First Quarter 2013 Earnings Call David Rosenthal Vice President Investor Relations & Secretary April 25, 2013
Cautionary Statement Forward-Looking Statements. Outlooks, forecasts, estimates, targets, business plans, and other statements of future events or conditions in this presentation or the subsequent discussion period are forward-looking statements. Actual future results, including financial and operating performance; demand growth and mix; ExxonMobil s production growth and mix; the amount and mix of capital expenditures; future distributions; resource additions and recoveries; finding and development costs; project plans, timing, costs, and capacities; drilling programs; product sales and mix; corporate and financing expenses; and the impact of technology could differ materially due to a number of factors. These include changes in oil or gas prices or other market conditions affecting the oil, gas, and petrochemical industries; reservoir performance; the outcome of exploration; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation, including tax and environmental regulations; the outcome of commercial negotiations; the actions of competitors and customers; unexpected technological developments; the occurrence and duration of economic recessions; unforeseen technical difficulties; and other factors discussed here and under the heading "Factors Affecting Future Results" in the Investors section of our Web site at exxonmobil.com. See also Item 1A of ExxonMobil s 2012 Form 10-K. Forward-looking statements are based on management s knowledge and reasonable expectations on the date hereof, and we assume no duty to update these statements as of any future date. Frequently Used Terms. References to barrels of oil or bitumen and similar terms include quantities of oil and gas that are not yet classified as proved reserves under SEC definitions but that we believe will likely be developed and moved into the proved reserves category in the future. For definitions and more information regarding resources, reserves, return on average capital employed, cash flow from operations and asset sales, and other terms used in this presentation, including information required by SEC Regulation G, see the "Frequently Used Terms" posted on the Investors section of our Web site. The Financial and Operating Review on our Web site also shows ExxonMobil's net interest in specific projects. The term project as used in this presentation does not necessarily have the same meaning as under SEC Rule 13q-1 relating to government payment reporting. For example, a single project for purposes of the rule may encompass numerous properties, agreements, investments, developments, phases, work efforts, activities and components, each of which we may also informally describe herein as a project. 2
Business Environment Global economic growth was mixed in the first quarter U.S. economic growth moderate China s growth rate slowed European economies remain challenged Crude oil and non-u.s. natural gas prices increased; U.S. natural gas prices flat Industry refining margins strengthened Chemical commodity product margins improved 3
1Q13 Financial Results Continued strong results, including earnings per share growth of 6% from a year ago Earnings 9.5 Earnings Per Share Diluted (dollars) 2.12 Shareholder Distributions 7.6 CAPEX 11.8 Cash Flow from Ops and Asset Sales* 14.0 Cash 6.6 Debt 13.4 Billions of dollars unless specified otherwise 4 Note: cash includes restricted cash of $376M. * Includes $0.4B associated with asset sales.
1Q13 Sources and Uses of Funds Cash generation continues to fund a robust investment program and industry-leading shareholder distributions Beginning Cash 9.9 Earnings 9.5 Depreciation 4.1 Working Capital / Other 0.0 Proceeds Associated with Asset Sales 0.4 Additions to PP&E (7.5) Shareholder Distributions (7.6) Additional Financing / Investing (2.2) Ending Cash 6.6 Billions of dollars unless specified otherwise 14.0 Note: beginning and ending balances include restricted cash of $341M and $376M respectively. 5
Total Earnings 1Q13 vs. 1Q12 Earnings increased by $50M, as higher Chemical earnings and lower corporate and financing expenses were mostly offset by lower Upstream earnings Millions of Dollars 9,450 (765) (41) 436 420 9,500 1Q12 U/S D/S Chem C&F 1Q13 6
Total Earnings 1Q13 vs. 4Q12 Earnings decreased by $450M as lower Upstream and Downstream earnings were partly offset by higher Chemical earnings and lower corporate and financing expenses 9,950 (725) Millions of Dollars (223) 179 319 9,500 4Q12 U/S D/S Chem C&F 1Q13 7
Upstream Major Projects Continue to advance global portfolio of high-quality projects Kearl development progressing Processing bitumen Expansion project 32% complete Telok gas field commenced production On schedule and within budget Hadrian North appraisal drilling completed Installation of the Telok A Platform Erha North Phase 2 sanctioned 8
Upstream Conventional Exploration Active exploration drilling program Tanzania Tangawizi-1 significant gas discovery Zafarani-2 successful appraisal well Additional drilling in 2013 Gulf of Mexico Phobos - encouraging early results Preparing to drill Thorn prospect 9
Upstream Conventional Exploration Increasing portfolio of high-quality opportunities SIERRA LEONE LIBERIA Russia Arctic Expanded Rosneft SCA Additional 150M gross acres Liberia New Country Entry 500K net acres offshore 50 KM ExxonMobil Gulf of Mexico Awarded high bid blocks from Western OCS Sale 229 Successful bidder in Central OCS Sale 227 Acquired Maui interest 10
Upstream Unconventional Liquids Progressing high-potential, liquids-rich unconventional opportunities BRITISH COLOMBIA ALBERTA Celtic IOL / EM Canada Celtic Acquisition Significant acreage position in liquidsrich plays Bakken Growing production Focused development drilling activity Woodford Ardmore Growing production Encouraging results in Marietta Basin Delineating Caney Shale potential 11
Upstream Earnings 1Q13 vs. 1Q12 Earnings decreased $765M due to lower liquids realizations, lower volumes, and higher expenses, partly offset by higher gas realizations Millions of Dollars 7,802 (230) (280) (250) 7,037 1Q12 Realization Vol/Mix Other 1Q13 12
Upstream Volumes 1Q13 vs. 1Q12 Volumes decreased 3.5%: liquids -21 kbd, natural gas -823 mcfd 4,553 (88) Price/Spend: +48 Net Interest: (136) koebd 11 (26) (55) 4,395 1Q12 Entitlements Quotas Divestments Net Growth 1Q13 13
Upstream Earnings 1Q13 vs. 4Q12 Earnings decreased $725M mainly due to the absence of gains on asset sales and tax items, partly offset by higher realizations Millions of Dollars 7,762 340 (80) (980) 7,037 4Q12 Realization Vol/Mix Other 1Q13 14
Upstream Volumes 1Q13 vs. 4Q12 Volumes increased 2.4%: liquids -10 kbd, natural gas +672 mcfd 4,293 (72) 0 koebd (10) 184 4,395 Price/Spend: (70) Net Interest: (2) 4Q12 Entitlements Quotas Divestments Net Growth 1Q13 15
Downstream Earnings 1Q13 vs. 1Q12 Earnings decreased $41M as lower gains on asset sales and lower volumes were offset by improved refining margins Millions of Dollars 780 (290) (530) 1,586 1,545 1Q12 Margin Vol/Mix Other 1Q13 16
Downstream Earnings 1Q13 vs. 4Q12 Earnings decreased $223M reflecting lower volumes and the absence of a LIFO gain, partly offset by improved refining margins Millions of Dollars 470 (430) 1,768 (260) 1,545 4Q12 Margin Vol/Mix Other 1Q13 17
Chemical Earnings 1Q13 vs. 1Q12 Earnings increased $436M due to stronger commodity margins and gains on asset sales Millions of Dollars 320 0 120 1,137 701 1Q12 Margin Vol/Mix Other 1Q13 18
Chemical Earnings 1Q13 vs. 4Q12 Earnings increased $179M due to improved commodity margins and gains on asset sales Millions of Dollars 958 80 10 90 1,137 4Q12 Margin Vol/Mix Other 1Q13 19
Summary ExxonMobil s financial and operating performance reflects the value of our strong integrated business model Billions 1Q13 Earnings $9.5 Cash Flow from Ops and Asset Sales* $14.0 Capex $11.8 Shareholder Distributions $7.6 ExxonMobil possesses unique strengths that create long-term shareholder value Balanced portfolio Disciplined investing High-impact technologies Operational excellence Global integration * Includes $0.4B associated with asset sales 20
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