Exxon Mobil Corporation at Barclays Capital 2009 CEO Energy Conference
1. delivering superior value
through the business cycle
Mark W. Albers
Senior Vice President
Barclays Capital CEO Energy/Power Conference
New York – September 9, 2009
2. cautionary statement
Forward-Looking Statements. Statements of future events or conditions in this presentation or the
subsequent discussion period are forward-looking statements. Actual future results, including demand
growth and mix; ExxonMobil’s own production growth and mix; the amount and mix of capital expenditures;
resource additions and recoveries; finding and development costs; project plans, timing, costs, and
capacities; product mix; and the impact of technology could differ materially due to a number of factors.
These include changes in long-term oil or gas prices or other market conditions affecting the oil and gas
industries; reservoir performance; timely completion of development projects; war and other political or
security disturbances; changes in law or government regulation; the outcome of commercial negotiations;
unexpected technological developments; the occurrence and duration of economic recessions; unforeseen
technical difficulties; and other factors discussed here and under the heading "Factors Affecting Future
Results" in the Investors section of our Web site at exxonmobil.com.
Frequently Used Terms. The terms “resources,” “resource base,” and similar terms include quantities of
discovered oil and gas that are not yet classified as proved reserves but that are expected to be ultimately
recovered in the future. Reserves in this presentation are calculated using ExxonMobil’s definition of proved
reserves, which assumes the long-term pricing basis that the corporation uses to make its investment
decisions. This differs from the SEC basis, which (effective 01/01/2010) is based on 12-month average
prices. Reserves herein (i) include proved reserves from oil sands operation in Canada, consistent with the
01/01/2010 revisions to the SEC’s rules; and (ii) are the combined total from both consolidated subsidiaries
and our interest in equity companies. Reserves replacement ratio for a given period is calculated utilizing
proved oil-equivalent reserves additions (calculated based on ExxonMobil’s definition of proved reserves)
divided by oil-equivalent production. For definitions of, and SEC Reg G information regarding, reserves,
return on average capital employed, normalized earnings, cash flow from operations and asset sales, and
other terms used in this presentation, see the "Frequently Used Terms" posted on the Investors section of
our Web site. The Financial and Operating Review on our Web site also shows ExxonMobil's net interest in
specific projects.
6. cost cycles
annual change in total erected cost – U.S. onshore
% asian
50% oil oil price gulf oil price
50 embargo drop war financial surge
crisis
40 40%
30 30%
2020%
10 10%
0 0%
-10%
-10 '70 '75 '80 '85 '90 '95 '00 '05
Source: ExxonMobil projects
7. growing demand for energy
energy demand
MBDOE
average growth / year
350 350
2005 – 2030
1.2%
wind, solar & biofuels
300 300
biomass, hydro & geothermal
250 250 nuclear
coal
200 200
150 150 gas
100 100
50 50 oil
0 0
'80 '05 '30
Source: The Outlook for Energy: A View to 2030, ExxonMobil, December 2008
8. global liquids supply and demand
MBDOE
120 average growth / year 120
2005 – 2030
1.0% Liquids Demand
90 90 ~38
Biofuels
60 ~28 60 NGL, OPEC
OPEC Crude Condensate, Other
Non-OPEC Oil Sands
30 30
Non-OPEC
Crude &
Condensate
0 0
'80 '05 '30
Source: The Outlook for Energy: A View to 2030, ExxonMobil, December 2008
9. gas supply and demand
North America
BCFD
120 average growth / year 120
2005 – 2030
1.0%
100 100
LNG
80 80
60 Unconventional
60
Local Production
40 40
20 20 Conventional
0 0
'00 '05 '30
Source: The Outlook for Energy: A View to 2030, ExxonMobil, December 2008
10. gas supply and demand
Europe
BCFD
120 average growth / year 120
2005 – 2030
0.9%
100 100
80 80
LNG
60 60
40 40 Pipeline
20 20
Unconventional
Conventional
0 0
'00 '05 '30
Source: The Outlook for Energy: A View to 2030, ExxonMobil, December 2008
11. gas supply and demand
Asia Pacific
BCFD
120 average growth / year 120
2005 – 2030
3.7%
100 100
LNG
80 80
Pipeline
60 60
Unconventional
40 40
Conventional
20 20
0 0
'00 '05 '30
Source: The Outlook for Energy: A View to 2030, ExxonMobil, December 2008
12. keys to success
• business risk management
• financial strength and flexibility
ExxonMobil -
industry leadership
• asset quality and diversity through the
business cycle
• disciplined and consistent business approach
• long-term perspective
13. organizational effectiveness
• global functional organization implemented at the merger
• unrelenting focus on efficiency and effectiveness
ExxonMobil Corporation employees (number)*
thousands
120
100
80
60
40
20
0
'99
1999 '00
2000 '01
2001 '02
2002 '03
2003 '04
2004 '05
2005 '06
2006 '07
2007 '08
2008
*regular employees at year-end
14. capturing quality growth opportunities
net exploration acreage
million
Asia, Middle East, Russia 42% increase in net exploration
acres Europe, Africa acreage from 2003 to 2008
Americas
80
unconventional gas resource example
acquisition cost* (unit cost)
60 100,000
ExxonMobil Entry
Competitor Entry
(oil-equivalent barrels per acre)
resource density
40
10,000
20
B sive
EB ive
/ O ens
OE en
0 / xp
.10 exp
$1 re e
/ O nce
$0 ss
EB
o
$1 fere
e
xm
xl
Re
10
10
1,000
10 100 1,000 10,000 100,000
0 entry cost (U.S. $ per acre)
'03 '08 *competitor entry cost data based on publicly announced deals
15. consistent reserves replacement
proved reserves replacement ratio*
%
150
100
50
0
1994
'94 1996
'96 1998
'98 2000
'00 2002
'02 2004
'04 2006
'06 2008
'08
*Calculated on ExxonMobil definition of proved reserves, assumes long-term pricing basis that the corporation uses to make its
investment decisions, and includes proved reserves from oil sands operations in Canada. Includes asset sales.
16. adding reserves at lower cost
'04-'08 reserves replacement cost*
$ per OEB
20
15
10
5
0
XOM BP RDS CVX
Reserves Replacement
Ratio ’04-’08 132% 115% 96% 101%
*costs incurred in property acquisition and exploration plus development activities, divided by proved oil-equivalent reserves additions,
including purchases. Competitor data estimated on a consistent basis with ExxonMobil, and based on public information. Reserves
calculated using year-end pricing; includes Canada oil sands; excludes asset sales.
17. upstream project execution
cost performance schedule performance
variance: actual versus funded (%), '04 to '08 start-ups variance: actual versus funded (%), '04 to '08 start-ups
150 150
114% 116%
103% 105%
100 100
50 50
0 0
ExxonMobil operated operated by others
18. maximizing value of assets
cold lake recovery estimates upstream operations uptime, '04 to '08
production kbd %
100
ExxonMobil operated
recovery operated by others
200 13 17 25 30+
factor %
95
150 93%
91%
90
100
50
85
0 80
1965
'65 1975
'75 1985
'85 1995
'95 2005
'05
19. disciplined cost management
cash costs per OEB, indexed* (FAS69)
250
RDS
RDS
200 BPBP
CVXCVX
XOM
XOM
150
100
2004
'04 2005
'05 2006
'06 2007
'07 2008
'08
*Upstream technical costs (FAS69) normalized using 10-K/20-F information
20. industry-leading volumes per share
reserves per share, indexed* production per share, indexed*
140 120
XOM
XOM
130
BP
110 CVX
120
BP
110
100
RDS
CVX
100
RDS
90 90
'04 '05 '06 '07 '08 '04 '05 '06 '07 '08
*competitor data estimated using a consistent basis with ExxonMobil, and based on public information
21. industry-leading upstream earnings
'04-'08 upstream net income per barrel* 1H 2009
$ / OEB
20
15
10
5
0
XOM
XOM CVX
CVX RDS
RDS BP
BP
*competitor data estimated on a consistent basis with ExxonMobil, and based on public information
22. industry-leading upstream returns
average capital employed* reported net income*
$B $B
80 40
60 30
40 20
20 10
0 0
XOM BP RDS CVX XOM BP RDS CVX
return on average capital employed*
%
60
'04 '08
40
20
0
XOM BP RDS CVX
*competitor data estimated on a consistent basis with ExxonMobil, and based on public information
23. key exploration wells
Canada Beaufort
West Greenland
Canada
UK North Sea
Horn River Canada Orphan
Germany
Hungary
Ireland Black Sea
Libya
U.S. Gulf of Mexico Philippines
Indonesia
Nigeria Makassar
Indonesia
Cepu
Angola
Madagascar Australia
Brazil
2009
3 new deepwater rigs
2010+ New Zealand
under contract
24. significant global project portfolio
number of projects (YE '08)
125
Russia / Caspian
100
planning /selecting
Africa
75
Europe
50 defining Americas
Asia Pacific
25
executing
Middle East
operating
0
project stage
project stage Geography
geography
26. Piceance project
• commercialize world-class resource through execution excellence
– technology application
– manufacturing efficiencies
– leveraging ExxonMobil global best practices
27. Qatar LNG projects
1999 Qatargas
2009
• startup of world’s largest trains-
Qatargas 2 Train 4 & RasGas Train 6
RasGas 2009
• largest LNG ships delivered
• South Hook and Adriatic LNG terminals
commissioned
• remaining startups
– Qatargas 2 Train 5
– RasGas Train 7
– Al Khaleej Gas
28. PNG gas project
ExxonMobil strengths:
• execution in challenging environment
Hides Gas
• developing national content Conditioning
Plant
• global gas marketing capability
• enabling external project financing
onshore pipeline elevation profile
10000
8000
Elevation (ft)
6000
4000
2000
0
0 20 40 60 80 100 120 140 160 180 200
Distance (miles)
29. long-term commitment to research
identified commercial
opportunities evaluation applications
Advanced Subsurface Imaging Controlled Freeze ZoneTM LNG technologies
Shale Gas Pore Network EMColdFlowTM Fast Drill Process
Characterization
30. profitable production growth
total production outlook
MOEBD, net
5 5 5
4 4 4
3 gas 3 conventional flow streams 3
2 2 2
1 liquids 1 extended plateau 1
0 0 0
'08 '09 '10 '11 '12 '13 '08 '09 '10 '11 '12 '13
31. Upstream business well positioned
• highest standards of integrity
• largest, high-quality resource portfolio
• lowest life-cycle cost, exploration to production
• disciplined use of global best practices ensuring continuous
improvement
• proprietary suite of industry-leading technologies
• attractive growth opportunities
. . . to deliver superior value through the business cycle
