2019 INVESTOR INFORMATION ExxonMobil Investor Relations All forward-looking statements included in this presentation speak only as of the March 6, 2019 date of their original presentation unless specifically noted herein. Inclusion…
INDEX Cautionary statement 3 Upstream Exploration 41-42 Chemical 62 2019 Key Messages 4 Portfolio Management 43 Chemical key messages 63 2018 Earnings 5 Upstream Volumes Outlook 44 Chemical business value chain 65 Upstream Performance 45…
2019 KEY MESSAGES Value growth plans on track with additional upside Delivering on plans outlined in 2018 with upside Strong business fundamentals support investments Competitive advantages enable long-term value creation…
2018 EARNINGS Delivering on plans outlined in 2018 with upside EARNINGS Billion USD 30 Adjusted actual1 Earnings adjusted for tax reform and impairments up 40% relative to 2017 2018 Investor Day potential, 60/bbl2 Normalized…
DELIVERING ON COMMITMENTS Delivering on plans outlined in 2018 with upside 2018 Investor Day 2019 Update3 GUYANA1 3.2 Boeb; 500 Kbd by 2025 6 Boeb; 750 Kbd by 2025 BRAZIL 1.4 million net acres 2.3 million net acres UPSTREAM PERMIAN2…
LONG-TERM FUNDAMENTALS UPSTREAM Strong business fundamentals support investments Growth in population, GDP, and the middle class underpin energy demand growth Oil demand growth driven by commercial transportation and chemical…
LONG-TERM FUNDAMENTALS UPSTREAM Strong business fundamentals support investments New supply of 550 billion barrels of oil and 2,100 trillion cubic feet of natural gas required through 2040 Assessed 2oC scenarios indicate 370 billion…
LONG-TERM FUNDAMENTALS DOWNSTREAM Strong business fundamentals support investments LIQUIDS DEMAND GROWTH Fuel oil demand projected to decline 25% with %, Indexed to 2016 140 new IMO low-sulfur standards1 Chemical feedstock…
LONG-TERM FUNDAMENTALS CHEMICAL Strong business fundamentals support investments CHEMICAL DEMAND GROWTH Population growth and improved living standards %, Indexed to 2016 150 drive projected chemical demand above GDP PP PX PE…
COMPETITIVE ADVANTAGES Competitive advantages enable long-term value creation TECHNOLOGY SCALE INTEGRATION FUNCTIONAL PEOPLE EXCELLENCE Results in industry- Enables investment in the Maximizes value across the Strong culture of…
VALUE INVESTING Progressing advantaged investments and highgrading portfolio CAPEX Best portfolio of opportunities since Exxon and Billion USD 40 Mobil merger with average returns of 20% 2018 Investor Day 33 - 35 30 - 35 2019…
DISCIPLINED INVESTING Progressing advantaged investments and highgrading portfolio REINVESTMENT RATE, 2009 2018 Disciplined investment approach to meet demand Capex1/cash flow from operations 125% growth and offset depletion BP…
DISCIPLINED INVESTING Progressing advantaged investments and highgrading portfolio REINVESTMENT RATE, 2019 2020 Disciplined investment approach to meet demand Capex1/cash flow from operations 125% growth and offset depletion…
PORTFOLIO MANAGEMENT Progressing advantaged investments and highgrading portfolio Strong history of highgrading portfolio Annual average of 3.5 billion in proceeds in past five years Rigorous evaluation of assets Long-term…
PORTFOLIO MANAGEMENT Progressing advantaged investments and highgrading portfolio High-quality portfolio additions drive increased focus on Upstream Expect increased divestment activity over next 3 years Prioritizing overall…
GROWING EARNINGS POTENTIAL Earnings, cash flow, and return profile grow in a flat price environment EARNINGS POTENTIAL Billion USD 40 2018 Investor Day1 Earnings growth on track with upside 2019 Investor Day update1 Earnings…
GROWING CASH FLOW POTENTIAL Earnings, cash flow, and return profile grow in a flat price environment CASH FLOW FROM OPERATIONS AND ASSET SALES POTENTIAL Billion USD 70 2018 Investor Day1 Cash flow growth on track with upside 2019…
UPSTREAM
UPSTREAM KEY MESSAGES Continuing to strengthen Upstream portfolio Best opportunity portfolio since the merger Exceeding plans laid out last year Growing value of portfolio driven by five outstanding developments Permian, Guyana,…
UPSTREAM PORTFOLIO Strengthening Upstream portfolio ESTIMATED OPERATING CASH CONTRIBUTION 2018 Investor Day recap Billion USD 60 2018 Investor Day Industry-leading cash flow capacity by 2024/25 Peer range 2019 Investor Day…
UPSTREAM PERMIAN Five outstanding developments 2018 Investor Day recap 600 Koebd by 2025 2019 update Production on plan; 100% growth YE17 to YE18 Production outlook up significantly Permian 1,000 Koebd by 2024 Permian…
UPSTREAM PERMIAN Five outstanding developments HYDROCARBON DENSITY MAP 10 Boeb resource1 and growing Midland Basin Significant 2017 acquisition Delaware Large blocks of contiguous acreage Basin Continuing to add and upgrade…
UPSTREAM PERMIAN Five outstanding developments HYDROCARBON DENSITY MAP FOR PERMIAN TIGHT OIL Overview of development plan Established a unique low-cost development plan Significantly differentiated from competition Large blocks of…
UPSTREAM PERMIAN Five outstanding developments POKER LAKE UNIT, DELAWARE BASIN 10 MILES END-TO-END Plan based on efficient multi-well pad corridors; developing multi-bench resource; enhancing resource recovery Typical row…
UPSTREAM PERMIAN Five outstanding developments Central delivery point Capital-efficient, field-wide gathering Control own destiny reduce shut-in risk Simplifies in-basin evacuation and logistics leveraging Wink terminal…
UPSTREAM PERMIAN Five outstanding developments Development plan schedule 2017 Major Delaware acquisition 2018 Growing Midland production Delineating Delaware resource YE 42 rigs, 11 frac crews 2019 Build-out infrastructure…
UPSTREAM PERMIAN Five outstanding developments Deploying high-impact technologies to further increase Permian value Increasing resource recovery Further optimizing development plan Maximizing production and reducing cost…
UPSTREAM DEEPWATER Five outstanding developments GREENFIELD DEEPWATER IOC PROJECTS %, Internal rate of return 40 Industry-leading deepwater growth projects Guyana Stabroek Bubble size: NPV10 (entire development) Brazil…
UPSTREAM GUYANA Five outstanding developments Noble Tom Noble Bob Stena Noble Don Adding to recoverable resource with successful exploration Madden Douglas Carron Taylor Short-term Uaru-1 Liza Phase 1 Ranger-2; Mako-1; FPSO Liza…
UPSTREAM GUYANA Five outstanding developments PRODUCTION Key updates Kbd gross 800 Increased FPSOs from 3 to 5 2018 Investor Day1 Future Developments 2019 update Applying ExxonMobils advantaged project 400 Payara development…
UPSTREAM GUYANA Five outstanding developments Liza Phase 1 (120 Kbd1) Liza Phase 2 (220 Kbd) Liza Destiny arrived offshore Guyana 3Q 2019 FID May 2019 Start-up December 2019 Leveraging learnings and designs of Phase 1 On schedule…
UPSTREAM BRAZIL Five outstanding developments Carcara Completed farm-in to BM-S-81 Drilled 2018 exploration well North Carcara Drilled 1st appraisal well in 2018 analysis ongoing Campos 2019: 2nd appraisal well ongoing Basin…
UPSTREAM BRAZIL Five outstanding developments NET ACREAGE Million acres SEAL-351 3 SEAL-428 SEAL-430 2018 Investor Day SEAL-501 SEAL-503 SEAL-573 2019 Investor Day update Sergipe Basin 0 BRAZIL XOM RDS BP TOT EQNR CVX…
UPSTREAM LNG Five outstanding developments GLOBAL LNG GROWTH EQUITY LNG SUPPLY Mta Mta 50 600 2018 Demand New supply 2025 required Proposed…
UPSTREAM MOZAMBIQUE Five outstanding developments LNG development on plan Area 4 potential for 40 Mta1 through phased developments Coral floating LNG construction under way, on schedule 3.4 Mta capacity; start-up 2022 Next stage:…
UPSTREAM PNG Five outstanding developments Continued high performance from existing operations Outstanding earthquake recovery; 2H18 reliability 99% Facilities running at 20% above design capacity On plan to double LNG capacity to…
UPSTREAM GOLDEN PASS EXISTING GOLDEN PASS TERMINAL 3 trains, 16 Mta1 capacity 70% Qatar Petroleum (QP), 30% ExxonMobil FID January 2019; exports commence 2024 Advantaged U.S. export facility Low-cost conversion of import…
UPSTREAM EXPLORATION Portfolio competitiveness TOTAL COMMERCIAL DISCOVERIES, 2013-2018 RESOURCE ADDITIONS INCLUDING ACQUISITIONS, 2013-2017 Moeb, net Average Moeb, net 3,000 5,000 2,000 2,500 1,000 0 0 XOM RDS CVX BP…
UPSTREAM EXPLORATION Portfolio competitiveness EXPLORATION DRILLING1 Gross wells 30 Other LNG 15 Deepwater 0 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 1 New field wildcats only EXPLORATION COSTS INCURRED Billion USD 14…
PORTFOLIO MANAGEMENT Progressing advantaged investments and highgrading portfolio UPSTREAM PORTFOLIO NPV 2019 - 2021 divestment plans2 Anticipate divestments of 15 billion by end of 2021 Portfolio Portfolio post risked divestments…
UPSTREAM VOLUMES OUTLOOK Portfolio competitiveness VOLUMES OUTLOOK1 AT 60/bbl 2018 volumes in-line with 2017, excluding Moebd net 6 entitlements and divestments Actual 0.3 Included 3% liquids growth driven by Permian, Hebron…
UPSTREAM PERFORMANCE Significant increase in value UPSTREAM EARNINGS PER OEB UNIT CASH OPERATING COSTS1 %, Indexed to 2019 %, Indexed to 2019 160 100 100 85 '19 '20-'24 '25 '19 '20 '21 '22 Avg Earnings per barrel increases…
DOWNSTREAM AND CHEMICAL
INCREASING VALUE Delivering on plans outlined in 2018; upgrading to higher-value products DOWNSTREAM AND CHEMICAL ANNUAL ROCE, 2014-2018 AVERAGE % 30 Combined Downstream and Chemical average earnings 30% higher than nearest IOC…
CYCLICAL BUSINESSES DOWNSTREAM CHEMICAL EARNINGS AND AVERAGE ROCE EARNINGS AND AVERAGE ROCE1 Billion USD Billion USD 15 Average ROCE 5 19% 34% 18% 13 16% 10 24% 11% 20% 8 3 14% 5 3 0 0 '01 '06 '10 '14 '18 '78 '88…
DOWNSTREAM
DOWNSTREAM KEY MESSAGES On track to upgrade production Delivering on plans outlined in 2018; upgrading to higher-value products Competitive advantages enable value capture across fuels and lubes value chains Advantaged projects,…
VALUE CHAIN PORTFOLIO Fuels Value Chain Commercial Commercial Branded and Trading Business to Retail Business (B2B) Crude Crude Manufacturing Distribution acquisition movement Lubes Value Chain Basestocks Blending and…
DELIVERING ON COMMITMENTS Delivering on plans outlined in 2018; upgrading to higher-value products 2018 Investor Day 2019 Update LOGISTICS Invest in Permian infrastructure FID Wink to Webster pipeline REFINING Start up 6 major…
PRODUCT MIX IMPROVES PROFITABILITY Delivering on plans outlined in 2018; upgrading to higher-value products EXXONMOBIL DOWNSTREAM PRODUCT MIX1 REFINING PROFITABILITY % 50 2025 vs. 2017 2018 Progress ExxonMobil…
MAXIMIZING EXISTING ASSETS Leveraging scale to capture value from manufacturing optimization MANUFACTURING OPTIMIZATION PROJECTS BY TECHNOLOGY PLATFORM Industry-leading refining capacity of 4.7 Mbd Alkylation, 13 Units Global…
ENTERING GROWTH MARKETS TO DELIVER VALUE Advantaged projects, logistics, and new markets drive earnings growth Indonesia Mexico Proximity to Singapore integrated complex Innovative microsites enable accelerated growth…
PERMIAN INTEGRATION Advantaged projects, logistics, and new markets drive earnings growth Unique position across full value chain Logistics/refining capacity grows with equity production Progressing Downstream projects:…
BEAUMONT LIGHT CRUDE EXPANSION Advantaged projects, logistics, and new markets drive earnings growth BEAUMONT PROFITABILITY AND CRUDE CAPACITY Pre vs. post investment Expands light crude processing capacity by 250 Kbd Net cash…
ROTTERDAM HYDROCRACKER Advantaged projects, logistics, and new markets drive earnings growth ROTTERDAM PROFITABILITY AND CRUDE CAPACITY Pre vs. post investment Advantaged technology yields higher-value products Net cash margin…
HIGHER-VALUE BASESTOCKS DEMAND GROWTH Growing industry-leading basestock cost of supply 2025 BASESTOCK COST OF SUPPLY GROUP I 2025 BASESTOCK COST OF SUPPLY GROUP II USD/bbl USD/bbl ExxonMobil ExxonMobil Competitor…
LUBRICANTS VALUE CHAIN LEADERSHIP Growing industry-leading lubricants business MARKET POSITION SYNTHETIC LUBRICANTS SALES GROWTH Group I-II basestocks market share (%) %, Indexed to 2007 15 XOM 400 ExxonMobil 2018 ExxonMobil 10…
DOWNSTREAM EARNINGS IMPROVEMENT Increasing Downstream earnings profile 3 BILLION EARNINGS GROWTH POTENTIAL1 2017-2020 By activity Technology, scale, and integration increase earnings potential 3 of 7 major projects online…
CHEMICAL
CHEMICAL KEY MESSAGES On track to grow advantaged performance products Growing new sales volume in North America and Asia1 8 new projects online; 6% annual global sales growth 3 U.S. Gulf Coast olefin derivative projects FID…
CHEMICAL BUSINESS VALUE CHAIN Feedstock Primary Petrochemicals ExxonMobil Derivatives / Products Ethane Propane NGLs Polyethylene E/P Plastomers Butane Ethylene Polypropylene Butyl Rubber EM Singapore Steam Propylene Cracking…
PRODUCT APPLICATIONS Packaging Solutions Automotive Consumer / Personal Care Industrial / Agricultural 65
DELIVERING ON COMMITMENTS Delivering on plans outlined in 2018; upgrading to higher-value products 2018 Investor Day 2019 Update1 PROJECTS 13 new facilities, 7 online by YE 2018 8 online, 4 FID, 1 progressing SALES Deliver 30%…
GULF COAST GROWTH VENTURE Growing sales volume with focus on performance products LEVERAGING WORLD-CLASS PROJECT EXPERTISE Worlds largest grassroots cracker (1.8 Mta); Project unit cost (thousand USD/ton) JV with SABIC 2 25% 1.3…
U.S. GULF COAST OLEFIN DERIVATIVES Growing sales volume with focus on performance…
NEW LIQUIDS STEAM CRACKER IN CHINA Growing sales volume with focus on performance products 1.2 Mta steam cracker Applying proprietary crude-cracking technology Higher-value performance polyethylene and polypropylene…
SCALE AND MARKET ACCESS CAPTURE GROWTH Leveraging global integration, scale, and strong customer focus Chemical sales in more than 130 countries 20 world-class manufacturing sites provide supply flexibility 70
PERFORMANCE PRODUCTS DEVELOPMENT 50% SALES GROWTH Catalyst Technology High throughput labs BY 20251 5,000 customers 80 Process Technology Pilot units for scale-up application development teams 200 performance products…
DEMONSTRATED PERFORMANCE PRODUCT GROWTH PERFORMANCE PRODUCT SALES GROWTH Volume, indexed ExxonMobil Performance products growth achieved by creating 250 performance value and providing solutions to our customers products…
PERFORMANCE PRODUCTS DRIVE EARNINGS GROWTH Increasing Chemical earnings profile CHEMICAL EARNINGS GROWTH POTENTIAL1 Billion USD 10 Sales grow 30% by 2025 driven by North America and Asia Commodity products Performance products…
INVESTMENT AND FINANCIAL PLAN
GROWING VALUE Investment plans drive significant growth in shareholder value Structural improvement in capacity to generate earnings, cash flow, and ROCE Investments robust across range of prices and scenarios Financial strength…
EARNINGS GROWTH POTENTIAL Structural improvement in capacity to generate earnings, cash flow, and ROCE EARNINGS POTENTIAL1 Billion USD 60 80/bbl1 Advantaged investments expand earnings generation capacity 60/bbl1 30…
CASH FLOW GROWTH POTENTIAL Structural improvement in capacity to generate earnings, cash flow, and ROCE CASH FLOW FROM OPERATIONS AND ASSET SALES POTENTIAL1 Billion USD 80 80/bbl1 60/bbl1 Cash flow potential nearly doubles by…
CAPEX PROFILE Investments robust across range of prices and scenarios MAJOR INVESTMENTS Potential Average discretionary Segment 2019 - 2020 Capex Key projects start-up project returns Conventional work programs Ongoing U.S. tight…
EXECUTION CAPACITY Financial strength and organizational capacity enable investment across business cycle CAPEX AND PROJECT RESOURCES Billion USD / year Project resources 50 5,000 Proven track record of project execution Capex…
FINANCIAL CAPACITY Financial strength and organizational capacity enable investment across the business cycle LEVERAGE, YEAR-END 2018 Total capitalization1, billion USD 350 XOM Aaa/AA+ Industry-leading financial capacity RDS…
SHAREHOLDER DISTRIBUTIONS Priority on value creation generates significant free cash flow capacity ANNUAL DIVIDEND GROWTH RATE % 10 2009 - 2018 average 2014 - 2018 average Value-accretive investments provide capacity 2018 for…
FREE CASH FLOW POTENTIAL Priority on value creation generates significant free cash flow potential FREE CASH FLOW ALLOCATION POTENTIAL, 2019-2025 Portfolio generates significant free cash flow potential in a 60/bbl flat price…
GROWING SHAREHOLDER VALUE Value growth plans on track with additional upside potential Leveraging competitive advantages to grow significant shareholder value Strengthening base while investing across full value chain Strongest…
REFERENCE MATERIAL 84
100% EV DEMAND SCENARIO Strong business fundamentals support investments LIQUIDS DEMAND Moebd 120 Light-duty transportation Global liquids demand grows 30%, led by commercial transportation and chemicals Commercial…
UPSTREAM KEARL Portfolio competitiveness KEARL SITE PRODUCTION AND COST Kearl site Kbd, gross USD/bbl, net 300 50 Improvements on schedule 2018 gross production 206 Kbd vs. 200 Kbd plan Plan to increase production to 240 Kbd by…
CHEMICAL PERFORMANCE PRODUCTS High Performance Synthetic EscaidTM High Performance Base Stocks Base Fluids AchieveTM Advanced ExceedTM XP Polyethylene Polypropylene 87
PERFORMANCE PRODUCTS DRIVE EARNINGS GROWTH CHEMICAL EARNINGS GROWTH POTENTIAL1 Billion USD 10 Commodity products Performance products Singapore Butyl and Adhesion Plant 5 Banyan Facility Integrated Downstream and Chemical…
INVESTOR RELATIONS CONTACTS Neil Hansen Vice President Investor Relations and Secretary of Exxon Mobil Corporation Molina Albright Investor Relations Manager Michelle Rose Investor Relations Advisor Kelli Wright Investor…
BACKUP MATERIAL 90
SUPPLEMENTAL INFORMATION Corporate and (millions of dollars) Upstream Downstream Chemical Financing Corporate Total 2018 Earnings (U.S. GAAP) 14,079 6,010 3,351 (2,600) 20,840 U.S. tax reform 271 - - 20 291 Impairments (439) (43) (7) -…
SUPPLEMENTAL INFORMATION Estimated Operating Cash Contribution. Estimated earnings before depreciation and depletion, including non-controlling interests and abandonment spend. Where applicable, pro-rata equity company earnings are net of…
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 noted. ExxonMobil has…
SUPPLEMENTAL INFORMATION The following table contains segment earnings potentials communicated at the 2019 March Investor Day. These numbers assume a 60/bbl Brent 2017 adjusted for inflation for future periods and that Downstream and…
SUPPLEMENTAL INFORMATION Facility capacity (gross) ExxonMobil Gas MAJOR UPSTREAM PROJECTS1 Liquids (Kbd) working Operator (Mcfd) interest (%) 2019-2025 (Projected) Angola AB32 Kaombo Split Hub - Sul 125 - 15 C Australia Gorgon…
SUPPLEMENTAL INFORMATION MAJOR DOWNSTREAM PROJECTS 2019+ (Projected) Location Capacity Description Canada Strathcona 18 Kt/y Cogeneration emissions reduction India TBD 500 Kb/y Logistics lubricant blending Singapore Singapore 2 Kbd Lube…
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