Item 2.06 Material Impairments

On November 24, 2020, the Board of Directors of Exxon Mobil Corporation (the "Company") completed its annual review and approval of the Company's business and strategic plan. As part of the planning process, the Company assessed its full portfolio to prioritize assets with the highest future value potential within its broad range of available opportunities in order to optimize resources within current levels of debt and operating cash flow, as well as identify potential asset divestment candidates. This effort included a re-assessment of dry gas assets, primarily in North America, which previously had been included in the Company's future development plans. Under the plan as approved, the Company no longer plans to develop a significant portion of its dry gas portfolio, including a portion of the Company's resources in the Appalachian, Rocky Mountains, Oklahoma, Texas, Louisiana, and Arkansas regions of the U.S. as well as resources in Western Canada and Argentina. The decision not to develop these assets will result in non-cash, after-tax charges of approximately $17 billion to $20 billion in the Company's fourth quarter 2020 results. The Company does not expect any material future cash expenditures related to these impairments.




Item 7.01   Regulation FD Disclosure

On November 30, 2020, ExxonMobil issued a press release announcing revised development and capital spending plans and impairment charges that will be reflected in its fourth quarter 2020 results. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.




Item 8.01   Other Events

On November 24, 2020, the Compensation Committee of the ExxonMobil Board of Directors elected to suspend the bonus program for 2020 for all eligible employees of the Company. In making this decision, the Committee exercised discretion in light of challenging industry conditions and resulting Company earnings.


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