investment plans Upstream: Maximizing portfolio value Downstream & Chemical: Building on strength Closing 11:00 Break 11:30 Q&A 12:30 Meeting concludes
4 ExxonMobil investment case
Robust strategy in a dynamic market Todays market long on supply Brent /Barrel 150 Growing demand Dynamic markets, expect continued volatility 100 Plans robust for any price environment 50 0 '07 '08 '09 '10 '11 '12 '13…
Competitively advantaged in the fundamentals Demonstrated operational excellence Disciplined investment Application of high-impact technology Exceptional project execution Sustained industry-leading performance 6…
Unique industry advantage Mitigates sector risk Flexibility to capture new opportunities Integration adds synergies and optionality Maximizes value in dynamic markets Strategic investments guided by insights 7 ExxonMobil…
Significant opportunities from wellhead to customer Growing U.S. unconventional production Investing in advantaged logistics and manufacturing Advantaged feedstock, high-value sales Optionality to maximize value Europe…
Significant opportunities from wellhead to customer Growing U.S. unconventional production Investing in advantaged logistics and manufacturing Advantaged feedstock, high-value sales Optionality to maximize value 9 ExxonMobil…
Sharing skills, knowledge, and experience across segments Leveraging capabilities throughout businesses Workforce Consolidated company cash opex1 Thousands B 110 70 Value-driven deployment of people Organizational efficiency…
Developing and applying unique technology to create value cMIST in-line gas separation High manganese steels Relative weight Relative service life 1 4 2 0 0 High Manganese Conventional cMIST X70 steel Steel Patented…
Responsibly managing our business and contributing to solutions Invested nearly 7B since 2000 Leader in carbon capture and on initiatives to reduce emissions storage Mitigating impact from Progressing lower-carbon our…
Capacity to execute business strategies, invest through the cycle Total capitalization, leverage, and credit rating1 Strong balance sheet provides unique capacity B 500 2016 cash from operations of 22B Total Capitalization…
Capacity to execute business strategies, invest through the cycle 2016 cash flow1 Strong balance sheet provides unique capacity B 50 2016 cash from operations of 22B 40 Continuing focus on portfolio management delivers 30 value…
Long-term focus on rigorous capital allocation Return on average capital employed1 Focused on development of advantaged projects Percent Investments robust to range of market dynamics 25 '07 to '16, average '12 to '16, average 20…
34 consecutive years of per-share dividend growth Annual dividend growth rate Annual dividend up 8.8% per year over the Percent last 10 years 12 '07 to '16 '12 to '16 2016 dividends 2.98 per share, up 3.5% 2016 Flexible share…
Investment plans Growing value through strategic choices
Broad portfolio of opportunities Capex by business line1 Managed 2016 capex to 19B B Flexible 2017 capex plan of 22B Chemical Downstream 30 Upstream Selectively advancing investment program 20 Continued emphasis on project…
Advancing wide range of opportunities across the value chain 22B Chemical Downstream Upstream Beaumont polyethylene Permian Antwerp coker Baytown Bakken Rotterdam olefins Short-cycle1 Work hydrocracker Singapore program…
Committed to growing value through investments in attractive projects 70B - 80B Chemical Downstream Upstream Beaumont polyethylene Permian Rotterdam Other Gulf Bakken hydrocracker Coast Short-cycle Work program Beaumont Asia…
Pursuing value opportunities Executing accretive acquisitions to grow value 7.5 BOEB 2012-2016 Discovered undeveloped resources acquired Permian Delaware Basin Papua New Guinea InterOil 84 million Capturing high-potential…
Major projects and short-cycle investments generating future cash flow Cash flow Growing cash flow through the end of the decade Cash Flow from Operations & Asset Sales (CFOAS), actual CFOAS, 40 - 100 flat real Brent1 CFOAS, 57 flat…
Managing the business to achieve industry-leading returns throughout the commodity price cycle ROCE Maintain long-term industry-leading returns Integration Capture maximum value chain benefit, leverage capabilities Capital…
Upstream Maximizing portfolio value
Leading long-term returns on capital employed Demonstrated operational excellence Upstream ROCE and Volumes1 Disciplined investment ROCE '07 to '16 Average Percent 30 Application of high-impact technology 25 Exceptional project…
More than 4 MOEB of daily production provides cash flow for new investments 2.4 MBD 10.1 BCFD Liquids production Gas production North Slope Norman Wells Over 70% North Sea Kearl/Syncrude Montney/Duvernay Cold Lake South Hook…
Improving unit profitability Added 750 KOEBD incremental volumes Capturing economies of Reducing costs in over the last five years scale at Kearl unconventional gas plays Improving reliability Maximizing facility capacity…
Attractive portfolio of short-cycle and long-cycle opportunities Ongoing focused effort to enhance Relative Size of resource 25 BOEB Short-cycle opportunities Opportunities at current prices1 commercial potential of portfolio Major…
Continued development in the United States; applying expertise internationally Approximately 700 KOEBD production1 Large, resilient drilling program2 Montney/ Duvernay Well inventory with 10% return Bakken Liquids Gas 40/B or…
Strengthening position in the dominant U.S. growth area for onshore oil production Over 140 KOEBD net across 1.8M acres in the Permian 1Q2017 acquisition: 227,000 net acres in core of Delaware Basin Midland Multiple pay horizons…
Relentless focus on reducing costs while maintaining high operational integrity Focused research to: Maximize lateral length /OEB1 30 72% /Lateral Foot 19% Support next-generation completion Reduction in 1200 Lower D&C cost per…
Growing inventory of profitable opportunities in the Permian and Bakken Inventory1 for Delaware & Midland Basins and Bakken Net production Delaware, Midland, and Bakken Wells KOEBD 800 High-side flexibility 10-30% Return 7,500 30%…
Investment flexibility to respond to changing business environment Nearly 100 projects in development Aspen 850 KOEBD Hebron Neptun Deep Kashagan compression Tengiz expansion Odoptu Stage 2 working interest capacity with…
Proven advantage in project management; industry-leading capital efficiency Applying innovative techniques and technologies Superior execution of challenging, complex projects Major Project Start-ups 2001-2016 Competitor Effectively…
Phase 1 start-up by 2020, less than 5 years after discovery Greater than 1 BOEB recoverable resource Liza-4 will test 1.4 BOEB high-side Multi-FPSO, ExxonMobil-operated development Phase 1: 100 - 120 KBD; attractive return at 40/B…
High-potential exploration program on over 11 million gross acres Payara discovery in December 2016 Successful well test confirmed reservoir quality comparable to Liza Payara-2 appraisal later this year Kaieteur Snoek prospect…
Significant advantages; attractive growth opportunities Pnyang Muruk 20% PNG LNG plant capacity increase Hides Capital-efficient multiple train expansion of Elk-Antelope foundation PNG LNG site Discovered resources at Pnyang…
Enhancing the portfolio with new acreage captures and focused exploration program 16 BOEB Resource additions1 since 2012 1.27/OEB Finding cost (5-year average1) 60,000 km2 seismic data in 2016 Exploration acreage 2015 2017…
Well positioned to generate value through the cycle Large and diverse portfolio provides investment flexibility and optionality Pursuing accretive new opportunities Investment discipline Applying high-impact technologies…
Downstream & Chemical Building on strength
Premier integrated Downstream and Chemical businesses Demonstrated operational excellence Downstream & Chemical ROCE and Petroleum Product Sales1 ROCE '07 to '16 Average Application of high-impact technology Percent 30 25…
Advantaged asset base supports fuels, lubricants, and chemicals value chains 4.9 MBD Refining capacity 34.9 MTA Chemical capacity 126 KBD Lube basestock refining Refining Major chemical Major refining & chemical 42…
First quartile refining unit cash costs Refinery unit cash operating expenses Industry-leading operating efficiency 2006 2014 Average unit cost, indexed1 100 1.5B annual cost savings versus industry average 90 Expanding…
Growing production of premium distillates, lube basestocks, and chemical feedstocks Higher-value products growth1 Technology delivers step-change Global product yield, indexed yield improvements Planned 180 investments Doubled…
Creating value for our customers Synthetic lubricants sales growth Volume, indexed 250 200 150 100 '06 '08 '10 '12 '14 '16 Access to higher-value channels for refining production More than doubled high-value synthetic…
Processing 30% more advantaged feed than industry average U.S. ethylene production from ethane1 Capturing liquids and gas cracking benefits Percent ExxonMobil Expanding specialty manufacturing by 90 leveraging commodity base 80…
Increasing premium and specialty product sales Metallocene products sales growth Supplying diverse market segments growing Volume, indexed above GDP 300 Leveraging global supply chain, product ExxonMobil metallocene products…
Investment driving growth across the value chains 30% uplift Cash generation from major projects1 200 KBD Refining volume improvement 4.1 MTA Chemical capacity additions Increasing feedstock and logistics flexibility…
Focus on business fundamentals delivering superior results Driving operational efficiency Capturing advantaged feeds Growing high-value products Selectively investing across value chains Generating cash flow from diverse…
50 ExxonMobil investment case
Targeted investments to maximize profitability, returns, and cash flow Focused on value growth Disciplined investment for financial leadership Improving resilience of portfolio Positioned to excel in any price environment 51…
Long-term view of supply and demand informs investment plans Global energy demand Non-OECD nations drive growth in GDP and Quadrillion BTUs energy demand 750 0.9% 2040 Average Growth/Year Middle class more than doubling to reach…
All forms of energy are required to meet global energy demand Global energy demand Oil and natural gas lead growth as Quadrillion BTUs energy mix evolves 250 0.7% Average Growth/Year Higher oil demand driven by transportation…
Risk management maintains license to operate and creates value across the business Ensuring personnel and process safety Safety Security Leadership & people Effectively managing security and geopolitical risks Monitoring…
Demonstrates strength of integrated business Workforce Lost-Time Incident Rate1 Best-ever safety performance Employee and Contractor Incidents per 200K hours 0.2 Earnings 7.8B ROCE 3.9% Cash flow from operations and asset sales…
Capital discipline yields cash flow to support distributions and investments Free cash flow1 2016 free cash flow of 9.7B B Strong long-term free cash flow outpacing 20 '07 to '16 '12 to '16 competitors 2016 10 Provides…
Global application of industry-leading expertise in complex drilling environments Industry leader with 8 of 10 longest-reach wells drilled Applying more than 10 years of experience to Hebron and Odoptu Stage 2 0 5000 Vertical…
Reconciliation for data referenced on charts 10 and 27 Consolidated Company Cash Opex 2016 2015 2014 2013 2012 2011 (millions of dollars) Reconciliation of Consolidated Company Cash Opex From EM Consolidated Statement of Income…
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