Exxon Mobil : Fourth Quarter 2022 Earnings - webcast presentation materials

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Strong results, positioned for continued success

Cautionary Statement

FORWARD-LOOKINGSTATEMENTS. Statements of future events, conditions, expectations, plans, or ambitions in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions of future carbon capture, biofuels, and hydrogen plans to drive toward net zero are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, and rates of return; total capital expenditures and mix, including allocations of capital to low carbon solutions; realization and maintenance of cost reductions and efficiency gains, including the ability to offset inflationary pressures; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operations, to meet ExxonMobil's emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology efforts; success in or development of future business markets like carbon capture, hydrogen or biofuels; maintenance and turnaround activity; drilling and improvement programs; price and margin recovery; shareholder distributions; planned 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; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of investments such as European taxes on the energy sector; variable impacts of trading activities each quarter; policy and consumer support for emission-reduction products and technology; the outcome of competitive bidding and project wins; regulatory actions targeting public companies in the oil and gas industry; changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment; taxes, trade sanctions, and actions taken in response to pandemic concerns; the ability to realize efficiencies within and across our business lines and to maintain current cost reductions as efficiencies without impairing our competitive positioning; the outcome and timing of exploration and development projects; decisions to invest in future reserves; reservoir performance, including variability in unconventional projects; the outcome of exploration projects and decisions to invests in future resources; timely completion of construction projects; war and other security disturbances; expropriations, seizures, and capacity, insurance or shipping limitations by foreign governments or international embargoes; changes in consumer preferences; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of our or competitors' 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 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. 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.

Reconciliations and definitions of non-GAAP and other terms are provided in the text or in the supplemental information accompanying these slides beginning on page 26.

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2022: execution of our strategy is driving strong results

Leading Performance | Essential Partner | Advantaged Portfolio | Innovative Solutions | Meaningful Development

• Industry-leading2022 financial performance driven by strong operating results1
• Grew production to meet global needs for energy and products
• Formed Product Solutions, creating the world's largest fuels, chemicals, and lubricants business
• Expanded Low Carbon Solutions opportunities; signed ground-breaking CCS agreement
• Enhanced portfolio, investing $22.7 billion of Capex in advantaged projects and selling ~$5 billion of non-core assets
• Further enhanced disclosures and increased transparency
• #1 ranking in industry as most attractive employer among U.S. engineering students2

See Supplemental Information for footnotes.

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It's an "and" equation: meeting the world's needs and

reducing emissions

25Koebd

>30% 450Kta 250Kbd

Upstream production growth despite significant divestments and Sakhalin-1 expropriation

Production growth in Guyana and Permian

Baton Rouge polypropylene unit started up in 4Q22

U.S. refining capacity expansion mechanically completed; largest U.S. addition since 2012

100% >40%

2million

80million

Elimination of routine flaring in Permian Basin operations1

Reduction in methane intensity since 20162

Metric tons of third-party CO2 per year expected to be captured and permanently stored in Louisiana by 2025

Pounds of annual advanced recycling capacity started up in Baytown, Texas

See Supplemental Information for footnotes and definitions.

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Favorable market driven by industry underinvestment and geopolitical factors

Industry prices / margins 10-year annual range1

Crude prices2	Natural gas	Refining	Chemical
($/bbl)		prices3	margins4	margins5
		($/mbtu)	($/bbl)	($/tonne)
2021	2022	4Q22	10-year range

• Recovering demand and tight supply drove crude prices higher
• Supply reductions and uncertainty in Europe pushed natural gas prices up
• Lower inventories and stronger demand boosted refining margins
• Normalization of regional pricing, increased supply, and flat demand in China reduced chemical industry margins

See Supplemental Information for footnotes.
Natural gas prices and refining margins not to scale outside of 10-year annual range.	5