Slides
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Company overview and investment case
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Cautionary statement This presentation was published on May 2, 2025, in conjunction with the First-Quarter Earnings materials. FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, future earnings power, opportunities, potential addressable markets, ambitions, performance, or results in this presentation are forward-looking statements. Similarly, discussions of future projects or markets for carbon capture, transportation, and storage, biofuels, hydrogen, ammonia, lithium, direct air capture, low-carbon data centers, and other low carbon business plans to reduce emissions and emission intensity of ExxonMobil, its affiliates, or third parties are dependent on future market factors, such as continued technological progress, stable policy support, and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, surplus cash, dividends, share repurchases, or shareholder returns; total cash capital expenditures and mix, including allocations of capital to low carbon investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressures; plans to reduce future emissions and emissions intensity; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in heritage Upstream Permian Basin unconventional operated assets by 2030 and Pioneer Permian assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, to meet ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology advances, including in the timing and outcome of projects to capture and store CO2, produce hydrogen and ammonia, produce biofuels, produce lithium, create new advanced carbon materials, and use plastic waste as feedstock for advanced recycling; maintenance and turnaround activity; drilling and improvement programs; price and margin recovery; planned Pioneer or Denbury integration benefits; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors. These include global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, seasonal fluctuations, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; new or changing government policies for lower carbon and new market investment opportunities, or policies limiting the attractiveness of investments such as European taxes on energy and unequal support for different methods of carbon capture; consumer preferences including willingness and ability to pay for reduced emissions products; variable impacts of trading activities; the outcome of competitive bidding and project awards; regulatory actions targeting public companies in the oil and gas industry; the development or changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment, taxes, tariffs, and trade sanctions; adoption of regulatory rules consistent with written laws; the ability to realize efficiencies within and across our business lines and to maintain current cost reductions as efficiencies without impairing our competitive positioning; decisions to invest in future reserves; reservoir performance, including variability and timing factors applicable to unconventional projects and the success of new unconventional technologies; the level, outcome, and timing of exploration and development projects and decisions to invest in future resources; timely completion of construction projects; war, civil unrest, attacks against the company or industry, realignment of global trade networks, and other political or security disturbances; expropriations, seizures, and capacity, insurance, or shipping limitations by foreign governments or international embargoes; changes in market strategy by national oil companies; opportunities for and regulatory approval of investments or divestments; the outcome of other energy companies’ 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, including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Form 10-K and under the heading “Factors Affecting Future Results” available under the “Earnings” tab through the “Investors” page of our website at www.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. Neither future distribution of this material 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. SUPPLEMENTAL INFORMATION. See the Supplemental Information starting on page 25 through the end of this presentation for additional important information required by Regulation G for non-GAAP measures or that the company considers useful to investors as well as definitions of terms used in the materials, including cash capex; cash opex excluding energy and production taxes; earnings and cash flow ex. identified items and working capital / other adjusted to 2024 $65/bbl real Brent and 10-year average Energy, Chemical, and Specialty Products margins; operating costs; shareholder distributions; and structural cost savings. Supplemental Information also includes information on the assumptions used in these materials, including assumptions on future crude oil prices and product margins used to develop outlooks regarding future potential outcomes of current management plans. 2
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3 Why invest in ExxonMobil 1 ExxonMobil is uniquely positioned to solve the “and” equation: helping to alleviate energy poverty by producing affordable and reliable energy and other products the world needs AND reducing emissions; ExxonMobil’s businesses operate in massive traditional and growing new markets 2 ExxonMobil’s unmatched portfolio, built on our unique competitive advantages, drives significant cash generation 3 ExxonMobil has track record of exceptional performance with further growth potential in earnings, cash flow, and distributions and plays an important role in resilient equity portfolios 3
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4 ExxonMobil at a glance Delivering solutions through three businesses: Upstream Segment provided >70% of 2024 Earnings Product Solutions Segments provided ~30% of 2024 Earnings (Segments: Energy, Chemical, and Specialty Products) Low Carbon Solutions included in Corporate & Financing $34B $55B 11% ~$0.5T 2024 earnings 2024 cash flow from operations 1-year TSR (total shareholder return) Enterprise value See supplemental information for definitions. All figures as of December 31, 2024. Due to rounding to the nearest whole number, numbers presented may not align precisely with item indicated. 4 ExxonMobil is working to solve the “and” equation: delivering the energy and products society needs and reducing greenhouse gas emissions
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• Massive opportunity set created by growing demand for energy, lower carbon-intensity solutions, and essential materials to power the global economy • Pipeline of high-return opportunities across traditional and new businesses • Unique competitive advantages - Technology - Scale - Integration - Execution excellence - People • Strong balance sheet provides financial stability and enables consistent capital allocation • Consistent return of cash to shareholders supported by diverse businesses and financial strength • Substantial upside through additional growth opportunities, technology advancements, and ability to leverage competitive advantages ADVANTAGES VALUE CREATION+ =OPPORTUNITIES Delivering profitable growth and driving shareholder value Capturing share of unmatched opportunity set by leveraging our unique competitive advantages, diversified portfolio, and capital discipline 5 ExxonMobil is creating shareholder value by balancing growth and stability
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6 Massive and expanding TAMs with long runway for profitable growth Delivering essential products and solutions to diverse markets across the globe >$2.3 trillion Potential addressable markets served by new products in 20501 >$400 billion Potential addressable markets served by new products in 20301 Unique abilities to help solve the world’s most complex challenges distinguish ExxonMobil from competition and generate superior financial returns MobilityElectronics PackagingEmissions Reduction Construction & Infrastructure Industrial Consumer Products Medical Energy Agriculture See supplemental information for footnotes and definitions. Explore more from our 2024 Corporate Plan Update event at investor.exxonmobil.com/news-events/corporate-plan-update. Higher CAGR (%) HigherLower Unit Margin ($/T) Potential TAMs served by new products TAMs served by existing products Low-Carbon Hydrogen Paraxylene Biofuels Polypropylene Lubes Polyethylene Jet Performance Polyethylene Carbon Capture and Storage (CCS) ProxximaTM systems Lithium Diesel Natural Gas Mogas Scale: ~$160 billion TAM Carbon Materials Source: Corporate Plan Update held on December 11, 2024 Estimated Potential TAMs in 20501
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7 0 350 700 2023 2025 2030 2035 2040 2045 2050 ExxonMobil is well-positioned to meet the world’s energy needs, now and into the future Energy landscape evolving as demand continues to grow ~15% energy demand growth projected by 2050 vs. 2023 Quadrillion Btu OECD Non-OECD >50% of energy supply from oil and natural gas % of total energy supply 54% 13% 7% 11% 15% 2050 Projection 56% 24% 5% 9% 6% 2023 Actuals ExxonMobil Global Outlook Oil and natural gas Hydro, wind, solar, and geothermal Bioenergy Nuclear Coal Explore more from our Global Outlook at exxonmobil.com/globaloutlook. Source: ExxonMobil annual in-depth analysis of energy supply and demand trends published in Global Outlook Population and economic growth increase global energy demand by 15% Oil and natural gas remain the largest energy sources Lower-carbon energy is needed to meet more of the world’s growing needs By 2050 :
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8 Producing more profitable barrels and more profitable products Additional earnings potential by 2030 Billion USD, constant price and margin basis1 Additional cash flow potential by 2030 Billion USD, constant margin basis1 ~$30B Strategically improving volume/mix and fundamentally transforming the company’s cost base 2024 2030 2024 2030 Upstream Energy Products Chemical Products Specialty Products Low Carbon Solutions All businesses contribute to ~$20B of volume/mix improvement by 2030 vs. 2024 Billion USD, constant price and margin basis1 2024 2030 Upstream Energy Products Chemical Products Specialty Products ~$6B in further structural cost efficiencies by 2030 help offset inflation and growth Cumulative structural cost savings ($B) vs. 2019 Product Solutions Source: Corporate Plan Update held on December 11, 2024 Source: 4Q24 Earnings Call held on January 31, 2025 Source: Corporate Plan Update held on December 11, 2024 Source: Corporate Plan Update held on December 11, 2024 $12.1B ~$18B >$20B Explore more from our 2024 Corporate Plan Update event at investor.exxonmobil.com/news-events/corporate-plan-update. See supplemental information for footnotes, definitions, and reconciliations.
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9 Upstream: industry-leading, advantaged portfolio Capital-efficient, high-return business with demonstrated execution excellence and advantaged, high-value oil and gas production Upstream: Strengthening energy security by expanding low-cost-of-supply oil and gas operations; ExxonMobil is creating long-term value by leveraging our unique competitive advantages Unconventional Deepwater LNG Conventional Heavy Oil A unique resource where hydrocarbons are trapped in very tight rock and don’t flow naturally; this requires non-traditional methods, such as horizontal drilling and hydraulic fracturing (fracking), to produce Deepwater resources are located at significant water depths offshore and are very complex; they require advanced subsea technologies and are typically produced and stored via Floating Production Storage and Offloading (FPSO) vessels before being shipped to market Liquefied Natural Gas (LNG) business processes and cools natural gas to a liquid state for ease of storage and transportation to consumers across the world Conventional resources are extracted using traditional drilling methods whereby natural pressure within the reservoir brings the oil and gas to the surface, and secondary recovery methods like water or gas injection can be used to maintain production Heavy oil is denser than conventional crude oil; it can be extracted via mining process or with a technology that uses steam to heat the oil so it can flow ExxonMobil has applied its unmatched technical capabilities and experience to become the largest Unconventional producer in the U.S., with main assets in the Permian basin (Texas and New Mexico) ExxonMobil has harnessed its global experience, deep knowledge base, and differentiated technology to build a deepwater presence in Guyana, Angola, Nigeria, and Brazil ExxonMobil has more than 40 years of LNG experience supplying the global market, with interest in LNG facilities in Qatar, Papua New Guinea, Australia, Mozambique, and the U.S. ExxonMobil has conventional operations in onshore and shallow water fields in Malaysia, Indonesia, Kazakhstan, Germany, U.S., Australia, and United Arab Emirates (UAE) ExxonMobil has both oil mining and heavy oil operations in Canada, including the Kearl heavy oil development, extracting value by deploying cutting-edge technology at scale See supplemental information for definitions.
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10 Clear runway for long-term growth, which we build on in Product Solutions and Low Carbon Solutions Growing Upstream earnings Earnings potential by 2030 Billion USD, constant price basis1 Volume / mix Structural cost reductions Other 2024 2030 Our high-return, competitively advantaged Upstream assets Driven by expansion of production from advantaged assets >50% of current Upstream production By 2030: >200% Growth in advantaged production vs. 2019 >60% Upstream production from advantaged assets >70% Capital spend on advantaged growth projects from 2025-2030 >40% Upstream return delivered by avg. capex investments from 2025-2030 See supplemental information for footnotes and definitions. Explore more from our 2024 Corporate Plan Update event and Upstream Spotlight at investor.exxonmobil.com/news-events/corporate-plan-update. Learn more about Permian, Guyana, and LNG. Source: Corporate Plan Update held on December 11, 2024 Permian Guyana LNG
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11 Product Solutions: diversified, high-value businesses Compounding the benefits of integration across value chains, manufacturing and supplying products that meet society’s evolving needs Product Solutions: The world’s largest fuels, chemicals, and lubricants business; ExxonMobil leverages integrated capabilities and technologies, processing oil and gas as well as other raw materials to create value -added products and solutions for everyday uses, such as fuels, lubricants, plastics, fertilizers, detergents, paints, and more Energy Products Chemical Products Specialty Products Conventional and lower-emissions fuels for personal and commercial transportation, produced from crude oil and renewable feedstocks Polymers and other chemicals that can help meet society’s growing demand for everyday products across multiple industries, such as packaging, automotive, and consumer goods Lubricants and other high-value products for industrial, commercial, and infrastructure markets ExxonMobil has leveraged its scale and technology to become the largest non-state-owned refiner in the world, with >50% of its refining capacity located in North America ExxonMobil is the world’s leading producer of polyethylene, with >60% of its chemical capacity located in the U.S., and an enhanced portfolio of high-value products ExxonMobil owns world-class brands, such as Mobil 1TM – one of the world’s leading synthetic motor oils, and utilizes its proprietary technology to develop highly innovative products and solutions See supplemental information for definitions.
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12 Working to deliver profitable growth by developing high-value products to meet society’s needs Growing Product Solutions earnings Volume / mix Structural cost reductions Other 2024 2030 Increasing high-value product sales across all segments Driven by volume/mix improvements from increased high-value, high-margin product capacity and sales Earnings potential by 2030 Billion USD, constant margin basis (2010-2019)1 Energy Products Chemical Products Specialty Products Lower-emissions fuels provide lower life cycle emissions than conventional transportation fuels Performance products exhibit superior properties versus commodity alternatives and enable additional value for customers Provides and markets performance lubricants (Mobil 1TM) and new technology-driven businesses (ProxximaTM systems and carbon materials) Source: Corporate Plan Update held on December 11, 2024 By 2030: ~80% High-value product growth driven by advantaged projects >40% of Product Solutions earnings potential from high-value products1 >150 Kbd Lower-emission fuels sales volume2 ~$100B Total addressable market for ProxximaTM systems and carbon materials3 See supplemental information for footnotes and definitions. Explore more from our 2024 Corporate Plan Update event at investor.exxonmobil.com/news-events/corporate-plan-update. Learn more about ProxximaTM systems.
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13 Low Carbon Solutions: unlocking opportunities Solving complex challenges at a global scale to meet the growing demand for energy and products that support modern life, while reducing environmental impacts Low Carbon Solutions: Leadership for a lower-carbon future; leveraging ExxonMobil’s unmatched combination of our technical capabilities and scale to accelerate greenhouse gas emission reductions for customers and in our own businesses Growing Low Carbon Solutions earnings to ~$1B by 20303 Strong CCS and hydrogen infrastructure position • Strategically located in U.S. Gulf Coast alongside significant industrial CO2 emissions sources and storage sites • Largest owned and operated CO2 pipeline network in the United States • End-to-end integration of assets, technologies, and capabilities across low-carbon value chains • Enables profitable growth through opportunities such as supplying high-reliability, low-carbon intensity power to meet growing demand from data centers Carbon Capture and Storage (CCS) Hydrogen Lithium A means of capturing carbon dioxide (CO2) emissions from industrial processes or power plants, transporting it, and then permanently storing it deep underground, preventing it from entering the atmosphere A fuel that produces zero CO2 emissions when combusted, and can be used to reduce emissions in hard-to-decarbonize sectors, including steel manufacturing and heavy-duty trucking A metal that is widely used in industrial applications, including batteries, glass, ceramics, and refrigeration Leveraging our core competencies and unmatched integration to develop the world’s first large-scale, end-to-end CCS system1 Utilizing our competitive advantages to develop the world’s largest low-carbon hydrogen production facility Building upon existing technologies and applying our expertise to produce this critical mineral more efficiently and with fewer environmental impacts2 Explore more from our 2024 Corporate Plan Update event at investor.exxonmobil.com/news-events/corporate-plan-update. See supplemental information for footnotes.
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14 Delivering both sides of the “and” equation – meeting society’s evolving needs AND reducing emissions Positioning for a lower-emissions future We aim to achieve net-zero Scope 1 and 2 greenhouse gas emissions in our operated assets by 2050, with advancements in technology and the support of clear and consistent government policies 20-30% Reduction in corporate-wide greenhouse gas intensity 70-80% Reduction in corporate-wide methane intensity 40-50% Reduction in Upstream greenhouse gas intensity 60-70% Reduction in corporate-wide flaring intensity >60% Reduction in operated methane emissions intensity vs. 20161 Our plans to reduce emissions intensity through 2030 include: • Achieving net-zero Scope 1 and 2 greenhouse gas emissions in our Permian Basin unconventional operated assets (by 2035 including Pioneer) • Advancing technologies, including satellite, aerial, and ground-sensor networks to detect and further reduce methane emissions • Eliminating routine flaring in upstream operations in line with the World Bank Zero Routine Flaring Initiative4 • Deploying carbon capture and storage (CCS), hydrogen, and lower-emission fuels in our operations • Electrification of equipment and integration of lower GHG energy sources • Improving energy efficiency in our businesses by evolving operational, maintenance, and design processes By 20302,3 What ExxonMobil has achieved Explore more from our 2025 Advancing Climate Solutions Report at exxonmobil.com/2025advancingclimatesolutions. See supplemental information for footnotes and definitions.
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15 Disciplined capital allocation and strong cash generation drive industry-leading shareholder value Driving a virtuous cycle of profitable growth and cash generation 20% 30% 40% 50% 60% 70% 80% 0 5 10 15 20 25 30 35 2010-2019 2024 2025 2026-2030 Reinvestment Rate1 Cash capex, billion USD Early-stage policy dependent / new businesses Base Early-stage major projects Reinvestment rate Reinvestment rate declines and cash flow grows due to increased mix of high-return projects Prioritizing investments in advantaged, high-return opportunities, enabling continuous reinvestment to propel sustainable value creation Additional cash flow potential by 2030 Billion USD, constant margin basis1 ~$30B Virtuous cycle driven by disciplined reinvestment 2024 2030 Source: Corporate Plan Update held on December 11, 2024 Explore more from our 2024 Corporate Plan Update event at investor.exxonmobil.com/news-events/corporate-plan-update. See supplemental information for footnotes, definitions, and reconciliations. Source: Corporate Plan Update held on December 11, 2024 Capital allocation priorities 1 Invest in advantaged, high-return projects 2 Maintain a strong balance sheet 3 Share success with shareholders: dividend and share buybacks
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16 $0.38 $3.84 1982 2024 Cash generation provides potential to further grow shareholder distributions Robust distributions Long runway of cash generation Dividend growth Track record of delivering leading shareholder distributions 5-year cumulative distributions (2020-2024) Robust surplus cash potential provides flexibility across cycles Excess cash potential after capex and dividend1, 2025-2030 ($65 real Brent) See supplemental information for footnotes and definitions. Distributed more cash than all but five companies across S&P 500 in 2024 >$125 B 42 consecutive years of dividend growth Annual dividends per share ~6% CAGR $20B of cash returns via share repurchases through 2026, assuming reasonable market conditions ~$165 B Operational performance and balance sheet strength drive robust cash generation and sustainable and competitive distributions Providing consistent income generation for shareholders today and long into the future *Adjusted for stock splits Capital allocation priorities 1 Invest in advantaged, high-return projects 2 Maintain a strong balance sheet 3 Share success with shareholders: dividend and share buybacks
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17 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Committed to maintaining financial strength and delivering value for our shareholders The leading investment in the energy space -10% -5% 0% 5% 10% 15% 3yr 5yr Cash flow2 CAGR, % Financial strength4 Net debt-to-capital (%) and credit rating Indexed total shareholder return1 Leveraging unique set of competitive advantages to maximize shareholder value creation AA- AA- A+ A+ A- 0% 10% 20% 30% Integrated Oil Companies (IOCs): BP, Chevron, Shell, TotalEnergies 11/2/23 Completed acquisition of Denbury to accelerate Low Carbon Solutions growth 5/3/24 Completed acquisition of Pioneer Natural Resources to create industry-leading position in U.S. Permian Basin 12/31/2020 First full year of production from Guyana -20% -10% 0% 10% 20% 30% 1yr 3yr 5yr Total shareholder return3 See supplemental information for footnotes and definitions. 4/1/2022 Formed new Product Solutions company - the world’s largest fuels, chemicals, and lubricants business Dec-2019 Brent
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18 Well positioned to deliver on earnings, cash flow, and distributions growth potential Existing distributions and growth plans drive significant total return upside KEY DRIVERS OF TOTAL SHAREHOLDER RETURN 1 Price appreciation driven by firm growth plans to 2030 2 Competitive, sustainable, and growing dividend 3 Share repurchase program ExxonMobil is focused on a well-balanced program to grow shareholder value ~3.7% ~4.3% ~10% Existing Dividend ($0.99 / share) Announced Buybacks ($20B annually through 2026) Earnings Growth (~10% 2024-2030) Total Annual Return Potential ~18% All data and calculations based on December 31, 2024. See supplemental information for footnotes and definitions. Current Dividend Yield2 ($0.99/share quarterly) Accretion via share repurchases3 ($20B annually through ’26, assuming reasonable market conditions) Average annual earnings growth potential4,5 (~10% CAGR ‘24-’30) Total annual return potential 5-yr Total Shareholder Returns1 S&P 500 14.5% S&P 500 Energy 12.1% S&P Industrials 12.0% XOM 14.5%
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19 - 100 200 Integrated business model drives growth with lower relative volatility Option Implied Volatility 5-year average2 Volatility vs. Market 5-year Beta vs. S&P 5001 Quarterly Cash Flow Volatility 15-year volatility; CFO excl. working capital3 See supplemental information for footnotes and definitions. Integrated and diverse operations provide stability through market cycles and lower relative volatility IOCs / Energy Mag7 Large-cap Industrials 20 40 60 IOCs / Energy Mag7 Large-cap Industrials IOCs / Energy Mag7 Large-cap Industrials Source: all data sourced from Bloomberg through December 31, 2024 ExxonMobil’s strong cash flow, consistent distributions, and global scale help to lower volatility relative to energy and other large-cap peers as well as the broader market 0.5 1.1 1.7
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20 ExxonMobil provides additional portfolio resilience with traditional hedge against inflation Inflation protection ExxonMobil TSR vs. Consumer Price Index (CPI) 25-year correlation1 See supplemental information for footnotes and definitions. Chart not to scale for Jul’21-Oct’23. Portfolio resilience Positively correlated to inflation ExxonMobil TSR premium vs. S&P 500 During extended periods of high inflation (2000-2024)2 Outperformed the S&P 500 in 4 out of 5 extended periods of high inflation 20% -1% 25% 12% 1 2 3 4 5Period: 86% Jul’00 – Feb’01 Oct’05 – Sep’06 Jan’08 – Dec’08 Sep’11 – Dec’11 Jul’21 – Oct’23 Consumer Price Index (CPI) 0 100 200 300 400 500 600 700 800 150 170 190 210 230 250 270 290 310 330 350 Dec-99 Dec-04 Dec-09 Dec-14 Dec-19 Dec-24
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21 Consistently generating strong cash flow and profitable growth to reinvest at high returns Resilient and exceptional results place us among elite companies Higher cash flow growth1 Cash flow from operations CAGR, 2019-2024 Strength to invest through cycles2 Net debt-to-capital (%) and credit rating Upside opportunity3 EV / EBITDA multiple, rolling five-year average 0% 4% 8% 12% 16% AA- AA- A A- BBB+ BBB- 0% 20% 40% 60% 80% 0x 5x 10x 15x 20x Large-cap industrials (companies in S&P Industrials sector with market capitalization >$75B as of YE’24)4 ExxonMobil rivals large-cap Industrial companies, underpinned by our immense TAMs, unique competitive advantages, and strong through-cycle returns with meaningful upside potential See supplemental information for footnotes and definitions. 1yr 3yr 5yr
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22 ExxonMobil plays an important role in resilient equity portfolios ExxonMobil acts as a hedge against inflation Integration benefits Diverse portfolio of businesses delivers resilient cash flows with lower volatility versus energy and other large-cap peers ExxonMobil plans drive >$20B earnings growth and ~$30B cash flow growth by 20301 ExxonMobil adds strength and resilience to equity portfolios Inflation protection Demonstrated history of strength and resilience during extended periods of high inflation Growth trajectory Long runway of profitable growth with potential for further growth in shareholder distributions We invite you to visit ExxonMobil’s website, where investor information can be found at exxonmobil.com/investor. See supplemental information for footnotes and definitions.
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23 23 Appendix
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Earnings sensitivities for Upstream, Energy Products, and Chemical Products Platform containing select historical and forward-looking financial and operating data Guide to modeling ExxonMobil earnings and cash flow growth plans 24 Enhanced disclosures and transparency What is included? Sensitivities and Key Assumptions Interactive Analyst Center ‘How to model XOM’ Overview (located in Investors section of our website) Modeling Toolkit
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Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, cash flow from operations, cash flow from operations (ex. working capital), surplus cash flow, shareholder distributions, returns, structural cost savings, cash capital expenditures, and volumes, including statemen ts regarding future earnings potential, cash flow potential, and returns in the Upstream and Product Solutions segments and in our low emissions investments, are not forecasts of actual future results. The se figures were provided as part of the Corporate Plan Update and Upstream Spotlight held on December 11, 2024 and are provided to help quantify for illustrative purposes management’s view of the pote ntial future results and goals of currently-contemplated management plans and objectives over the time periods shown, calculated on a basis consistent with our internal modeling assumptions. Management plans discussed in this presentation include objectives to invest in new projects, plans to replace natural decline in Upstream production, plans to increase sales in our Energy, Chemical, and Speci alty Products segments, the development of a Low Carbon Solutions business, continued high grading of ExxonMobil’s portfolio through our ongoing asset management program, both announced and continuous initiatives to improve efficiencies and reduce costs, capital expenditures, operating costs, and cash management, and other efforts within management’s control to impact future results as discussed in this presentation. We have assumed future demand growth in line with our internal planning basis, and that other factors including factors management does not control such as applicable laws and reg ulations (including tax, tax incentives, and environmental laws), technology advancements, interest rates, and exchange rates remain consistent with current conditions for the relevant periods. These as sumptions are not forecasts of actual future market conditions. Capital investment guidance in low emissions investments is based on plan, however actual investment levels will be subject to the av ailability of the opportunity set and focused on returns. Management plans are subject to change and the plans reflected in this presentation are aligned with those shared on December 11, 2024. These plan s have not been updated to reflect any changes since that date. All references to production rates, project capacity, resource size, and acreage are on a net basis, unless otherwise noted. All references to tons refer to metric tons, unless otherwise noted. Non-GAAP and other measures. With respect to historical periods, reconciliation information is provided on pages 32 to 34 and in the Frequently Used Terms available under the “Modeling Toolkit” tab on the Investor Relations page of our website at www.exxonmobil.com for certain terms used in this presentation including cash c apex; cash opex excluding energy and production taxes; earnings and cash flow ex. identified items and working capital/other adjusted to 2024 $65/bbl real Brent and 10-year average Energy, Chemical, and Specialty Products margins; operating costs; and structural cost savings. For future periods, we are unable to provide a reconciliation of forward-looking non-GAAP or other measures to the most comparable G AAP 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 u navailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions not ed above. Supplemental information 25
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Important information and assumptions regarding certain forward-looking statements. For all price point comparisons, unless otherwise indicated, we assume $65/bbl Brent crude prices, $3/mmbtu Henry Hub gas prices, and $6.5/mmbtu TTF gas prices. Lower emissions returns are calculated based on current and potential future government policies based on ExxonMobil projections as of the date of this presentation. Unless otherwise specified, crude prices are Brent prices. These are used for clear comparison purposes and are not necessarily representative of management’s internal price assumptions. Crude and natural gas prices for future years are adjusted for inflation (assumption of 2.5%) from 2024. Operating costs and capex are also inflated consistent with plans done on a country-by-country basis. Energy, Chemical, and Specialty Product margins reflect annual historical averages for the 10 -year period from 2010—2019 unless otherwise stated. These prices are not intended to reflect management’s forecasts for future prices or the prices we use for internal planning purposes. Unless otherwise indicated, asset sales and proceeds and Corporate and Financing expenses are aligned with our internal plann ing. Corporate and Financing expenses reflect estimated potential debt levels under various disclosed scenarios. Actions needed to advance ExxonMobil’s 2030 greenhouse gas emission -reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for emission-reduction planning beyond 2030 is based on the Company’s Global Outlook research and publication. The Outlook is reflec tive of the existing global policy environment and an assumption of increasing policy stringency and technology improvement to 2050. However, the Global Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, the y will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly. References to projects or opportunities may not reflect investment decisions made by the corpora tion or its affiliates. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, permitting, technological advancement for cost -effective abatement, insights from the company planning process, and alignment with our partners and other stakeholders. Capital investment guidance in lower emission investments is based on our corporate plan; ho wever, actual investment levels will be subject to the availability of the opportunity set, public policy support, and focused on returns. ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and si mplicity, words such as venture, joint venture, partnership, co -venturer, operated by others, and partner are used to indicate business and other relationships involving common activities and interes ts, and those words may not indicate precise legal relationships. Competitor data and ExxonMobil data used for comparisons to competitor data are sourced from publicly available information a nd FactSet and are done so consistently for each company in the comparison. Future competitor data and future ExxonMobil data used for comparison to future competitor data, unless otherwise n oted, are sourced from FactSet and have not been independently verified by ExxonMobil or any third party. We note that certain competitors report financial information under accounting standards ot her than U.S. GAAP (i.e., IFRS). ExxonMobil reported emissions, reductions, and avoidance performance data are based on a combination of measured and estimate d emissions data using reasonable efforts and collection methods. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (AP I) and Ipieca. There is uncertainty associated with the emissions, reductions, and avoidance performance data due to variation in the processes and operations, the availability of sufficient data, quality of those data, and methodology used for measurement and estimation. Performance data may include rounding. Changes to the performance data may be reported as part of the Company’s annual publications as new or updated data and/or emission methodologies become available. We are working to continuously improve our performance and methods to detect, measure and address greenhouse gas e missions. ExxonMobil works with industry, including API and Ipieca, to improve emission factors and methodologies, including measurements and estimates. Our capital allocation plans do not extend beyond 2030. Statements about our businesses that reference periods beyond 2030 ar e made on a basis consistent with ExxonMobil’s Global Outlook, which is publicly available on our website. See the Cautionary Statement at the front of this presentation for additional information regarding forward -looking statements Supplemental information 26
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PRICING BASIS FOR TOTAL ADDRESSABLE MARKET INFORMATION PRODUCTS PRICING & MARGIN REFERENCE Gasoline (excluding bio) S&P Global Commodity Insights '30 USGC Price and crack spreads and third party cost estimates Diesel (excluding bio) S&P Global Commodity Insights '30 USGC Price and crack spreads and third party cost estimates Jet / Kerosene (excluding bio) S&P Global Commodity Insights '30 USGC Price and crack spreads and third party cost estimates Biofuels S&P Global Commodity Insights '30 USGC Price and crack spreads and third party cost estimates Natural Gas $3/MMBTU Henry Hub & LNG: 13% slope @ $65 Brent Lubricants S&P Global Commodity Insights '30 Basestocks + third party margin estimates Carbon Capture & Sequestration United States IRA pricing and third party margin estimates Low Carbon Hydrogen S&P Global Commodity Insights Grey H2 pricing with internal margin estimates Lithium Benchmark Mineral Intelligence and third party margin estimates Polyethylene S&P Global Commodity Insights '30 OL Price and margin Performance Polyethylene S&P Global Commodity Insights '30 OL Price and margin with internal product premium estimates Polypropylene S&P Global Commodity Insights '30 OL Price and margin Paraxylene S&P Global Commodity Insights '30 OL Price and margin ProxximaTM Third party marketing assessments and internal margin estimates Carbon Materials Third party marketing assessments and internal margin estimates Prices have generally been escalated using 2.5% / year to get to 2030/2050 pricing Supplemental information 27
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28 DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Advantaged assets (Advantaged growth projects). When used in reference to our Upstream business, includes Permian, Guyana, and LNG. Advantaged projects. Includes capital projects and programs of work that contribute to Energy, Chemical, and/or Specialty Products segments that drive integration of segments/businesses, increase yield of higher value products, or deliver higher-than-average returns. Base portfolio (Base). In our Upstream segment, refers to assets (or volumes) other than advantaged assets (or volumes from advantaged assets). In our Energy Products segment, refers to assets (or volumes) other than advantaged projects (or volumes from advantaged projects). In our Chemical Products and Specialty Products segments, refers to volumes other than high-value products volumes. Capital and exploration expenditures (Capital expenditures, Capex). Represents the combined total of additions at cost to property, plant and equipment, and exploration expenses on a before- tax basis from the Consolidated Statement of Income. ExxonMobil’s Capex includes its share of similar costs for equity companies. Capex excludes assets acquired in nonmonetary exchanges, the value of ExxonMobil shares used to acquire assets, and depreciation on the cost of exploration support equipment and facilities recorded to property, plant and equipment when acquired. While ExxonMobil’s management is responsible for all investments and elements of net income, particular focus is placed on managing the controllable aspects of this group of expenditures. Carbon Materials venture: ExxonMobil is growing its carbon materials venture by applying proprietary process technology to capture attractive opportunities in the battery anode market. ExxonMobil has developed an advanced coke product by converting low-value, bottom-of-the-barrel molecules that can deliver a higher performance differentiated graphite. Cash flows from operations and asset sales (Non-GAAP). Sum of the net cash provided by operating activities and proceeds from asset sales and returns of investments from the Consolidated Statement of Cash Flows. This cash flow reflects the total sources of cash both from operating our assets and from the divesting of assets. We employ a long-standing and regular disciplined review process to ensure that assets are contributing to the Corporation’s strategic objectives. We divest assets when they are no longer meeting these objectives or are worth considerably more to others. Because of the regular nature of this activity, we believe it is useful for investors to consider proceeds associated with asset sales together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions. Cash flows from operations excluding working capital (Non-GAAP). Net cash provided by operating activities less changes in operational working capital, excluding cash and debt. This measure is useful when evaluating cash available for investment in the business and financing activities as operational working capital, excluding cash and debt can vary quarter-to-quarter due to volatility and the changing needs of the Corporation. Cash flow from operations excluding working capital is not meant to be viewed in isolation or as a substitute for net cash provided by operating activities Cash operating expenses (cash opex) excluding energy and production taxes (Non-GAAP). 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 our efforts to optimize cash through disciplined expense management for items within management’s control. Compound annual growth rate (CAGR). Represents the consistent rate at which an investment or business result would have grown had the investment or business result compounded at the same rate each year. Supplemental information
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29 DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Debt capacity. Debt capacity includes available borrowing capacity up the mid-point of a 20-25% debt-to-capital range. Debt to capital (debt-to-capital, debt-to-capital ratio, leverage). Total debt / (Total debt + Total equity). Total debt is the sum of (1) Notes and loans payable and (2) Long-term debt, as reported in ExxonMobil’s Form 10-Qs and 10-Ks. Distributions to shareholders (shareholder distributions). The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are acquired to reduce shares outstanding and to offset shares or units settled in shares issued in conjunction with company benefit plans and programs. For the purposes of calculating distributions to shareholders, the Corporation includes only the cost of those shares acquired to reduce shares outstanding. Divestments. Refers to asset sales; results include associated cash proceeds and production impacts, as applicable, and are consistent with our internal planning. Earnings (loss) excluding Identified Items (Earnings ex. Ident. Items) (Non-GAAP). Earnings (loss) excluding individually significant non-operational events with, typically, an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings (loss) impact of an Identified Item for an individual segment may be less than $250 million when the item impacts several periods or several segments. Earnings (loss) excluding Identified Items does include non-operational earnings events or impacts that are generally below the $250 million threshold utilized for Identified Items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings (loss) excluding Identified Items is not meant to be viewed in isolation or as a substitute for net income (loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. Earnings before interest, taxes, depreciation, and amortization (EBITDA). Refers to earnings with the effects of interest, income tax, depreciation, depletion, and amortization expenses removed. Management uses this metric to approximate the earnings generated by a company’s assets without the overlay of capital structure, tax regime, and depreciation, depletion, and amortization accounting when comparing across companies. Heavy oil and oil sands. Heavy oil includes heavy oil, extra heavy oil, and bitumen, as defined by the World Petroleum Congress in 1987 based on American Petroleum Institute (API) gravity and viscosity at reservoir conditions. Heavy oil has an API gravity between 10 and 22.3 degrees. The API gravity of extra heavy oil and bitumen is less than 10 degrees. Extra heavy oil has a viscosity less than 10,000 centipoise, whereas the viscosity of bitumen is greater than 10,000 centipoise. The term “oil sands” is used to indicate heavy oil (generally bitumen) that is recovered in a mining operation. High-value products. Includes performance products and lower-emissions fuels. Supplemental information
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30 DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Industry-leading results (industry-leading returns, industry-leading financial performance, industry-leading shareholder value). Includes our leadership in metrics such as earnings, cash flow, dividends paid, share buybacks, and total shareholder return versus the IOCs. Similar terms, such as industry-leading performance or industry-leading shareholder value, refer to our leadership versus the IOCs in metrics such as production or individual terms such as return on capital employed and total shareholder return as applicable in the context presented. Integrated Oil Company (IOCs). Unless stated otherwise, IOCs include each of BP, Chevron, Shell, and TotalEnergies. Lower-emission fuels. Fuels with lower life cycle emissions than conventional transportation fuels for gasoline, diesel, and jet transport. Net debt to capital (net debt-to-capital, net-debt-to-capital ratio). Net debt / (net debt + total equity), where net debt is total debt net of cash and cash equivalents, excluding restricted cash. Total debt is the sum of (1) Notes and loans payable and (2) Long-term debt, as reported in ExxonMobil’s Form 10-Qs and 10-Ks. Operating costs (Opex) (Non-GAAP). 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. The terms “adjusted operating costs” or “adjusted opex” are used to indicate the sum of operating costs from consolidated affiliates and ExxonMobil’s share of equity company operating costs. 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 35. Performance products. Refers to 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” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Projects or plans may not reflect investment decisions made by ExxonMobil or its affiliates. Individual opportunities may advance based on a number of factors, including availability of stable and supportive policy, permitting, technological advancement for cost-effective abatement, insights from the Company planning process, and alignment with our partners and other stakeholders. We may refer to these opportunities as projects in external disclosures at various stages throughout their progression. ProxximaTM Systems (ProxximaTM Products): ExxonMobil's advanced polyolefin thermoset resin which uses components of gasoline and catalyst technology to create a material that is lighter, stronger, and more durable than conventional products, providing alternatives for the construction, coatings and transportation industries. These systems are designed to drive product substitutions in existing markets and enable expansion into new applications like structural composites and steel substitutes. Resources, resource base, and recoverable resources. Along with similar terms, refer to the total remaining estimated quantities of oil and natural gas that are expected to be ultimately recoverable. 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. 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. Supplemental information
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31 DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Returns, rate of return, investment returns, project returns, IRR. Unless referring specifically to ROCE or 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. Structural cost savings (structural cost reductions, structural cost efficiencies, structural efficiencies, structural cost improvements) (Non-GAAP). Structural cost savings describe decreases in cash opex excluding energy and production taxes as a result of operational efficiencies, workforce reductions, divestment-related reductions, and other cost-savings measures, that are expected to be sustainable compared to 2019 levels. The total change between periods in expenses will reflect both structural cost savings and other changes in spend, including market drivers, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations, mergers and acquisitions, new business venture development, and early-stage projects. Structural cost savings from new operations, mergers and acquisitions, and new business venture developments are included in the cumulative structural cost savings. Estimates of cumulative annual structural cost savings may be revised depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to support management’s oversight of spending over time. This measure is useful for investors to understand our efforts to optimize spending through disciplined expense management. For information concerning the calculation and reconciliation of operating costs see the table on slide 34. Total shareholder return (TSR). For the purposes of this disclosure, total shareholder return is as defined by FactSet and measures the change in value of an investment in common stock over a specified period of time, assuming dividend reinvestment. For this purpose, FactSet assumes dividends are reinvested in stock at market prices on the ex-dividend date. Unless stated otherwise, total shareholder return is quoted on an annualized basis. Supplemental information
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RECONCILIATION OF 2024 EARNINGS U/S ENERGY PROD CHEMICAL PROD SPECIALTY PROD CORP & FIN Total Earnings (U.S. GAAP) 25.4 4.0 2.6 3.1 (1.4) 33.7 Identified items 0.2 0.1 (0.1) (0.0) 0.0 0.2 Earnings ex. identified items (Non-GAAP) 25.2 4.0 2.7 3.1 (1.4) 33.5 Supplemental information Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. 32
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33Millions of dollars unless specified otherwise. Due to rounding, numbers may not add. CASH CAPITAL EXPENDITURES 2010 2011 2012 2013 2014 2015 2016 2017 Additions to property, plant and equipment 26.9 31.0 34.3 33.7 33.0 26.5 16.2 15.4 Net investments and advances 0.1 2.5 (1.0) 3.3 (1.7) (0.2) 0.5 3.4 Less: inflows from noncontrolling interests for major projects -- -- -- -- -- -- -- -- Total cash capital expenditures (Non-GAAP) 27.0 33.4 33.3 37.0 31.2 26.3 16.7 18.8 Supplemental information Cash capital expenditures (Cash Capex) (Non-GAAP). Sum of Additions to property, plant and equipment; Additional investments and advances; and Other investing activities including collection of advances; reduced by Inflows from noncontrolling interests for major projects, each from the Consolidated Statement of Cash Flows. This measure is useful for investors to understand the cash impact of investments in the business, which is in line with standard industry practice. CASH CAPITAL EXPENDITURES 2018 2019 2020 2021 2022 2023 2024 Additions to property, plant and equipment 19.6 24.4 17.3 12.1 18.4 21.9 24.3 Net investments and advances 1.0 2.4 2.2 1.3 1.6 1.4 1.4 Less: inflows from noncontrolling interests for major projects -- (0.5) (0.7) (0.1) (0.0) (0.1) (0.0) Total cash capital expenditures (Non-GAAP) 20.6 26.3 18.8 13.3 20.0 23.2 $25.6
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34Billions of dollars unless specified otherwise. Due to rounding, numbers may not add. CALCULATION OF STRUCTURAL COST SAVINGS 2019 2024 Components of operating costs From ExxonMobil’s Consolidated statement of income (U.S. GAAP) Production and manufacturing expenses 36.8 39.6 Selling, general and administrative expenses 11.4 10.0 Depreciation and depletion (includes impairments) 19.0 23.4 Exploration expenses, including dry holes 1.3 0.8 Non-service pension and postretirement benefit expense 1.2 0.1 Subtotal 69.7 74.0 ExxonMobil’s share of equity company expenses (Non-GAAP) 9.1 9.6 Total adjusted operating costs (Non-GAAP) 78.8 83.6 Less: Depreciation and depletion (includes impairments) 19.0 23.4 Non-service pension and postretirement benefit expense 1.2 0.1 Other adjustments (includes equity company depreciation and depletion) 3.6 3.7 Total cash operating expenses (cash opex) (Non-GAAP) 55.0 56.4 Energy and production taxes (Non-GAAP) 11.0 13.9 Total cash operating expenses (cash opex) excluding energy and production taxes (Non-GAAP) 44.0 42.5 vs. 2019 Change: -1.5 Market +4.0 Activity/Other +6.6 Structural cost savings -12.1 Supplemental information
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35 Slide 13 1) “End-to-end CCS system” entails integration of CO2 capture, transportation, and storage. Based on contracts starting in 2025, subject to additional investment by ExxonMobil, and receipt of government permitting for carbon capture and storage projects. 2) ExxonMobil is pursuing a direct lithium extraction (DLE) process, which has a lower environmental footprint than conventional hard rock mining, which is most commonly used today. 3) Low Carbon Solutions earnings potential is estimated to grow by ~$2 billion from 2024 to 2030 to a positive $1 billion in 2030, subject to final 45V regulations for hydrogen production credits and receipt of government permitting for carbon capture and storage projects. Slide 14 1) Emission metrics are based on assets operated by ExxonMobil, using the latest performance and plan data available as of 3/1/2025. Methane intensity is calculated as metric tons CH4 per 100 metric tons of throughput or production. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and Ipieca. There is uncertainty associated with the emissions, reductions, and avoidance performance data due to variation in the processes and operations, the availability of sufficient data, quality of those data, and methodology used for measurement and estimation. Performance data may include rounding. Changes to the performance data may be reported as part of the Company’s annual publications as new or updated data and/or emission methodologies become available. We are working to continuously improve our performance and methods to detect, measure and address greenhouse gas emissions. ExxonMobil works with industry, including API and Ipieca, to improve emission factors and methodologies, including measurements and estimates. 2) ExxonMobil 2030 GHG emission-reduction plans are intensity-based and for Scope 1 and 2 greenhouse gas emissions from operated assets compared to 2016 levels. See https://corporate.exxonmobil.com/news/news-releases/2021/1201_exxonmobil- announces-plans-to-2027-doubling-earnings-and-cash-flow-potential-reducing-emissions. Slide 6 1) Total Addressable Markets derived from our Global Outlook, other internal assessments, and third party projections. Does not necessarily reflect our internal plans or assumptions. See slide 27 for the price and margin references used. Slide 8 1) Earnings and cash flow (including volume/mix earnings contribution) excludes identified items and is adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. Cash flow from operations also excludes working capital/other. Slide 10 1) Earnings exclude identified items and is adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%). Slide 12 1) Earnings exclude identified items and are adjusted to 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010- 2019. 2) >150 Kbd lower-emission fuels by 2030 subject to implementation of supportive government policies and supportive market conditions. 3) Total Addressable Market based on internal assessment of demand for both ProxximaTM resin and products from Carbon Materials in existing markets. Potential markets for ProxximaTM include mobility, infrastructure, industrial coatings, and others. Potential markets for Carbon Materials include energy storage, structural composites, and others. Supplemental information
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36 Slide 16 1) Data as disclosed during Corporate Plan Update on December 11, 2024 and assumes $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. All crude and natural gas prices for future years are adjusted for inflation from 2024. This chart assumes dividends are held flat relative to 4Q24 levels. Any decisions on future dividend levels are at the discretion of the Board of Directors. The PP&E / I&A factor includes changes in non-controlling interests. 3Q24 cash balance excludes $5 billion minimum cash assumption. Slide 17 1) Total shareholder returns indexed to 2019. Data per FactSet through December 31, 2024. 2) Third-party cash flow refers to cash flow excluding working capital/other and is calculated as earnings sourced from FactSet plus depreciation sourced from FactSet. 3) Calculated as of December 31, 2024. 4) Net debt-to-capital as of December 31, 2024. Credit rating refers to Standard & Poor’s long-term credit rating. Slide 18 1) 5-year total shareholder returns for period from December 31, 2019 through December 31,2024. Sourced from FactSet. 2) Current yield based on ExxonMobil’s 4Q24 dividend and stock price as of December 31, 2024. 3) Accretion via share repurchases based on announced $20 billion annual buyback program in 2025 and 2026 (assuming reasonable market conditions) and ExxonMobil’s market capitalization as of December 31, 2024. 4) Earnings exclude identified items and are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. 5) Compound annual growth rate (CAGR) of ~10% from 2024-2030 as disclosed during Corporate Plan Update on December 11, 2024. See slide 15 from Corporate Plan Update. Slide 14 (continued) 3) Based on Scope 1 and 2 emissions of ExxonMobil operated assets through 2022 (versus 2016). ExxonMobil’s reported emissions, reductions, and avoidance performance data are based on a combination of measured and estimated emissions data using reasonable efforts and collection methods. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and Ipieca. There is uncertainty associated with the emissions, reductions, and avoidance performance data due to variation in the processes and operations, the availability of sufficient data, quality of those data, and methodology used for measurement and estimation. Performance data may include rounding. Changes to the performance data may be reported as part of the company’s annual publications as new or updated data and/ or emission methodologies become available. We are working to continuously improve our performance and methods to detect, measure, and address greenhouse gas emissions. ExxonMobil works with industry, including API and Ipieca, to improve emission factors and methodologies, including measurements and estimates. Scope 1 and 2 emissions and intensity totals are calculated using market-based method for Scope 2 4) References to routine flaring herein are consistent with the World Bank’s Zero Routine Flaring by 2030 Initiative/Global Flaring & Methane Reduction (GFMR) Partnership principle of routine flaring, and excludes safety and non-routine flaring. Slide 15 1) Reinvestment rate = cash capex / cash flow from operations ex. working capital. Cash flow from operations excludes identified items and working capital/other and is adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. Supplemental information
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37 Slide 20 1) ExxonMobil (XOM) total shareholder return (TSR) and Consumer Price Index (CPI) data sourced from FactSet. 2) Average data from FactSet. Periods of high inflation identified where 12-month % change for Consumer Price Index for All Urban Consumers (CPI-U) averaged greater than 3.4% over a 6-month period. Slide 21 1) Third-party cash flow from operations is sourced from FactSet. 2019 to 2024 figures are actuals. Five-year CAGRs are from 2019 to 2024. 2) Net debt-to-capital as of December 31, 2024. Credit rating refers to Standard & Poor’s long- term credit rating. Each industrials bar represents the average net debt-to-capital ratio for the large-cap industrials with that credit rating. GE Vernova is excluded given that it did not close its spin-off from General Electric Company until April 2024. 3) EV / EBITDA multiples are calculated as enterprise value divided by next twelve months consensus EBITDA sourced from FactSet. Each point on the chart represents the average multiple from the previous five years (for example the 2018 figure is the average of the multiple for 2014, 2015, 2016, 2017, and 2018). 4) Large-cap industrials refer to companies in S&P Industrials sector with market capitalization >$75 billion as of December 31, 2024. Slide 22 1) Earnings exclude identified items and are adjusted to 2024 $65/bbl real Brent (assumes annual inflation of 2.5%) and 10-year average Energy, Chemical, and Specialty Product margins, which refer to the average of annual margins from 2010-2019. Slide 19 1) 5-year adjusted beta from Bloomberg as of December 31, 2024 for ExxonMobil, IOCs, Energy, Mag7, and large-cap industrials. Includes companies who publicly traded during entire 5-year period from December 31, 2019 through December 31, 2024. “IOCs” refers to BP, Chevron, Shell, and TotalEnergies. “Energy” refers to companies in S&P Energy sector with market capitalization >$20 billion as of December 31, 2024. “Mag7” refers to Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla. Large-cap industrials refer to companies in S&P Industrials sector with market capitalization >$75 billion as of December 31, 2024. 2) 5-year monthly average of 12-month Implied Volatility at 100% Moneyness from Bloomberg as of December 31, 2024 for ExxonMobil, IOCs, Energy, Mag7, and large-cap industrials. “IOCs” refers to BP, Chevron, Shell, and TotalEnergies. “Energy” refers to companies in S&P Energy sector with market capitalization >$20 billion as of December 31, 2024. “Mag7” refers to Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla. Large-cap industrials refer to companies in S&P Industrials sector with market capitalization >$75 billion as of December 31, 2024. Includes all data available for companies during 5-year period. 3) Volatility is measured based on Coefficient of Variation (CV) of cash flow from operations excluding working capital. Data sourced from Bloomberg as of February 28, 2025 and reflects average of quarterly results from 2010-2024 for ExxonMobil, IOCs, Energy, Mag7, and large-cap industrials. “IOCs” refers to BP, Chevron, Shell, and TotalEnergies. “Energy” refers to companies in S&P Energy sector with market capitalization >$20 billion as of December 31, 2024. “Mag7” refers to Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla. Large-cap industrials refer to companies in S&P Industrials sector with market capitalization >$75 billion as of December 31, 2024. Includes all data available for companies during 15-year period (excludes Uber given not within scale of graph). Supplemental information