First Quarter 2011 Earnings Conference Call and...

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2011 Analyst MeetingFirst Quarter 2011Earnings Conference Call and WebcastApril 28, 2011

David RosenthalVice President Investor Relations & Secretary

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Cautionary StatementForward-Looking Statements. Outlooks, projections, estimates, targets, business plans, and other 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; revenue enhancements and cost efficiencies; industry margins; margin enhancements and integration benefits; 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, gas, and petrochemical 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; the actions of competitors; 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. See also Item 1A of ExxonMobil’s 2010 Form 10-K. Forward-looking statements are based on management’s knowledge and reasonable expectations on the date hereof, and we assume no duty to update these statements as of any future date.

Frequently Used Terms. References to resources, resource base, recoverable resources, and similar terms include quantities of oil and gas that are not yet classified as proved reserves but that we believe will likely be moved into the proved reserves category and produced in the future. For definitions of, and information regarding, reserves, return on average capital employed, normalized earnings, cash flow from operations and asset sales, and other terms used in this presentation, including information required by SEC Regulation G, 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.

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Business EnvironmentGlobal economy and energy markets influenced by political unrest and economic uncertainty

Global economic recovery impacted by sovereign debt concerns, inflationary pressures, and Japan

Energy markets experiencing uncertainty with political unrest

Significantly higher oil prices; increased natural gas prices outside U.S.

Improved refining margins in the U.S. and Asia Pacific

Stronger chemical margins, especially commodities in U.S. and Europe

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1Q11 Financial ResultsDelivered superior results and demonstrated financial capacity by funding investment plan and distributing cash to shareholders

Billions of dollars unless specified otherwise

$18.2 Cash Flow from Operations

$15.9 Debt

$13.2 Cash Balance

$7.8 CAPEX

$7.2 Shareholder Distributions

$2.14Earnings Per Share – Diluted (dollars)

$10.7Earnings (effective tax rate of 47%)

Note: earnings exclude special items, if applicable. See IR supplement for Non-GAAP reconciliations.Note: cash flow from operations includes asset sales of $1.3B.Note: cash balance includes restricted cash of $401M.

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1Q11 Sources and Uses of Cash

$Billion

$0.8Additional Financing / Other

($7.2)Shareholder Distributions

$1.3Asset Sales

$13.2 Ending Cash Balance

($7.1)Additions to PP&E

$2.4Working Capital / Other

$3.8Depreciation

$10.7Earnings

$8.5 Beginning Cash Balance

Superior cash generation provides ability to fund robust projects, return cash to shareholders, and maintain financial flexibility

Note: earnings exclude special items, if applicable. See IR supplement for Non-GAAP reconciliations.Note: beginning and ending cash balances include restricted cash of $628M and $401M, respectively.

$18.2B

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Total Earnings – 1Q11 vs. 1Q10First quarter 2011 earnings increased $4.4B reflecting strong results across all business lines

Millions of Dollars

1Q10 U/S D/S Chem C&F 1Q11

6,300

10,650

2,861

2671,062 160

Note: earnings exclude special items, if applicable. See IR supplement for Non-GAAP reconciliations.

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Total Earnings – 1Q11 vs. 4Q10Sequential earnings remain robust, increasing $1.4B, reflecting stronger prices and chemical margins

Millions of Dollars

4Q10 U/S D/S Chem C&F 1Q11

9,250

10,6501,195 449(51) (193)


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Iraq West Qurna I

Current production about 320 kbd gross

Day-to-day operations transferred to Field Operating Division• Staffed by ExxonMobil and

South Oil Company

Three rigs currently drilling

Achieved improved production target, increasing volumes ten percent above initial field production

West Qurna Phase I Drilling Rig

Upstream

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Deepwater

ExxonMobil commenced drilling within several days of receiving permit approval

Evaluation of Hadrian North oil complex is ongoing

MWCC initial system operational; membership has grown to ten

Awarded 3 new production licenses

Hadrian-5 exploration well commenced drilling; awarded 3 new production licenses in Norway

Maersk Developer Drilling Rig

Upstream

U.S. Gulf of Mexico

Norway

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Indonesia

Kedung Keris well discovered second onshore oil field on Cepu block• Close proximity to Banyu Urip

development

Evaluating Barito Basin coal bed methane gas resource

Confirming resource potential with conventional by-the-bit oil discovery and coal bed methane evaluation drilling

Rig drilling Kedung Keris well

Upstream

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Earnings – 1Q11 vs. 1Q10Earnings increased $2.9B with stronger crude oil and natural gasrealizations. Upstream earnings per barrel were $20.

Millions of Dollars

1Q10 Realization Vol/Mix Other 1Q11

5,814

8,6752,550 (160) 470


Upstream

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Volumes – 1Q11 vs. 1Q10Volumes increased 10.5%: liquids -15 KBD, natural gas +2,836 MCFD

KOEBD

1Q10 Entitlements Quotas Divestments Net Growth 1Q11

4,3624,820

(65) 29 (35)529

Upstream

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Earnings – 1Q11 vs. 4Q10Sequential earnings increased $1.2B driven primarily by stronger crude oil and natural gas realizations

Millions of Dollars

4Q10 Realization Vol/Mix Other 1Q11

7,480

8,6751,310 410


Upstream

(520)

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Volumes – 1Q11 vs. 4Q10Volumes decreased 3%: liquids -127 KBD, natural gas -127 MCFD

KOEBD

4Q10 Entitlements Quotas Divestments Net Growth 1Q11

4,968 4,820(91) 16 (25) (48)

Upstream

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Mobil 1 Technology Partnership

Continue to provide Mobil 1 lubricant technology and engineering to Formula 1 racing

Enhance Mobil 1 leading-edge performance and apply learnings from use in extreme conditions

Supply a range of specialized lubricant products for use at the McLaren Technology Center

New agreement with Vodafone McLaren Mercedes maintains longest, continuous oil company sponsorship of a Grand Prix race team

Downstream

New Photo Needed

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Earnings – 1Q11 vs. 1Q10

Millions of Dollars

1Q10 Margin Vol/Mix Other 1Q11

37

1,099

470

350

240

Earnings increased $1.1B with improved industry refining margins, refining optimization, and favorable foreign exchange effects


Downstream

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Earnings – 1Q11 vs. 4Q10Sequential earnings were essentially flat as higher industry refining margins were offset by higher turnaround maintenance effects

Millions of Dollars


1,1501,099

160 (270)

60


Downstream

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New 220,000 ft2 facility equipped with 200+ processing machines and analytical instruments

STC has 22 development-scale and 16 commercial-scale product processing machines

China is largest petrochemical market, representing 1/3 of global growth through 2020

Opened world-class Shanghai Technology Center (STC), supporting the growing needs of ExxonMobil customers

Supporting Asia GrowthChemical

Shanghai Technology Center

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Saudi Elastomers Project

JV elastomers project has moved into front end engineering and design

Project will supply 400 KTA of synthetic rubber, thermoplastic specialty polymers, and carbon black to international markets

Jubail Industrial City selected as project site

Continuing long history of investment in Saudi Arabia and building on strong relationship with SABIC

KEMYA JV Chemical Plant

Chemical

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Earnings – 1Q11 vs. 1Q10Record quarterly earnings of $1.5B, an increase of $267M from 1Q10, driven by strong chemicals margins and feedstock advantage

Millions of Dollars


1,249

1,516

470 0 (200)


Chemical

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Earnings – 1Q11 vs. 4Q10Earnings increased $449M due to higher commodity chemicals margins and lower planned maintenance expense

Millions of Dollars


1,067

1,516340 10

100


Chemical

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Downstream & Chemical Earnings – 1Q11 vs. 1Q10Strong Downstream and Chemical earnings, reflecting competitive advantages and strength of integrated business model

Millions of Dollars


1,286

2,615

940

350 40


Integration

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SummaryExxonMobil’s strong financial and operating performance reflects value of integrated business model and competitive advantages

ExxonMobil possesses unique competitive advantages that create long-term shareholder value

• Operational excellence

• Disciplined investing

• Unparalleled portfolio quality

• High-impact technologies

• Global integration

$7.2 BillionShareholder Distributions

$18.2 BillionCash Flow from Ops

+10.5% growth (vs.

1Q10)

Upstream Volume Growth

$10.7 BillionEarnings

Note: earnings exclude special items, if applicable. See IR supplement for Non-GAAP reconciliations.Note: cash flow from operations includes asset sales of $1.3B.

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