8/7/2019 XTO Merger

1/22

ExxonMobil / XTO Merger

R.W. Tillerson and D.S. RosenthalJuly 8, 2010

8/7/2019 XTO Merger

2/22

Cautionary Statement

Forward-Looking Statements. Outlooks, projections, 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 supply and demand growth and mix; ExxonMobils production

growth and mix; the amount and mix of capital expenditures; resource additions and recoveries; finding and

development costs; project plans, timing, costs, and capacities; cost efficiencies; product mix; the impact of

technology; and benefits and effects of the XTO Energy transaction could differ materially due to a number of

factors. These include changes in long-term oil or gas prices or other market conditions affecting the oil, gas,

and petrochemical industries; reservoir performance; timely completion of development projects; war and other

political or security disturbances; changes in law or government regulation; the outcome of commercial

negotiations; the actions of competitors; unexpected technological developments; the occurrence and duration

of economic recessions; unforeseen technical difficulties; our ability to integrate effectively XTO Energy's

business; 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 ExxonMobils 2009 Form 10-K.Forward-looking statements are based on managements knowledge and reasonable expectations on the date

hereof, and we assume no duty to update these statements as of any future date.

Frequently Used Terms. References to resources, resource base, recoverable resources, and similar terms

include quantities of oil and gas that are not yet classified as proved reserves but that we believe will likely be

moved into the proved reserves category and produced in the future. XTO Energys proved reserves" discussed

in this presentation are presented on the SEC basis. For definitions of, and information regarding, certain termsused 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.

2

8/7/2019 XTO Merger

3/22

$36 billion transaction, includes assumption of $11 billion of debt

45+ TCFE resource base, under $1/KCFE resource capture

~485 KOEBD production: 2.4 BCFD of natural gas and 85 KBD of liquids

Foundation for Global Unconventional Resource Company in-place

ExxonMobil / XTO Merger is Complete

XTO provides material, high-quality additions to our resource base andestablishes the premier global unconventional resource company.

3

8/7/2019 XTO Merger

4/22

Accounting

Acquisition accounting Step-up of assets and liabilities to fair market value

Hedging XTO hedged 2010/2011 production; fair market value recognized at closing ExxonMobil will receive cash flow consistent with hedging terms

Hedges will provide minimal earnings impact

Transaction increases production and operating cash flow

Additional shares result in dilutive impact on earnings per share Outstanding shares increased by ~9%

Finance

Anticipate share purchases to reduce shares outstanding of $3B in 3Q 2010

Consider opportunistic debt restructuring where economic

Capex plans essentially unchanged

Financial Impacts

Accretive to production and cash flow; dilutive to EPS near-term.

4

8/7/2019 XTO Merger

5/22

ExxonMobil is the largest producer of natural gas in the U.S.

U.S. Natural Gas Production 1Q 2010

0

500

1000

1500

2000

2500

3000

3500

4000

XOM / XTO APC CHK BP DVN ECA COP CVX RDS

Average U.S. Daily ProductionMCFD

Source: Natural Gas Supply Association

5

8/7/2019 XTO Merger

6/22

0

50

100

150

200

250

300

350

1980 2005 2030

World Gas Demand

Energy Demand

MOEBD

Gas by Sector

BCFD

Oil

Gas

Coal

Other

0.8%

1.8%

0.5%

1.8%

0

100

200

300

400

500

1980 2005 2030

Residential

Commercial

Industrial

Power

Generation

Transportation

1.1%

1.4%

2.5%

5.4%

Average Growth / Yr.

2005 - 2030

1.2%

Natural gas demand is growing at 1.8% annually, driven primarily bygrowth in demand for power generation.

Source: The Outlook for Energy, 2009

6

8/7/2019 XTO Merger

7/22

0

25

50

75

2000 2015 2030

U.S. Gas Supply and Demand Balance

All Sources

BCFD

Conventional

Unconventional

Pipeline & LNG

Unconventional gas is expected to almost double between 2010 and 2020more than offsetting decline in conventional natural gas supplies.

U.S. demand is increasing

Conventional gas supply will fallover 50 percent by 2030

Unconventional gas will more thanoffset decline Supply is expected to reach over

40 BCFD by 2030

Pipeline supplies and LNG importswill meet balance of demand

Source: The Outlook for Energy, 2009

7

8/7/2019 XTO Merger

8/22

45 TCFE with significant upside and material positions in allunconventional resource types.

Resource Base Five major shale gas plays

account for over half of resource base

Freestone Trend provides tight and

conventional gas production

Coal bed methane and tight gas playsin the Rockies

Liquids concentrated in Permian Basin

and Bakken Shale

Additional upside New plays (e.g. Bossier Shale) Increased recovery

XTO Resource Base

Freestone

Trend

Shale

Gas

Liquids

Other

Gas

45 TCFE

8

8/7/2019 XTO Merger

9/22

Material positions in 5 major U.S. shale gas plays, with strong oil position inthe Bakken Shale.

XTO Resource Base Shales

Bakken Shale450,000 net acres

Barnett Shale265,000 net acres

Woodford Shale160,000 net acres

Fayetteville Shale380,000 net acres

Marcellus Shale280,000 net acres

Haynesville Shale165,000 net acres

9

8/7/2019 XTO Merger

10/22

45+ TCFE resource base provides future drill well inventory in excessof 10,000 wells.

Current resource to production ratiois over 40 years Long-life production

Anticipate continued ramp-up indrilling activity Currently operating ~70 rigs Up ~50% versus year-end 2009

Accompanied by steady rise inproved reserves

Large, Low-Risk Drilling Inventory

Finding and Development Costs$ per KCFE

0.00

0.40

0.80

1.20

1.60

2.00

BarnettCore

Fayetteville Woodford HaynesvilleMarcellus

10

8/7/2019 XTO Merger

11/22

Proven ability to consistently and profitably grow production.

Leading U.S. gas producer 2.4 BCFD production in 1Q 2010

Over 85 KBD liquids production Growth potential in Bakken Shale

and Permian Basin

Significant resource base underpinsfuture production growth potential

XTO Production

0

500

1000

1500

2000

2500

3000

3500

2006 2007 2008 2009

XTO Average Daily ProductionMCFE/D

OilNatural Gas LiquidsNatural Gas

11

8/7/2019 XTO Merger

12/22

Demonstrated high-quality operator across multiple play types, with cashoperating costs under $2/KCFE.

Strong operating culture

Focus on safety, operationsintegrity, and the environment

Unit costs stable despite volatileindustry service costs

1Q 2010 cash operating costs$1.69/KCFE

Solid cash flow from operations

Low Cash Operating Cost

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2006 2007 2008 2009

XTO Cash Operating Cost*$ per KCFE

Taxes, transportation, other expenseProduction expense

* Source: XTO historical reported values. Cash operating cost includes production,tax, and transportation expenses. Excludes exploration, gas gathering and

processing, and general and administrative expenses.

12

8/7/2019 XTO Merger

13/22

ExxonMobil / XTO Portfolio

13

8/7/2019 XTO Merger

14/22

Strong position with opportunities in all resource types and spanning thefull range of play maturities.

ExxonMobil / XTO U.S. Unconventional Plays

Shale Gas

Tight Gas

Coal Bed Methane

Shale Oil

Bakken

Marcellus

Fayetteville

Haynesville/Bossier

Woodford

Barnett

Freestone

San Juan

UintaPiceance

Eagle Ford

Raton

14

8/7/2019 XTO Merger

15/22

GermanyPoland

Canada

United States

Argentina

Indonesia

Global Unconventional Resource Portfolio

ExxonMobil has assembled a substantial, global unconventional gasportfolio and we continue to capture high-quality additions.

Shale Gas

Tight Gas

Coal Bed Methane

Shale Oil Over 8 million total acres

15

8/7/2019 XTO Merger

16/22

The combination of ExxonMobil and XTO enhances resource andshareholder value.

Proven capabilities to developall resource types

Opportunity to further enhancefinancial and operating performance

Financial strength and provenproject management skills

Accelerate evaluation and

development of highest-quality plays Long-term commitment to research

will deliver advantaged technologies

A Value-Added Combination

16

8/7/2019 XTO Merger

17/22

Summary

17

8/7/2019 XTO Merger

18/22

Unconventional Gas and Oil

Arctic

ExxonMobil has the industrys largest, highest-quality resource base and iswell-positioned for profitable future growth.

ExxonMobil Resource Base Post-Merger

0

30

60

90

YE 2009

Conventional

Heavy Oil / Oil Sands

Deepwater

Acid / Sour Gas

Liquefied Natural Gas

BOEBResource Base*

High-quality resources in allgeographic regions ~50% in the Americas

Diverse by resource type

Continue to grow our resourcebase through: By-the-bit drilling success Undeveloped resource capture Improved recovery from existing

fields

* Combined resource base for ExxonMobil and XTO using YE 2009 data.The Unconventional Gas and Oil category also includes Bakken shale oil resources.

18

8/7/2019 XTO Merger

19/22

Proven Business Model No Change

Delivers superior results and provides a unique, competitive advantage.

19

8/7/2019 XTO Merger

20/22

Summary

Industry-leading portfolio of businesses and assets

Disciplined approach to operational excellence and risk management

Superior financial flexibility

Commitment to technology leadership

Long-term perspective

Disciplined focus on maximizing long-term shareholder value whilemaintaining our commitment to safe operations and the environment.

20

8/7/2019 XTO Merger

21/22

Addendum

21

8/7/2019 XTO Merger

22/22

United States Net Acreage (K)Barnett Shale 265

Woodford Shale 210

Fayetteville Shale 380

Marcellus Shale 425

Haynesville / Bossier Shale 215Eagle Ford Shale 50

Bakken Shale 450

Freestone Trend 380

San Juan-Raton Basins 400

Uinta Basin 265

Piceance Basin 300

Total U.S. 3340 Total International 4770

Unconventional Acreage

ExxonMobil has over 8 million acres of unconventional resourcesspanning all resource types.

Canada Net Acreage (K)Horn River Basin 310

Germany

Lower Saxony Basin 850

Coal Bed Methane 1850

Poland

Podlasie and Lubline Basins 1360

Indonesia

Barito Basin CBM 290

Argentina

Neuquen Basin 110

22