AnalystAnalyst MeetingMeeting NewNew YorkYork MarchMarch 8,8, 20062006 Cautionary Statement
Forward-Looking Statements. Outlooks, projections, estimates, targets, and business plans 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; 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 Investor Information section of our website at www.exxonmobil.com. See also Item 1A of ExxonMobil’s 2005 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. The discussion of reserves in this presentation generally excludes the effects of year-end price/cost revisions and includes reserves attributable to equity companies and our Syncrude operations. 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 Investor Information section of our website. The Financial and Operating Review on our website also shows ExxonMobil's net interest in specific projects.
22 2005 – Record Results
• Industry-leading safety performance
• Record financial performance
– Net Income $36.1 B
– ROCE 31 %
– Cash flow from Operations and Asset Sales $54.2 B
• Cash Returned to Shareholders $23.2 B
• Capex $17.7 B
33 2005 – Record Results
Normalized Earnings $B
40 Chemical Downstream • Superior results in all 35 Upstream business lines Net Income 30
25 • Industry-leading results across the cycle 20
15 • Capitalizing on competitive 10 advantages
5
0 '01'02'03'04'05
44 Proven Long-Term Approach
Disciplined Investment
Growth in Superior Shareholder Operational Cash Flow Value Excellence
Industry Leading Returns
55 Disciplined Investment Investing for the Future Capex by Business Line Geographic Capex Distribution $B $B, avg. 2001-2005 25 Chemical / Other Downstream Other Upstream
20 Russia/Caspian North America
15 Asia Pacific/ Middle East
10
5 Africa Europe
0 '01 '02 '03 '04 '05
66 Disciplined Investment Investing for the Future Capex by Business Line $B $B Chemical / Other Downstream 25 25 Upstream Planning Range (Total) 20 20
15 15
10 10
5 5
0 0 '01 '02 '03 '04 '05 '06 '07-'10 Average Estimate Estimate 77 Disciplined Investment Technology Leadership
Technology Spend* Avg. 2000-2004 $M
700 600 • Consistent, long-term approach 500 to technology investment 400
300 200 • Focus on proprietary research 100 leads to competitive advantage 0 XOM RDS BP CVX Total Patents 2001-2005 • Balance between breakthrough and # extension of existing advantages 2,500
2,000
1,500 • Technology process managed to
1,000 maximize value
500
0 XOM RDS BP CVX
* Based on public information 88 Disciplined Investment Effective Asset Management
Asset Divestments, 2001-2005 $B
6 Chemical Downstream Upstream • Rigorous management process 5 Coal & Minerals BP • Maximize shareholder value 4
3 • Cash flow total of $13.6 billion over the past five years
2 • Cumulative earnings impact
1 of $4.6 billion since 2001CVX
0 '01'02'03'04'05
99 Operational Excellence Safety Leadership
Lost Time Incident Rate Incidents per 200k hours Employee 0.5 Contractor
0.4 U. S. Petroleum Industry Benchmark* 0.3
0.2
0.1
0.0 '01 '02 '03 '04 '05 * 2005 Industry data not available 1010 Operational Excellence Global Functional Organization
• Common standards and culture
• Integrated, global processes and systems
• Flawless execution
• One team, multiple resources
• Continuous improvement, rapid deployment of technology and best practices
1111 Operational Excellence Support Services Example
Global Organization Implemented at Merger
Common / Global Processes Standardized / Optimized
Standard / Global IT Systems Common Business Systems Backbone
Support Services Costs Consolidate into Low Cost Locations $B, FX adjusted
0.2 0.6 st (1.5) • $700 million in co 5.1 4.4 savings since 1998
1998Inflation Growth/ Efficiencies 2005 Other 1212 Operational Excellence Cost Control and Productivity Cash Operating Costs $B Inflation 50 40 • More than $1 billion in cost 30 efficiencies in 2005 20
10 • Another $1 billion expected 0 '01 '02 '03 '04 '05 in 2006 Cash Operating Costs at ‘05 Forex & Energy price* Workforce • More than offsetting inflation Thousands 105 • Significant productivity 95 improvements 85
75
65 * Operating costs (see Frequently Used Terms) '01 '02 '03 '04 '05 excluding depreciation and depletion 1313 Industry-Leading Returns Delivering Superior ROCE Return on Capital Employed* 2001-2005 Cumulative Asset Write-offs** 5-Year Rolling Average $B % 26 XOM RDS BP CVX 0
22 XOM -2
18 RDS -4 14 CVX
Upstream BP -6 10
Coal & Minerals 6 -8
'01 '02 '03 '04 '05 ** Calculated from public information on a before-tax basis and converted to after-tax using average corporate tax rate * Competitor data estimated using a consistent basis with 1414 ExxonMobil, and based on public information Superior Cash Flow Superior Cash Flow
Cash Flow from Operating Activities* $B
50 XOM RDS BP • Record cash from operations 40 CVX** - Over $48 billion in 2005
30 - Average $32 billion per year from 2001 to 2005 20 • Capturing the upside
10
0 '01 '02 '03 '04 '05 * Excludes asset sales 1515 ** CVX 2005 cash from operations estimated based on reported earnings and DD&A Superior Cash Flow Capturing More Upside Indexed Cash Flow from Operating Activities* % of 2001 cash from operations
225 XOM • Capturing more of the RDS upside than competition 200 BP CVX** 175 • Strong performance across 150 all business lines
125 • Long-term approach appropriate in cyclical 100 business
75
50 '01 '02 '03 '04 '05 * Excludes asset sales 1616 ** CVX 2005 cash from operations estimated based on reported earnings and DD&A Growth in Shareholder Value Superior Distributions
Cash Returned to Shareholders $B • Distributed $79 billion since 2000 80
Share Purchases* • Paid dividends for more than 60 100 years
40 • Increased annual dividend payment each of the last 23 years 20 DividendsDividends • Annual dividend increased 9% per year over last 3 years 0 '00 '01 '02 '03 '04 '05
* In excess of dilution 1717 Growth in Shareholder Value Share Buyback Program
Shares Reduced via Buybacks* Buyback Contribution to EPS % 2000 shares outstanding $/share
102 0.60
CVX** 100 0.50
98 BP 0.40
96 0.30 RDS 94 0.20 92 XOM 0.10 90
88 0.00 '00'01'02'03'04'05 '00 '01 '02 '03 '04 '05 * Period end shares outstanding based upon publicly available data ** CVX not shown past 2004 because of Unocal acquisition 1818 Growth in Shareholder Value Increasing Value per Share
Growth Since Share Buyback Inception Indexed Growth
150 • Shares outstanding reduced 140 by 12% Value of buyback program 130 • Market cap increased by 26% 120 Stock price growth
110
Market cap growth • Share price increased by 43% 100
90
Shares outstanding 80 '00 '01 '02 '03 '04 '05
1919 Corporate Summary
• 2005 record year
Disciplined Investment • Long-term approach delivering
Growth in superior results Superior Shareholder Operational Cash Flow Value Excellence • Building on our advantages Industry Leading Returns • Delivering rapid sustainable business improvements
2020 Upstream Overview
Analyst Meeting March 8, 2006 Upstream 2005 Highlights
• Record earnings $24.3 B
• ROCE 46 %
• Production volumes 4.1 MOEBD
• Resource adds 4.4 BOEB
• Proved reserves adds 1.7 BOEB
• Capex $14.5 B
2222 Upstream Upstream Strategies
• Identify and pursue all attractive exploration opportunities
• Invest in projects that deliver superior returns
• Maximize profitability of existing oil and gas production
• Capitalize on growing natural gas and power markets
2323 Upstream Business Approach
Large, High-Quality Resource Base Attractive Project Portfolio
Disciplined Investment
Growth in Superior Project Superior Shareholder Operational Management Excellence Cash Flow Value
Industry Leading Returns Maximum Value from Production Assets
Industry-Leading Proprietary Technology Returns Development and Competitive Advantages Deployment Through the Asset Lifecycle 2424 Upstream: Large, High-Quality Resource Base Superior Size and Quality
Total Resource Base Resource Type BOEB BOEB
80 73 LNG Russia/Caspian Heavy Oil Tight Gas Africa
Asia Pacific/ Middle East 40 Europe Acid/Sour Gas
Conventional Americas Arctic Deepwater 0 YE '05
2525 Upstream: Large, High-Quality Resource Base Quality Heavy Oil Resources – Kearl Resource Quality Total Volume: Bitumen-in-place uality 12 ing q Increas
8
Fort Hills Horizon 4
Joslyn 0 Kearl Fort Hills Joslyn Horizon Resource Size BOEB XOM 5 Competitors
4
3
2
1
0 Kearl Fort Hills Joslyn Horizon
2626 Upstream: Large, High-Quality Resource Base Adding to the Resource Base
Annual Resource Additions 2005 Resource Adds BOEB 5
4 Norway Canada Kazakhstan 3 2 U.K. 1 Qatar 0 '01 '02 '03 '04 '05 5 Yr Nigeria Avg. Chad Average Annual Finding and United Resource Acquisition Costs States $/OEB 0.8 Angola Australia Brazil 0.6
0.4
0.2
0.0 '01 '02 '03 '04 '05 5 Yr Avg. 2727 Upstream: Large, High-Quality Resource Base Adding to the Resource Base – 2006/07 Exploration
Canada-Orphan Basin
Norway-Kogge
Kazakhstan- U.S.-Blackbeard Ansagan
Madagascar- Colombia-Tayrona Majunga Block Block
2828 Upstream: Large, High-Quality Resource Base Industry-Leading Reserves Proved Reserves* (YE 2005) XOM Proved Reserves Replacement BOEB (Including asset sales, excluding YE pricing) 25 % 100
20 50 0 '01 '02 '03 '04 '05 15 XOM YE’05 Proved Reserves by Region
BOEB 10 Russia/Caspian
Africa Americas 5
0 XOM BP RDS CVX Yrs Asia Pacific/ Remaining 14.5 12.3 9.5 13.6 Middle East Europe * ExxonMobil reserves includes year-end price/cost revisions and Canadian tar sands operations Competitor data estimated using a consistent basis with ExxonMobil, and based on public information 2929 Upstream: Attractive Project Portfolio 2005 Major Project Start-Ups
Kristin
Arthur Azeri-Chirag-Gunashli Phase 1 Al Khaleej Gas Phase 1 Sakhalin-1 Phase 1 RasGas Train 4
Bonga
Cumulative Kizomba B Year Start-Ups 2005 8
3030 Upstream: Attractive Project Portfolio 2006 Major Project Start-Ups
Fram East Syncrude Upgrader Expansion Azeri-Chirag-Gunashli Phase 2
Thunder Horse East Area Additional Erha & Erha North Oil Recovery Guntong Hub
Cumulative Year Start-Ups Dalia 2005 8 2006 16
3131 Upstream: Attractive Project Portfolio 2007/2008 Major Project Start-Ups
PBU Western Region Dev. (Orion)
Ormen Lange Statfjord Late Life Volve
Starling Tengiz Phase 1 Azeri-Chirag-Gunashi Phase 3 RasGas Train 5 Piceance Tight Gas Phase 1 RasGas Train 6 Qatargas II Train 4
East Area Natural Kizomba C Gas Liquids Cumulative Year Start-Ups Rosa Area 2005 8 2006 16 2007/‘08 30
3232 Upstream: Attractive Project Portfolio 2009+ Major Project Start-Ups
Alaska Gas Project/ Point Thomson Mackenzie Gas Project Skarv/Idun Kearl Phase 1 Tyrihans Kashagan Phase 1 Sakhalin-1 Gas Kashagan (Future Phases) Export Hebron Tengiz Expansion Kearl (Future Phases) Tempa Rossa Al Khaleej Gas (Future Phases) RasGas Train 7 Piceance Tight Qatargas II Train 5 Gas Phase 2 LNG IPP Project Qatar GTL Natuna Bosi Oil Satellite Projects PNG Gas Bonga SW Usan Project Bonga Ullage Banyu Urip Cumulative Kizomba D Angola LNG Lirio-Cravo Year Start-Ups Greater Gorgon Paz Flor 2005 8 Kipper/Tuna 2006 16 2007/‘08 30 2009+ 62
3333 Upstream: Attractive Project Portfolio Strong Project Inventory
# of Projects Project Phase 120 • Inventory develops Planning 26 BOEB (net)
80 • Designing, implementing, Designing and start-up projects
50% increase in number of projects 40 Implementing since 2001 Average development cost of $3/OEB gross Start-up 0 '01 '02 '03 '04 '05
3434 Upstream: Attractive Project Portfolio Adding Quality Extended-Plateau Capacity 2005-2015 Major Project Start-Ups
MOEBD-Net 25002.5 Conventional • Over 2 MOEBD capacity Decline to be added by 2015 Flowstreams 17 20002.0 • 65% of new capacity from extended-plateau T flowstreams 15001.5
10001.0 Extended- Plateau Flowstreams
17 5000.5
0 T 00 2006 2015
3535 Upstream: Superior Project Management Leading Industry in Large Project Execution
Operated Projects > $1 Billion, Start-Up 2005-2008
Development Cost Cost Growth (since 1Q 2005)
$/OEB %
4 30
3 20
2
10 1
0 0 XOM Competitors* XOM Competitors*
Sources: Wood Mackenzie, public information and project owner data * RDS, BP, CVX 3636 Upstream: Superior Project Management Execution Excellence - Deepwater Angola Block 15 Production Build-Up KBD-Gross 600 • Design One, Build Multiple
Kizomba 400 B • Established new worldwide 2003 Planning Outlook benchmark for cycle time 200 Kizomba A
Xikomba • Achieved production rates 0 ‘03 ‘04 ‘05 ‘06 at or above expectations
• Utilized tension leg platforms for cost effective well intervention
• Developing Kizomba C
3737 Upstream: Superior Project Management Execution Excellence - Sakhalin 1
Vertical Depth (K feet)
0
• Phased approach 10 Chayvo • World-class extended-reach 20 drilling performance
010203040 Reach (K feet) • On-schedule start-up in Rate (feet/day) October 2005 700 8 600 7 5 XOM • Onshore production facility 4 6 Competitors 500 3 start-up YE 2006 400 2 1 300
200
100
0 Extended-Reach Wells 3838 Upstream: Superior Project Management Execution Excellence - Qatar LNG LNG Train Capacity Growth LNG from XOM-Interest Trains MTA-Gross MTA-Gross Qatargas II Train 4 8 RasGas Train 6 Funded 6 Qatar LNG Trains Operating 60 4 RasGas 7
2 Qatargas 5
RasGas 6 0 40 ‘69 ‘77 ‘83 ‘96 ‘04 ‘05 ‘08 Major train size increases – Start-Up year Qatargas 4
Cost of Service RasGas 5 % RasGas 4 20 RasGas 3 100100 Larger RasGas 1-2 Trains Larger Terminal 5050 Ships Qatargas 1-3 0 00 Conventional Large '03 '04 '05 '06 '07 '08 '09 '10 LNG LNG
3939 Upstream Pursuing Gas and Power Opportunities
Alaska MackenzieMackenzie
U.K. Sakhalin-1Sakhalin-1 Italy U.S. Gulf Coast Qatar HongHong KongKong
Natuna Nigeria PNG Angola Gorgon/ Jansz
PowerPower LNG Terminals LNGLNG Gas-To-Liquids Pipeline-GasPipeline-Gas
4040 Upstream: Maximum Value from Production Assets Industry-Leading Earnings per Barrel 2001-2005 Earnings per Barrel* Capturing Value Across the Cycle
XOM Normalized Earnings per Barrel, prior 24 quarters $/OEB $/OEB 2005 20 20
15 15
R2 = 0.991 10 10
5 5
0 0 XOM RDS BP CVX 10 30 50 70 Production-Weighted Marker Price ($) * Competitor data estimated using a consistent basis with ExxonMobil, and based on public information 4141 Upstream: Maximum Value from Production Assets Improving Recovery with Quality Drilling Programs
2001-2005 Non-Project Drilling*
MOEBD-Net 2001-2005 Annual Average 1.0 • 43 rigs operating
• $2.2B investment
• 160 KOEBD first-year 0.5 production
• Revisions/improved recovery reserve adds of 500 MOEB 0.0 '01 '02 '03 '04 '05
* Cumulative production contribution from all non-project drill wells since January 1, 2001
4242 Upstream: Maximum Value from Production Assets Enhancing Recovery with Technology
ExxonMobil EOR Experience • Systematic approach to EOR evaluation
• Industry leader in EOR technology and experience
• Proprietary next-generation reservoir simulator – EMPower
Industry EOR Projects
XOM XOM Participation Participation Significant 2005 Production Under evaluation Other EOR experience Light Heavy Oil Oil
4343 Upstream: Maximum Value from Production Assets Capturing Value with Divestments
Proved Production Reserves 2001-2005 Asset Sales
• Approximately 2% of YE 2005 Average 2005 Year-end 2005 production/reserves sold (KOEBD) (MOEB)
• Lower profitability, limited potential assets Assets Divested 2001-2005 Remaining Assets $/OEB Years • Capitalized on strong market 20 20 - $4.6 B cash 15 15 - $0.8 B earnings 10 10
5 5
0 0 Total Expenses Field Life (R/P)
4444 Upstream: Proprietary Technology Unlocking Tight Gas
Piceance Basin Breakthrough Technology
Green River Basin Wyoming Just-in-Time Annular Coiled Perforating Tubing Fracturing Utah Colorado
Uinta Basin Piceance Basin
Well Productivity 1 1.0 Cumulative Production (Bcf) Piceance Basin Development 0.80.8
0.60.6 • Over 1600 zones fractured XOM Technology - Currently at 45 zones/well 0.40.4 • 55 mcfd initial field development 0.2 0.2 Conventional Approach
Cumulative Production (Gcf) • Technology licensed to major 00 service providers 0 100 200 300 400 500 Producing Time (days) 4545 Upstream: Proprietary Technology Drilling Wells Faster
Fast Drill Process Analyze, Drill, Redesign, Repeat ... Analyze & Identify • Real-time, rig-centered Limits Capture Learnings & Design to • Brings science Transfer Overcome closer to operations Globally Fast Drill Limits Workflow • Wells drilled up to 35% Real-Time faster Redesign Real-Time Energy Based Analysis
Before After 100% Performance Improvement Feet per Day
4646 Upstream: Proprietary Technology Integrating Best-In-Class Technologies Understanding the Subsurface Optimizing the Geologic modeling Development
Reservoir simulation Seismic imaging Basin Visualization & processing modeling
Commercializing the Resource
150 Developed Capacity History/Prediction 100
50 Maximizing (KBD) Production 0 Ultimate Value 1970 1980 1990 2000 2010 2020 2030 Enhanced Recovery
4747 Upstream: Summary Delivering Profitable Capacity Growth
MOEBD 5
• Result of robust inventory Africa 4 and strong processes spian ia/Ca Russ • Geographically diverse 3 Asia Pacific/ Middle East • Enabled by functional expertise, 2 integrated and leveraged Europe worldwide
1 • Delivering on our strategies Americas
0 '05 '06 '07 '08 '09 '10
4848 Upstream: Summary Industry-Leading Performance 2001-2005 Return on Average Capital Employed* % 50 2005 • Large, high-quality resource base 40 • Attractive project portfolio
30 • Superior project management 20 • Maximum value from production assets 10 • Proprietary technology
0 XOM RDS BP CVX
* Competitor data estimated using a consistent basis with ExxonMobil, and based on public information 4949 Downstream Overview
Analyst Meeting March 8, 2006 Downstream 2005 Highlights
• Record financial performance - Earnings $8 B - ROCE 32 % - Refinery throughput 5.7 MBD Refining & Supply - Petroleum product sales 8.3 MBD
• Operational excellence continues - Safety and environmental - Reliability
Fuels Marketing - Energy efficiency
• Strategic initiatives delivering - More than $1B “self-help” each year
Lubes Marketing 5151 Downstream Business Strategies
• Maintain best-in-class operations, in all respects
• Provide quality, valued products and services to customers
• Lead industry in efficiency and effectiveness
• Capitalize on integration with other ExxonMobil businesses
• Selectively invest for resilient, advantaged returns
• Maximize value from leading-edge technology
5252 Downstream Business Approach
Global Scale & Integration Structural Advantages Project Execution
Disciplined Investment Raw Material Flexibility Growth in Superior Shareholder Operational Cash Flow Value Excellence Margin Industry Enhancement Leading Returns Operating Efficiencies Asset Industry-Leading Technology Utilization Returns Leadership
5353 Downstream Global Scale and Integration
Europe/AME 18 Refineries
Americas Asia-Pacific 16 Refineries 11 Refineries
• Largest global refiner • Largest global supplier & marketer of petroleum products • Largest manufacturer & marketer of lube basestocks • Largest global producer of polyolefins, benzene & paraxylene
5454 Downstream Refining Structural Advantages
Average Integration with Capacity and Refinery Size Chemicals or Lubes Geographic Mix
KBD % MBD 250 80 6
APAP
200 70 4 EAME
150 60 2
AmericasAmericas
100 50 0 XOM BP RDS Industry XOM RDS BP Industry XOMXOM RDS RDS BP BP
Source: Equity capacity calculated on consistent basis using public information 5555 Downstream Fuels Marketing Structural Advantages
Global Fuel Sales KBD
Refining & • Largest supplier & marketer Supply Sales Retail of petroleum products 40% Sales 30% • Leveraging integration with refining
• Broad spectrum of customer channels
• Product placement for highest value I&W Sales Aviation & 20% Marine Sales 10%
5656 Downstream Lubes Marketing Structural Advantages
Market Share % 20 XOM RDS BP • Largest manufacturer and marketer of lube basestocks
15 • Leveraging integration with refining
• Strong OEM relationships 10 • Technically advanced products 5
0 Basestocks Finished Lubricants
5757 Downstream Self-Help: Economic Refining Growth
Distillation Capacity Growth ∆ KBD
600
400 ~50 KBD 200 per year
0 '95 '00 '05 Conversion Capacity Growth ∆ KBD
400
300
200 ~35 KBD 100 per year “Equivalent to a new
0 refinery every 3 years” '95 '00 '05 5858 Source: EM / O&GJ, 100% basis Downstream Self-Help: Refining Margin Enhancement
Raw Material Flexibility Lower Crude Costs Higher Value Products
Crude Runs, Indexed Crude Quality, Indexed Clean Product Yield, Indexed
10 2 XOM Crude Sulfur 170 110
160 Challenged 150 10 0 Crudes 105 140
130
120 98 100 Industry 110 Crude API Gravity 100
90 95 96 '00 '01 '02 '03 '04 '05'00 '01 '02 '03 '04 '05'00 '02 '04 '05*
* 2005 Estimated – Solomon survey only prepared in even years Source: EM, Solomon 5959 Downstream Self-Help: Refining Margin Enhancement
Molecule Management
$M/Year, Cumulative before-tax
750 • Molecular fingerprinting
• Process modeling
500 • Process control and optimization
250 • Scheduling & blending
0 '02 '03 '04 '05 '06 '07 '08
6060 Downstream Self-Help: Refining Operating Efficiency
Energy Index Personnel Index Unit Cash Cost
Indexed Indexed Indexed 115 10 4 130 Industry Industry 10 2 Industry 120 110
10 0 110 105 98
XOM 100 96 XOM 100 XOM 90 94
92 80 95 '00 '02 '04 '05 ***'00 '02 '04 '05 '00 '02 '04 '05
* 2005 Estimated – Solomon survey only prepared in even years Source: Solomon 6161 Downstream Self-Help: Refining Asset Utilization
Reliability Capacity Utilization Indexed Indexed
XOM 102 110 Throughput
100 100 XOM
90 Unplanned Lost 98 Capacity 80
96 Industry 70
60 94 '00'01'02'03'04'05 '00 '02 '04 '05*
* 2005 Estimated – Solomon survey only prepared in even years Source: EM, Solomon 6262 Downstream Self-Help: Retail Marketing
Asset Utilization Nonfuels Income Growth Breakeven Fuels Margin
Indexed ∆$M*, Improvement Since 2000 U.S., Indexed
120 200 110
Fuel Sales 110 per Site 150 100 100
90 100 90 No. of Retail 80 Sites 80 50 70
60 70 0 '01 '02 '03 '04 '05 '01 '02 '03 '04 '05 '01 '02 '03 '04 '05
* Before-tax
6363 Downstream Self-Help: Lubes Marketing
Operating Efficiencies Growth Markets Flagship Products (Finished Lube Sales) IndexedIndexed Indexed
100 150 150 Workforce
XOM Blend Plants XOM Order Centers 50 Product 125 125 Complexity
Industry* Industry*
0 100 100 '01 '02 '03 '04 '05 '01 '02 '03 '04 '05 '01'02'03'04'05 * ExxonMobil estimate 6464 Downstream Technology Leadership
Focus Areas Strategic Objectives R&D Programs
Crude Contaminant Control Lower Crude Costs Fiber Optic Corrosion Sensors Raw Material Flexibility Capacity Utilization Coke Morphology Molecular Optimization Slurry Decoking Throttling Valve
Erosion Resistant Materials Improve Efficiency Advanced Catalysis Higher Reliability Lower Costs Fouling Inhibition Technology Asset Utilization Equipment Health Monitoring
Flagship Lube Products – Mobil 1 Higher Yields Process Modeling & Optimization Tools Upgrade Products Higher Value Products Plant Automation Increase Margin Molecule Management
6565 Downstream Self-Help Drives Earnings Growth
Earnings $8.0B
Self-Help
Industry Margins Inflation Forex $3.4B
2000 2005
6666 Downstream Industry-Leading Returns Average Capital Employed* Reported Net Income
$B $B XOM RDS BP 40 8
30 6
20 4
10 2
0 0 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 Return on Average Capital Employed* %
30
20
10
0 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05
6767 *Competitor data estimated using a consistent basis with ExxonMobil, and based on public information Chemical Overview
Analyst Meeting March 8, 2006 Chemical 2005 Highlights
• Earnings of $3.9B, ROCE of 28% - Global scale and integration - Feedstock flexibility - Successful margin enhancement
• Operational excellence continues - Safety - Reliability - Energy efficiency
• Capex of $654M - High return efficiency projects - Low-cost expansions - Specialty business growth
6969 Business Strategies
Long-term strategy built on ExxonMobil’s core competencies
• Unique portfolio of global integrated businesses
• Integration across ExxonMobil operations
• Focus on cost management, reliability and efficiencies
• Disciplined investment in advantaged projects
• Technology leadership
7070 Chemical Business Approach
Unique Business Portfolio Global Scale & Integration Advantaged Projects Disciplined Investment Asset Utilization Growth in Superior Shareholder Operational Cash Flow Value Excellence Cost
Industry Management Leading Returns Advantaged Feedstocks Premium Industry-Leading Technology Products Returns Leadership
7171 Chemical Unique Portfolio of Businesses
ExxonMobil Chemical Earnings Rank* Commodity Businesses $B Aromatics 1 4.0 Olefins 2 Polyethylene 2 Polypropylene 5 3.0 Specialty Businesses
Butyl 1 2.0 Fluids 1 Oxo 1 Synthetics 1 Films 1 1.0 Adhesion 1 Ethylene Elastomers 2 Additives 2 0.0
'95 '00 '05 *Based on worldwide market position
7272 Chemical Long-Standing Integration Advantage
Integration Benefits
Petrochemical Gas Processing Plant Natural • Advantaged feed access Gas • Molecule optimization
• Energy integration
• Coordinated planning RefineryRefinery Crude Oil and • Shared site services Feedstocks • Common processes
• Research & Technology
7373 Chemical Positioned for Asia Pacific Growth Asia Pacific/Middle East Capacities
10MT
8 Announced • Existing advantaged asset base 6 - Feedstock 4 - Integration - Market access 2 Existing
0 XOM BP RDS Dow Major Project Opportunities
• Pursuing additional advantaged Fujian Ras Laffan opportunities
Singapore
7474 Chemical Singapore Expansion Project
Refinery Chemical Plant
Existing Plant Proposed Project
PE PE
PP PP Singapore Singapore Steam Arom #2 Steam Arom Cracker Cracker Oxo Oxo
Fluids Elast
7575 Chemical Improvement via Self-Help
Energy Workforce Indexed Indexed Steamcracking Other Operations 100 100
90 90
80 80 '02 '05 '02 '05 '02 '05 Advantaged Feedstocks Reliability Gains
Indexed Cumulative MT vs 2001
120 1.5
1.0 100 0.5
80 0.0 '02 '05 '02 '03 '04 '05
7676 Chemical Technology Leadership
Focus Areas Strategic Objectives R&D Programs
Refining Synergies Heavy Steam Cracker Feeds Gas-to-Olefins Advantaged Feed Gas-to-Chemical Feed Flexibility New Aromatics Feeds Synthetics Feed Flexibility
Step-Skipping Zeolite Catalyst Extensions Lower Cost Process Step-Out Economics Butyl Mercury Reduced Cost In-Reactor Compounds Unipol Fundamentals
Specialties Growth Novel Elastomers & Adhesives Premium Products Higher/Stable Returns Improved Stiffness / Toughness Balance Differentiation Nanocomposite Materials Achieve™ Meltblown
7777 Chemical Delivering Superior Returns Average Capital Employed* Reported Net Income $B $B 30 XOM RDS CVX Dow 4 20
2 10
0 0 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 Return on Average Capital Employed* % 30
20
10
0 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05 ‘00 ‘05
*Competitor data estimated using a consistent basis with ExxonMobil, and based on public information 7878 Summary
Analyst Meeting March 8, 2006 Industry Environment
• Growing demand for energy; nearly 50 percent increase by 2030
• Technology and investment critical to meeting future energy needs
• Long-term capital intensive industry
• Industry driven by long-term trends
8080 Industry Challenges Play to our Strengths
• Global functional organization, scale, and geographic diversity
• Unmatched financial and technology strength
• Industry-leading resource base and project portfolio
• Integration of UpstreamDownstream and Chemical
• Superior businessCoal & Minerals approach and execution
8181 ExxonMobil Superior Business Approach
Disciplined Investment • Staying the course
Growth in Superior Shareholder Operational • Building our advantages Cash Flow Value Excellence
Industry • Growing shareholder value Leading Returns
8282 Additional Information
Analyst Meeting March 8, 2006 Chemical Industry Environment The Industry Cycle* Margin Trends* Polyethylene, Polypropylene, Paraxylene MT % Nominal $ Capacity 200 Utilization 90 1000
150 85
Demand PE Asia Pacific 100 80 500
PX 50 75 Rest of World
0 70 0 '90 '95 '00 '05 '10 '90 '95 '00 '05 * ExxonMobil Estimates 8484