2023

Third-quarter
Differentiated execution
earnings driving strong results

10.27.23
Important information for investors and stockholders

IMPORTANT INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT

In connection with the proposed transaction between Exxon Mobil Corporation (“ExxonMobil”) and Pioneer Natural Resources Company (“Pioneer”) (the “Pioneer Transaction”), ExxonMobil and Pioneer will
file relevant materials with the Securities and Exchange Commission (the “SEC”), including a registration statement on Form S-4 filed by ExxonMobil that will include a proxy statement of Pioneer that also
constitutes a prospectus of ExxonMobil. A definitive proxy statement/prospectus will be mailed to stockholders of Pioneer.
In connection with the proposed transaction between ExxonMobil and Denbury Inc. (“Denbury”) (the “Denbury Transaction”), ExxonMobil and Denbury have filed and will file relevant materials with the SEC.
On August 29, 2023, ExxonMobil filed with the SEC a registration statement on Form S-4, as amended (No. 333-274252) to register the shares of ExxonMobil common stock to be issued in connection with
the Denbury Transaction. The registration statement, which was declared effective by the SEC on September 29, 2023, includes a definitive proxy statement of Denbury that also constitutes a prospectus of
ExxonMobil. Such definitive proxy statement/prospectus was mailed to the stockholders of Denbury on September 29, 2023.
This communication is not a substitute for the registration statement, proxy statement or prospectus or any other document that ExxonMobil, Pioneer or Denbury (as applicable) has filed or may file with the
SEC in connection with the Pioneer Transaction or the Denbury Transaction (as applicable).
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EXXONMOBIL, PIONEER AND DENBURY ARE URGED TO READ THE APPLICABLE
REGISTRATION STATEMENT, THE APPLICABLE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS (AS APPLICABLE), CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PIONEER TRANSACTION OR THE DENBURY TRANSACTION (AS APPLICABLE) AND RELATED MATTERS.
Investors and security holders may obtain free copies of the applicable registration statement and the proxy statement/prospectus (in the case of the Pioneer Transaction, when they become available), as
well as other filings containing important information about ExxonMobil, Pioneer or Denbury, without charge at the SEC’s Internet website (http://www.sec.gov). Copies of the documents filed with the SEC
by ExxonMobil are and will be available free of charge under the tab “SEC Filings” on the “Investors” page of ExxonMobil’s internet website at www.exxonmobil.com or by contacting ExxonMobil’s Investor
Relations Department at [email protected]. Copies of the documents filed with the SEC by Pioneer are and will be available free of charge on Pioneer’s internet website at
https://investors.pxd.com/investors/financials/sec-filings/. Copies of the documents filed with the SEC by Denbury are and will be available free of charge on Denbury’s internet website at
https://investors.denbury.com/investors/financial-information/sec-filings/ or by directing a request to Denbury Inc., ATTN: Investor Relations, 5851 Legacy Circle, Suite 1200, Plano, TX 75024, Tel. No. (972)
673-2000 or by contacting Denbury’s Investor Relations Department at [email protected]. The information included on, or accessible through, ExxonMobil’s, Pioneer’s or Denbury’s website is not
incorporated by reference into this communication.
PARTICIPANTS IN THE SOLICITATION
ExxonMobil, Pioneer, Denbury, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in respect of the Pioneer Transaction
or the Denbury Transaction (as applicable). Information about the directors and executive officers of Pioneer is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with
the SEC on April 13, 2023, in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 23, 2023, in its Form 8-K filed on May 30, 2023, in its Form 8-K filed on April 26,
2023 and in its Form 8-K filed on February 13, 2023. Information about the directors and executive officers of Denbury is set forth in its proxy statement for its 2023 annual meeting of stockholders, which
was filed with the SEC on April 18, 2023, and in its Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 23, 2023. Information about the directors and executive
officers of ExxonMobil is set forth in its proxy statement for its 2023 annual meeting of stockholders, which was filed with the SEC on April 13, 2023, in its Form 10-K for the year ended December 31, 2022,
which was filed with the SEC on February 22, 2023, in its Form 8-K filed on June 6, 2023 and in its Form 8-K filed on February 24, 2023. Additional information regarding the participants in the proxy
solicitations and a description of their direct or indirect interests, by security holdings or otherwise, is (or, in the case of the Pioneer Transaction, will be) contained in the applicable proxy
statement/prospectus and will be contained in other relevant materials filed with the SEC when they become available.
NO OFFER OR SOLICITATION
This communication is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor
shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

2
Cautionary statement

FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, or ambitions in this presentation or the subsequent discussion period are forward-
looking statements. Similarly, discussions of future carbon capture, transportation, and storage, as well as biofuels, hydrogen, and other plans to reduce emissions of ExxonMobil, its
affiliates, or companies it is seeking to acquire, are dependent on future market factors, such as continued technological progress, policy support and timely rule-making and permitting,
and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, and rates of return; total capital expenditures
and mix, including allocations of capital to low carbon solutions; structural earnings improvement and structural cost reductions and efficiency gains, including the ability to offset
inflationary pressures; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, plans to reach net zero Scope 1 and 2 emissions in Upstream Permian Basin
unconventional operated assets by 2030 and by 2035 for Pioneer assets, eliminating routine flaring in-line with World Bank Zero Routine Flaring, reaching near-zero methane emissions
from its operations, meeting ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology efforts; success in or
timing of future business markets like carbon capture, transportation and storage, hydrogen or biofuels; maintenance and turnaround activity; drilling and improvement programs; price and
margin recovery; shareholder distributions; planned integration benefits; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number
of factors. These include global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, seasonal fluctuations, or other market factors, economic conditions or
seasonal fluctuations affecting the oil, gas, and petrochemical industries and the demand for our products; government policies supporting lower carbon investment opportunities such as
the U.S. Inflation Reduction Act or policies limiting the attractiveness of investments such as European taxes on the energy sector; variable impacts of trading activities each quarter; policy
and consumer support for emission-reduction products and technology; the outcome of competitive bidding and project wins; regulatory actions targeting public companies in the oil and
gas industry; changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment; taxes, trade sanctions, and actions
taken in response to pandemic concerns; the ability to realize efficiencies within and across our business lines and to maintain current cost reductions as efficiencies without impairing our
competitive positioning; the outcome and timing of exploration and development projects; decisions to invest in future reserves; reservoir performance, including variability in
unconventional projects; the level and outcome of exploration projects and decisions to invests in future resources; timely completion of construction projects; war, civil unrest, attacks
against the company or industry, and other political or security disturbances; expropriations, seizures, and capacity, insurance or shipping limitations by foreign governments or
international embargoes; changes in consumer preferences; opportunities for and regulatory approval of investments or divestments that may arise, such as the Denbury and Pioneer
acquisitions; the outcome of our or competitors’ research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and
competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties including the need for unplanned maintenance; and other factors
discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our
website at exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this presentation and we assume no duty
to update these statements as of any future date. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed
to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact.

The Pioneer transaction (merger) referenced throughout this presentation is subject to customary regulatory reviews and approvals, and approval by Pioneer shareholders.

Reconciliations and definitions of non-GAAP and other terms are provided in the text or in the supplemental information accompanying these slides beginning on page 25.

3
 Meeting society's needs and growing shareholder value

Leading Performance | Essential Partner | Advantaged Portfolio | Innovative Solutions | Meaningful Development

• $9.1 billion of earnings driven by strong operational performance, structural earnings improvements, and favorable
market conditions
• Growing shareholder returns
- Declared 4Q dividend of $0.95 per share, a 4% increase; 41 st consecutive year of increased annual dividend payments
- On track to complete $17.5 billion of share repurchases in 2023

• Making value-accretive acquisitions

- On track to close Denbury acquisition in early November; accelerating our low carbon opportunities
- Pioneer merger is expected to deliver double-digit returns by recovering more resources, more efficiently, while accelerating
emissions reductions1

• Growing energy supply and essential product volumes to help meet society’s evolving needs
- Highest 3Q refinery throughput on record2
- Start-up of 750 Kta of additional performance chemicals production capacity in Baytown
1Expected to leverage Permian GHG reduction plans to accelerate Pioneer’s net-zero emissions plan to 2035 from 2050; plan to lower both companies’ Permian methane emissions through new technology application.
2Highest third-quarter global refinery throughput (2000-2023) since Exxon and Mobil merger in 1999, based on current refinery circuit.
See page 8 and Supplemental information for definitions and reconciliations. 4
 Global Projects: unmatched capability and scale

Beaumont – March 2023 Baytown – September 2023

• Differentiated central project organization
with end-to-end capability
- Manages all capital projects on behalf of
Upstream, Product Solutions, and Low
Carbon Solutions
- Deep technical expertise across project
life cycle

• Delivering projects at industry-leading

Payara – expected November 2023 China – expected early 2025
cost and schedule performance1
- 75% of benchmarked projects in top
quintile
- 20% schedule advantage vs. industry in
heated markets

• World-class project performance on recent

start-ups

1Based on ExxonMobil analysis of projects funded since formation of Global Projects using historical benchmarking results from Independent Project Analysis (IPA).
See Supplemental information for definitions. 5
 Record total liquids demand and low inventories
shaped favorable market conditions
Industry prices / margins
10-year annual range1 • Crude prices increased on strong demand and lower
inventory levels

• Natural gas prices declined modestly due to continued

high inventory levels; remained in top half of 10-year
range

• Refining margins rose above 10-year range driven by

strong demand and low inventories

• Chemical margins weakened as additional supply

outpaced growing demand, and feed costs increased
Crude prices2 Natural gas Refining Chemical
($/bbl) prices3 margins4 margins5
($/mbtu) ($/bbl) ($/tonne)
10-year annual range
3Q22 2Q23 3Q23
(2010-2019)
See Supplemental information for footnotes.
Natural gas prices not to scale outside of 10-year annual range. 6
 Delivering higher earnings and shareholder returns

Earnings Structural cost savings Year-to-date production

$9.1 B
$1.2 billion higher than 2Q 2023
$9.0 B
vs. 2019; achieved our goal ahead
3.7 Moebd
consistent with full-year guidance
of schedule

Cash flow from operations Year-to-date capex Increased quarterly dividend to

$16.0
Increased cash balance by
B $18.6 B
Expect full year capex to be at top of
$0.95 per share
Distributed >$8 billion to
$3.4 billion $23-$25 billion guidance range shareholders

See page 8 and Supplemental information for definitions and reconciliations. 7

 Structural improvements and operational excellence
delivering strong performance in favorable market
U/S EP CP SP C&F TOTAL
2Q23 Earnings / (Loss) ex. identified items (non-GAAP) $4.6 $2.3 $0.8 $0.7 ($0.5) $7.9

Additional European taxes on energy sector (0.0) 0.0 - - - 0.0

2Q23 GAAP Earnings / (Loss) $4.6 $2.3 $0.8 $0.7 ($0.5) $7.9

Price / margin 1.5 0.4 (0.7) (0.1) - 1.1

Volume / mix 0.2 0.2 0.2 0.0 - 0.5

Expenses (0.1) 0.1 (0.0) 0.1 - (0.1)

Other 0.3 (0.2) (0.0) (0.1) 0.1 0.2

Unsettled derivatives mark-to-market (MTM) (0.2) (0.3) - - - (0.6)

3Q23 Earnings / (Loss) ex. identified items (non-GAAP) $6.1 $2.5 $0.2 $0.6 ($0.4) $9.1

Additional European taxes on energy sector (0.0) (0.0) - - - (0.0)

3Q23 GAAP Earnings / (Loss) $6.1 $2.4 $0.2 $0.6 ($0.4) $9.1

Billions of dollars unless specified otherwise.

Due to rounding, numbers presented above may not add up precisely to the totals indicated.
See Supplemental information for definitions. 8
 Upstream: growing higher-value volumes in a
favorable market
Upstream
Contributing factors to change in earnings • Higher liquids realizations driven by rising demand and
Million USD low inventory levels

170 300 $ 6,382

$ 6,139
(140) (240) • Improved volume / mix supported by lower scheduled
1,460
maintenance
$ 4,589

• Other reflects favorable tax items

• Unsettled derivatives MTM mainly reflects absence of

favorable MTM impact from prior quarter

2Q23 Price Volume Expenses Other 3Q23 ex. Unsettled 3Q23

ex. ident. / mix unsettled derivatives ex. ident.
items derivatives MTM items
MTM

See page 8 and Supplemental information for definitions and reconciliations. 9

 Upstream: continued strong production

Upstream
Contributing factors to change in volumes • ~80 Koebd of growth from Permian, Guyana, and LNG
Koebd, net partially offset by base decline1

3,716 30 3,688
50
(150) 40 • 380 Kbd full-year gross production expected in Guyana
- 20 Kbd above prior projections on early start-up of
Payara and increased production from debottlenecking

• Portfolio mix continues to improve with liquid growth

from Guyana and Permian offsetting divested volumes,
primarily gas2

3Q22 Divestments / Entitlements Net growth Downtime 3Q23

curtailments / other

1LNG only includes Mozambique Coral LNG.

2Compares year-to-date 2023 versus year-to-date 2022.
See Supplemental information for definitions. 10
 Energy Products: operational excellence driving record
third-quarter refining throughput and boosting earnings
Energy Products
Contributing factors to change in earnings • Margin improvement driven by strong demand
Million USD and low inventories

60
$ 3,452 • Delivered record 3Q refinery throughput1
220
(160) (340)
• Expenses down on lower planned maintenance
1,040 (640)
$ 2,475
$ 2,292 • Other reflects absence of favorable inventory
adjustments following sale of Billings refinery in
prior quarter as well as unfavorable forex

• Negative unsettled derivatives MTM driven by

rising price environment

2Q23 Margin Volume Expenses Other 3Q23 ex. Unsettled Price / 3Q23 • Rising crude prices also triggered trading
ex. ident. / mix derivative derivatives timing ex. ident.
items and price MTM items
related impacts that are largely non-cash and
timing will unwind over time
1Highest third-quarter global refinery throughput (2000-2023) since Exxon and Mobil merger in 1999, based on current refinery circuit.
See page 8 and Supplemental information for definitions and reconciliations. 11
 Chemical Products: structural improvements underpin
earnings as industry feed costs increase globally
Chemical Products
Contributing factors to change in earnings • Generating positive earnings and cash flow despite
Million USD historically low industry market conditions

$ 828
• Margins compressed as supply continued to outpace
demand and industry feed costs increased globally

• Growth of performance products contributed to

(670) favorable volume / mix

(30)
$ 249 • Expenses consistent with higher turnaround activity
150 (30)

2Q23 Margin Volume Expenses Other 3Q23

ex. ident. / mix ex. ident.
items items

See page 8 and Supplemental information for definitions and reconciliations. 12

 Specialty Products: portfolio of high-value products
consistently delivers solid earnings
Specialty Products
Contributing factors to change in earnings • Margin improvement from revenue management more
Million USD than offset by higher basestocks feed costs

$ 671
(60) 10 60 (60) $ 619 • Expenses down on disciplined cost control

• Other reflects absence of favorable tax items

2Q23 Margin Volume Expenses Other 3Q23

ex. ident. / mix ex. ident.
items items

See page 8 and Supplemental information for definitions and reconciliations. 13

 Strong results continuing to support capital allocation
priorities
Cash flow
Billion USD
• $11.7 billion of free cash flow on strong earnings and
asset sales

(5.2) 0.9
• 17% debt-to-capital; 4% net debt-to-capital
16.0 (8.1)
$ 33.0 • $8.1 billion distributed to shareholders
(0.2)
$ 29.6
• Declared 4Q dividend of $0.95 per share, an increase of
$0.04 versus 3Q

• On track to complete ~$17.5 billion of share repurchases

in 2023, as previously disclosed
$ 11.7 billion
free cash flow

2Q23 CFO Cash capex1 Asset Shareholder Other 3Q23

cash sales distributions cash

1Includes PP&E additions of ($4.9) billion and net investments / advances of ($0.3) billion in third quarter 2023.
See Supplemental information for definitions and reconciliations. 14
4Q23 outlook

• Guyana Payara start-up expected in

Upstream November

• Higher scheduled maintenance

Energy Products • First full quarter without Thailand (~170 Kbd)
and Italy (~130 Kbd) refineries
Product
Solutions • Higher scheduled maintenance
Chemical Products • Anticipate further industry capacity coming
online

Specialty Products • Higher scheduled maintenance

• Corporate and financing expenses expected

to be $400-$500 million
Corporate
• Denbury acquisition expected to close in
early November

15
 Pioneer transaction transforms Upstream portfolio

• Creates industry-leading undeveloped high-quality, high-return U.S.

unconventional inventory

• Combined capabilities expected to generate double-digit returns by

recovering more resource, more efficiently
- Pre-tax synergies average ~$2 billion per year over next decade

• Increases short-cycle capital flexibility and lower cost-of-supply

production in the United States
- Based on ExxonMobil’s initial assessment, plan to grow combined
Permian production to ~2 Moebd by the end of 2027

• Maximizes Permian value across ExxonMobil’s integrated value chain

• Accelerates Pioneer’s net-zero plan to 2035 from 2050

Announced transaction presentation available on the Investors page of the company’s website at www.exxonmobil.com.
See Supplemental information for definitions. 16
 Pre-tax synergies average ~$2 billion per year
over next decade
Spraberry/Wolfcamp Resource Density
• Pioneer’s Midland resource is the highest quality in the basin
Resource
Density
High - Notably better than ExxonMobil’s Midland acreage

• Plan to optimize future development plan leveraging capabilities of

both companies
Low
- ExxonMobil’s technology and execution capabilities
- Pioneer’s leading basin operating experience and knowledge

• Average synergies of ~$2 billion per year over the next decade with
modest benefits in first 2 years increasing continuously over the period
- ~$1.3 billion per year from ~1 Boeb increase in total recoverable resource
- ~$0.7 billion per year from ~15% reduction in total development cost

Note: approximate acreage extents from ExxonMobil analysis.

See Supplemental information for definitions. 17
 Average ~$1.3 billion per year synergies from increased
resource recovery
Averaged Productivity Across Midland Basin
20
• ExxonMobil has been the leader in higher value cube development
~50% ~80%
IP360 kbbl/1,000ft

cubes cubes - Cube development achieving 30-50% higher NPV vs. best-bench
development despite lower initial well production rates1
100%
15 100%
cubes - Industry, including Pioneer, now following similar approach
cubes 100%
cubes
Pioneer
10
ExxonMobil • Across Midland basin, ExxonMobil’s cubes deliver similar recovery to
2020 2021 2022 Pioneer despite notably lower-quality acreage
Source: Enverus.

Productivity on Comparable Acreage

• In acreage of comparable resource quality, ExxonMobil’s cubes delivering
(adjacent Martin County 10k’ cubes)
20 ~20% higher recovery vs. Pioneer and industry
IP360 kbbl/1,000ft

15
• Anticipate optimized future development plan, including ExxonMobil’s
cube technology, will achieve additional ~1 Boeb in ultimate recovery
10 - ~$1.3 billion per year average synergies in first 10 years with cost-of-
Pioneer Peer 1 ExxonMobil supply under $35/bbl
Source: Enverus.

See Supplemental information for footnotes and definitions. 18

 Average ~$0.7 billion per year synergies from
~15% lower costs
Delaware Basin Drilling Performance Midland Basin Drilling Performance
30 20

Drilling Days/10k Lat Length

Drilling Days/10k Lat Length

20 15
Pioneer

ExxonMobil
ExxonMobil
Industry: CVX, COP, DVN, EOG, OXY, FANG Industry: OXY, CVX, COP, Endeavor, FANG, OVV
10 10
2020 2021 2022 YTD 2023 2020 2021 2022 YTD 2023
Source: Kayrros satellite benchmarking data. Source: Kayrros satellite benchmarking data.

• ~$0.4 billion per year from application of ExxonMobil’s drilling capabilities and well design that reduce well costs by ~10%

• ~$0.2 billion per year from application of ExxonMobil’s success in drilling longer laterals that reduce number of wells

• ~$0.1 billion per year from general and administrative expense savings
See Supplemental information for definitions. 19
 Key takeaways: differentiated execution driving
strong results
• Delivered strong operational performance in a favorable market environment

• Continued to leverage unmatched scale and integration; structural savings on track to exceed $9 billion by year-end

• Delivering portfolio projects with industry-leading cost and schedule performance

• Strong cash flows and balance sheet continue to support robust shareholder distributions

• Acquisition of Denbury creating value by accelerating profitable growth in Low Carbon Solutions

• Pioneer transaction expected to generate double-digit returns by recovering more resource, more efficiently, while
accelerating emissions reductions1

1Expected to leverage Permian GHG reduction plans to accelerate Pioneer’s net-zero emissions plan to 2035 from 2050; plan to lower both companies’ Permian methane emissions through new technology application.
See Supplemental information for definitions and reconciliations. 20
Q&A
10.27.23
Upcoming disclosures:
Corporate Plan Update on
Wednesday, December 6th, at 9:00 a.m. (CDT)

2024 Advancing Climate Solutions report

to be issued in mid-December
 Outlook for fourth quarter of 2023
Upstream scheduled maintenance earnings impact1 Energy Products scheduled maintenance earnings impact3
Million USD Million USD
600 900
~470
~390 380 ~630
400 +100 600
430
~280 ~410 ~410 +85
~345
200 ~160 300 +5
-100 350
180
0 0
2022 quarterly 1Q23 2Q23 3Q23 4Q23 est. 2022 quarterly 1Q23 2Q23 3Q23 4Q23 est.
average average

Chemical Products scheduled maintenance earnings impact2 Specialty Products scheduled maintenance earnings impact4
Million USD Million USD
300 60 55
~250 230 ~50 +15
+40 ~40
200 ~190
~170 ~40 ~30
~150 +20 210 +5 45
30
100

0 0
2022 quarterly 1Q23 2Q23 3Q23 4Q23 est. 2022 quarterly 1Q23 2Q23 3Q23 4Q23 est.
average average
See Supplemental information for footnotes. 22
 Upstream: maintaining strong production levels

Upstream
Contributing factors to change in volumes
• Higher sequential production driven by lower scheduled
Koebd, net maintenance

100 10 3,688 • Record 3Q23 Guyana Liza Phase 2 gross production of

>240 Kbd on strong operational performance and
3,608 continued capacity enhancements
(10)
(20)

• Permian on track to deliver 10% year-on-year growth

• Year-to-date production of 3.7 Moebd; consistent with

full-year guidance

2Q23 Divestments Entitlements Downtime Other 3Q23

See Supplemental information for definitions. 23

Product Solutions: strategic projects model guidance

First full year of Annual earnings uplift

Projects1 Aggregate volume impact
project operation (2010-19 average margins1)

Rotterdam Hydrocracker +20 Kbd Group II Basestocks, +20 Kbd Distillate

Corpus Christi Chemical Complex +650 Kta Polyethylene, +550 Kta Ethylene Glycol
2020 - 2023 $750M - $1,000M
Baton Rouge Polypropylene +450 Kta Polypropylene
Advanced Recycling +40 Kta Recycling Capacity

Beaumont Crude Expansion +250 Kbd Crude Distillation

2024 $400M - $600M
Baytown Chemical Expansion +400 Kta VistamaxxTM/ExactTM, +350 Kta Linear Alpha Olefins
Permian Crude Venture +1.5 Mbd Crude Pipeline
Fawley Hydrofiner +20 Kbd Distillate, -10 Kbd Gasoline
2025 $900M - $1,200M
Advanced Recycling +240 Kta Recycling Capacity

China Chemical Complex +1,650 Kta Polyethylene, +850 Kta Polypropylene

Singapore Resid Upgrade +20 Kbd Group II Basestocks, +50 Kbd Distillate 2026 $1,400M - $1,800M
Strathcona Renewable Diesel +20 Kbd Renewable Diesel
Next Renewable Fuels +10 Kbd Renewable Fuels
Advanced Recycling +300 Kta Recycling Capacity
2027 $250 - $350M
ProxximaTM Venture +20 Kta ProxximaTM Capacity
USGC Reconfiguration +40 Kbd Distillate, -40 Kbd Gasoline

See Supplemental information for footnotes and definitions. 24

Supplemental information

ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based
on industry standards and best practices, including guidance from the American Petroleum Institute (API) and Ipieca. Emissions reported are estimates only, and performance
data depends on variations in processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation.
Emissions data is subject to change as methods, data quality, and technology improvements occur, and changes to performance data may be updated. Emissions, reductions
and avoidance estimates for non-ExxonMobil operated facilities are included in the equity data and similarly may be updated as changes in the performance data are
reported. ExxonMobil’s plans to reduce emissions are good faith efforts based on current relevant data and methodology, which could be changed or refined. ExxonMobil
works to continuously improve its approach to identifying, measuring and addressing emissions. ExxonMobil actively engages with industry, including API and Ipieca, to
improve emission factors and methodologies, including measurements and estimates.
All references to production rates, project capacity, resource size, and acreage are on a net basis, unless otherwise noted.
Actions needed to advance the Company’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated
annually. Actions needed to advance ExxonMobil’s 2035 greenhouse gas emission-reduction plans for Pioneer assets will be incorporated into its medium-term business
plans in the normal course following closing. The reference case for planning beyond 2030 is based on the Company’s Energy Outlook research and publication. The Outlook
is reflective of the existing global policy environment. The Energy Outlook does not attempt to project the degree of required future policy and technology advancement and
deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook,
and the Company’s business plans will be updated accordingly.
ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint
venture, partnership, co-venturer, operated by others, and partner are used to indicate business and other relationships involving common activities and interests, and those
words may not indicate precise legal relationships.
See the Cautionary Statement at the front of this presentation for additional information regarding forward-looking statements.

25
Supplemental information

DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS

Capital and exploration expenditures (Capex). Represents the combined total of additions at cost to property, plant and equipment, and exploration expenses on a before-
tax basis from the Consolidated Statement of Income. ExxonMobil’s Capex includes its share of similar costs for equity companies. Capex excludes assets acquired in
nonmonetary exchanges, the value of ExxonMobil shares used to acquire assets, and depreciation on the cost of exploration support equipment and facilities recorded to
property, plant and equipment when acquired. While ExxonMobil’s management is responsible for all investments and elements of net income, particular focus is placed on
managing the controllable aspects of this group of expenditures.
Cash operating expenses excluding energy and production taxes. Subset of total operating costs that are stewarded internally to support management’s oversight of
spending over time. This measure is useful for investors to understand our efforts to optimize cash through disciplined expense management for items within management’s
control.
Debt to capital (debt-to-capital, debt-to-capital ratio, leverage). Total debt / (total debt + total equity). Total debt is the sum of (1) Notes and loans payable and (2) Long-
term debt, as reported in Form 10-Q along with Total equity.
Distributions to shareholders (shareholder distributions). The Corporation distributes cash to shareholders in the form of both dividends and share purchases. Shares are
acquired to reduce shares outstanding and offset shares or units settled in shares issued in conjunction with company benefit plans and programs. For the purposes of
calculating distributions to shareholders, the Corporation includes only the cost of those shares acquired to reduce shares outstanding.
Divestments. Refers to asset sales; results include associated cash proceeds and production impacts, as applicable, and are consistent with our internal planning.
Earnings excluding identified items (Earnings ex. ident. items). Earnings/(loss) excluding individually significant non-operational events with, typically, an absolute corporate
total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when
the item impacts several periods or several segments. Earnings/(loss) excluding identified items does include non-operational earnings events or impacts that are generally
below the $250 million threshold utilized for identified items. When the effect of these events is significant in aggregate, it is indicated in analysis of period results as part of
quarterly earnings press release and teleconference materials. Management uses these figures to improve comparability of the underlying business across multiple periods by
isolating and removing significant non-operational events from business results. The Corporation believes this view provides investors increased transparency into business
results and trends and provides investors with a view of the business as seen through the eyes of management. Earnings excluding identified items is not meant to be viewed
in isolation or as a substitute for net income/(loss) attributable to ExxonMobil as prepared in accordance with U.S. GAAP. A reconciliation to earnings is shown for the period
on slide 8.

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Supplemental information

DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS

Government mandates (curtailments). Changes to ExxonMobil’s sustainable production levels as a result of production limits or sanctions imposed by governments.
Net debt to capital (net debt-to-capital). Defined as “net debt / (net debt + total equity)” where net debt is net of cash and cash equivalents, excluding restricted cash.
Net growth. Includes production enhancements from project and work program activities and natural field decline.
Operating costs (Opex). Operating costs are the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale – including
energy, staffing, and maintenance costs. They exclude the cost of raw materials, taxes, and interest expense and are on a before-tax basis. While ExxonMobil’s management
is responsible for all revenue and expense elements of net income, operating costs, as defined above, represent the expenses most directly under management’s control, and
therefore are useful for investors and ExxonMobil management in evaluating management’s performance. For information concerning the calculation and reconciliation of
operating costs see the table on slide 29.
Performance product (performance chemicals). Refers to Chemical products that provide differentiated performance for multiple applications through enhanced properties
versus commodity alternatives and bring significant additional value to customers and end-users.
Project. The term “project” as used in this presentation can refer to a variety of different activities and does not necessarily have the same meaning as in any government
payment transparency reports. Projects or plans may not reflect investment decisions made by the company. Individual opportunities may advance based on a number of
factors, including availability of supportive policy, technology for cost-effective abatement, and alignment with our partners and other stakeholders. The company may refer
to these opportunities as projects in external disclosures at various stages throughout their progression.
Resources, resource base, and recoverable resources. Along with similar terms, refer to the total remaining estimated quantities of oil and natural gas that are expected to
be ultimately recoverable. The resource base includes quantities of oil and natural gas classified as proved reserves, as well as quantities that are not yet classified as proved
reserves, but that are expected to be ultimately recoverable. The term “resource base” or similar terms are not intended to correspond to SEC definitions such as “probable”
or “possible” reserves. The term “in-place” refers to those quantities of oil and natural gas estimated to be contained in known accumulations and includes recoverable and
unrecoverable amounts.

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Supplemental information

DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS

Returns, rate of return, IRR. Unless referring specifically to ROCE or external data, references to returns, rate of return, IRR, and similar terms mean future discounted cash
flow returns on future capital investments based on current company estimates. Investment returns exclude prior exploration and acquisition costs.
Structural cost savings (structural cost reductions, structural savings, structural cost improvements). Structural cost savings describe decreases in cash operating expenses
excluding energy and production taxes as a result of operational efficiencies, workforce reductions and other cost-saving measures that are expected to be sustainable
compared to 2019 levels. Relative to 2019, estimated cumulative structural cost savings totaled $9.0 billion, which included an additional $1.6 billion in the first nine months
of 2023. The total change between periods in expenses will reflect both structural cost savings and other changes in spend, including market factors, such as inflation and
foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Estimates of cumulative annual structural savings may be revised
depending on whether cost reductions realized in prior periods are determined to be sustainable compared to 2019 levels. Structural cost savings are stewarded internally to
support management’s oversight of spending over time. This measure is useful for investors to understand our efforts to optimize spending through disciplined expense
management. For information concerning the calculation and reconciliation of operating costs see the table on slide 29.
Structural earnings improvements (structural improvements, growing earnings power). Structural earnings improvements consist of efforts to improve earnings on a like-
for-like price and margin basis and incorporate improvement efforts by the corporation such as growing advantaged assets, mix improvements, and structural cost
reductions.
Synergies. Synergies refer to pre-tax increases in cash flow due to factors such as higher resource recovery, lower development costs, lower operating costs, among others.
Value-accretive. Includes investments in new and developing markets which are expected to generate returns based on support for these markets in the Inflation Reduction
Act and similar policies, subject to permitting and regulatory approval of projects.

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 Supplemental information

CALCULATION OF STRUCTURAL COST SAVINGS 2019 2022 YTD 3Q22 YTD 3Q23
Components of operating costs
From ExxonMobil’s Consolidated statement of income (U.S. GAAP)
Production and manufacturing expenses 36.8 42.6 32.2 27.0
Selling, general and administrative expenses 11.4 10.1 7.3 7.3
Depreciation and depletion (includes impairments) 19.0 24.0 19.0 12.9
Exploration expenses, including dry holes 1.3 1.0 0.7 0.6
Non-service pension and postretirement benefit expense 1.2 0.5 0.4 0.5
Subtotal 69.7 78.2 59.5 48.3
ExxonMobil’s share of equity company expenses (Non-GAAP) 9.1 13.0 9.0 7.4
Total adjusted operating costs (Non-GAAP) 78.8 91.2 68.5 55.7

Less:
Depreciation and depletion (includes impairments) 19.0 24.0 19.0 12.9
Non-service pension and postretirement benefit expense 1.2 0.5 0.4 0.5
Other adjustments (includes equity company depreciation and depletion) 3.6 3.5 2.3 2.3
Total cash operating expenses (cash opex) (Non-GAAP) 55.0 63.2 46.8 40.0
Energy and production taxes (Non-GAAP) 11.0 23.8 17.7 11.0
Total cash operating expenses (cash opex) excluding energy and production taxes (Non-GAAP) 44.0 39.4 29.1 29.0
vs. 2019 vs. 2022 Cumulative
Change: -4.6 -0.1
Market +2.7 +0.7
Activity/Other +0.1 +0.8
Structural savings -7.4 -1.6 -9.0

Billions of dollars unless specified otherwise.

Due to rounding, numbers presented above may not add up precisely to the totals indicated. 29
 Supplemental information

CASH FLOW FROM OPERATIONS EXCLUDING WORKING CAPITAL 3Q23

Net cash provided by operating activities (U.S. GAAP) 15,963
Less: changes in operational working capital, excluding cash and debt (1,821)
Cash flow from operations excluding working capital (Non-GAAP) 14,142

Cash flow from operations excluding working capital is net cash provided by operating activities less changes in operational working capital, excluding cash and debt. This measure is
useful when evaluating cash available for investment in the business and financing activities as operational working capital, excluding cash and debt can vary quarter-to-quarter due to
volatility and changing needs of the corporation. Cash flow from operations excluding working capital is not meant to be viewed in isolation or as a substitute for net cash provided by
operating activities.

CASH CAPITAL EXPENDITURES 3Q23

Additions to property, plant and equipment 4,920
Net investments and advances 276
Total cash capital expenditures 5,196

Cash capital expenditures (Cash Capex). Sum of Additions to property, plant and equipment, Additional investments and advances, and Other investing activities including collection of
advances from the Consolidated Statement of Cash Flows. This measure is useful for investors to understand the current period cash impact of investments in the business.

Millions of dollars unless specified otherwise.

Due to rounding, numbers presented above may not add up precisely to the totals indicated. 30
 Supplemental information

FREE CASH FLOW 3Q23

Net cash provided by operating activities (U.S. GAAP) 15,963
Additions to property, plant and equipment (4,920)
Proceeds from asset sales and returns of investments 917
Additional investments and advances (307)
Other investing activities including collection of advances 31
Free cash flow (Non-GAAP) 11,684

Free cash flow is the sum of net cash provided by operating activities and net cash flow used in investing activities. This measure is useful when evaluating cash available for financing
activities, including shareholder distributions, after investment in the business. Free cash flow is not meant to be viewed in isolation or as a substitute for net cash provided by operating
activities. For information concerning the calculation and reconciliation of free cash flow for historical periods, please see the Frequently Used Terms available on the Investors page of the
company's website at www.exxonmobil.com under the heading Resources.

Millions of dollars unless specified otherwise.

Due to rounding, numbers presented above may not add up precisely to the totals indicated. 31
 Supplemental information

Slide 6 Slide 22
1. 10-year range includes 2010-2019, a representative 10-year business cycle which avoids 1. Estimate based on October prices.
the extreme outliers in both directions that the market experienced in the past three years. 2. Estimate based on operating expenses related to turnaround and planned maintenance
2. Source: S&P Global Platts. activities.
3. Source: Intercontinental Exchange (ICE). 70%/30% weighting of Henry Hub and TTF price 3. Estimate based on September margins and operating expenses related to turnaround and
based on the proportion of the reported ICE trade volumes. planned maintenance activities.
4. Source: S&P Global Platts and ExxonMobil analysis. Net margin calculated by industry 4. Estimate based on operating expenses related to turnaround and planned maintenance
capacity weighting of North America (U.S. Gulf Coast Maya – Coking, WTI - Cracking), activities.
Northwest Europe (Brent – Catalytic Cracking), and Singapore (Dubai – Catalytic Cracking)
netted for industry average Opex, energy, and renewable identification numbers (RINS).
5. Source: IHS Markit, Platts, and company estimates. Overall, chemical margin based on Slide 24
industry capacity weighting of polyethylene, polypropylene, and paraxylene. Polyethylene 1. Represents ExxonMobil analysis of earnings potential contribution from strategic projects
margin based on industry capacity weighting by region, grouped by feedstock (North based on 10-year average Energy, Chemical, and Specialty Product margins (2010-2019)
America + Middle East, Europe, Asia Pacific). Polypropylene margin based on industry except for the following projects: Strathcona Renewable Diesel, Advanced Recycling, Next
capacity weighting by region, grouped by feedstock (North America, Europe, Asia Pacific + Renewable Fuels, Proxxima where the project economic margin basis was used. Project list
Middle East). includes projects that may not yet been fully funded but are included in the corporate plan.
Earnings exclude identified items.

Slide 18
1. Comparison of ExxonMobil cube development approach versus a leading competitor in
Martin County, Texas. ExxonMobil analysis at 10 percent discount rate and $60/bbl Brent
crude price and $3/mbtu Henry Hub gas prices. Prices are adjusted for inflation from 2023.

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