Exxon Mobil Corporation · NYSE:XOM
Exxon Mobil — Proxy Contest (April 2021)
83 slides from Exxon Mobil's proxy contest presentation, Apr 26, 2021
Slide 1: Growing Shareholder Value in a Lower-Carbon Future
GROWING SHAREHOLDER VALUE IN A LOWER-CARBON FUTURE April 2021GROWING SHAREHOLDER VALUE IN A LOWER-CARBON FUTURE April 2021
Slide 2: Cautionary statement
Cautionary statement FORWARD-LOOKING STATEMENTS. Outlooks; projections; goals; estimates; discussions of earnings, cash flow, and margins; descriptions of strategic plans and objectives; planned capital and cash operating expense reductions and the ability to meet or exceed announced reduction objec
Slide 3: ExxonMobil - a global energy and technology leader
ExxonMobil - a global energy and technology leader Responsibly meeting the world’s need for energy for over 135 years 3 segments - each with multi-billion $ average annual earnings; operations in >50 countries Global Scale Market capitalization $240 Billion Dividends paid since 2011 $122 Billion Reg
Slide 4: Right strategy, strong performance, world-class board
Right strategy, strong performance, world-class board Uniquely positioned to sustainably meet the world’s energy needs in a lower-carbon future 1 • Invest in low-carbon to expand opportunities in energy’s long-term future – Low Carbon Solutions business will help address society’s ambition to reduce
Slide 5: Right strategy, strong performance, world-class board (con't)
Right strategy, strong performance, world-class board (con’t) Uniquely positioned to sustainably meet the world’s energy needs in a lower-carbon future 3 • Our Board has played an important role in overseeing our strategy and has continually Led by strong, refreshed itself with relevant expertise to
Slide 6: Right strategy and plan: advancing two priorities to maximize shareholder value
1 RIGHT STRATEGY TO GROW VALUE Right strategy and plan: IN A LOWER CARBON FUTURE advancing two priorities to maximize shareholder value • Invest in lower-carbon to expand opportunities in energy’s long-term future − Low Carbon Solutions business will help address society’s ambition to reduce emissio
Slide 7: IPCC expects a diverse energy mix in achieving 2°C
IPCC expects a diverse energy mix in achieving 2°C Multiple potential pathways to 2°C lead to wide range of projections 2040 ENERGY MIX IN IPCC LOWER 2°C SCENARIOS Quadrillion BTUs (Quads) High IPCC 2040 Wind/Solar Lower 2°C energy demand Bioenergy • Substantial efficiency gains range 19% Low-carbon
Slide 8: IPCC oil & gas demand driven by economic growth
IPCC oil & gas demand driven by economic growth Hard-to-decarbonize sectors meet demands from increasing population and growing prosperity GLOBAL ENERGY DEMAND IN IPCC LOWER 2°C SCENARIOS Quads Wind Fuel Other 21% Solar 80% of demand for oil and natural gas driven 20% by three sectors Industrial Bio
Slide 9: ExxonMobil developing technologies to reduce emissions
ExxonMobil developing technologies to reduce emissions Available alternatives do not fully meet needs of hard-to-decarbonize sectors, requiring innovation EXXONMOBIL FOCUS ON SOLUTIONS FOR IPCC 2040 DEMAND ACTIONS TODAY TOMORROW Oil and Gas Wind • Providing natural gas to Coal POWER replace coal• Fu
Slide 10: Low Carbon Solutions leverages existing core competencies
Low Carbon Solutions leverages existing core competencies Expertise in core businesses creates competitive advantages Low Carbon Solutions Core Competencies / Competitive Advantages Focus Areas Innovation leader: Decades researching, commercializing, and scaling new Carbon Capture and lower-carbon t
Slide 11: Pursuing low-carbon opportunities with large addressable markets
Pursuing low-carbon opportunities with large addressable markets Leveraging core skills and existing assets to capture markets with strongest fit and high growth 2040 MARKET SIZE, GROWTH, AND FIT WITH EXXONMOBIL COMPETENCIES Trillion USD 1 Total Addressable Market: 2040 1 Size = Total Addressable Ma
Slide 12: A proven capability to advance technologies including low carbon
A Proven capability to advance technologies including low carbon In the last decade: 80 research collaborations; 2,000 PhDs; >10k patents granted; 2 new venture startups Labarge Plant Labarge Plant Qatargas Startup 2019 Labarge Plant 1986 Expansion 2010 Expansion 2005 Largest CCS in Middle World’s l
Slide 13: Uniquely positioned to succeed in carbon capture
Uniquely positioned to succeed in carbon capture Leveraging position as the global CCS leader in a ~$2 trillion addressable market by 2040 1 CUMULATIVE CO CAPTURE VOLUME SINCE 1970 2 • Leverages history and experience at scale Million tonnes 1 − #1 in the world for CO capture; 9 Mta capacity 2 2 − #
Slide 14: CCS growth driven by compelling economics and policy support
CCS growth driven by compelling economics and policy support Cost already well below other existing policy-driven subsidies to reduce carbon emissions 1,2 CCS COSTS FOR MITIGATING INDUSTRIAL EMISSIONS POLICY SUPPORT IS GROWING $/tonne CO for conventional technology New policies introduced 2 Africa I
Slide 15: Plans for Houston CCS Innovation zone
Plans for Houston CCS Innovation zone Houston ship channel is an ideal location for a large-scale CCS project 1 ILLUSTRATION OF HOUSTON CCS CONCEPT TARGETING CRITICAL ENABLERS INCLUDE Manufacturing Refineries and ~50 Power Supportive regulatory Chemical Plants Generation and legal framework largest
Slide 16: ExxonMobil progressing research to further reduce CCS costs
ExxonMobil progressing research to further reduce CCS costs Deploying technology and experience curve are key to lowering costs and developing markets COST OF CCS $/tonne CO 2 • >10 years of CCS-related R&D • Fuel cell technology concept delivers step-change in cost − Same emissions reduction with l
Slide 17: Strengths in CCS position us to succeed in hydrogen
Strengths in CCS position us to succeed in hydrogen Leveraging position as a global CCS leader in a ~$1 trillion addressable market by 2040 1 GLOBAL ENERGY DEMAND SUPPLIED BY HYDROGEN Quads • Hydrogen can decarbonize hard-to-abate sectors − Transportation (60%), power and buildings (20%), 2 and indu
Slide 18: Positioned to succeed in biofuels
Positioned to succeed in biofuels Leveraging existing core competencies in a ~$400 billion addressable market by 2040 1 GLOBAL ENERGY DEMAND SUPPLIED BY BIOFUELS Quads • Commercial transportation (e.g. heavy trucks, planes) needs energy-dense fuels • ExxonMobil blends ~6 million gallons of biofuels
Slide 19: ExxonMobil committed to a lower-carbon future
ExxonMobil committed to a lower-carbon future Leveraging capabilities and expertise to reduce emissions and deliver shareholder value Research, develop, commercialize Low Carbon Innovating CCS at Scale 1 >$13 billion 100M metric tons Solutions lower-emission solutions: CCS, new business to advance p
Slide 20: Reducing emissions consistent with the goals of Paris
Reducing emissions consistent with the goals of Paris ExxonMobil’s plan to 2025 consistent with 2°C pathway, while NDCs fall short 1,2,3 EXXONMOBIL AND SOCIETY’S EMISSIONS Percent reduction versus 2016 1 Society’s emissions Paris submissions by signatory nations result in societal emissions that are
Slide 21: Significant investment required to meet oil and gas demand (oil)
Significant investment required to meet oil and gas demand 1 IEA forecasts incremental $12 trillion investment in oil and gas needed in its <2°C scenario “Sharp spending cuts and project delays are already constraining supply growth across the globe… In the absence of stronger policy action, global
Slide 22: Significant investment required to meet oil and gas demand (gas)
Significant investment required to meet oil and gas demand 1 IEA forecasts incremental $12 trillion investment in oil and gas needed in its <2°C scenario “Natural gas recovers quickly from a drop in demand in 2020. Demand rebounds by almost 3% in 2021, then rises to 14% above 2019 levels by 2030, wi
Slide 23: ExxonMobil's plan assumes an important role for EVs
ExxonMobil’s plan assumes an important role for EV’s However, passenger vehicles represent only a small part of oil and gas demand 2010 GLOBAL EMISSIONS BY SOURCE TODAY 49 GT/yr CO e 2 • Passenger vehicles currently represent ~5% of % PASSENGER CAR emissions and 15% of Oil and Gas demand Agriculture
Slide 24: Upstream strategy: highgrading and optimizing the portfolio
Upstream strategy: highgrading and optimizing the portfolio Lowering the breakeven cost-of-supply and maintaining short cycle optionality 1 • ~90% of 2021-25 Upstream resource investment with cost-of-supply ≤$35/bbl 2 • Finalizing >$1 billion North Sea divestment; 10 assets in market Strengthening p
Slide 25: Industry-leading Upstream resource investment portfolio
Industry-leading Upstream resource investment portfolio 1 Capital program prioritizes low cost-of-supply opportunities that generate >10% returns at ≤$35/bbl 1 UPSTREAM RESOURCE INVESTMENTS Brent $/bbl required to generate the cost-of-supply plus 10% return $45 Developing projects at less than $40/b
Slide 26: Developing the world's most attractive upstream portfolio
Developing the world’s most attractive upstream portfolio Projects deliver industry-leading returns and outsized value according to Wood Mackenzie WOOD MACKENZIE UPSTREAM PORTFOLIO COST-OF-SUPPLY AND RETURNS 1 Size = NPV10 Projects in ExxonMobil’s Current Portfolio MOST ATTRACTIVE 60% ExxonMobil’s n
Slide 27: Upstream portfolio highgrading increases cash flow
Upstream portfolio highgrading increases cash flow Focused on increasing value with the flexibility to adjust capex to market conditions PRODUCTION AND OPERATING CASH FLOW Indexed to 2021, % • Strategy driven by improving portfolio competitiveness 20% MORE FLAT CASH FLOW VOLUMES • 2025 production ou
Slide 28: Downstream strategy: upgrade product mix to improve margins
Downstream strategy: upgrade product mix to improve margins 1 #1 in synthetic lubricants and basestocks; industry-leading integration 2 DOWNSTREAM AND CHEMICAL PRODUCT MIX UPGRADE PLANS 2027 volume change, indexed to 2017 -50% 0% 50% • Grow earnings from highly profitable Lubricants Performance prod
Slide 29: Chemical strategy: grow sustainable high-value products
Chemical strategy: grow sustainable high-value products Meet increasing global demand for high-value products through advantaged investments 1 PERFORMANCE PRODUCTS DELIVERED GROWTH AT >4x GDP Indexed to 2010, % • Grow environmentally sustainable, high-value 350 ExxonMobil performance products to mee
Slide 30: Delivering products the world needs
Delivering products the world needs Leading chemical business with a diversified and resilient portfolio 1 #1 or #2 market position in >80% Recyclable Shrink wrap, of chemical product portfolio stand-up pouches cling film Polyethylene Performance market position: #1 Total market position: #1 Propyle
Slide 31: Improving Chemical sustainability
Improving Chemical sustainability Developing technology to help address plastic waste and improve the efficient use of resources Founding member. Alliance 1 Performance Polymers Received ISCC+ certification for focused on developing safe, Developing products that help protect circular polymers resul
Slide 32: Innovative products provide customer benefits
Innovative products provide customer benefits High-value products provide customer choices for lower emissions or improved efficiencies HIGH-VALUE PRODUCTS MEET EVOLVING CUSTOMER NEEDS Representative examples 1 PRODUCT / SECTOR POTENTIAL BENEFITS Plastic packaging 54% lower lifecycle GHG emissions i
Slide 33: Downstream and Chemicals investments grow value
Downstream and Chemicals investments grow value 1,2 World-class integrated businesses with leading market positions EARNINGS FROM FUTURE MAJOR GROWTH PROJECTS 3 DELIVER >$2 BILLION AT 10-YEAR LOW MARGINS Billion USD • Downstream focused on improving earnings from converting low value products to lub
Slide 34: Delivered ~$3 billion of structural cost reductions in 2020
Delivered ~$3 billion of structural cost reductions in 2020 Value chain restructuring enabled accelerated efficiency capture; additional $3 billion by 2023 ORGANIZATIONAL RESTRUCTURING DRIVING EFFICIENCIES Organizational restructuring – end to end oversight for each business unit, efficiencies Captu
Slide 35: Disciplined capital allocation to deliver on long-term priorities
Disciplined capital allocation to deliver on long-term priorities Enables portfolio high-grading, investment in lower-carbon future, reliable dividend, strong balance sheet 1,2,3 CUMULATIVE ESTIMATED SOURCES AND USES OF CASH (2021-2025) Billion USD • Flexible investment strategy prioritizes highest-
Slide 36: Investments drive cash flow generation through the cycle
Investments drive cash flow generation through the cycle High-return investments more than offset divestments and base decline 1,2 ESTIMATED AVAILABLE CASH FROM OPERATIONS Billion USD • Cash flow growth driven by investment program Return to 10yr avg. and reduced cash operating expenses Downstream a
Slide 37: Investments drive strong earnings growth
Investments drive strong earnings growth Cost reductions and advantaged investments enhance earnings power across a range of prices / margins 1,2 EARNINGS GROWTH $55/bbl real Brent Billion USD and 10yr high • Delivering structural cash Opex reductions across Downstream and Chemical margins the corpo
Slide 38: Flexible plan drives shareholder value creation in existing assets
Flexible plan drives shareholder value creation in existing assets Advantaged assets and industry-leading investment portfolio delivers earnings and cash flow growth Upstream Downstream Chemical ~90% 30% 60% improvement in net cash margin growth in high-value performance of 2021-2025 investments hav
Slide 39: Strong performance resulting from capital investments and competitive strengths
2 RIGHT STRATEGY TO GROW VALUE Strong performance: IN A LOWER CARBON FUTURE resulting from capital investments, corporate values and competitive strengths • Management and the Board made tough decisions to improve ExxonMobil’s portfolio starting in 2017 with counter-cyclical investments; long-cycle
Slide 40: Strong performance is driving attractive shareholder returns
Strong performance is driving attractive shareholder returns ExxonMobil’s long-cycle strategies actioned from 2017 onwards are driving TSR today TOTAL SHAREHOLDER RETURN (THROUGH 4/15/21) 6 MONTH 1 YEAR 2 YEAR 3 YEAR 72% 52% 47% 22% (13%) (16%) (20%) (23%) ExxonMobil Peer Average ExxonMobil Peer Ave
Slide 41: More recent TSR periods reflect new strategies actioned in 2017
More recent TSR periods reflect new strategies actioned in 2017 Longer cycle strategies take time to be reflected in portfolio and results Since 2017, ExxonMobil has… Only evaluating 10-year and 5-year TSR obscures oil supply transition and ExxonMobil’s response to it • Refreshed the Board with 6 ne
Slide 42: Fundamental portfolio repositioning starting to reflect in TSR
Fundamental portfolio repositioning starting to reflect in TSR 10-year TSR reflects a different market; 5-year TSR reflects period of significant investment to rebuild portfolio TOTAL SHAREHOLDER RETURN (10 YEARS AS OF 4/15/21) 2011-2016: 2016-2018: ExxonMobil invests 2018-2020: Portfolio 2020+: Por
Slide 43: ExxonMobil's recent outperformance not driven by Engine No. 1
ExxonMobil’s recent outperformance not driven by Engine No. 1 Reflects continued implementation of ExxonMobil’s strategy and plans that began in 2017 Mar. 3, 2021: ExxonMobil TOTAL SHAREHOLDER RETURN (FROM 6 MONTHS AGO) outperformance vs. peer XOM Investor Day Indexed to 100 average: 1-day reaction:
Slide 44: The market supports ExxonMobil's strategy
The market supports ExxonMobil’s strategy Equity analysts support for strategy and business plans is broad and compelling “On the energy transition, XOM continues to take a measured approach, “With a series of recent disclosures on efforts to mitigate emissions such leaning into its technology advan
Slide 45: Strong performance through business cycles (5-year ROCE)
Strong performance through business cycles Competitively positioned portfolio has generated leading returns TOTAL RETURN ON AVERAGE CAPITAL EMPLOYED (ROCE) 5-year average 2015-2020, percent • ROCE is the best measure of capital productivity 4.5% given capital-intensive, long-term nature of our 3.9%
Slide 46: Strong performance through business cycles (annual ROCE)
Strong performance through business cycles Competitively positioned portfolio has generated leading returns 1 TOTAL RETURN ON AVERAGE CAPITAL EMPLOYED (ROCE) 2016-2020, percent • ExxonMobil’s ROCE beat peer average in 4 of the past 5 years 9.2% 9.0% 8.0% 6.5% 4.8% 4.5% 3.9% Note: ex. accounting • RO
Slide 47: Strong performance through business cycles (dividends)
Strong performance through business cycles Competitively positioned portfolio has generated cash and dividends to shareholders 1 % CHANGE IN DIVIDENDS PER SHARE From 2015 through 2020 • ExxonMobil has consistently grown the dividend for over 70 years 26% 21% − 48% shares outstanding held by 2.7 mill
Slide 48: Delivered in 2020, in challenging and unprecedented conditions
Delivered in 2020, in challenging and unprecedented conditions Organizational restructuring and portfolio improvements enabled rapid response Operational Excellence Capex flexibility Met emissions targets for 2020 1 <0.02 LTIR >30% decrease 25% decrease Deferral costs offset by savings to In flaring
Slide 49: Industry leading long term safety and operations performance
Industry leading long term safety and operations performance Safety is a leading indicator of business performance and underscores safety as a core value ExxonMobil's approach to running our business: safety, operational integrity, and risk management is a culture, not a priority… The culture of saf
Slide 50: 2020 emissions reductions met 2016 objectives
2020 emissions reductions met 2016 objectives Absolute emissions have declined since start of the Paris Agreement 1 EXXONMOBIL AND SOCIETY’S EMISSIONS Indexed to 2016; % • Achieved 11% absolute GHG reduction since Paris 2 105 Agreement in 2016 Non-OECD, +4% Global, +2% • Robust processes for continu
Slide 51: Delivered more cash operating cost reductions vs. peer group
Delivered more cash operating cost reductions vs. peer group Value chain restructuring completed in 2019 enabled rapid response 1 CASH OPERATING COST REDUCTION FROM 2019 TO 2020 Billion USD XOM Peer 1 Peer 2 Peer 3 Peer 4 • Comprehensive cost benchmarking driving 0.0 improvement across all businesse
Slide 52: Led by strong, independent Board with relevant experience
3 RIGHT STRATEGY TO GROW VALUE Led by strong, independent Board with relevant IN A LOWER CARBON FUTURE experience • Our Board has played an important role in overseeing our strategy and has continually refreshed itself with relevant expertise to support the pursuit of our core priorities • New Direc
Slide 53: Board driving strategic change in transitioning market
Board driving strategic change in transitioning market Consistently refreshed to have the skillsets needed to guide the business through challenging cycles Board Oversight Focus Areas 2017 2018 2019 2020 2021 Annual Strategy Review Annual Energy Outlook Corporate Annual Corporate plan and budget app
Slide 54: Shareholder engagement informs board actions
Shareholder engagement informs board actions Have continued to adopt best practices in ESG, responding to shareholder input Shareholder Feedback Actions Taken Results • Since 2016 we have published an Energy and Carbon • Increases transparency on climate initiatives and alignment Summary and enhance
Slide 55: Board oversight on swift actions to address COVID-19 impacts
Board oversight on swift actions to address COVID-19 impacts Restructuring and portfolio improvements begun in 2017 enabled rapid response BRENT CRUDE SPOT PRICE Select Board topics in 2020: $/bbl 80• April 3 – comprehensive market and operations update and discussion of operating expense and capita
Slide 56: ExxonMobil's world-class, diverse, independent board
ExxonMobil’s world-class, diverse, independent board Unmatched expertise will continue to guide successful transition to lower-carbon future Michael J. Angelakis Susan K. Avery • Led strategic planning, capital allocation and corporate development at • Led scientific institutions, including Woods Ho
Slide 57: Recent additions deepen board expertise and perspective
Recent additions deepen board expertise and perspective Additional experience in energy, capital allocation, investor perspective, climate and transition Wan Zulkiflee Michael J. Angelakis Jeffrey W. Ubben Appointed Jan 2021 Appointed Mar 2021 Appointed Mar 2021 Former President & CEO, Former CFO, C
Slide 58: Board Affairs Committee carefully reviewed Engine No. 1's Nominees
Board Affairs Committee carefully reviewed Engine No. 1’s Nominees Factors underpinning Board Affairs Committee recommendations to the Board • Strong credentials and performance as a CEO of a successful wind turbine manufacturing company • However, the size and scale of the wind energy company is no
Slide 59: Board holds management accountable
Board holds management accountable Compensation tied to long-term shareholder value creation and success in a lower-carbon future Strengthening Upgrading Leading Delivering Investing Accountability Framework the Upstream Portfolio Downstream Production in Chemical Growth Lower Emissions With Discipl
Slide 60: Environmental objectives integrated in executive compensation program
Environmental objectives integrated in executive compensation program Sample accomplishments in progressing strategic objectives tied to pay deliberations • Implemented enhanced methane reduction program 2017 • Achieved significant milestones in lower-carbon research • Invested in lower-carbon emiss
Slide 61: Compensation program design ensures focus on long term value
Compensation program design ensures focus on long term value Over 70% of executive compensation tied to long-term shareholder value through the energy transition Increasingly long-term orientation and pay at risk Base salary Annual bonus Performance shares 10% or less 10% to 20% % of Total Direct Ov
Slide 62: Engine No. 1 does not have a plan for ExxonMobil
4 RIGHT STRATEGY TO GROW VALUE Engine No. 1 does not haIN A LOWER ve a plan for CARBON ExxonMobil FUTURE • Engine No. 1 has not constructively engaged to seek a resolution, despite multiple attempts by ExxonMobil • Engine No. 1 has provided no plan to create shareholder value, and does not understan
Slide 63: Engine No. 1's unconstructive pattern of engagement
Engine No. 1’s unconstructive pattern of engagement Engine No. 1’s position: Take our 4 directors or a proxy fight 2020 2021 Oct Nov Dec Jan Feb Mar Apr Dec – Feb: Nov 19: Engine No. 1 is incorporated days prior to § Company principals and advisors make multiple attempts to campaign launch, accumula
Slide 64: By contrast, interactions with D.E. Shaw were highly constructive
By Contrast, Interactions with D.E. Shaw Were Highly Constructive March 1, 2021 The D. E. Shaw Group Welcomes ExxonMobil’s Announcements ExxonMobil’s Recent Announcements Are Significant Positive Developments for All Shareholders The D. E. Shaw group, which manages funds that have been shareholders
Slide 65: Unlike ExxonMobil, Engine No. 1 has not put forward a plan
Unlike ExxonMobil, Engine No.1 has not put forward a plan Shareholder value in a capital intensive, long-cycle business that is transitioning needs more than “sound bites” Across ~60 pages of letters and white papers, Engine No. 1 refers to “value” dozens of times… “Strategic Plan for Sustainable Va
Slide 66: Shareholders should ask... does Engine No. 1 understand ExxonMobil's business?
A Shareholders should ask… …Does Engine No. 1 actually understand ExxonMobil’s business? Engine No. 1 Assertion Fact • ExxonMobil has outperformed peer average over the last 3 years û ExxonMobil TSR has ü Board and management decisions to aggressively reposition the portfolio underperformed over any
Slide 67: Shareholders should ask... (continued)
Shareholders should ask… …Does Engine No. 1 actually understand ExxonMobil’s business? Engine No. 1 Assertion Fact • None of ExxonMobil’s plan is dependent on fossil fuel growth û ExxonMobil is dependent on fossil ü ExxonMobil is prepared for a wide range of demand and energy mix scenarios fuel grow
Slide 68: Engine No. 1 is backpedaling in response to investor concerns
Engine No. 1 is backpedaling in response to investor concerns Recent comments from Charlie Penner are a stark change to Engine No 1’s initial positions û ExxonMobil has û ExxonMobil needs a Initial û ExxonMobil should û ExxonMobil needs a overinvested in Oil & whole new capital Position invest in wi
Slide 69: In conclusion
In conclusion 1 Right strategy and plan: advancing two priorities to maximize shareholder value Strong performance: resulting from capital investments, corporate values and competitive strengths 2 3 Led by strong, independent Board with relevant experience 4 Engine No. 1 does not have a plan for Exx
Slide 70: ExxonMobil has the right Board and strategy
ExxonMobil has the right Board and strategy • ExxonMobil is uniquely positioned to meet society’s energy needs while transitioning to a lower-carbon future • Balanced and flexible investments in the future build on existing value chains, business lines and core competencies, which help enable new lo
Slide 71: Vote the Blue Card
Vote the Blue Card ü ü ü ü ü ü ü ü ü ü 71Vote the Blue Card ü ü ü ü ü ü ü ü ü ü 71
Slide 72: Supplemental Information
Supplemental Information 72Supplemental Information 72
Slide 73: Supplemental information: forward-looking statements
Supplemental information IMPORTANT INFORMATION AND ASSUMPTIONS REGARDING CERTAIN FORWARD-LOOKING STATEMENTS. Forward-looking statements contained in this presentation regarding the potential for future earnings, cash flow, margins, ROCE, returns, addressable markets, available cash from operations,
Slide 74: Supplemental information: non-GAAP and other measures
Supplemental information NON-GAAP AND OTHER MEASURES. With respect to historical periods, reconciliation information is provided in the Frequently Used Terms available on the Investor page of our website at www.exxonmobil.com under the heading News & Resources for certain terms used in this presenta
Slide 75: Definitions and non-GAAP financial measure reconciliations, continued
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS, CONTINUED Lower 2°C scenarios. The Intergovernmental Panel on Climate Change (IPCC) published a Special Report on “Global Warming of 1.5°C” and identified 74 scenarios as “Lower 2ºC,” which are pathways limiting pea
Slide 76: Definitions and non-GAAP reconciliations: ROCE
Supplemental information DEFINITIONS AND NON-GAAP FINANCIAL MEASURE RECONCILIATIONS, CONTINUED Return on average capital employed (ROCE). ROCE is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment c
Slide 77: Supplemental information: other information
Supplemental information OTHER INFORMATION. All references to production rates, project capacity, resource size, and acreage are on a gross basis, unless otherwise noted. This presentation includes a number of third party scenarios such as the 74 Lower 2°C scenarios, made available through the IPCC
Slide 78: Supplemental information: footnotes
a Supplemental information Slide 3 Slide 11 1) Represents investments since 2000 and currently identified future investment 1) Total Addressable Market figures: ExxonMobil analysis of IPCC SR 1.5 opportunities through 2025, consistent with past practice, results, and scenario explorer data on Lower
Slide 79: Supplemental information: footnotes
Supplemental information Slide 14 Slide 19 1) National Petroleum Council report. Financial assumptions include 12% internal 1) Represents investments since 2000 and currently identified future rate of return (after tax). investment opportunities through 2025, consistent with past practice, 2) 2040 I
Slide 80: Supplemental information: footnotes
Supplemental information Slide 20 Slide 25 1) Global CO2 emissions: Global Carbon Budget 2020; Friedlingstein et al (2020); 1) Includes projects that bring on new volumes. Breakeven based on cost- including energy-related and cement processing CO2 emissions. of-supply to generate a minimum 10 percen
Slide 81: Supplemental information: footnotes
Supplemental information Slide 30 Slide 33 1) IHS Markit 2020 Capacity Ranking data and ExxonMobil estimates based on 1) Industry-leading integration - S&P Global Platts. available data. 2) IHS Markit 2020 Capacity Ranking data and ExxonMobil estimates based on available data. Slide 31 3) Collective
Slide 82: Supplemental information: footnotes
Supplemental information Slide 36 Slide 46 1) See definition of Available cash from operations on page 74. 1) ExxonMobil adjusted 2020 ROCE excludes accounting treatment from 2) 10-year low Downstream and Chemical margins refer to annual lows from revised development plans. Peer ROCE not adjusted. 2
Slide 83: Supplemental information: footnotes
Supplemental information Slide 51 Slide 67 1) Any decisions on future dividend levels is at the discretion of the Board of 1) Cash operating cost is subset of Operating costs (Opex) as defined on page Directors. 75 adjusted for disclosed significant known one-time items . Peer data 2) Available cash