Exxon Mobil : First Quarter 2021 Earnings - webcast presentation materials

FIRST QUARTER 2021

RESULTS

4.30.21

STEPHEN LITTLETON

VICE PRESIDENT, INVESTOR RELATIONS AND SECRETARY

CAUTIONARY STATEMENT

Statements of future events or conditions in this presentation or the subsequent discussion period are forward-looking statements. Actual future results, including financial and operating performance; demand growth and mix; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emissions reductions; carbon capture results and the impact of operational and technology efforts; progress on innovative concepts like the Houston CCS zone; price and margin recovery; future cash flows, dividends, cash and debt balances, and capital allocation; volume/production maintenance and mix; the impacts of

the COVID-19 pandemic and current industry oversupply conditions on ExxonMobil's business and results; resource recoveries; production rates; rates

of return; development costs; project plans, timing, costs, and capacities; drilling programs and improvements; and product sales and mix could differ materially due to a number of factors including global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; the outcome of government policies and actions, including drilling policies, carbon policies, and actions taken to address COVID-19; the severity, length and ultimate impact of COVID-19 on people and economies and the timing and pace of regional and global economic recovery; the ability to access short- and long-term debt markets on a timely and affordable basis; the ability to realize efficiencies within and across our business lines and to maintain cost reductions without impairing our competitive positioning; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; reservoir performance; the outcome and timing of exploration and development projects; timely completion of construction projects; war and other security disturbances, including shipping blockades or harassment; political factors including changes in local, national, or international policies affecting our business; changes in law or government regulation, including trade sanctions, tax and environmental regulations; the outcome of commercial negotiations and impact of commercial terms; actions of competitors and commercial counterparties; actions of consumers; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading "Factors Affecting Future Results" available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management's knowledge and reasonable expectations at the time of this presentation and we assume no duty to update these statements as of any future date.

Reconciliations and definitions of non-GAAP measures and other terms are provided in the text or in the supplemental information accompanying these slides.

2

DEVELOPMENTS SINCE FOURTH QUARTER 2020

	Improved liquids and gas realizations with market recovery
UPSTREAM	Lower government-mandated curtailments and higher seasonal European gas demand
	Announced >$1 billion sale of U.K. central and northern North Sea assets1
	Improved North America margins, continued challenges with Europe and global jet demand
DOWNSTREAM	Provided power to more than 200,000 Texas homes during the winter storm
	Announced refinery terminal conversions; ~500 Kbd of industry rationalizations announced in 2021
CHEMICAL	Margins increased on strong demand, tight industry supply, and global shipping constraints
Reliable operations and rapid winter storm recovery; continued delivery of cost efficiencies
	Reduced debt by more than $4 billion
CORPORATE	Operations rapidly recovered across all businesses following winter storm

Established Low Carbon Solutions business to commercialize emission-reduction technology portfolio

See Supplemental Information for footnotes.

3

RESULTS 1Q21 VS. 4Q20

	U/S	D/S	CHEM	C&F	TOTAL
4Q20 GAAP Earnings / (Loss)	(18.5)	(1.2)	0.7	(1.0)	(20.1)
Identified items	(19.3)	(0.5)	-	(0.3)	(20.2)
4Q20 Earnings / (Loss) ex. identified items	0.7	(0.7)	0.7	(0.7)	0.1
Winter storm	(0.2)	(0.1)	(0.2)	-	(0.6)
Price / margin / forex	2.2	0.1	0.5	0.1	2.8
Unsettled derivatives: mark-to-market1	(0.0)	0.3	-	-	0.3
Demand / volume	(0.1)	(0.0)	0.1	-	(0.0)
Other base business	0.0	0.1	0.3	(0.2)	0.2
1Q21 Earnings / (Loss) ex. identified items	2.6	(0.4)	1.4	(0.8)	2.8
Identified items - severance	-	-	-	(0.0)	(0.0)
1Q21 GAAP Earnings / (Loss)	2.6	(0.4)	1.4	(0.8)	2.7

Billions of dollars unless specified otherwise.

Due to rounding, numbers presented above may not add up precisely to the totals indicated.

See Supplemental Information for footnotes, definitions, and reconciliation of Identified items.

• Price / margin improvements across all businesses with demand recovery
• Winter storm impacted all businesses; rapid recovery minimized impact
• Continued benefit from structurally lower operating costs

4

UPSTREAM 1Q21 VS. 4Q20

CONTRIBUTING FACTORS TO CHANGE IN EARNINGS

Million USD

	170	2,554
	(110)
(80)
2,070
745
(240)

4Q20 ex.	Winter	Price	Volume Expenses Tax / other 1Q21 ex.
ident. items	storm		ident. items

• Continued market recovery increased liquids, natural gas, and LNG realizations
• Higher volumes with lower government-mandated curtailments, more than offset by mix effects
• Continuing to deliver further structural efficiencies

See Supplemental Information for definitions.

5

UPSTREAM VOLUMES 1Q21 VS. 4Q20

CONTRIBUTING FACTORS TO CHANGE IN VOLUMES

Koebd
						3,787
					40
3,689				70
	(40)
		(40)	60
4Q20	Winter	Entitle-	Curtail-	Demand	Maint /	1Q21
	storm	ments	ments		other

• Government-mandatedcurtailments reduced to ~125 Koebd
• Higher seasonal European gas demand
• Permian and Guyana unchanged versus 4Q20 excluding winter storm impact
• • Permian up ~20% since 1Q20
  • Guyana up ~70% since 1Q20

See Supplemental Information for additional information on winter storm and curtailments.

6

DOWNSTREAM 1Q21 VS. 4Q20

CONTRIBUTING FACTORS TO CHANGE IN EARNINGS

Million USD

• Improved margins primarily on increased North America demand

(40)

(210)

380

• Jet demand remains weak with limited global travel

• Structural efficiencies include maintenance

(40)

(150)

(390)

optimization, logistics, and marketing

(691)

490

(130)

• Unfavorable foreign exchange impacts and absence of year-end LIFO adjustment
• Other includes reserve for terminal conversions

4Q20 ex.	Winter	Margin Demand Expenses Mfg.	LIFO /	Other 1Q21 ex.
ident.	storm	volume	forex	ident.
items				items

See Supplemental Information for definitions.

7

CHEMICAL 1Q21 VS. 4Q20

CONTRIBUTING FACTORS TO CHANGE IN EARNINGS

Million USD

						1,415
					180
				150
			100
713		500
	(230)
4Q20 ex.	Winter	Margin	Demand	Expenses	LIFO /	1Q21 ex.
ident. items	storm				other	ident. items

• Captured improved industry margins with reliable polyethylene and polypropylene operations
• Continued robust performance products demand in packaging and durable goods
• Delivered additional cost reductions from turnarounds and maintenance scope optimization

See Supplemental Information for definitions.

8

EARNINGS 1Q21 VS. 1Q20

CONTRIBUTING FACTORS TO CHANGE IN EARNINGS

Million USD

			740
		1,690			1,070
			Unsettled				2,761
					(550)
			derivatives
			mark-to-
2,273			market
	(590)			(1,880)
1Q20 ex.	Winter	U/S	Chem	D/S	Expenses	Volume /	1Q21 ex.
ident.	storm	price	margin	margin		forex /	ident.
items						other	items

• Total price / margin improvement of ~$1.3 billion1
• • Improvement in Upstream and Chemical margins more than offset Downstream
  • Absence of significant mark-to-market derivatives benefit due to rapid price decline in 1Q20
• Structural cost efficiencies include maintenance, supply chain optimizations, and workforce reductions
• Lower Upstream volumes and unfavorable foreign exchange

See Supplemental Information for footnotes and definitions.

9

DISCIPLINED INVESTING AND COST MANAGEMENT

CASH OPEX EXCLUDING ENERGY AND PRODUCTION TAXES

Billion USD

10.2

		(0.7)		9.2
			(0.3)
	1Q20	Upstream	Downstream /	1Q21
			Chemical / other
CAPEX
Billion USD
7.1
		2.8
			1.2	3.1
	1Q20	Upstream	Downstream /	1Q21
			Chemical / other

• Efficiencies and cost reductions on track, consistent with plans
• Cash Opex structurally lower due to maintenance / turnaround efficiencies and workforce reductions
• Capital expenditures in line with plan

See Supplemental Information for definitions.

10

FIRST QUARTER 2021 CASH PROFILE

	1Q21	4Q20
Beginning cash	4.4	8.8
Earnings / (Loss)	2.7	(20.1)
Identified items: impairments	-	19.3
Depreciation1	5.0	5.0
Working capital / other1	1.5	(0.2)
Cash flow from operating activities	9.3	4.0
Proceeds associated with asset sales	0.3	0.8
Cash flow from operations and asset sales	9.6	4.8
Shareholder distributions	(3.7)	(3.7)
PP&E adds / investments and advances2	(2.7)	(4.1)
Debt / other financing	(4.0)	(1.5)
Ending cash	3.5	4.4
Ending debt3	63.3	67.6

• Stronger overall market fundamentals improved cash flow
• Efficiencies continuing to increase cash flow from operations
• Deleveraging with additional cash; more than $4 billion of debt reduction

Billions of USD. Due to rounding, numbers presented above may not add up precisely to the totals indicated.	11
See Supplemental Information for footnotes.

SECOND QUARTER 2021 OUTLOOK

Announced government-mandated curtailments in line with 1Q21

UPSTREAM Lower volumes with seasonal gas demand and higher scheduled maintenance

U.K. North Sea sale expected to close near mid-year, subject to regulatory and third-party approvals

DOWNSTREAM	Continuing demand improvement with economic recovery
Higher planned turnarounds and maintenance

CHEMICAL	Continuing tight supply / demand balance with increased industry maintenance
Higher planned turnarounds and maintenance

CORPORATE	Corporate and financing expenses expected to be ~$600 million
Continue to progress deleveraging

12

MANAGEMENT

PERSPECTIVES

DARREN WOODS

CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER

POSITIONED FOR SUCCESS

Decisive response to pandemic balanced near, medium, and long-term priorities

• Developing industry-leading portfolio of advantaged investments
• Restructuring provided foundation for rapid response and significant improvements
• • Fewer organizational interfaces improved speed and quality of decisions
  • Single project organization optimized and paced portfolio while enhancing value
• Substantive cost reductions with improved operational performance
• • Streamlined organization with less overhead and simpler processes
  • Clearer line of sight to market and increased P&L accountability
• Balanced spending reductions with leverage to maintain dividend and progress highest-return investments
• Low Carbon Solutions established to advance technology and enable emissions reductions at scale
• Paced investments and maintenance with recovery in mind
• • Achieved short-term reductions while preserving upside
  • Efficiently paused projects at optimum break points

14

IMPROVING ENVIRONMENT

Prices and margins returning to historic range

PRICES / MARGINS
2010-2021					•	Crude and natural gas markets improved with
Crude¹	Natural gas²	Downstream	Chemical
($/bbl)	($/mbtu)	margins³	margins⁴			demand recovery
		($/bbl)	($/tonne)
				1Q21	•	Chemical margins driven by tight industry supply

2010-19	and global shipping constraints
annual
range	• Downstream margins improved from historic lows
4Q20
driven by North America
3Q20	− Low jet demand and slow recovery in Europe
continue
	− Diesel and gasoline demand forecast to return to
	pre-pandemic levels by year-end 20215

See Supplemental Information for footnotes.

15

PRIORITIZED INVESTMENTS

Progressing development of highest-return opportunities

DEEPWATER		PERMIAN		CORPUS CHRISTI
		CHEMICAL COMPLEX
>10% return at <$35/bbl1		>10% return at <$35/bbl2
		>$500 million / year earnings3

Guyana

• 5th and 6th drilling rigs arrived in Guyana
• Liza Unity FPSO expected to sail from Singapore mid-year
• Payara on schedule; progressing Yellowtail development plan

Brazil

• Advancing Bacalhau towards FID
• Continuing exploration drilling

Permian

• Continued positive free cash in 1Q21
• Continuing to deliver frac and drilling cost improvements
• Performance improvements increasing 2021 outlook to 410-430 Koebd

Corpus Christi

• All modules onsite; start-up readiness activities underway
• Expected to deliver 25% below industry average cost4
• 4Q21 start-up ahead of schedule
• d paced investments

See Supplemental Information for footnotes and definitions.

16

PRESERVING PROJECT VALUE

Leveraging unique capabilities to deliver robust project returns

BAYTOWN CHEMICAL EXPANSION

2Q20		Current

BATON ROUGE POLYPROPYLENE

1Q20		Current

• Collaborated with contractors, partners, and governments to effectively pace projects
• Global Projects organization optimally managed activity to preserve value and provide flexibility
• Deferral costs offset with efficiencies and market savings
• • Downstream and Chemical portfolio return of ~30%1
• Planned resumption of project activity in line with market recovery

See Supplemental Information for footnotes.

17

INVESTING IN HIGHEST-RETURN ASSETS

2020 investments drive cash flow growth

2020 UPSTREAM INVESTMENTS

Brent $/bbl required to generate the cost-of-supply plus 10% return1 45

$40/bbl Brent

30

15

0

2021-2025 Cumulative Capex

• >90% of 2020 investments in resource development generate >10% return at ≤$35/bbl

OPERATING CASH FLOW FROM PROJECTS RETAINED IN 2020 CAPEX2 Billion USD

8

4

0

2021

2025

• 2020 investments provide ~10% of total Upstream operating cash flow in 2021

See Supplemental Information for footnotes and definitions.

18

CONTINUING TO GROW PERMIAN VALUE

2020 work provided foundation for ongoing performance improvement

DAILY DRILLING LATERAL FEET1

220%>80%

improvement

80%

2019	2020 2021 YTD

FRAC STAGES PER DAY

180%	~50%	• Increased 1Q21 volumes ~60 Koebd vs. 1Q204
	improvement	−	Despite 35% Capex reduction in 2020 versus plan
		−	Free cash positive from 4Q20

80%			• Positioned for continued free cash growth
2019	2020 2021 YTD
			− Significant performance improvement

DRILLING AND COMPLETION COSTS2

100%	>40%
	improvement

0%

2019	2020 2021 YTD

LEASE OPERATING EXPENSES3

100%		~40%
	improvement
0%
2019	2020	2021 YTD

• Lower costs
• Major infrastructure investments online (Poker Lake central processing facility and pipelines to Gulf Coast)
• Drilled uncomplete inventory >300

See Supplemental Information for footnotes and definitions.

19

GROWING LONG-TERM SHAREHOLDER VALUE

Highgraded portfolio, improved earnings and cash flow, and positioned for a lower-carbon future

SUSTAINABLE SHAREHOLDER VALUE

~2.8million

shareholders received reliable dividend1

FLEXIBLE CAPEX

$4billion reduction

versus 1Q20, prioritizing advantaged assets while preserving value of paced investments

STRONG CASH FLOW

>$9billion

1Q21 cash flow from operations; reduced debt by more than $4 billion

INDUSTRY-LEADING OPERATIONS

Best-ever

reliability performance maintained with rapid recovery from the winter storm

STRUCTURAL COST SAVINGS

~10% reduction

in cash Opex2 versus 1Q20 leveraging prior reorganizations to deliver structural efficiencies

LOW CARBON

Solutions

business created and developing technology commercialization strategies initially focused on CCS

See Supplemental Information for footnotes and definitions.

20

CONSISTENT CAPITAL ALLOCATION PRIORITIES

Balanced approach to maintain the dividend, accretively invest and manage debt

2021 ESTIMATED SOURCES AND USES OF CASH1,2,3
Billion USD
By Brent price, with
10yr low Downstream		Guidance:
& Chemical margins
$55/bbl		$16-19
$50/bbl		Flexible
$45/bbl
		Less flexible
Available cash	Dividend	Capex
from operations

• Long-termcapital allocation priorities remain
• • Invest in advantaged projects to drive cash flow
  • Maintain balance sheet strength
  • Provide reliable dividend
• Flexible Capex plan:
• • $16-19billion in 2021
  • $20-25billion per year from 2022-2025
• Strengthening the balance sheet

See Supplemental Information for footnotes and definitions.

21

CLIMATE STRATEGY

Responsibly meeting society's evolving need for energy in a reliable and sustainable manner

MITIGATING EMISSIONS IN COMPANY OPERATIONS

• Achieved 2020 emission reduction goals
• Set 2025 GHG emission- reduction plans consistent with goals of Paris Agreement1
• Aiming for industry-leading GHG performance by 2030

PROVIDING PRODUCTS TO HELP CUSTOMERS REDUCE THEIR EMISSIONS

• Natural gas
• Lightweight materials and packaging
• Advanced fuels and lubricants

PROACTIVELY ENGAGING ON CLIMATE-RELATED POLICY

• Support an economy-wide price on CO2 emissions
• Continue to engage in efforts to encourage sound and constructive policy solutions

DEVELOPING AND

DEPLOYING SCALABLE

TECHNOLOGY SOLUTIONS

• Created Low Carbon Solutions business to commercialize portfolio of low-carbon technologies
• Invested >$10 billion since 2000 in lower-emission solutions; additional $3 billion through 20252

See Supplemental Information for footnotes and definitions.

22

SIGNIFICANT INVESTMENTS IN TARGETED MARKETS

Investment in carbon capture and storage proportionate to potential market size

EXXONMOBIL ENERGY INVESTMENT1 Percent of total addressable market

3%

• Carbon capture and storage is critical to achieve the goals of the Paris Agreement
• Large investments in lower-carbon solutions relative to current market size
• Lower-carboninvestments expected to grow as markets evolve and expand

0%

CCS	Oil, natural gas, and chemicals

See Supplemental Information for footnotes.

23

POSITIONED TO SUCCEED IN CARBON CAPTURE

Leveraging position as global leader in critical technology required for net zero emissions

GLOBAL LEADERSHIP

ExxonMobil

40%

•	#1 in CO	capture2
	2
•	#2 for CO	2	pipelines3

SIGNIFICANT POTENTIAL GROWTH MARKET5

TOTAL CO2 CAPTURE	• ~$2 trillion
Million tonnes	addressable market

of all CO2 captured since 19701

Remaining 48 companies

• #2 for CO2 geologic

storage4

2020

2030

2040

• ~35% projected growth per year

LEVERAGES COMPETITIVE ADVANTAGES AND CORE CAPABILITIES

Scale	Technology	Integration	Functional excellence	People
Subsurface and reservoir expertise	Large-scale project development and execution	Significant patent portfolio

See Supplemental Information for footnotes and definitions.

24

HOUSTON CCS INNOVATION ZONE CONCEPT

Houston ship channel is an ideal location for a large-scale CCS project

Potential to mitigate 100 MILLION tonnes of CO2 annually by 20401

CRITICAL ENABLERS INCLUDE:

Supportive	Broad industry and
regulatory and	government
legal framework	alignment

$/CO2
Adequate financial	Public support
incentives

Storage potential of ~500 BILLION tonnes;2 ~100 years of the total U.S. CO2 emissions3

See Supplemental Information for footnotes.

25

GROWING LONG-TERM SHAREHOLDER VALUE

Progressing actions to highgrade portfolio and improve earnings and cash flow

• Committed to delivering sustainable shareholder value
• Competitively advantaged assets and investments drive strong cash flow to sustain dividend, reduce debt, and invest in the future
• Significant structural cost savings and flexible Capex resilient to price cycles
• Focused on industry-leading safety, reliability, and environmental performance; executing plans to deliver aggressive 2025 emission reductions
• Strategy leverages experience and competitive advantages to deliver value while transitioning to a lower-carbon future, consistent with the goals of the Paris Agreement

See Supplemental Information for definitions.

26

Q&A

SECOND QUARTER 2021 OUTLOOK

DOWNSTREAM SCHEDULED MAINTENANCE QUARTERLY EARNINGS IMPACT1

Million USD

600

300

0	2020 quarterly average	1Q21	2Q21 est.

• 1H21 scheduled maintenance positions Downstream for continued market recovery
• Higher planned turnaround activity in Chemical

CHEMICAL SCHEDULED MAINTENANCE QUARTERLY EARNINGS IMPACT²

Million USD

200

100

0	2020 quarterly average	1Q21	2Q21 est.

See Supplemental Information for footnotes.

28

SUPPLEMENTAL INFORMATION

IDENTIFIED ITEMS RECONCILIATION	FOURTH QUARTER
	2020
Earnings / (Loss) U.S. GAAP	(20.1)
Identified items included in earnings / (loss)
Noncash inventory valuation - lower of cost or market	-
Impairment	(19.3)
Tax and other items (asset management, severance)	(0.9)
Corporate total	(20.2)
Earnings/(Loss) excluding identified items	0.1

Billions of dollars unless specified otherwise.	29
Due to rounding, numbers presented above may not add up precisely to the totals indicated.

SUPPLEMENTAL INFORMATION

"Winter storm" as used on slide 6 is included below as part of the "Downtime/Maintenance" category. "Curtailments" as used on slide 6 includes government mandates shown as a separate category below.

UPSTREAM VOLUME FACTOR ANALYSIS1	1Q21 vs. 4Q20	1Q21 vs. 1Q20
Prior Period	3,689	4,046
Downtime / Maintenance	-22	-22
Growth / Decline	-18	-78
Entitlement / Divestments	-46	-69
Government mandates	62	-124
Demand / Other	122	34
Current Period	3,787	3,787

1 Koebd.

30

SUPPLEMENTAL INFORMATION

RECONCILIATION OF OPERATING COSTS AND CASH OPERATING EXPENSES
COMPONENTS OF OPERATING COSTS	1Q21	1Q20
From ExxonMobil's Consolidated statement of income:
Production and manufacturing expenses	8.1	8.3
Selling, general and administrative expenses	2.4	2.6
Depreciation and depletion	5.0	5.8
Exploration expenses, including dry holes	0.2	0.3
Non-service pension and postretirement benefit expense	0.4	0.3
Subtotal	16.0	17.3
ExxonMobil's share of equity company expenses	2.1	2.5
Total operating costs	18.2	19.7
CASH OPERATING EXPENSES (CASH OPEX)
Total operating costs	18.2	19.7
Less:
Depreciation and depletion	5.0	5.8
Non-service pension and postretirement benefit expense	0.4	0.3
Other adjustments (includes equity company depreciation and depletion)	0.7	1.0
Total cash operating expenses (cash Opex)	12.1	12.6
Energy and production taxes	2.9	2.4
Total cash operating expenses (cash Opex) excluding energy and production taxes	9.2	10.2

Billions of dollars unless specified otherwise.	31
Due to rounding, numbers presented above may not add up precisely to the totals indicated.

SUPPLEMENTAL INFORMATION

Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, addressable markets, available cash from operations, and free cash are not forecasts of actual future results. These figures are provided to help quantify the potential future results and goals of currently-contemplated management plans and objectives 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. For all price point comparisons, unless otherwise indicated, we assume $50/bbl Brent crude prices. Unless otherwise specified, crude prices are Brent prices. Except where noted, natural gas prices used are consistent with management's internal price assumptions for the relevant natural gas markets relative to the crude price for a given case. All crude and natural gas prices for future years are adjusted for inflation from 2021. These prices are not intended to reflect management's forecasts for future prices or the prices we use for internal planning purposes. We have assumed that other factors such as laws and regulations, including tax and environmental laws, and fiscal regimes remain consistent with current conditions for the relevant periods. This presentation does not attempt to model potential COVID-19 outbreaks or recoveries beyond historical pricing.

Non-GAAPand other measures. With respect to historical periods, reconciliation and other information is provided on pages 29 through 31 of this presentation and in the Frequently Used Terms available on the Investor page of our website at www.exxonmobil.com under the heading News & Resources for certain terms used in this presentation including operating cash flow. For future periods, we are unable to provide a reconciliation of forward-lookingnon-GAAP or other measures to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management's control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-lookingnon-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions noted above.

32

SUPPLEMENTAL INFORMATION

Definitions

Available cash from operations. Available cash from operations provides an indication of cash flow available to fund shareholder distributions, capex, and debt reduction and is calculated as the sum of (1) net cash provided by operating activities and (2) net cash used in investing activities, both from the Consolidated statement of cash flows, and (3) capital and exploration expenditures. It includes estimated proceeds from asset sales net of forgone cash flows from divested assets. This measure is useful when evaluating total sources of cash available, including from equity companies, for uses such as capital and exploration expenditures and financing activities, including debt reduction and shareholder distributions.

Cash operating expenses (cash Opex, structural efficiencies, or structural reductions). Cash operating expenses are a subset of total operating costs that are stewarded internally to support management's oversight of spending over time. This measure is useful for investors to understand the Corporation's efforts to optimize cash through disciplined expense management. For information concerning the calculation and reconciliation of cash operating expenses see the table on slide 31.

Flexible Capex. Flexible Capex includes those investments with minimal costs or value loss to defer expenditures, such as investments in short cycle businesses like unconventionals, projects that have not commenced or are early in construction and with limited penalty to pause.

Less-flexibleCapex. Less-flexible Capex includes projects conducted for safety, environmental and regulatory reasons, projects already in execution with penalties or loss of value associated with pausing, and investments made in order to retain rights or options for potential future investment.

Free cash. Free cash is operating cash flow less capital investment. This measure is useful when approximating contributions to cash available for financing activities, applied to the Upstream business.

Lower 2°C scenarios. The Intergovernmental Panel on Climate Change (IPCC) published a Special Report on "Global Warming of 1.5°C" and identified 74 scenarios as "Lower 2ºC," which are pathways limiting peak warming to below 2ºC during the entire 21st century with greater than 66 percent likelihood.

Operating cash flow. Operating cash flow is earnings plus depreciation and depletion, including non-controlling interests and abandonment spend, plus asset sales

proceeds. Where applicable, pro-rata equity company earnings are net of depreciation and depletion. This measure is useful when approximating contributions to cash available for investment and financing activities excluding working capital impacts, applied to the Upstream business.

33

SUPPLEMENTAL INFORMATION

Definitions

Operating costs (Opex). Operating costs are the costs during the period to produce, manufacture, and otherwise prepare the company's products for sale - including energy, staffing, and maintenance costs. They exclude the cost of raw materials, taxes, and interest expense and are on a before-tax basis. While ExxonMobil's management is responsible for all revenue and expense elements of net income, operating costs, as defined above, represent the expenses most directly under management's control, and therefore are useful for investors and ExxonMobil management in evaluating management's performance. For information concerning the calculation and reconciliation of operating costs see the table on slide 31.

Performance product. Refers to Chemical products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.

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. Along with similar terms, these 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 is not intended to correspond to SEC definitions such as "probable" or "possible" reserves. The term "in-place" refers to those quantities of oil and natural gas estimated to be contained in known accumulations and includes recoverable and unrecoverable amounts.

Returns, rate of return, IRR. Unless referring specifically to external data, references to returns, rate of return, IRR, and similar terms mean future discounted cash flow returns on future capital investments based on current company estimates. Investment returns exclude prior exploration and acquisition costs.

Winter storm impacts: Represents effects on ExxonMobil's operations of severe winter weather in Texas and surrounding areas during the first quarter of 2021. Includes impacts from lower production and sales volumes, repair costs, and net impact of energy purchases and sales. Does not include indirect impacts from winter storm supply disruptions, if any, on market prices for crude oil, natural gas, petroleum products, or chemicals.

34

SUPPLEMENTAL INFORMATION

Slide 3

1. Includes most of the non-operated U.K. central and northern North Sea assets. Sale price is subject to closing adjustments and has additional upside of ~$300 million in contingent payments based on potential for increase in commodity prices.

Slide 4

1. Period-to-periodchange in earnings as a result of fair value accounting for unsettled derivatives.

Slide 9

1. Includes Upstream price, Chemical margin, and Downstream margin excluding unsettled derivative mark-to-market impacts.

Slide 11

1. Excludes impact of impairments classified as identified items in 4Q20.
2. Includes PP&E Adds of ($2.4) billion and net investments / advances of ($0.3) billion in 1Q21.
3. Ending debt is the sum of (1) Notes and loans payable and (2) Long-term debt as reported in Form 10-Q, at the end of the first quarter.

Slide 15

1. Source: S&P Global Platts.
2. Source: ICE. Equal weighting of Henry Hub and NBP.
3. Source: S&P Global Platts and ExxonMobil analysis. Equal weighting of U.S. Gulf Coast (Maya - Coking), Northwest Europe (Brent - Catalytic Cracking), and Singapore (Dubai - Catalytic Cracking) based on ExxonMobil capacity and netted for industry average Opex and renewable identification numbers (RINS).
4. Source: IHS Markit, Platts, and company estimates. Weighting of polyethylene, polypropylene, and paraxylene based on ExxonMobil capacity.
5. Forecast based on IEA monthly oil market reports and ExxonMobil estimates.

Slide 16

1. Guyana and Bacalhau projects on a money-forward basis.
2. Money-forwardbasis.
3. Annual earnings, at full capacity, based on the average annual Chemical margins from 2010-2019.
4. Cost benchmarked against recent comparable announced U.S. cracker projects. Sources: Public announcements (industry) and ExxonMobil estimates (ExxonMobil).

Slide 17

1. Return based on 2021 money-forward, remaining Capex-weighted basis for the following growth projects in 2027 at full capacity across Downstream and Chemical using 2010-2019 annual average margins: Permian crude venture, Beaumont light crude, Fawley hydrofiner, Singapore resid upgrade, Corpus Christi complex, China complex, Baton Rouge polypropylene, and Baytown Chemical expansion.

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SUPPLEMENTAL INFORMATION

Slide 18

1. Includes projects that bring on new volumes. Break-even based on a cost-of-supply to generate a minimum 10% return on a money-forward basis.
2. Potential assuming $50/bbl Brent price adjusted for inflation from 2021. Projects included in the Company's 2020 Capex program may require additional Capex in future years.

Slide 19

1. Spud to rig-release days.
2. Drilling and completion costs per lateral foot.
3. Field operations, well work, and energy expense per oil-equivalent barrel; operated business only.
4. Excluding winter storm impacts.

Slide 21

1. See definition of Available cash from operations.
2. 2021 Available cash from operations assumes Downstream and Chemical margins at 10-year annual lows from 2010-2019.
3. Any decisions on future dividend levels is at the discretion of the Board of Directors. This chart assumes dividends per share are held flat relative to 4Q20 levels.

Slide 20

1. April 2020; consolidates individual shareholders within managed accounts.
2. Excluding energy and production taxes.

Slide 22

1. Emission reduction plans announced in December 2020 include a 15 to 20 percent reduction in greenhouse gas intensity of Upstream operations compared to 2016 levels. Plans cover Scope 1 and 2 emissions, and are expected to result in a 30 percent reduction in absolute greenhouse gas emissions from assets operated by the Company.
2. Represents investments since 2000 and currently identified future investment opportunities through 2025, consistent with past practice, results, and announced plans.

Slide 23

1. Total addressable market figures: ExxonMobil analysis of IPCC SR 1.5 scenario explorer data on Lower 2°C scenarios for CO2, fuels, biofuels, and natural gas. Volumes and prices in 2020 in the Lower 2°C scenarios were used, where available, to calculate an estimate of the market revenue. For Chemicals, ExxonMobil analysis of current market data from Statista 2020 Report on Chemical Industry Worldwide. Investment figures: ExxonMobil currently identified estimates of average, annual future spending on CCS research and development and projects from 2021-2025. Oil, natural gas, and chemicals investment is currently identified estimates of average, annual Upstream, Downstream, and Chemical Capex from 2021-2025.

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SUPPLEMENTAL INFORMATION

Slide 24

1. 40% of all anthropogenic CO2 captured since 1970. Global CCS Institute 2020 report and ExxonMobil analysis of 2020 facility data.
2. Global CCS Institute. Data updated as of April 2020 and based on cumulative anthropogenic carbon dioxide capture volume. Anthropogenic CO2, for the purposes of this calculation, means CO2 that without carbon capture and storage would have been emitted to the atmosphere, including, but not limited to: reservoir CO2 from gas fields; CO2 emitted during production and CO2 emitted during combustion. It does not include natural CO2 produced solely for enhanced oil recovery.
3. ExxonMobil analysis. Ranking estimate of CO2 pipelines is based on pipeline capacity.
4. ExxonMobil analysis. Ranking estimate of CO2 geologic storage is based on anthropogenic CO2; storage for natural CO2 produced and anthropogenic CO2 captured for enhanced oil recovery is excluded.
5. $2 trillion addressable market and projected growth: ExxonMobil analysis of IPCC SR 1.5 scenario explorer data on Lower 2°C scenarios. For CO2, volumes and prices in 2020 and 2040 in the Lower 2°C scenarios were used, where available, to calculate an estimate of the market revenue and corresponding annual growth.

Slide 25

1. ExxonMobil analysis on U.S. 2019 greenhouse gas emissions from large facilities in EPA FLIGHT Database.
2. ExxonMobil estimates derived for U.S. Gulf Coast from Department of Energy Carbon Storage Atlas (2012, 2015).
3. U.S. 2019 total CO2 emissions from EPA Inventory of U.S. Greenhouse Gas Emissions and Sink 1990-2019 report.

Slide 28

1. Estimates based on March margins and operating expenses related to turnaround activities.
2. Based on operating expenses related to turnaround activities.

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AFTER FILING PRELIMINARY PROXY

Important Additional Information Regarding Proxy Solicitation

Exxon Mobil Corporation ("ExxonMobil") has filed a preliminary proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connection with the solicitation of proxies for ExxonMobil's 2021 Annual Meeting (the "Preliminary Proxy Statement"). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil's directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Preliminary Proxy Statement. To the extent holdings of such participants in ExxonMobil's securities are not reported, or have changed since the amounts

described, in the Preliminary Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil's Board of Directors for election at the 2021 Annual Meeting are included in the Preliminary Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY'S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive proxy statement and other relevant documents filed by ExxonMobil free of charge from the SEC's website, www.sec.gov. ExxonMobil's shareholders will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at [e-mail] or from the investor relations section of ExxonMobil's website, www.exxonmobil.com/investor.

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