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Focus on the future Plus Introducing Darren Woods Meet our newest directors Stories from Hurricane Harvey 1

The new biofuels Rotterdam refinery project – 1 No. 2017 Where did you learn about that amazing new initiative?

From producing low-emission natural gas, to the development of fuel cells, to our support of math and science education, Energy Factor™ uncovers how ExxonMobil prepares for the future. Visit EnergyFactor.com on your laptop, tablet or mobile phone and keep up to date by subscribing to our newsletter. #EnergyFactor

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Cover image: Research scientist Kelsey McNeely is part of a team developing oil from algae

In this issue

Darren W. Woods Chairman and CEO 4 22 Digital issue available Mark W. Albers The Lamp bids farewell Excitement and pride The Lamp is available online. Visit Senior Vice President A look at The Lamp’s long history surround Guyana development exxonmobil.com/digitallamp or Michael J. Dolan Great partnerships are driving download the ExxonMobil app Senior Vice President 6 this project to have a look and to share the Andrew P. Swiger A winning attitude stories on social media. Senior Vice President Introducing new ExxonMobil 24 Jack P. Williams A wide aperture into the future Senior Vice President Chairman and CEO Darren W. Woods Our work on energy efficiency, Suzanne M. McCarron Vice President-Public 10 emissions reduction, biofuels and Government Affairs In their own words and other emerging technologies Jeffrey J. Woodbury Experiences of employees during the Vice President-Investor Relations and Secretary devastating Hurricane Harvey 28 The new biofuels Rebecca Arnold Editor 14 The rewards are worth the challenges Pat Gabriel Going the extra mile is the GCG Marketing key to success Art Director Director Doug Oberhelman says 30 Len Shelton it’s important to step out of one’s A new approach to Photography Coordinator comfort zone fundamental research Cynthia Solomon Collaborating with university Production and Distribution Coordinator 16 energy centers Work hard and know who you are Please address all Lamp ExxonMobil Director Angela Braly 34 correspondence, including shares her steps to success Excellence achieved across requests to reproduce any portion of the magazine, to global scope of the corporation the editor at Exxon Mobil Highlights from the latest Corporation, 5959 Las 18 Colinas Blvd., Irving, TX For climate and energy solutions, Corporate Citizenship Report 75039-2298. it’s a matter of scale Noted atmospheric physicist 36 Dr. Susan Avery joins the Panorama ExxonMobil board Business highlights from around the world 20 Rotterdam refinery harnesses technology and opportunity New unit improves capabilities, creates new marketing channels and positions the Dutch plant for the future

3 The Lamp bids farewell Editor’s note: With this issue, The Lamp will conclude publication, ending a nearly 100-year run. During that time, we published close to 420 issues and more than 12,600 pages. This article chronicles the history of The Lamp and highlights the array of other communication choices now available to readers.

ExxonMobil predecessor Standard Lighting the way Saudi Arabia,” which transported subscriptions for $1.00 a year. At Oil faced a number of challenges As president, Teagle had other readers to new and exciting that time, The Lamp was printed in the early years of the 20th critical obligations, primarily regions of the world. and mailed to subscribers every century, including the 1911 expanding the company’s Interest in the magazine other month. breakup, falling oil production, worldwide exploration and quickly grew beyond its soaring petroleum product production programs. He turned employee base to include Editorial refocus demand and growing international the day-to-day editorship of The investors, stockbrokers, students, As Standard’s worldwide competition. But there were also Lamp over to Northrup Clarey, financial writers and other organization grew, the internal issues that demanded the a former financial editor of The external groups. Requests for corporation organized itself along attention of management. New York Times. But Teagle kept the publication grew to such affiliate lines and established The company recognized a hand in directing the publication a level that by the early 1920s, stand-alone companies in the need for better employee even from afar, suggesting the company actually sold the various countries where relations and major reforms articles, approving copy and in wages, benefits and job submitting future story ideas. conditions. So it embarked on The first issue of the a major overhaul of personnel publication confirmed its mission policies. A cornerstone of and reason for its name: “It is those changes, which set new hoped that its rays will reach standards for American industry, everyone interested directly or was a commitment to greater indirectly in the fortunes of the communication between the company – and that it will light company and its employees. the way to an understanding of Walter Teagle, who was one another and that no shadows appointed president of Standard of misconception nor suspicion Oil in 1917 at the age of 39, will endure in its presence.” was brought in to oversee these From its onset, The Lamp changes. Teagle, at the time contained detailed articles about one of the youngest men to run Standard Oil’s operations, financial a large American corporation, performance, management was accessible and caring, but viewpoints, corporate milestones, also intense and hard-driving. employee activities and He immediately set about accomplishments. It restructuring Standard Oil and also presented broader strengthening its employee educational features about benefits with enhanced the petroleum industry, retirement and stock-purchase such as how explorers find programs. He elevated the role of oil and how gasoline prices public and media relations and, are determined. There were as part of that effort, developed a even “travelogue” stories new in-house magazine in 1918 about the search for oil with called The Lamp, appointing titles like “Adventures in the upper himself de facto editor. Amazon” and “Hunting for oil in

4 Story by Bob Davis Photography by Doug Mangold New avenues Just as The Lamp originated nearly 100 years ago due to Standard Oil’s understanding of the importance for better communications, it operated. Employee highlighting exploration; ExxonMobil understands that readers today communication – the initial Chemsphere magazine, profiling consume news very differently. Most receive editorial mission of The Lamp – the company’s global chemical their information on laptops and mobile became the responsibility of each business; and numerous affiliate devices, and they want stories and business affiliate. Additional specialized publications such as Esso news faster and more frequently than a print magazines proliferated among Australia’s Connection magazine. publication can deliver. Digital delivery also the companies highlighting Beginning in the 1940s, offers significant cost efficiencies. particular aspects of the energy The Lamp editors retooled We encourage readers to keep up to date industry. These included Oilways, the magazine away from its on our corporate news by using a number of which showcased the company’s strictly internal focus to include news sources available and accessible online: motor oil and lubricants external audiences, particularly Energy Factor (energyfactor.com) features business; Search magazine, shareholders. company news, in-depth reviews of science and technology highlights, employee profiles, and perspectives on the energy industry. You can sign up to receive regular newsletters. Join us on Facebook, Twitter and LinkedIn to be part of our online community, stay connected to the company, and share content with family and friends. Our website (exxonmobil.com) is an in-depth source for news, publications and important shareholder information. Sign up for email alerts to learn whenever the company issues news releases or announcements. You can also find ExxonMobil on YouTube and in the App Store on your mobile devices. The Lamp brought the stories of ExxonMobil people and places to life for nearly a century. Now, Energy Factor and our other digital tools will continue to highlight the achievements of our corporation, and the many talents and accomplishments of our employees around the world.

5 Executive profile

A winning attitude

The Lamp profiled Darren Woods when he became senior vice president in 2015. In his earlier interview, he described his upbringing and his experience in the Downstream and Chemical organizations. Now that Woods has been named chairman and CEO, we wanted to check back in and ask what challenges and opportunities he sees in his new role.

Congratulations on your our Dallas headquarters. I’ve election! How’s it going? worked for great managers, It’s been an extraordinary first year who challenged me every step so far. I’m fortunate to be part of of the way. There’s no better a very talented and capable team. preparation for a role like this I feel we’re off to a strong start. than a career at ExxonMobil. We’re building on a legacy of leadership from the many talented You often speak of the people who have made our importance of “winning.” What company great over the past 135 exactly do you mean by that? years. It’s a real honor to follow in It starts with deciding what we’re their footsteps. We’re very focused trying to do. Do we want to be on the future, working to grow our among the best – or the best? competitive advantage, becoming Do we race to finish – or to win? more efficient, running our Frankly, given the strength of business even more effectively and our organization, the quality and creating greater shareholder value. capability of our people, and the competitive advantages we’ve built What experiences do you think over decades, I’d be disappointed prepared you for the top job? with anything other than a win. One of ExxonMobil’s many This means creating greater strengths is the way we develop shareholder and stakeholder value our people. We offer them a than any of our competitors. diversity of career experiences This requires more than just that span the globe. We challenge continuous improvement. It them with big jobs and significant requires greater improvement, responsibilities early in their delivered faster, than any of careers. We help people realize the advances made by our that they are capable of more competitors. It requires us to grow than they think. competitive advantage and fully During my 25 years with the leverage it in the areas that create company, I’ve really benefited the most value. It requires a clear from that approach. I had the strategy, owned by every level of

chance to work in a variety of the organization, for each sector Chairman and CEO Darren W. Woods roles across the Downstream in which we choose to compete. companies, in Chemical, and at That is what we’re focused on.

6 Profile by Matt Gobush 7 Darren Woods visits the Baytown refinery Photo by Pam Farmer

What challenges do you and stakeholder value over the happen again. Technology will Mozambique and the Permian see ahead? long term. In an increasingly ultimately play a role in unlocking Basin here in the United States to The world needs affordable energy competitive environment, with solutions for most, if not all, of name a few. All are world class. to grow its economies and advance markets currently over-supplied, our challenges. The Permian will enable us to living standards. The world also this is a significant challenge. take advantage of our integrated needs to manage and protect its What opportunities out there businesses, which span the value environment and natural resources. So what’s the solution? make you the most excited? chain along the U.S. Gulf Coast. Society doesn’t have the luxury of It starts with our people. I don’t I’m excited by opportunities Earlier this year, I announced choosing one over the other. We think there’s any organization across our entire portfolio. In the our “Growing the Gulf” have to tackle both. in the world with people more Downstream, we’re investing initiative, which is expanding At ExxonMobil, we play a vital talented or capable than those in proprietary technology to manufacturing capacity to take role. The work we do every day at ExxonMobil. My job, along increase the production of higher- advantage of abundant oil and is focused on these objectives. with the other leaders in the value products and position our natural gas from shale. All told, Lowering cost and improving organization, is to empower and refineries as some of the most it’s a $20 billion investment productivity while minimizing our fully leverage this capability. competitive in the world. program spanning 11 projects environmental footprint and the Technology is also critical. In Chemical, we’re leveraging a over a 10-year period, and will emissions from our operations Advances in technology are host of organizational capabilities create 45,000 jobs. and products is helping. But we allowing us to do things today – from projects to sales – and I’m also excited about our have more to do. I’m confident that people thought weren’t technology advantages in research and development that further advances will come possible a decade ago. The processes and products to invest program, which is exploring with the research we’re doing industry has unlocked vast strategically in high-value, high- technologies to improve our across a broad spectrum of resources of oil and natural gas growth businesses. business performance and help technology opportunities. we had once thought out of In the Upstream, I’m mitigate the risks of climate Of course, we do this to reach. Industry innovation led to excited about several of our change. It’s an exciting time for generate greater shareholder an energy revolution. This will new investments in Guyana, our industry and our company.

8 “Technology will ultimately play a role in unlocking solutions for most, if not all, of our challenges.”

Chairman and CEO Darren W. Woods

What are your priorities as Panel on Climate Change, chairman and CEO? Stanford University, MIT and My first priority is to ensure others. We’re reducing emissions that all of us continue to live by in our operations. We’re and promote our company’s helping consumers reduce their values, including safety and emissions with improvements integrity. I want us to build in our products. And we’re on our strong foundation of investing in breakthrough operational excellence and technologies that could be corporate citizenship. I want us game-changing, like biofuels and to empower and fully leverage carbon capture and storage. the talents and capabilities of We recently joined the our people. Climate Leadership Council, Another priority of mine is for which supports a revenue- us to further differentiate the neutral carbon tax. We also capabilities and performance of support the Paris agreement. our technology organization and We have a lot of experience in functional companies. the energy industry and a deep Finally, our priority must be to understanding of the available win – to beat our competition technologies. We can make a in creating shareholder and significant contribution. stakeholder value. As the world takes on this challenge, everyone will have Early on as chairman and CEO, to play a part – governments, you’ve spoken out about the industry and consumers. climate change. Where are you We must also remember that on this issue? some parts of the world are It’s an important issue, part in desperate need of reliable, Darren Woods has held several roles in the Downstream Photo by Robert Seale of the dual challenge I talked affordable energy. We have to and Chemical businesses, and in Investor Relations about earlier. ExxonMobil is meet this need as well. committed to helping address the challenge – and has been Any final thoughts It’s lifting billions of people also have exciting opportunities for years. We’ve been involved for readers of The Lamp? out of poverty. It’s enabling to address energy’s impact on in climate research for almost 40 Let me say, whether you’re an hundreds of millions to join the the environment. We’ve made years. We’ve made significant employee, an annuitant or a middle class. It’s helping more great progress over the years. contributions to the science shareholder of ExxonMobil, people get the medical care, I’m optimistic that our research and partnered with some of the you’re part of something big, education and jobs they need. efforts will help unlock additional world’s leading scientific and and something important. The Our company has many exciting opportunities. I’m proud to be a research organizations, including energy we produce is powering opportunities to continue to part of all that we do, and I hope the U.N. Intergovernmental progress around the world. contribute to this progress. We you are too.

9 In their own words Relentless winds. Nonstop rain. Epic flooding and destruction. Hurricane Harvey brought it all. ExxonMobil employees responded with resolve, perseverance and selfless inspiration. Here are a few of their stories.

The massive storm roared out dropping upwards of 50 inches human resource hotlines and or how long you have worked of the darkness of the Gulf of of rain in some areas and causing recovery action plans after the in your job. The stories here are Mexico at 10 p.m. on Friday, widespread catastrophic flooding. storm passed. a small example of the wider August 25, and slammed into Days before impact, When the rains began to fall impact and response to the storm South Texas with winds of more ExxonMobil teams were and the waters began to rise, – the heroism of first responders than 130 miles per hour. The preparing: shutting in production thousands of people – including and volunteers, the taking in of hurricane leveled homes and and evacuating crews from hundreds of employees and their families in need, the rescuing businesses in Port Aransas and offshore platforms; assembling families – were forced from their of the suddenly homeless, the Rockport with a force likened by workers at its refining and homes, many of them given little delivery of food and water to the one resident to “a bomb blast chemical complexes in Baytown time to gather what they could hungry, and more. going off.” and Beaumont to shut down before evacuating. There’s a commonality to these After a brief foray inland, facilities safely; evaluating the We could fill the pages of this stories that encompasses not Harvey weakened, did an about- effects of potentially idle pipelines magazine with their accounts, only caring for one’s immediate face, and tracked back over the and marketing terminals on because when an event like family, but also for the wider warm waters of the Gulf. Now gasoline and product supplies; this occurs, it affects everyone, community. They also show an a tropical storm, it stalled over and setting up emergency regardless of where you live, the incredible dedication to helping Houston for nearly five days, response and monitoring centers, position you have in the company the company get its operations

10 Story by Bob Davis Harvey relief by the numbers ExxonMobil donated much-needed cleaning supplies to help Texas Gulf Coast residents recover from devastating flooding brought on by Hurricane Harvey. Here is a summary of the items the company donated. 30K 40K 1,600 3,500 500

bottles of water 1-gallon cases of cardboard pairs of safety glasses sprayers for disinfecting bottles of bleach boxes for packing homes and businesses 5K 4K 35K 800 2K

pairs of leather pairs of nitrile gloves dust masks rolls of heavy-duty rolls of tape work gloves trash bags

Hurricane Harvey dumped an estimated 19 trillion gallons of rain over southeast Texas – enough to fill a cube 2.6 miles wide by 2.6 miles long by 2.6 miles high

safely up and running again in over the phone. Only later did community, and helping by getting Jimmy Smith order to supply energy to where I learn that this person or that fuel to customers in a time of need.” Process mechanical supervisor, it’s needed. Pervading each of person had his or her house Baytown complex these accounts is the knowledge flood. You would have never Kristy McCarty “Shutting down a refinery safely that when disaster strikes, none known it on the phone. Their Environmental department lead, during a storm is crucial because of us has to go it alone. dedication is so high that there Beaumont complex with the winds and the rains and were times you had to tell them, “During a shutdown, you can’t skip potential flooding, if you don’t Steve Hart ‘Hey, go take care of yourself. steps. My role before, during and have the proper planning, you Vice president global supply We’ll get someone else to cover after the storm was to ensure that could have a significant impact and transportation, Houston until you get back.’ we compliantly and safely shut on the environment, and to the “Throughout the entire “Our people are not looking down. Our team was in constant safety of our people. organization, there was an for accolades for what they do. contact with regulatory agencies. “The toughest part was seeing urgency and a dedication. We They realize that their work will It was great to see people coming my fellow employees impacted. had many employees suffering not be fully seen by the public, together as a team to solve There were so many employees flood damage. But while the and they don’t expect it would problems, and how willing everyone out there trying to take care of their storm was still going on, we be. They know what they’re was to make environmental homes and families. There was so were working issues together doing is helping – helping their compliance a priority.” much devastation out there.”

11 Arce Sambilay insulation and flooring. It had Console supervisor, Baytown been just me, my wife and complex son trying to get all that work “Saturday night, I started my done. Man, what a tremendous shift, and we were monitoring difference it made.” the radar. At 2 a.m., it started raining, and it never stopped. Richard Bowen So we began to shut down the National account manager, plant, and we went into live-in Fuels, Lubes and Specialties conditions. I was here for four Marketing, Houston more days as a live-in. “After evacuating our home, I “I’ve lived in Baytown for 30 was safe in a relative’s home years, and I’ve never seen as and watching news coverage of Beaumont employees much water on the roads in all the storm when the reporter in helped with the interior that time. At the plant, everybody a boat turned down a familiar demolition at a co-worker’s pitched in. You didn’t have to street – my street. flood-damaged house ask people; they were there. “That’s when the reality of the There was never just one person situation began to set in. There working on just one thing. was our house, on national “It was always at least two television. We could see that we people or a team of people had suffered a devastating loss. Joey and Laura Hanks responding together. Everybody We were numb. spent many hours pitched in.” “Then, without us even helping their neighbors and colleagues clean asking, help began to arrive. An their homes Reno Castillo ExxonMobil employee came Instrumentation specialist, with cleaning supplies. Then Baytown complex a professional remediation “I wasn’t able to get to the crew, arranged and paid for by plant. My house has been here ExxonMobil, arrived to clean out 30 years and has never flooded our house. before. The only way in and out “During one of the most was by boat. But I did a lot of difficult times in our lives, the troubleshooting over the phone company was there for me. I am throughout the storm with my truly grateful and thankful for colleagues. A friend and I were the assistance. It makes me even helping in the neighborhood, and prouder to say that I work for we came back to my place and ExxonMobil.” we were taking care of what had “We expanded to about 60 tied up his boat in my driveway. to be done inside the refinery. employees and contractors, and I got a call and was actually Steve Garcia “Later, I personally participated we quickly developed a solution: sitting on my wet couch, and we Safety coordinator, Baytown in the transport of 2,000 pounds bring in temporary pumps and worked through an issue. complex of food and a whole lot of water. 600 feet of pipelines, and draw “Every day, someone from “One of the things I saw I can’t even remember how water from the river to the the company would call and personally was the way the many loads we did.” treatment plant. Roads into and ask, ‘Is your family OK? Do you community came together. I saw out of the city were impassable, have food? Do you have a place some of our firefighters from Dan Misko so we had to fix this with the to stay? Do you need help at the refinery on TV going into a Engineer, Beaumont complex people we had in Beaumont. It your house? Do you need gas, flooded subdivision and taking “The city’s water-treatment took all of us working together dehumidifiers, supplies?’ people out in their personal facility was knocked out by the to secure the resources and “And then, when the storm boats. It was like they were flood. So we got a team together materials to actually go out and was over, they sent workers taking care of what had to be to think through, ‘How do we do this. While we were working here to help tear out Sheetrock, done outside the refinery, while solve this problem?’ to get the treatment plant back,

12 “But when you see people at their lowest low, and you help them and see them smile by the end of the day, then you know you’re doing your job.”

Laura Hanks Planning and scheduling first line supervisor, Baytown Technology and Ryan Jarvis, exploration Engineering complex geoscientist, and his family assisted ExxonMobil retiree “It became personal for me when Gerry Lee and his wife Julie with I arrived at one house and realized recovery efforts at the couple’s that the owner was a retired Sour Lake, Texas home ExxonMobil employee who’d been my mentor, and had actually helped me get hired by the company. After looking around his house, we both broke down. “He was trying to be so strong for his wife and kids in the face of all the destruction. He’d held it in. He took me aside and told me everything they’d been through. I was his sounding board. Sometimes, that’s all a person needs – a good hug and a good, ‘I love you, we’ve got this.’”

these people come together and Ashley Alemayehu say, ‘Hey, I just want to help. No, Public and government affairs David Sistiva, construction area supervisor, received assistance from fellow employees it doesn’t cost you anything. We manager, Beaumont complex just want to help.’” “Like many other companies in the area, we were ready to Joey Hanks step in to help when the City of Shift team lead, Baytown Beaumont called. It was a true other teams were bringing around the infrastructure to stop Olefins Plant collaborative effort between the in pallets of water and other that from happening.” “When you pull up to the first city and private sector to get essentials by helicopter. house to help, and you see the water back on for residents. “I was working a dual role Byrd Reed homeowner looking just lost, “I was going back and forth – doing my job at the refinery Mechanical craftsman, Baytown that’s when it becomes personal. between the refinery, the water while trying to get clean water complex “One lady we helped was plant and the city’s emergency back up and running to the city, “The ‘Texas Strong’ motto says a school bus driver all her life operations center, helping in which we did. The other thing it all. It means helping other who’d saved her money and whatever way I could. We have a the team did was secure the people. Somebody gets a boat, had paid her mortgage off two long relationship with Beaumont, electrical infrastructure for the somebody gets this, somebody months before Harvey struck. and I think it has strengthened treatment facility. That was at gets that, and we show up and She lost everything. She didn’t even further.” risk of taking on water, and if do what we have to do to get have flood insurance. And she said to me, ‘What do I do?’ And For more stories and photos from the it did, all of our efforts would them out of harm’s way. storm, visit ExxonMobil’s energyfactor.com be futile. It took us about eight “It’s been a wonderful thing in all you can do is to try to tell her hours to build a sandbag levee a disastrous situation to see all of that it will be OK.

13 Director profile

Going the extra mile is key to success

Exxon Mobil Corporation Director Doug Oberhelman says it’s important to step out of one’s comfort zone.

Board Director Doug Oberhelman

14 Profile by Thomas L. Torget Photography by Janice Rubin As a young boy growing up both companies great places to chair of both the Business Oberhelman says. “This country in Woodstock, Illinois, Doug build a career.” Roundtable and the National spends record amounts on Oberhelman enjoyed climbing Oberhelman’s second Association of Manufacturers. education, but it seems like our onto the John Deere tractors assignment with Caterpillar had He serves as vice president of results don’t get any better. that his father sold to area him trading foreign currencies the Wetlands America Trust Asian countries take a different farmers. “As a kid, I never worldwide. “The U.S. dollar and is a director on the boards approach to education, and dreamed I’d spend my adult life had floated for just a few years, of the Max McGraw Wildlife they’re turning out a much higher working for Dad’s competitor,” so it was an exciting time to Foundation and Intersect Illinois. percentage of engineers and says Oberhelman, retired be involved in the currency He is also chairman of the board scientists than we are. Because chairman and chief executive of markets,” he says. “I lived in of trustees for the Easterseals today’s economy is so global, the Illinois-based Caterpillar Inc. “My Uruguay during the early 1980s, Foundation of Central Illinois. United States cannot be an island family didn’t farm, but we lived when much of South America separated from the rest of the out in the country. Dad would had currency and debt troubles. International trade world. To compete successfully, bring tractors home now and The experience taught me As a business leader, Oberhelman we must have a workforce that then and let me climb around what it takes for a business to has seen many of the challenges can out-compete all others.” on them, and I would pretend I survive in very tough economic that stem from several years of was in a field somewhere. It was conditions.” slow global economic growth. Accelerated change great fun.” Later postings took “The overriding business issue Oberhelman expects the pace Years later, Oberhelman studied Oberhelman to Florida, Canada of the past decade has been of change brought by new finance at Millikin University in and Japan. “I worked in Edmonton the weak recovery from a deep technologies to accelerate in the Decatur, Illinois, and planned for in 1986 after the oil-price collapse recession,” he says. “You see the years ahead. “Today, we have a career in the banking industry. that brought tough times to effects worldwide. Government more technology in our cars, “In my senior year, Caterpillar was western Canada,” he says. “In debt is rising to new levels. Some homes and businesses than ever interviewing on campus, and I Tokyo, I served as chief financial political leaders are now leaning before, and the pace of change is learned they had an opening in officer for a Caterpillar joint away from trade, and that’s going to accelerate,” he says. “Our their treasury department. The job venture with a Japanese company. worrisome because free trade lives are going to become better sounded intriguing, so I signed on. Every job taught me new skills and is critical to a nation’s economic in ways we can’t even imagine. That was more than 40 years ago, gave me great satisfaction. I’ve growth.” We live in exciting times.” and I’ve only just recently retired.” been very fortunate.” Oberhelman believes What advice would he offer Positions of increasing restructuring the U.S. tax code young professionals entering the Diverse career responsibility culminated in is a key step in generating workforce today? “Look at any It didn’t take long for Oberhelman Oberhelman’s election as economic vitality. “When I joined business, and you’ll find that the to realize that Caterpillar was Caterpillar’s chairman of the board Caterpillar in 1975, the U.S. most successful people are those where he wanted to build and chief executive officer in 2010. corporate tax rate was lower than who go the extra mile,” he says. his career. “Each of my early He stepped down as CEO on most other countries,” he says. “They get out of their comfort assignments was great fun, and I Dec. 31, 2016, and was executive “Now it’s the highest, because zone. They do everything was constantly learning,” he says. chairman until March 31, 2017. other countries have lowered possible to ensure the success “With Caterpillar’s diverse and In addition to serving as their rates to attract investment of their work group and their global operations, I knew I could a director of Exxon Mobil and create jobs. We must do the company. By helping their team have multiple careers without Corporation, Oberhelman serves same if we want to continue to succeed, they ensure their own changing employers. That’s an on the board of Peter Kiewit be internationally competitive.” success.” attribute that Caterpillar shares Sons Inc. He is a member of The Another area that needs with ExxonMobil, which makes Business Council and former improvement is education,

15 Director profile

Work hard and know who you are Angela Braly, ExxonMobil director, says the steps to success are simple but demanding.

Hard-wired for hard work, Angela importance of being able to take industry the whole world depends Braly earned her finance degree care of yourself and your family.” on,” she says. “Energy has been at Texas Tech in just three years. After graduating from law essential throughout history, and Sometimes she wonders if that school, Braly practiced law in developing countries need access was a mistake. Fort Worth and later accepted to affordable supplies if they are to “I thought college was fun!” she an offer to be general counsel achieve economic growth.” says. “I may have shortchanged of St. Louis-based Anthem Blue Braly also noted ExxonMobil’s myself by skipping that fourth year.” Cross Blue Shield of Missouri, disciplined, consistent approach to Mistake or not, Braly’s where she rose to the office of safety. “It’s such a key part of the academic achievement was an president and CEO. culture,” she says, “and I’ve been early indicator of what she would WellPoint (now known as very impressed.” accomplish in the coming years. Anthem), which owned the During a director visit in After graduation, she attended Missouri company, called her 2016, Braly toured ExxonMobil’s Southern Methodist University’s to Indianapolis to be its general mammoth Baytown, Texas, refining Dedman School of Law. counsel and chief public affairs and petrochemical complex, one “I always knew I wanted a officer. of the largest in the world. She career in business,” she says, “but She served as WellPoint’s met people who reinforced her when you study finance, you president and CEO from 2007 to impression of another ExxonMobil learn about countless rules and 2012, assuming the additional strength – the quality of its regulations. I wanted to better title of chairman in 2010. employees. understand the ‘why’ behind Braly believes her experience “The people I met were bright, them, so I decided to study law.” as CEO is valuable for serving on engaged individuals of all ages and the boards of ExxonMobil and different educational backgrounds. Lessons from a tragedy three other major companies: I was struck by the fact that One of five children, Braly grew Brookfield Asset Management very young people are given big up in Richardson, Texas, a Inc., Lowe’s Companies Inc. and responsibilities early in their careers.” suburb of Dallas. “I had a happy Procter & Gamble Co. childhood and loving parents,” “CEOs and directors have Empowering women she says. “All of my siblings were some similar responsibilities,” she Braly refers to her demanding work active in school activities.” says. “They must look at large on four boards as her “day job.” During her first year of college, issues such as strategy, risk and In addition, she is passionate Braly’s father was killed in an succession planning. But directors about an innovative program she automobile accident involving a don’t get involved in day-to-day and two other women founded drunk driver. “We were emotionally operations. As the saying goes, in 2015. The Policy Circle (www. devastated,” Braly says. ‘Noses in, fingers out.’” thepolicycircle.org) aims to create She especially remembers the a grassroots network for women tragedy’s impact on her mother. Joining ExxonMobil to talk about public policy. “When my father died, she was One of the main reasons Braly “Women are concerned and suddenly responsible for every accepted the invitation to stand knowledgeable about policy aspect of maintaining a home and for election to ExxonMobil’s board issues,” Braly says. “Unfortunately, raising five children. It made a huge was its well-known reputation. they sometimes don’t have the impression on me. I learned the “ExxonMobil is a leader in an information or confidence they

16 Profile by Bill Corporon Photography by Janice Rubin need to take an active public role in discussing and shaping those issues. The Policy Circle is designed to change that.” Groups of 10 to 20 women meet in an individual’s home every other month. Members read a briefing paper on a selected issue, then get together for a discussion. “Our ultimate purpose,” Braly says, “is to empower women to have influence in their local communities and to promote policies that foster free enterprise and the values of freedom and liberty at all levels of government.”

Steps to success Braly is eager to counsel ambitious women and men seeking to rise in a large corporation. Her advice: Be committed to your work, and work hard. Take on challenging assignments. You may not always succeed, but you’ll create opportunities for yourself. Do the right thing, and strive to do it right the first time. If you fall short, think about what you’ve learned. Put that knowledge to work next time. Above all, she says: “Know who you are. If you don’t, plenty of people will tell you who you should be.”

Board Director Angela Braly

17 Director profile For climate and energy solutions, it’s a matter of scale Dr. Susan Avery, noted atmospheric physicist, brings her pioneering career to the ExxonMobil board.

High up in the atmosphere, well our stripes in disciplined thinking assistant professor. There, beyond the reach of regular by the time we entered college.” she pioneered using radar aircraft, the wind is always blowing. Avery completed her under- technology to measure winds Dr. Susan Avery, newly elected graduate studies at Michigan State in the upper atmosphere, to the ExxonMobil board of University, which her mom – one of particularly the little-understood directors, knows this lofty space the first women to receive a degree transition zone between the well. As an atmospheric physicist, in bacteriology – dad, aunts and ionized and nonionized regions. she led breakthrough research uncles, and sisters and cousins also “The technology involves that continues to aid the world’s attended. Upon graduation, she bouncing radar signals off the understanding of the upper married James Avery, a computer ionized trails of tiny meteors atmosphere. science major, and they entered that had burned up, and using “What goes on in the upper graduate school together at the the resulting Doppler shift atmosphere 20 to 70 miles above University of Illinois. There, she [change in signal frequency] from the earth’s surface impacts our discovered she disliked quantum the transmitter to the return lives below, and we’re still learning mechanics but came to appreciate signal to measure wind velocity,” about it,” Avery says. “A lot of the the value of interdisciplinary she explains. circulation systems up there are research and academics. In 1982, Avery received a coupled with weather systems in fellowship from the National the lower atmosphere. Distortions Science to opera Science Foundation and National caused by solar disturbances as well “I began to explore how I could use Oceanic and Atmospheric as atmospheric turbulence in the physics in another area of study. Administration (NOAA) to teach upper atmosphere can also impact There was a fledgling atmospheric and continue her research at satellite, navigation and radio science program connected to the the University of Colorado. With communications, affecting power physics department, but it was seven institutes, the university systems, energy distribution, GPSs also affiliated with the engineering was (and continues to be) an and other vital communications.” school. Marvin Geller, who has important center for advances in become a leading atmospheric atmospheric and space science. Kitchen problem-solving scientist, welcomed me in as my “The rich multidisciplinary Avery’s journey into pioneering adviser. He encouraged me to think environment – with atmospheric atmospheric research began beyond conventional research and physicists, chemists, biologists, around the kitchen table at home academic boundaries and use all of geologists, engineers and others in Michigan with her dad, an my talents fully.” working together – further electrical engineer for Michigan Those talents included singing shaped my future.” Consolidated Gas Co. – and not just everyday singing. Avery’s continuing research “Understanding that math Avery performed in two operas, into her meteor radar technique is the language of science and “Manon” and “The Merry Widow.” and the need to test it at longer engineering, my dad insisted that She also sang in choirs and played distances led to international my brother, sister and I know the flute. partnerships with other scientists. how to do ‘story problems.’ So She eventually discovered how Dad led us through exercises to Bouncing off meteors to measure wind in the upper find a mathematical solution. For Avery’s interdisciplinary journey atmosphere in remote equatorial example, if a storm is coming, continued after she received her and polar regions with radar producing a certain pressure Ph.D. in atmospheric physics. She systems that were smaller, less

change, what will the wind speed joined the electrical engineering expensive and required less Board Director Dr. Susan Avery be? We each had definitely earned department at Illinois as an maintenance. She and her team

18 Profile by Mike Long Photography by Janice Rubin also licensed a meteor radar that From 2008 to 2015, Avery could measure the lower and upper was president and director of atmospheres simultaneously. the prestigious Woods Hole Oceanographic Institute in Social contract shift Massachusetts, where she In 1994, Avery became director continued to build public scientific of the Cooperative Institute awareness of the ocean and its for Research in Environmental connectivity to everyone. Sciences (CIRES) at the University of Colorado. The institute, the The need for scale largest of NOAA’s cooperative At ExxonMobil, Avery looks institutes, includes more forward to lending her science and than 800 scientists, staff and engineering perspective. She is students devoted to improving particularly interested in supporting understanding of the earth and ExxonMobil’s leadership and the its environment. Its scientists work that the company is doing produce an average of 500 peer- to bring new technology solutions reviewed publications annually. for climate and energy issues to “At the time I became director, scale, including carbon capture and science’s social contract with sequestration and biofuels, so they society had begun to shift from can do the most good. Cold War military defense to “Bringing solutions to scale something much broader,” she is what the private sector says. “Awareness of how science can do best. Academia and impacted everyday lives was nonprofits can make significant evolving. Research organizations contributions, but they simply were beginning to respond don’t have the horsepower that accordingly, including greater the industry does.” efforts to expand scientific literacy. Avery adds that there’s also a key Among other efforts, we launched need for governments to return to a program to improve K-12 science funding basic science research, as teaching and expose teachers to they have done in the past. the scientific research environment. “Governments have the “In addition, we developed resources that could generate the a new center devoted to the thousands of ideas from which interface of science with policy, a few will provide solutions. as well as a new program on ExxonMobil is an industry leader climate variability and change in basic science research, but can’t and its impact on western water. do it all,” she says. I am pleased that all of these “There’s no doubt that the initiatives are now part of the best and timeliest solutions for ongoing culture of CIRES – one climate and energy will come with that balances interaction with industry, academia, environmental stakeholders with the need for nonprofits and government all science information.” working together.”

19 A “one team, one goal” approach Rotterdam refinery is bringing about the safe, on-time completion of the hydrocracker expansion, according to Harro van de harnesses technology and opportunity Rhee, refinery manager (right) and Rolando Garcia, project executive New unit improves capabilities, creates new marketing channels and positions the Dutch plant for the future.

ExxonMobil is advancing produce ExxonMobil EHC™ Group “The European refining sector Van de Rhee started his career construction of a more than $1 II base stocks on a large scale for is a mature but highly competitive at the Rotterdam refinery and billion hydrocracker expansion at the first time in Europe. This high- business,” says Harro van de Rhee, has worked within refinery and its 190,000-barrel-a-day refinery quality base stock is in demand in Rotterdam refinery manager. “This chemical businesses in Europe in Rotterdam, Netherlands. To the lubricants industry, and helps project will enable us to upgrade and North America during his underline the significance of this reduce emissions and improve lower-margin products to higher- 26 years with ExxonMobil. project to the Dutch economy, fuel economy and performance, value products. But in addition to ExxonMobil has a long history Minister of Economic Affairs Henk among other benefits. greater operational flexibility, the of integrated operations in Kamp broke ground on the project The Rotterdam activity is hydrocracker also brings energy- the area, and the refinery, a in June 2016. The new unit is on part of the company’s focused efficiency gains. We are already lubes blending plant and four track for startup in late 2018 and investment to strengthen the one of the most energy-efficient chemical facilities are all located for shipping product in early 2019. global supply of high-quality base plants in Europe. With this new within the Port of Rotterdam. The project is significant stocks, and complements other unit and the application of our The refinery is ideally situated because it will increase the investments at its integrated proprietary technology, we will for the expansion with its plant’s ability to produce ultra- facilities in Jurong (Singapore) further boost our energy efficiency deepwater access and proximity low sulfur diesel. It will also and Baytown (United States). by 5 percent.” to European markets.

20 Story by Bob Davis Photography by Danny Cornelissen setting up a series of technical the seamless integration of the sessions and presentations by new lubes value chain into the senior ExxonMobil marketing overall Rotterdam operation. managers, as well as conducting “We know that our ultimate a number of ‘information fairs’ success, to a great extent, will be with displays to introduce, defined by how successful we’ve prepare and ultimately make the been at creating and fostering whole organization ready for the alignment between our various new lubes operation here.” groups,” van de Rhee says. “I’m Van de Rhee emphasizes the pleased to say that I believe that importance of the close working we are accomplishing this goal, relationship and alignment of the and there is a building excitement project construction team and the that you can feel here as we work refining staff. This “one team, one together to prepare for the many goal” approach is working toward new opportunities the project will A massive crane lifts a 400-ton, 160-foot vacuum tower into place as part of the Rotterdam hydrocracker expansion project the safe, on-time completion of open for us. This is preparing us the hydrocracker project and also for the future.”

“It makes a great deal of Everything about this project business sense to situate the is big. The foundations for the expanded hydrocracker here unit span 20,000 cubic yards – in Rotterdam, and we are very the equivalent of filling the size Collaborating for success proud of the commitment the of an American football field 12 Sylvie Houry has worked for ExxonMobil for 27 years, company has made to our feet deep with concrete. There primarily in marketing positions in France, Italy and Belgium. operations,” van de Rhee says. are 3,500 tons of structural For the past two years, she has been the business venture steel, which equals the weight of manager for the Rotterdam hydrocracker project. Milestones eight fully loaded 747 jetliners. “This will make us the first large-scale producer of Group Meanwhile, the site is safely Piping alone stretches more II base stocks in Europe,” Houry says. “These products are buzzing with activity. than 50 miles. designed to meet evolving industry requirements such as “We’ve already safely reached Garcia, who marks his 30th new standards on engine lubricating oils to achieve better a number of major milestones,” anniversary with ExxonMobil mileage and lower emissions. EHC™ products provide says Rolando Garcia, project this year, believes that one of enhanced capabilities in a wide range of engine and executive for the Rotterdam the biggest accomplishments of industrial applications and have the potential to reduce hydrocracker. “Our heavy lifts are the project thus far is how the supply-chain complexity. Our customers will be assured in place, including the positioning refinery is building a culture to of worldwide supply availability, whether it’s in the United of three large reactors totaling integrate and embrace the lubes States, Asia-Pacific or Europe. 2,000 tons and a 400-ton, business and operation. “What’s exciting for me about this project is working 160-foot-tall vacuum tower. We “There is a lot of collaboration with so many different functions – crude supply, refining, were also able to optimize cost, on this project, ranging from blending, chemicals, the project team, research, marketing schedule and safety by pre- refining and supply, research and, of course, our customers – to collaborate on the assembling pipe racks in Spain and engineering, and fuels and startup of this new endeavor. The communication and and transporting them to the lubes in order to begin base collaboration everyone has established are going to make construction site. A total of 19 stock production and sales. We this project a great success.” modules are now stacked and knew that we had to create in place, and the work is now a greater awareness of what transitioning to erection of steel lubes production and sales and piping.” involve. We’re doing that by

21 Excitement and pride surround Guyana development The Liza discovery is among the largest in the past decade.

ExxonMobil has sanctioned the “I am confident that the team will first phase of the Liza deepwater bring all of the parts of the project development 120 miles offshore together and be ready for the the South American nation of installation campaign offshore Guyana. Phase 1 will develop Guyana in 2019, before startup.” approximately 450 million barrels of oil. Pacesetter The Liza field is located in the “From the start, we set out 6.6 million acre Stabroek block, to strike a balance between where the company has drilled a understanding the numerous risks number of wells since the initial and uncertainties and progressing discovery in 2015 to support Liza the project quickly,” says CT Khoo, Members of the Liza Phase 1 team include field development. With additional Guyana project executive, who (from left) Russell Carter, discoveries in the Liza area and has been with the company for CT Khoo and at Payara, Snoek and Turbot, the 35 years and has managed such Gina Dickerson block is now estimated to contain major undertakings as liquefied between 2.3 billion and 2.8 billion natural gas (LNG) developments oil-equivalent barrels. in Qatar. Liza Phase 1 is expected to “We decided on a phased, discovery, and the prospect of first relationship with the Guyanese cost more than $4.4 billion, with highly cost-efficient approach oil is in less than five years. government to gain its continuing startup slated for early 2020. The that targets the highest-quality “I’m really proud of the team confidence and support. project involves the conversion reservoirs first, thus increasing our for accomplishing so much in a “Without an established oil of an oil tanker into a floating, chance of success,” Khoo says. short time. We hope this project and gas industry, everything production, storage and offloading “This approach will also give us will be a pacesetter that people was new to the government,” (FPSO) vessel and four undersea information on the development will look back on for key lessons says Rod Henson, Guyana lead drill centers with 17 wells, of the rest of the field. In addition, on efficient and timely deepwater country manager. “The intensive including eight production wells we can apply our experience development, especially in the effort and due diligence they producing up to 120,000 barrels of offshore Angola, Nigeria and low-price environment we find exercised on the review of our oil a day. Water and gas injection Equatorial Guinea here.” ourselves in today,” Khoo says. production license application will maximize oil recovery. The project team was put and environmental impact The undertaking is a global together one month after the Partnership and aspiration assessment was impressive.” effort, involving multiple initial discovery well – unusually ExxonMobil worked closely with ExxonMobil and the contractors and suppliers fast for a development of this size partners Hess Guyana Exploration Guyanese government are worldwide. and complexity. The exploration, Ltd. and CNOOC Nexen Petroleum working together to realize “Project activities are underway development, production and Guyana Ltd. to achieve full the government’s aspiration of in more than a dozen countries drilling teams fast-tracked the alignment on the development maximizing benefit and creating now,” says Gina Dickerson, senior project to a final investment plan. The in-country team is also lasting value from its petroleum project manager for Liza Phase 1. decision within two years of building a long-term, trusting resources. The company

22 Story by Bob Davis July to promote the establishment and growth of small- and medium- size businesses in Guyana. An online supplier registration website has attracted 300 companies, 100 of which are Guyanese.

Destiny ExxonMobil’s Russell Carter, a 32-year-old operations technical coordinator for the Liza 1 project, was born in Guyana and left the country in 2003 to attend Pennsylvania State University. After graduating with a degree Photo by Robert Seale in mechanical engineering, ExxonMobil hired him in 2007. Following several jobs within the supports this effort with a three- company, including a stint as a pronged approach: developing facilities engineer on offshore the Guyanese workforce; platforms in the Gulf of Mexico, working with local companies he was tapped to become part for the competitive supply of of the Liza operations readiness in-country goods and services; team in 2016. and making strategic investments “These are exciting times for to support health, education and Guyana, and for me to be on a infrastructure programs. project that will potentially help More than 400 Guyanese my country gives me a great deal nationals are now employed of pride,” Carter says. “One of my in marine operations, catering, career goals was to be involved security, transportation, housing in the startup of a large project in and other project support activities, another country that can positively as well as in the ExxonMobil office impact the lives of people for in the capital city of Georgetown. generations to come. It feels like ExxonMobil and DAI Global LLC, destiny that it’s now happening, At the recent opening of the Guyana Business Development Centre in Georgetown, an international development and it’s happening in the country Minister of Natural Resources Raphael Trotman (left) and ExxonMobil’s CT Khoo, Guyana project executive, discuss how the FPSO Liza Destiny will be built, and how company, opened the Guyana where I was born.” it will function offshore Guyana Business Development Centre in

23 A wide aperture into the future Top researchers focus on emerging energy technologies.

When wildcatter Edwin Drake “Technology is the lifeblood Wojnar says a key challenge drilled the first commercial oil of this industry,” says T.J. Wojnar to predicting the future is well in 1859, striking oil some 69 Jr., vice president, Corporate forecasting future technologies. feet below ground in Titusville, Strategic Planning. “There have “Technology developments Pennsylvania, who could been significant breakthroughs are one of the key drivers of have imagined today’s drilling over the entire evolution of improvements in our standards platforms tapping oil 30,000 feet energy, and ExxonMobil has been of living and economic progress,” below the surface of the ocean? at the forefront of many of those. he says. “So as we look to the But looking into the future is By 2040, the world will have more future, we want to keep a sharp key to meeting the world’s energy than 2 billion additional people eye on technology developments needs, which are expected to who need access to energy, and that we think will improve lives increase 25 percent by 2040. An the developing nations of today and help provide new types of ExxonMobil team of senior-level will want an efficient, effective energy and improved ways of scientists, engineers, and research and reliable energy supply.” delivering energy.” and development executives has A unique in-house team of dedicated themselves to imagining Predicting the future more than 150 Ph.D.s in the our energy future, evaluating ExxonMobil looks at the energy Corporate Strategic Research technology research opportunities landscape up to 2040 and organization tracks technology that range from improving today’s beyond to understand the role trends and alternate energy energy efficiency to advancing resources and products will breakthroughs to assist the alternative energy sources of play, and how the entire energy Wojnar’s planning group in its tomorrow. landscape could evolve. development of ExxonMobil’s

24 Story by Tracy Torma Technology photos by Robert Seale

“Technology is the lifeblood of this industry.”

T.J. Wojnar Jr., vice president, Corporate Strategic Planning

Photo by Janice Rubin

25 Outlook for Energy. The annual today in academia, at national study looks into the future at the labs and within the industry,” evolving landscape. says Vijay Swarup, EMRE’s The most recent Outlook vice president of research and forecasts that the world’s development. “This allows us to economy will double by the year understand which technologies Photo by Keith Wood 2040. There will be 1.8 billion are fundamentally different and cars, light trucks and SUVs in the technically viable to progress world, up from 1 billion now. over a period of decades.” “Our company makes What makes an energy long-term, multibillion dollar option attractive? “It should be investment decisions and needs scalable, reliable, affordable and to have as clear an understanding sustainable,” he says. as possible of what the future Currently, in the mitigating may hold,” Wojnar says. “The emissions area, ExxonMobil has close link between our strategic multiple research programs and planning and our research partnerships involving carbon program is vital to the future capture and sequestration, with success of the corporation.” researchers studying the capture of carbon dioxide emissions. One A rich portfolio program involves researching Based on this forward thinking, and testing whether carbonate researchers at ExxonMobil fuel-cell carbon-capture Photo by Robert Seale Research and Engineering technology is feasible on a Company (EMRE) are exploring the commercial scale. science behind next-generation ExxonMobil researchers are fuels and vehicles, and developing also looking at ways to increase new technologies to support the supply by converting natural gas energy needs of the future. to higher-value products and EMRE’s Emerging Technologies creating alternative fuels such research organization has a rich as biofuels. “We’re studying the portfolio of projects in five areas fundamental ways in which algae of endeavor: increasing energy absorb light, and through normal supply, improving efficiency, biological processes, generate the promoting good science for types of oil we need to convert sound policy, mitigating emissions into transportation fuel,” Swarup and expanding energy access. says. (See story on page 23.) “We want to have our He adds that one of the aperture as wide open as greatest sources for energy possible to understand the tomorrow is being more efficient fundamentals behind various with what the world has today. energy options being pursued “Our researchers are looking at

26 Photo by Robert Seale “What makes an energy option attractive? It should be scalable, reliable, affordable and sustainable.”

Vijay Swarup, vice president of research and development

Photo by Robert Seale

improved efficiency of internal A long-term focus them ultimately into commercial energy solutions,” he adds. combustion engines and Understanding the energy projects or products.” The entire corporation plays understanding how we can make landscape decades from now Emerging technologies can a role in technology evolution, advanced polymers that are is important because of the influence the energy landscape. from the upstream in finding and lighter weight. nature of energy development. “One of the great uncertainties is developing new opportunities “In the expanding energy ”The infrastructure needed the rate and pace of technology for energy access, to the access area, we’re studying to move an energy source and evolution and development. We downstream in converting energy energy options for developing the types of capital projects couldn’t have imagined 50 years resources to fuels, lubricants and nations, including power- required to extract or convert ago the types of deepwater and chemical products that are more generation technologies and resources all take significant directional drilling techniques that efficient, affordable and better power distribution. amounts of time and funding are available today,” Swarup says. for the environment. “As part of our good science to implement on a commercial “As the energy landscape “This is an exciting time to be and sound policy studies, we scale,” Swarup says. “Therefore, continues to evolve, our job is in technology,” Wojnar notes. conduct what’s called wells-to- we must have a big-picture to understand the fundamental “The integrated alignment across wheels analysis to determine the focus and future view for science behind the various the ExxonMobil value chain is in environmental impacts of various determining which technologies energy options so that we great shape, and we look forward energy types and technologies to place our research behind, can continue to advance our to what we will deliver.” over a complete life cycle.” with a line of sight to develop contribution to energy and

27 The new biofuels ExxonMobil continues work on advanced lower-emissions energy technologies.

In its most recent Outlook for Inc. (SGI) to develop fuels from announced they had developed Energy, ExxonMobil projected algae. Underpinning this joint a strain of algae that did just that. that carbon-related emissions research is a goal as simple “It was a true eureka moment will peak in the 2030s and then as it is challenging: develop when we knew what we had,” decline. Driving this anticipated scalable, energy-rich algae oil says Rob Brown, SGI’s senior drop is increased energy that conventional refineries director and the lead scientist on efficiency coupled with a shift can process and convert into the algae project. “After years of to lower-emission fuels for both products such as diesel and jet research, we’ve managed to move power and transportation. fuel to meet growing demand. the needle in a substantial way.” As a global energy company, One of the challenges “This research is part of ExxonMobil is laying the ExxonMobil and SGI faced was our ongoing work to make groundwork to meet this finding a strain of algae that not scalable, affordable and reliable energy transition. It has grown only grew the energy-rich fatty energy accessible to the world,” its production of natural gas to lipids required to convert the says Jennifer Feeley, biofuels meet an ever-increasing demand algae into low-emission fuel, but research portfolio manager for this clean and reliable fuel. how to do so without impacting for ExxonMobil Research and It’s also investing in research to its growth. Maintaining the Engineering (EMRE). “While develop biofuels from several algae’s productivity is essential for there is still work ahead, low- innovative feedstocks. the feedstock to eventually scale emission renewable diesel Since 2009, the company has into a commercial-grade fuel. refined from algae could be one worked with Synthetic Genomics This year, the two companies part of the solution.”

28 Story by Terrence Murray Photography by Chris New diesel automobiles without major to produce low-emission fuels, overhauls to car engines. these feedstocks do not compete “While there is still a lot of with food supplies or for fresh research to do,” explains Vijay water sources. Swarup, vice president of research and development for EMRE, Fruitful partnerships “the breakthrough does bring ExxonMobil is exploring the ExxonMobil and SGI a step closer potential of bio-refining cellulosic to potentially turning algae into a biomass feedstocks with the scalable commercial product.” Renewable Energy Group (REG) using their proprietary Leaving no stone unturned fermentation technology. The Algae research is just one of goal of the program is to modify the opportunities explored by and improve REG’s patented the company when it comes to microbe-based technology so it biofuels. can be used to convert cellulosic Although natural gas and oil non-food, biomass-sourced will continue to supply a majority sugars into biodiesel. of the world’s energy needs for ExxonMobil is taking a the foreseeable future, demand different approach to converting for renewables, including biofuels, cellulosic biomass into biofuels will grow significantly, accounting with the University of Wisconsin. for about 15 percent of world The goal of this program is to energy demand by 2040. discover novel catalytic routes to To meet this anticipated convert cellulosic biomass into demand, ExxonMobil is leaving renewable diesel and jet fuel. no stone unturned. In addition ExxonMobil’s biofuels to the partnership with SGI, research – whether focused on ExxonMobil is working with other algae or cellulosic resources – is A researcher monitoring algae growth at the leading companies and academics driven by a single goal: to build SGI laboratory in La Jolla, California (see page 30) to develop ways a portfolio of low-emission fuels to convert cellulosic biomass that support tomorrow’s energy resources, such as corncobs, realities. The rewards of “fat” algae greenhouse gases than most switchgrass and wood chips, To boost fat production, SGI and conventional energy sources. into low-emission diesel and jet Learn more about our research by visiting energyfactor.com. ExxonMobil scientists tweaked In 2012, ExxonMobil and the fuels. In addition to their ability the part of the algae genome Massachusetts Institute of responsible for the assimilation Technology (MIT) concluded that of nitrogen, an essential nutrient. on a life-cycle assessment basis, This genetic modification more algae biofuels released half as than doubled its oil content, many greenhouse gas emissions from 20 percent to 40 percent, as petroleum-derived fuels. with little or no impact to the Compared to other biofuel algae’s growth cycle. feedstocks, algae yields are also When it comes to algae, the more productive. An acre of potential rewards are worth the palm-oil trees will produce about challenges to be expected when 650 gallons (2,460 liters) of palm developing an entirely new oil in one year, compared to more energy resource. than 2,000 gallons (7,570 liters) The fuel offers several of oil from algae. Finally, once tangible benefits poised refined, algae-derived diesel is to strengthen the ongoing “engine-ready,” which means transition to low-emission that if scaled to commercial energy resources. It emits fewer levels, it could be pumped into Oxygenating algae samples to spur growth

29 A new approach to fundamental research ExxonMobil collaborates with university energy centers for new solutions to energy challenges.

It’s been more than 25 years since David Dankworth walked the halls of Princeton University, where he received a Ph.D. in chemical engineering in 1991. Today, the ExxonMobil distinguished scientific adviser is back on campus, collaborating once again with the faculty and staff. Dankworth is coordinating a portfolio of academic research projects with Princeton faculty and graduate students as part of collaborative relationships with energy centers at four of the nation’s top universities. “It helps to have a connection to Princeton as I make appointments and go talk to faculty members involved in various research programs,” Dankworth says. “I am able to bridge across corporate and academic culture, having experience in both.” Besides Princeton, ExxonMobil is working with the Massachusetts Institute of Technology (MIT), the University of Texas at Austin (UT) and Stanford University to pursue technologies that can help meet the dual challenge of growing energy demand while also reducing emissions. “We want to have a wider view of emerging energy research and be fully engaged in accessing the best science and technology relevant for our corporation,” Mike Matturro, director, Hydrocarbon and Emerging Energy Sciences says Mike Matturro, director, Laboratory at ExxonMobil Research Hydrocarbon and Emerging Energy and Engineering (EMRE) Sciences Laboratory at ExxonMobil.

30 Story by Tracy Torma Photography by Chris New “Understanding the evolving joined as a founding member in world of energy helps ExxonMobil 2002, committing $100 million improve efficiency, mitigate for research. emissions and gain a clear vision In 2012, ExxonMobil began of the strongest, best science looking at a different strategy that supports policy decisions to increase access to emerging globally,” he says. “We also want research. “There was great to be aware of developments diversification in the world of in alternative energy and new emerging energy research, far frontiers in science.” beyond what we could manage ourselves,” Matturro notes. “Our A new approach work with university energy While ExxonMobil has been centers is about creating new engaged for years in research science capabilities for the with more than 80 universities company and a new awareness across the globe, these new of where emerging energy relationships go beyond technologies will go.” traditional support. “We have long-established Crossroads for discovery relationships with universities, After reviewing the capabilities Yueh-Lin “Lynn” Loo, director of the Andlinger Photo courtesy of Princeton University Center at Princeton University conducting proprietary research of university energy centers and participating in industry around the world, four emerged consortia,” explains Michele as major crossroads for energy between the university and on a variety of projects, including Thomas, ExxonMobil’s scientific research, providing access to industry in the pursuit of energy the areas of carbon capture portfolio adviser for the University eminent scientists who could and environmental innovation. and sequestration, photovoltaic of Texas. “That work will continue, improve the company’s line of ExxonMobil committed $5 million, devices, fundamentals of steel but this is different. The findings sight for leading-edge science and the largest financial commitment corrosion, data analytics and will be published, and ExxonMobil technology. the program has received. machine learning, to name a few. researchers work directly with the In 2014, ExxonMobil became And in August 2016, “At MIT, we find that working faculty and their graduate and a founding member of the MIT ExxonMobil announced its closely with the industry helps us postdoctoral students on those Energy Initiative, investing $25 investment of $15 million in the identify problems with the greatest projects. Faculty members are million, which supports students, UT Energy Institute. opportunity for impact at scale,” excited about both the long- postdoctoral fellows and 10 “All of these projects support says MIT Energy Initiative Director range focus of the work and the graduate energy fellowship future work and build capabilities Robert Armstrong. “In addition, opportunity to collaborate with appointments each year. and knowledge in areas that are this work facilitates the ultimate our in-house scientists.” In 2015, the company adjacent to our core science and successful commercialization The new strategy evolved joined the Princeton E-filliates business,” notes Hans Thomann, of any new technologies we from a long-standing relationship Partnership, which is administered who serves as scientific portfolio develop. We are collaborating with with Stanford University’s Global by Princeton’s Andlinger Center adviser for ExxonMobil’s projects ExxonMobil and a consortium of Climate and Energy Project for Energy and the Environment. at MIT. Currently, ExxonMobil is other companies engaged in our (GCEP), which ExxonMobil The program fosters collaboration working with MIT researchers Low-Carbon Energy Centers to

31 across the energy spectrum, Our collaboration allows us to across disciplines, and let cross- apply technological advances in fertilization start to generate new adjacent areas. and better ideas for the future.” “We also joined the MIT Energy The company will develop a Initiative’s Carbon Capture, similar collaborative relationship Utilization and Storage Center, with Stanford’s GCEP, whose which is one of eight Low-Carbon program has significantly Energy Centers,” he adds. “We impacted the research world over want to broaden the portfolio the past decade. of technical options to reduce “Our initial investment at carbon dioxide emissions.” Stanford led to increasing the By working through universities’ size of the research community energy centers, ExxonMobil can in energy,” says Nazeer Bhore, broaden the scope of research David Dankworth, distinguished scientific adviser, EMRE ExxonMobil manager, lead opportunities and provide greater generation and downstream access to faculty members. “In the breakthrough research. “In the past, we might have developed past 10 years, the program has an individual relationship with advance technologies that will emerging energy technologies impacted more than 900 graduate one institute at the university,” power our future while addressing and implement them for the wider and postdoctoral students. They Matturro notes. “Now, through the global challenges of climate world,” says Yueh-Lin “Lynn” Loo, authored more than 850 papers each university’s energy center, we change and energy access.” director of the Andlinger Center. in leading journals and received have a portal for working across “By working across universities, “At the center, ExxonMobil can gain more than 35,000 citations of all institutions on campus.” where innovation is inherently insight to leading-edge research. GCEP research. This research At Princeton, Dankworth occurring at a very rapid pace Faculty, research scholars and enabled the creation of many plans to take advantage of the involving multiple disciplines, we students can explore how ideas new startups. The impact is university’s strong liberal arts can see how research in one field make the leap from lab to market.” phenomenal,” Bhore notes. program, working with public can have an impact on another,” Research at the UT Energy affairs, economics, psychology Thomann notes. Institute will capitalize on the Advantage of adjacency and social science experts in Princeton’s Andlinger Center, university’s expertise in carbon ExxonMobil hopes that its diverse fields to understand how 35 miles from the ExxonMobil capture and storage (CCS) energy center engagements will people make decisions and how Research and Engineering and strengths in geoscience have a similar impact to expand societies change, which can (EMRE) research center in and petroleum engineering. fundamental research applicable impact the deployment speed of Clinton, New Jersey, is looking at ExxonMobil is an industry leader to the industry. energy solutions. alternative energies for the future. in CCS, with a working interest in “For example, at MIT, we’re To launch its programs at Current research projects include about one-fourth of the world’s working with the artificial universities, ExxonMobil conducts the development of organic capacity. intelligence researchers who one- to two-day workshops photovoltaic materials, extending “By partnering with UT, the planned the Mars Rover mission,” with the faculty and leadership battery lifetime and cycle company can tap into trends Thomann says. “We’re developing of the energy centers. “Our efficiency, using low-temperature and cutting-edge research self-learning, submersible robots scientists get a chance to listen plasmas to convert methane into across academic disciplines,” that can monitor the depths of the to faculty members and their other products and the impact of says Tom Edgar, director of oceans: mapping and analyzing areas of research to see where carbon dioxide on oceans. UT’s Energy Institute. “The them, and gauging their health. their capabilities and our interests “We need close collaborations goal is to get people together The MIT team is also looking at overlap,” Matturro says. between academics and industrial and start learning from each technology developed for the “Having an umbrella agreement practitioners in order to catalyze other, identifying opportunities far reaches of our solar system. in place fosters collaboration

32 between ExxonMobil and our faculty very quickly, allowing researchers to focus on what they do best, which is the science and discovery,” Princeton’s Loo notes. The collaborative relationship enables student researchers to work with scientists in the field to solve real problems. Long-term, experienced researchers and engineers like Dankworth spend at least 20 percent of their time facilitating and working with faculty and student researchers on campus. ExxonMobil scientists are joint program leaders, and collaborate closely with faculty leads at the universities. “We are not just providing funds as a sponsor, but are active participants in the research,” Matturro notes. For Dankworth, it’s exciting to make connections between faculty members and ExxonMobil researchers. “Because of our research center’s close proximity to campus, there are two or three ExxonMobil researchers collaborating with students and faculty on campus every week. These types of partnerships help ExxonMobil broaden its bandwidth and connect with cutting-edge research in areas such as electronics, geophysical dynamics and plasmas – capabilities that we don’t have in-house. The partnerships are instrumental as we look to provide energy for the future.”

Read more at exxonmobil.com/technology. Nazeer Bhore, manager, lead generation and downstream breakthrough research at the Clinton EMRE facility

33 Excellence achieved across global scope of the corporation The current Corporate Citizenship Report highlights progress in safety, emissions reduction, environmental and other operational performance.

If you were to travel by helicopter thousands of trips back and forth “I am proud of our performance to ExxonMobil’s Hoover Diana between the mainland and the last year,” says Lynne Lachenmyer, platform 160 miles south of platform, which is suspended in vice president of safety, security, Galveston Island, Texas, one of 4,800 feet of water. While the health and environment. the first things you would notice crews work many types of jobs “Even so, there is still room for is how blue the water is that onboard Hoover Diana, safety improvement, and we will never far out in the Gulf of Mexico. If is paramount – so much so stop working toward our goal of your helicopter set down on the that workers have successfully Nobody Gets Hurt.” platform’s giant helipad and you completed more than 950 work- spent the night, you would see years of safe operations at the Breakthrough technologies schools of fish jumping among platform. In the area of emissions reduction, the waves at dusk, and later on, In fact, in 2016 the corporation ExxonMobil and FuelCell Energy millions of stars spanning the achieved its best-ever safety Inc. of Danbury, Connecticut, are pitch-black sky. performance worldwide, reducing pursuing a novel technology in Since production startup in workforce lost-time incidents power plant carbon dioxide capture 2000, work crews have made more than 80 percent since 2000. through a new use of carbonate

34 Story by Bob Davis Excellence achieved across global scope of the corporation

fuel cells. What’s significant about This collaboration is part Report available “For 135 years, ExxonMobil the research and field testing the of a broad suite of research The full 2016 Corporate has been built on strong companies are conducting is that and technology partnerships Citizenship Report showcases business fundamentals, including the approach they have developed with private companies and these and numerous other operational excellence, technology allows the capture of carbon universities to develop solutions examples and statistics leadership, financial discipline dioxide more efficiently than to emissions reductions. For encompassing the corporation’s and a world-class workforce,” conventional technology. example, ExxonMobil has formed activities in health and safety, says Darren Woods, ExxonMobil “The fuel cell carbon capture an association with Renewable management of climate change chairman and CEO. “These solution we’re advancing with Energy Group Inc. to research the risks, environmental performance, strengths have enabled us to ExxonMobil could be a game use of sugars from agricultural community engagement and safely and reliably deliver energy changer in affordably reducing waste to produce biofuels. The investments, local development to our customers and value to our carbon dioxide emissions from work could revolutionize the and supply-chain management, shareholders, even in the low- coal- and gas-fired power plants production of ultra-low carbon and corporate governance. priced environment our industry globally,” says Chip Bottone, biodiesel fuel, increasing energy The report also presents detailed has experienced recently.” president and chief executive supplies, lowering emissions and performance data from 2007 For more information, please visit officer of FuelCell Energy Inc. improving operational efficiencies. to 2016. exxonmobil.com/citizenship.

35 Panorama

Mobil Jet Oil takes off from new Port Allen lubricants plant ExxonMobil’s recently opened Port Allen, Louisiana, aviation lubricants plant has achieved full production for the entire line of Mobil Jet™ engine lubricants and is now shipping product worldwide. The 90,000-square-foot facility is part of a $200 million investment to expand ExxonMobil’s integrated chemical and lubricants complex in Baton Rouge, which is already one of the largest petrochemical hubs in the world. “We anticipate that demand for advanced aviation fuels and lubricants will increase 55 percent by 2040,” said Nancy Carlson, vice president of aviation and marine at ExxonMobil Fuels and Lubricants. “The Port Allen plant will position ExxonMobil for growth, enabling the company to meet the emerging needs of the industry while integrating modern technologies to manufacture aviation engine oils for many years to come.” The facility uses the latest advanced manufacturing technology, including in-line blending, a high-speed quart line and flow-through racking. It has a range of sustainable features to increase electrical energy efficiency, such as natural day-lighting panels, a comprehensive recycling program and dedicated water- treatment facilities.

36 Singapore acquisition delivers advantaged growth and synergies ExxonMobil’s growth in the strategic aromatics business will be strengthened with the recent cost-competitive acquisition of Jurong Aromatics Corporation Pte. Ltd.’s plant, located on Jurong Island in Singapore. The plant, one of the largest in the world with an annual production capacity of 1.4 million tons of aromatics and 2.5 million tons of transportation fuels, presents operational and logistical synergies with ExxonMobil’s integrated refining and petrochemical complex nearby. “We have operated in Singapore for more than 120 years and remain one of the country’s largest investors,” said Karen McKee, senior vice president of basic chemicals, intermediates and synthetics for ExxonMobil Chemical Company. “The integration of the aromatics plant with our existing manufacturing facility will help us better serve our customers in key Asian growth markets.” “Our growth in Singapore is driven by the expected increase in global demand for chemical products over the next decade of nearly 45 percent, or about 4 percent per year, which is a faster pace than energy demand and economic growth,” said Neil Chapman, president of ExxonMobil Chemical Company. “Nearly three-quarters of the increased demand is expected to be in the Asia-Pacific as a result of its rising prosperity and growing middle class.”

ExxonMobil continues to increase Permian Basin acreage ExxonMobil has acquired companies previously owned by the Bass family of Fort Worth, Texas, more than doubling its Permian Basin resource to 6 billion oil-equivalent barrels. The assets acquired in February 2017 include an estimated resource of 3.4 billion oil- equivalent barrels in New Mexico’s Delaware Basin, a highly prolific oil-prone section of the Permian Basin. ExxonMobil Chairman and CEO Darren Woods said the high-quality properties are a major addition to ExxonMobil’s XTO Energy-managed unconventional liquids portfolio. “This acquisition strengthens ExxonMobil’s significant presence in the dominant U.S. growth area for onshore oil production,” Woods said. “This investment gives us an exceptional Delaware Basin position in a proven multistacked play that can generate attractive returns in a low-price environment.” The company also added another 22,000 acres to its Permian Basin portfolio through a series of acquisitions and acreage trades completed throughout mid-2017. This new acreage is located in the highly prolific, stacked oil pay zones of the Delaware and Midland Basins. ExxonMobil is currently producing more than 165,000 net oil-equivalent barrels per day across its Permian Basin leasehold. The company is one of the most active operators in the Permian Basin, and recently drilled its first 12,500-foot horizontal lateral length well in the Delaware Basin.

37 Agreement signed to explore offshore Cyprus Affiliates of Exxon Mobil Corporation and Qatar Petroleum have signed an exploration and production sharing contract with the Republic of Cyprus for offshore Block 10, located southwest of Cyprus. “ExxonMobil and our partner, Qatar Petroleum, have a long and successful history of developing gas resources,” said Andrew Swiger, senior vice president of Exxon Mobil Corporation. “We appreciate our strong working relationship with the Ministry of Energy, Commerce, Industry and Tourism, and look forward to working with the government of Cyprus to evaluate and realize the country’s hydrocarbon potential.” “This agreement expands our international upstream footprint into the eastern Mediterranean for what we hope is one of the most promising opportunities in the area,” added Saad Sherida al-Kaabi, president and CEO of Qatar Petroleum. The contract includes a commitment from the ExxonMobil-Qatar Petroleum consortium to acquire 3-D seismic data (now completed),

Panorama drill two exploration wells in the first license period, and work with the government of Cyprus to build skills and strengthen understanding of the petroleum business through focused training programs. The companies have begun planning for drilling operations and intend to drill a first exploration well in 2018.

ExxonMobil partners with Red Bull Racing for Formula One The new Fuels and Lubricants partnership with the F1 Red Bull Racing team is underway. Driver Daniel Ricciardo kicked off the partnership by racing along the ring road of the Houston campus in front of thousands of ExxonMobil employees. The Red Bull Racing team has seen a solid start to the F1 season, with a win at the Azerbaijan Grand Prix and strong finishes at the Silverstone, Austrian, Montreal and Monaco Grand Prix races. The first half of 2017 focused on The New Fast campaign, setting the tone for the new partnership and the added speed that ExxonMobil products give the Red Bull Racing team. New campaigns will demonstrate how Mobil 1 motor oil and Esso fuel help the Red Bull Racing team maximize performance (and wins).

38 The Lamp is published for ExxonMobil shareholders. Others may receive it on request. It is produced by the Public and Government Affairs Department, Exxon Mobil Corporation.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Esso and Mobil. For convenience and simplicity in this publication, those terms and the terms corporation, company, our, we and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, Company and government representatives at the signing ceremony for the production sharing contracts. From left to right: Marny governments and others. For convenience Daal-Vogelland, manager petroleum contracts, Staatsolie; Minister Regilio J. Dodson, Suriname minister of natural resources; Rudolph and simplicity, words like venture, joint Elias, CEO, Staatsolie; Erik Oswald, vice president Americas, ExxonMobil Exploration Company; Timothy J. Chisholm, vice president venture, partnership, co-venturer and partner are used to indicate business exploration Atlantic Basins, Hess; and Martijn Smit, country representative for Suriname, Statoil relationships involving common activities and interests, and those words may or may not indicate precise legal relationships.

Acreage expanded with offshore Suriname acquisition Trademark ownership: Exxon, MSDW, Mobil, Mobil 1, EHC, Mobil Jet, Energy Factor and ExxonMobil recently signed an agreement that the operator of three offshore blocks, including the Energy Lives Here are trademarks or service adds significant acreage to the company’s operated world-class Liza field. marks of Exxon Mobil Corporation or its affiliates. Other trademarks and product portfolio in the Guyana-Suriname Basin. “We look forward to working with Staatsolie and names used herein are the property of their ExxonMobil Exploration and Production Suriname our co-venturers to evaluate the potential of this respective owners.

B.V., along with co-venturers Hess and Statoil, signed new acreage,” said Steve Greenlee, president of Forward-looking statements: Outlooks, the production sharing contract for Block 59 with ExxonMobil Exploration Company. “Adding this block projections, estimates, targets and business plans in this publication are forward- Staatsolie Maatschappij Suriname N.V., the national enhances our leading global deepwater portfolio.” looking statements. Actual future results, oil company of Suriname, in July. Suriname represents a new country for including demand growth and supply mix; ExxonMobil’s own production growth Deepwater Block 59 is in water depths ranging ExxonMobil’s upstream business. The company has and mix; resource recoveries; project from nearly 2,000 meters to 3,600 meters, located investments throughout South America. Following plans, timing, costs and capacities; capital expenditures; revenue enhancements and approximately 190 miles (305 kilometers) offshore contract signing, the co-venturers are preparing to cost efficiencies; margins; and the impact of technology could differ materially due Suriname’s capital city, Paramaribo. The block is 2.8 begin exploration activities, including the acquisition to a number of factors. These include million acres, or 4,430 square miles, and shares a and analysis of seismic data. changes in long-term oil or gas prices or other market conditions affecting the maritime border with Guyana, where ExxonMobil is 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 ExxonMobil expands Africa footprint developments; the occurrence and duration ExxonMobil has signed an agreement to enable the acquisition of economic recessions; unforeseen technical difficulties; and other factors of a 25 percent indirect interest in the natural gas-rich Area 4 discussed here and under the heading block offshore Mozambique. “Factors Affecting Future Results” in item 1 of our most recent Form 10-K and on our Darren Woods, chairman and CEO of ExxonMobil, website at exxonmobil.com. AFRICA said the asset is a major addition to the company’s global Frequently used terms: References to development portfolio. resources, the resource base, recoverable resources, barrels and similar terms include “This strategic investment will enable ExxonMobil’s quantities of oil and gas that are not yet LNG leadership and experience to support development classified as proved reserves, but that we believe will likely be moved into the proved of Mozambique’s abundant natural gas resources,” Woods said. reserves category and produced in the future. “Our industry-leading project execution, advanced technologies, financial Discussions of reserves in this publication Mozambique generally exclude the effects of year-end strength and marketing capabilities will help deliver reliable, affordable price/cost revisions and include reserves energy to customers and create long-term economic value for the people of attributable to equity companies and our Syncrude operations. For definitions of Mozambique, project partners and ExxonMobil shareholders.” and information regarding reserves, return The deepwater Area 4 block contains an estimated 85 trillion cubic feet of natural on average capital employed, normalized earnings and other terms that may be used gas, which will provide resources for a world-class liquefied natural gas project. in this publication, including information The acquisition will be completed following clearance from Mozambican and required by SEC Regulation G, see the “frequently used terms” posted on our other regulatory authorities. website. The most recent Financial and Operating Review on our website also shows ExxonMobil’s net interest in specific projects.

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