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• ThirdQuarter2015EarningsCall
• JeffWoodbury• VicePresident,InvestorRelaCons&Secretary
• October30,2015
Cau$onary Statement
• Forward-LookingStatements.Outlooks,expectaCons,forecasts,esCmates,targets,businessplans,andotherstatementsoffutureeventsorcondiConsinthispresentaConorthesubsequentdiscussionperiodareforward-lookingstatements.Actualfutureresults,includingfinancialandoperaCngperformance;demandgrowthandmix;ExxonMobil’svolume/producCongrowthandmix;theamountandmixofcapitalexpenditures;resourceaddiConsandrecoveries;findinganddevelopmentcosts;projectplans,Cming,costs,andcapaciCes;drillingprograms;productsalesandmix;dividendandsharepurchaselevels;cashanddebtbalances;corporateandfinancingexpenses;andtheimpactoftechnologycoulddiffermateriallyduetoanumberoffactors.TheseincludechangesinoilorgaspricesorothermarketcondiConsaffecCngtheoil,gas,andpetrochemicalindustries;theoccurrenceandduraConofeconomicrecessions;reservoirperformance;theoutcomeofexploraCon;CmelycompleConofdevelopmentprojects;warandotherpoliCcalorsecuritydisturbances;changesinlaworgovernmentregulaCon,includingsancConsaswellastaxandenvironmentalregulaCons;theoutcomeofcommercialnegoCaCons;opportuniCesforinvestmentsordivestmentsthatmayarise;theacConsofcompeCtorsandcustomers;unexpectedtechnologicaldevelopments;unforeseentechnicaldifficulCes;andotherfactorsdiscussedhereandundertheheading"FactorsAffecCngFutureResults"intheInvestorssecConofourWebsiteatexxonmobil.com.SeealsoItem1AofExxonMobil’s2014Form10-K.Forward-lookingstatementsarebasedonmanagement’sknowledgeandreasonableexpectaConsonthedatehereof,andweassumenodutytoupdatethesestatementsasofanyfuturedate.
• FrequentlyUsedTerms.Referencestoresources,theresourcebase,barrelsofoil,volumesofgasandliquids,andsimilartermsincludequanCCesthatarenotyetclassifiedasprovedreservesunderSECdefiniConsbutthatwebelievewilllikelybedevelopedandmovedintotheprovedreservescategoryinthefuture.ShareholderdistribuConsreferredtointhispresentaConmeancashdividendsplussharespurchasedtoreducesharesoutstanding(excludinganC-diluCvepurchases).FordefiniConsandmoreinformaConregardingresources,reserves,cashflowfromoperaConsandassetsales,freecashflow,andothertermsusedinthispresentaCon,includinginformaConrequiredbySECRegulaConG,seethe"FrequentlyUsedTerms"postedontheInvestorssecConofourWebsiteandtheaddiConalinformaConprovidedinthispresentaConandinthe8-KfiledtodaywithourearningspressreleaseandIRsupplement.TheFinancialandOperaCngReviewonourWebsitealsoshowsExxonMobil'snetinterestinspecificprojects.
• Theterm‘project’asusedinthispresentaConcanrefertoavarietyofdifferentacCviCesanddoesnotnecessarilyhavethesamemeaningasinanygovernmentpaymenttransparencyreports.CauConaryStatement
Headlines
• HeadlinesRelentlessfocusonbusinessfundamentals,includingcostmanagement
• DeliveringonourinvestmentandoperaCngcommitments
• DownstreamandChemicalresultsunderscoreresilienceofintegratedmodel
• YTDCashflowfromoperaConsandassetsales$27.6B1;posiCvefreecashflowThirdquarterearningsof$4.2billion1IncludesProceedsAssociatedwithAssetSalesof$1.6B
Business Environment
• BusinessEnvironmentGlobaleconomicgrowthslowedduringthethirdquarterU.S.growthtapered• ChinaconCnuedtodecelerate,andrecoveryinJapanremainedweak• Europe’seconomystabilized• Crudeoilpricesresumeddecline• Globalrefiningmarginsstrengthened• Chemicalcommodityandspecialtymarginsimproved
3Q15 Financial Results
• 3Q15FinancialResults1IncludesProceedsAssociatedwithAssetSalesof$0.5B
3Q15 Sources and Uses of Funds
• 3Q15SourcesandUsesofFundsCashbalancesdecreasedby$100Minthethirdquarter1Beginningbalanceincludesrestrictedcashof$0.1B• 2IncludesPP&EAddsof($6.4B)andnetadvancesof$0.2B
Total Earnings – 3Q15 vs. 3Q14
• TotalEarnings–3Q15vs.3Q14Earningsdecreased$3.8BduetolowerUpstreamearnings,parCallyoffsetbystrongerDownstreamresultsandlowercorporatecostsMillionsofDollars
Total Earnings – 3Q15 vs. 2Q15
• MillionsofDollarsTotalEarnings–3Q15vs.2Q15Earningscomparableto2Q15aslowerUpstreamearningsoffsetstrongerDownstreamresultsandlowercorporatecosts
Earnings – 3Q15 vs. 3Q14
• Earnings–3Q15vs.3Q14Earningsdown$5.1BduetolowerrealizaCons,partlyoffsetbyfavorablevolume/mixeffectsUpstreamMillionsofDollars
Volumes – 3Q15 vs. 3Q14
• Volumes–3Q15vs.3Q14UpstreamkoebdVolumesincreased2.3%:Liquids+266kbd,naturalgas-1.1bcfd
Earnings – 3Q15 vs. 2Q15
• Earnings–3Q15vs.2Q15Earningsdecreased$673M,aslowerliquidsrealizaConswerepartlyoffsetbyfavorableforeignexchangeimpactsandtheabsenceofunfavorabletaxitemsUpstreamMillionsofDollars
Volumes – 3Q15 vs. 2Q15
• Volumes–3Q15vs.2Q15UpstreamkoebdVolumesdecreased1.5%:Liquids+40kbd,naturalgas-604mcfd
Earnings – 3Q15 vs. 3Q14
• Earnings–3Q15vs.3Q14Earningsincreased$1.0Bduetostrongerrefiningmargins,parCallyoffsetbyhighermaintenanceDownstreamMillionsofDollars
Earnings – 3Q15 vs. 2Q15
• Earnings–3Q15vs.2Q15Earningsincreased$527MonstrongermarginsandlowermaintenanceDownstreamMillionsofDollars
Earnings – 3Q15 vs. 3Q14
• Earnings–3Q15vs.3Q14Earningscomparableto3Q14withstrongermarginsoffsetbyunfavorableforeignexchangeeffectsChemicalMillionsofDollars
Earnings – 3Q15 vs. 2Q15
• Earnings–3Q15vs.2Q15EarningsflatsequenCallywithstrongermarginsandfavorablesalesmixoffsetbytheabsenceofassetmanagementgainsChemicalMillionsofDollars
Business Fundamentals
• BusinessFundamentals2RelentlessfocusregardlessofcommoditypricesOperaConalintegrity• Maximizereliability• Costmanagement• $8billionYTDnetreducConincapitalandcashoperaCngcosts• Upstreamunitcostdown10%• SuperiorprojectexecuConMarketCostSavings
• ProjectsUpdateUpstreamDemonstraCngworld-classprojectdevelopmentcapabiliCesErhaFPSO,offshoreNigeria21Majorprojectstart-upssince2012• Added+750KOEBDofworkinginterestproducConcapacity• Achievingstrongreliability• PNGLNGcapacityupto7.3MTA• Twocapital-efficientprojectscompleted3Q:• Nigeria:ErhaNorthPhase2• Norway:AasgardSubseaCompression• BanyuUripCPFstarCngupbyyearend•
• NewOpportunityGrowthUpstreamHighgradingtheresourcebasethroughnewopportunitycapturesGuyana:large3Dseismicunderway• Nigeria:securedtwohigh-potenCalblocks• Permian:acquiredinterestin48,000acres3DSeismicacquisiConoffshoreGuyana
• SelecCveInvestmentsDownstreamGrowinghigher-valueproducts• Roqerdamhydrocracker• Highperformancelubricantbasestocksandultra-lowsulfurdiesel• Integratedinvestmentatadvantagedsite• 2018start-up
• SingaporesyntheCclubricantoilblendingplant• ManufactureMobil1inAsia• Supportsgrowingdemand• 2017start-upRoqerdamRefineryisaworld-scale,integratedcomplex
YTD Sources and Uses of Cash
• YTDSourcesandUsesofCashFinancialflexibilitytoinvestthroughcycle• Dividendspershareup5.8%vs.3Q14• Buybackprogrammaintained• $7.4billionYTDFreeCashFlow1IntegratedcashflowssupportdistribuConsandfundinvestments1CalculatedasCashFlowfromOperaConsandAssetSales($27.6B)lessPP&EAdds/Investments• andAdvances($20.2B)• 2IncludesPP&EAddsof($20.4B)andnetadvancesof$0.2B2$B
Summary
• DeliveringonourinvestmentandoperaCngcommitmentsSummaryHighlightsCapturingDownstream&Chemicalvalue• SuperiorprojectexecuConcapabiliCes• ConCnuedinvestmentandcostdiscipline• PosiCvefreecashflow1IncludesProceedsAssociatedwithAssetSalesof$1.6B• 2CalculatedasCashFlowfromOperaConsandAssetSales($27.6B)lessPP&EAdds/Investmentsand• Advances($20.2B)
• QuesCons