Offshore Exploration Strategy

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ExxonMobil

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Energy

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2019

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#1Growing Upstream Value Spotlight on Guyana Hunter Farris Senior Vice President Deepwater ExxonMobil Upstream Oil & Gas Company November 21, 2019 ExxonMobil OFFSHORE LIZA DESTINY NASSAU IND 9175080#2CAUTIONARY STATEMENT Forward-Looking Statements. Outlooks, projections, estimates, goals, discussions of potential, descriptions of business plans, objectives and resource potential, market expectations and other statements of future events or conditions in this presentation are forward-looking statements. Actual future results, including future earnings, cash flows, returns, margins, asset sales and other areas of financial and operating performance; energy supply and demand growth and investment requirements; the amount and mix of capital expenditures; project plans, timing, costs, and outcomes; efficiency gains; integration benefits; and the impact of technology could differ materially due to a number of factors. These include changes in oil, gas, or petrochemical prices and other market conditions affecting the oil, gas, and petrochemical industries; reservoir performance and revisions; timely completion of exploration and development projects and new capital investments; regional differences in product concentration and demand; regional price differentials, war and other political or security disturbances; changes in law, taxes or other government regulation, including environmental regulations, taxes, trade policy and political sanctions; the outcome of commercial negotiations; opportunities for and regulatory approval of investments or divestments that may arise; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; unforeseen technical difficulties; and other factors discussed here and under the heading "Factors Affecting Future Results" in the Investors section of our website at www.exxonmobil.com. The forward-looking statements in this presentation are based on management's good faith plans, objectives and analysis as of the August 28, 2019 date of the Outlook for Energy, and the March 6, 2019 date of our Analyst Meeting presentation. Each of these presentations is available separately on our website. All forward looking statements included in this presentation and the assumptions made in developing them speak only as of the date of their original presentation. Inclusion of such forward-looking statements in this material does not represent an update or confirmation of such statements or their underlying assumptions as of any later date. We have not independently verified third party forward-looking statements. We assume no duty to update these statements as of any future date and neither this presentation nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact. 2#3BACKGROUND GUYANA Culturally diverse, coastal nation V e Z Brazil M North Atlantic Ocean Guyana Georgetown • Suriname • • • • • • Guyana: Land of Many Waters Area: 215,000 km²; >80% covered by rainforests; <400 km of paved roads. Population: ~750,000 (90% reside along the coastal areas) Ethnic groups: 44% East Indian, 30% Afro Guyanese, 17% mixed, 9% indigenous Capital: Georgetown (largest city; population ~300,000) Official language: English (only SA country with English as official language) Economy: agriculture (rice, sugar), bauxite and gold mining, forestry (timber), shrimp fishing, minerals, rum History Colonized by Dutch in early 1600s (Dutch Guiana until 1814) British assumed control in late 1700s (British Guiana until 1966) Independence from UK in May 1966; 50th anniversary in 2016 GDP: $6G (GDP per capita $6900) 3#4UPSTREAM GUYANA An unprecedented deepwater development GUYANA 275 MILES STABROEK Ranger Atlantic Ocean GUYANA BRAZIL • • • Gross recoverable resource estimated 6+ Boeb Resource potential across multiple plays Liza Phase 1 start-up targeting December Fourth drilling rig in country Q4 2019 Stabroek Block Resource Growth Atlantic Ocean Boeb 6 Pacora Payara Liza Deep -Liza Yellowtail Hammerhead Snoek Tilapia Longtail Tripletail -Turbot Pluma Haimara 0 15 16 17 18 19 YTD See supplemental information 4#5UPSTREAM GUYANA Leveraged proprietary technology and seismic interpretation to identify resource potential 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ GUYANA 3rd party dry holes 275 MILES STABROEK Atlantic Ocean GUYANA BRAZIL Keys to success • Atlantic Ocean Early acreage capture in high-risk frontier basin Approximately 40 third-party dry holes drilled Unique interpretation of basin genetics and hydrocarbon system using innovative technology - Applied global learnings and expertise 5#6UPSTREAM GUYANA Leveraged proprietary technology and seismic interpretation to identify resource potential Previous partner drops out Hess/CNOOC farm-in 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ 2D Seismic acquisition 3D Seismic Interpreted hydrocarbon filled sands Potential contact- Keys to success Early acreage capture in high-risk frontier basin Approximately 40 third-party dry holes drilled Unique interpretation of basin genetics and hydrocarbon system using innovative technology Applied global learnings and expertise Liza Interpreted wet sands - 6#7UPSTREAM GUYANA Aggressively pursued a unique hypothesis Liza 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ GUYANA 275 MILES STABROEK Liza Atlantic Ocean GUYANA BRAZIL Keys to success Drilled Liza-1 to test subsurface model despite unsuccessful industry history Acquired largest seismic survey in industry; managed significant complexity • Atlantic Ocean 7#8UPSTREAM GUYANA Aggressively pursued a unique hypothesis Liza 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ GUYANA STABROEK 275 MILES Atlantic Ocean Liza GUYANA BRAZIL 17k km² 3D Seismic Keys to success Drilled Liza-1 to test subsurface model despite unsuccessful industry history Acquired largest seismic survey in industry; managed significant complexity • Atlantic Ocean Multiple 3D Seismic Surveys 80#9UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ Atlantic Ocean Explore Delineation drilling Develop GUYANA GUYANA BRAZIL STABROEK Liza Deep -Liza 4 . Atlantic Ocean Keys to Success • Maintaining pace of exploration drilling in multiple plays across Stabroek block Leveraging scale to maximize value through simultaneous development Recent discoveries offer development optionality; optimization requires deliberate planning 275 MILES 9#10UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ Atlantic Ocean Explore Delineation drilling Develop GUYANA STABROEK 275 MILES GUYANA Liza Deep Payara -Liza Snoek BRAZIL Atlantic Ocean Resource Evolution 2017: Payara-1, Snoek, Turbot -Turbot 110#11UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ Atlantic Ocean Explore Delineation drilling Develop GUYANA 275 MILES STABROEK Ranger Hammerhead Pacora Pluma GUYANA BRAZIL Resource Evolution . Atlantic Ocean 2017: Payara-1, Snoek, Turbot Longtail . 2018: Ranger, Pacora, Longtail, Pluma, Hammerhead 11#12UPSTREAM GUYANA Balancing exploration and development optimization to maximize value 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+ Atlantic Ocean Explore Delineation drilling Develop GUYANA 275 MILES STABROEK GUYANA BRAZIL Resource Evolution . Atlantic Ocean 2017: Payara-1, Snoek, Turbot Yellowtail . 2018: Ranger, Pacora, Longtail, Pluma, Hammerhead • -Tripletail 2019: Haimara, Tilapia, Yellowtail, Tripletail-1 Tilapia Haimara 12#13UPSTREAM GUYANA Balancing exploration and development optimization to maximize value GUYANA KAIETEUR STABROEK Noble Tom Madden Short-term drilling outlook Uaru-1 Hassa-1 Noble Bob Douglas Liza Phase 1 development Stena Carron Noble Don Taylor Ranger-2; Yellowtail-1 test Mako-1; Longtail-2 Ongoing Exploration • CANJE • 4 drillships in basin 3 exploration wells planned for 4Q19 30 additional leads including Canje and Kaiteur blocks 13#14UPSTREAM GUYANA Leveraging ExxonMobil's competitive advantages Liza Phase 1 discovery to first oil in less than 5 years Applying industry-leading technology and digital solutions. TECHNOLOGY PEOPLE Embedding one team culture with stakeholders, co-venturer, contractors and vendors SCALE Leveraging suppliers and vendors across the globe to meet aggressive schedule FUNCTIONAL EXCELLENCE INTEGRATION Engaging experts who understand the full life cycle of development Collaborating with teams from across the value chain 14#15UPSTREAM GUYANA GLOBAL SUPPLY CHAIN DOF 23/07/2019 Skand Neptune XLX-26 ExonMobil 00:22:20 Stabroek Dive 036 Subsea Structures Pitch 0.00 Roll: 0.00 Hdg: 040.3 Depth: 1831.64 Alt: 4.38 Liza Project EPC3-Tie Back System Water Injection Umbilical 505 Rigging Recovery DEMAG 505635.91 N: 896831.53 KP 1.51312 DCC: 15.48 Trees Flowlines Umbilicals FPSO Best-in-class global development capability, underpinned by contracting strategy and supply chain integration. 15#16UPSTREAM GUYANA Development plan on schedule PRODUCTION POTENTIAL1 Kbd gross 800 400 0 2020 2022 2023 2025 1 Production potential includes Liza-1, Liza-2, Payara and Future Developments See supplemental information Future Developments Payara Liza Ph 2 • Liza Ph 1 Liza Phase 2 Unity Hull (Shanghai) Liza Phase 2 (220 Kbd) - Reached final investment decision Leveraging learnings and designs of Phase 1 On schedule for start-up 2022 16#17UPSTREAM GUYANA Development plan on schedule PRODUCTION POTENTIAL1 Kbd gross 800 400 Future Developments Payara Liza Ph 2 Liza Ph 1 0 2020 2022 2023 2025 1 Production potential includes Liza-1, Liza-2, Payara and Future Developments See supplemental information • Illustration of potential Prosperity FPSO Payara (220 Kbd) - - Early engineering progressing Initiated environmental permitting Targeting start-up 2023 17#18UPSTREAM GUYANA Defining future development phases; significant exploration potential remains Future Developments Defining projects 4 and 5+ Quality discoveries enable future investment optionality - Turbot, Longtail, Yellowtail, Tripletail Hammerhead, other potential GUYANA FUTURE EXPLORATION POTENTIAL¹ Prospect Count 60 ■Drilled Undrilled 30 0 15 16 17 18 19 YTD Projects 4 and 5 Timeline '17 '18 '19 '20 '21 '22 '23 '24 '25 • discovery appraisal FID start-up Robust inventory of additional prospects Drilling on additional blocks in 2020/21 1 Exploration prospect count across Stabroek, Canje & Kaieteur Blocks 18#19UPSTREAM GUYANA Building a workforce and industry CENTRE FOR LOCAL BUSINESS DEVELOPMENT ExxonMobil supports the social and economic progress of Guyana . • • • More than 1,300 Guyanese have worked on project activities1 Over 120,000 hours of training for ExxonMobil Guyana staff1 More than 40 employees training overseas in Singapore, Brazil, Canada and the U.S. Over $52M USD spent with over 500 Guyanese vendors¹ Over 1,700 Guyanese companies registered with Centre for Local Business Development founded by ExxonMobil in 2017 1 Data for 2019 19#20UPSTREAM GUYANA Sustainably enhancing lives. ExonMobil ExxonMobil builds relationships that benefit communities and the company for the long-term. • Community projects in 2018-2019 (>$2.75M) Tel: 223-73ING JO 2 - - STEM education & vocational training Volunteer Youth Corps • • Iwokrama wilderness reserve science programs ($600K) Collaboration with Conservation International and University of Guyana ($10M over 5 years) - Train Guyanese for sustainable job opportunities - Expand community-supported conservation. 20 20#21UPSTREAM BRAZIL Leveraging deepwater and project management expertise BRAZIL Atlantic Ocean North Carcara BRAZIL SEAL-351 SEAL-428 SEAL-501 SEAL-430 SEAL-503 SEAL-573 Sergipe Basin NET ACREAGE Million acres 3 C-M-67 C-M-37 Campos Basin • C-M-210 C-M-277 C-M-753 C-M-344 C-M-657 C-M-346 Uirapuru Titã C-M-709 C-M-411 C-M-413 C-M-789 S-M-536 S-M-647 BM-S-8 2017 captures Carcara Santos Basin 2018 captures · 0 XOM RDS BP TOT EQNR CVX Source: Wood Mackenzie, data as presented in 2019 Investor Day High-quality position with >2.3 million net offshore acres. ExxonMobil operates >70% of acreage position Aggressive exploration schedule Continuing to obtain 3D seismic coverage Planning >5 exploration wells as early as 2019/20 21 21#22Q&A ne KI 168 ExxonMobil ExxonMobil Lakal 22#23SUPPLEMENTAL INFORMATION Important information and assumptions regarding certain forward-looking statements. Forward-looking statements contained in this presentation regarding future potential are not forecasts of actual future results. These figures are provided to help quantify the targeted future results and goals of currently-contemplated management plans and objectives including new project investments, plans to grow Upstream production volumes, continued highgrading of ExxonMobil's portfolio through our ongoing asset management program, initiatives to improve efficiencies and reduce costs, and other efforts within management's control 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, calculated on a basis consistent with our internal modelling assumptions for factors such as working capital and capital structure, as well as factors management does not control, such as interest, differentials, and exchange rates. See the Cautionary Statement at the front of this presentation for additional information regarding forward-looking statements. 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 business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. Definitions 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.. These and similar terms 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 are not intended to correspond to SEC definitions such as "probable" or "possible" reserves. "Potential” resource amounts are not currently included in the resource base. 23

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