Growing Upstream Value JP Morgan Energy Conference New York June 18, 2019 Liam Mallon President, ExxonMobil Upstream Oil & Gas Company Spotlight on Guyana
3 Growing Upstream Value Underpinned by strong fundamentals; leveraging competitive advantages to capture attractive opportunities
LONG-TERM FUNDAMENTALS UPSTREAM LONG-TERM FUNDAMENTALS UPSTREAM New supply required Depletion without investment EM outlook demand Avg demand based on assessed 2oC scenarios2 OIL SUPPLY/DEMAND1 Moebd NATURAL GAS SUPPLY/DEMAND Bcfd…
COMPETITIVE ADVANTAGES COMPETITIVE ADVANTAGES Competitive advantages enable value capture across full value chains 5 SCALE FUNCTIONAL EXCELLENCE PEOPLE INTEGRATION TECHNOLOGY
PORTFOLIO CREATES EARNINGS GROWTH POTENTIAL PORTFOLIO CREATES EARNINGS GROWTH POTENTIAL Growing value of portfolio driven by five outstanding developments Permian 1 Moebd by 20241, innovative development plan Mozambique Area 4…
Guyana Technology-driven exploration success and project excellence 7
UPSTREAM GUYANA UPSTREAM GUYANA An unprecedented deepwater development Gross recoverable resource estimated 5.5 Boeb 87% exploration success rate to date Resource potential across multiple plays Start-up early 1Q 2020 See…
UPSTREAM GUYANA Atlantic Ocean GUYANA VENEZUELA SURINAME UPSTREAM GUYANA Leveraged proprietary technology and seismic interpretation to identify resource potential Keys to success Early acreage capture in high-risk frontier basin…
UPSTREAM GUYANA UPSTREAM GUYANA Aggressively pursued a unique hypothesis 11 Keys to success Drilled Liza-1 to test subsurface model despite unsuccessful industry history Acquired largest seismic survey in industry; managed…
UPSTREAM GUYANA 275 MILES Atlantic Ocean GUYANA VENEZUELA SURINAME UPSTREAM GUYANA Aggressively pursued a unique hypothesis 12 Keys to success Drilled Liza-1 to test subsurface model despite unsuccessful industry history Acquired…
UPSTREAM GUYANA UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 13 Keys to Success Maintaining pace of exploration drilling in multiple plays across Stabroek block Leveraging scale to maximize…
UPSTREAM GUYANA Atlantic Ocean GUYANA VENEZUELA SURINAME Payara Liza Liza Deep Turbot UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 14 Keys to Success Maintaining pace of exploration drilling…
UPSTREAM GUYANA GUYANA VENEZUELA SURINAME UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 15 Keys to Success Maintaining pace of exploration drilling in multiple plays across Stabroek block…
UPSTREAM GUYANA GUYANA VENEZUELA SURINAME STABROEK UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 16 Keys to Success Maintaining pace of exploration drilling in multiple plays across Stabroek…
UPSTREAM GUYANA UPSTREAM GUYANA Outperforming industry development cycle times 17 Liza Ph1 discovery to first oil in less than 5 years enabled by: Strong resource owner and partner relationship Global development capability…
UPSTREAM GUYANA UPSTREAM GUYANA Development plan on schedule Liza Phase 2 (220 Kbd) Reached final investment decision Leveraging learnings and designs of Phase 1 On schedule for start-up 2022 Payara (180-220 Kbd) Early engineering…
UPSTREAM GUYANA UPSTREAM GUYANA Defining future development phases; significant exploration potential remains Robust inventory of additional prospects Drilling on additional blocks in 2020/21 19 Future Developments Defining projects 4…
UPSTREAM GUYANA UPSTREAM GUYANA Technology and people create advantage 20 High Performance Computing Digital fundamentals Advanced Full Wavefield Inversion Artificial intelligence (AI) Remote operation and optimization…
PORTFOLIO DELIVERS INDUSTRY-LEADING RETURNS Among the most valuable plays in industry Guyana return greater than 10% at 40/bbl Other deepwater opportunities also industry-leading Remaining growth portfolio equally resilient to…
22 UPSTREAM KEY MESSAGES Long-term business fundamentals underpin growth plans Competitive advantages enable long-term value creation Upstream earnings growth potential supported by five new outstanding developments and existing…
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SUPPLEMENTAL INFORMATION SUPPLEMENTAL INFORMATION Other information All references to production rates and project capacity are on a gross basis, unless otherwise noted. References to resource size are on a net basis, unless otherwise…
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