Upstream portfolio optimization

Integration of technical and commercial expertise enables ExxonMobil to identify and capture the highest-value opportunities via strategic acquisitions and an active exploration program. In addition to new opportunity captures, ExxonMobil continues to evaluate and upgrade the portfolio through the divestment of assets.

Report April 2, 2019

In this article

Upstream portfolio optimization

Exploration new opportunity captures

In 2018, we successfully added 54 new exploration blocks in 10 countries, totaling more than 17 million acres. ExxonMobil operates the majority of these newly captured licenses. Our exploration teams will test many of our recent captures over the next two years, with plans to nearly double exploration drilling activity. We are positioned to leverage industry-leading project development capabilities on future potential discoveries.

Divestments

In 2018, ExxonMobil completed 19 divestment transactions, including the sale of our 50-percent operating interest in the WA-1-R block offshore Australia containing the Scarborough gas field; divestment of our interest in the Triton FPSO field cluster in the U.K. North Sea; the sale of our non-operated interest of a joint venture in Norway; and multiple divestments in the United States. Transactions in the United States included the sale of our interest in the Ram Powell field in the deepwater Gulf of Mexico and assets in the San Juan Basin, as well as divestment of ExxonMobil’s remaining interest in King Ranch.

Related content

2018 Summary Annual Report cover

2018 Summary Annual Report

Digital Annual Reports Report April 11, 2019

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Message from the Chairman

As we mark the 20th anniversary of the merger that brought together Exxon and Mobil, we do so with our strongest portfolio of investments in two decades. It positions us to deliver attractive returns for you, our shareholders, far into the future.

Digital Annual Reports Report April 2, 2019

Legal information

The “Digital Annual Reports” portion of the web site is an interactive version of the Company’s 2018 Financial & Operating Review, and also contains certain information from the Summary Annual Report. Some of the hyperlinks embedded in this section link to other parts of the Digital Annual Reports, and some hyperlinks take the reader to other articles and information on the Company’s website.

Digital Annual Reports Report April 2, 2019

Functional excellence

An extensive history of running a complex global business with a focus on the long term has led to a strong culture of consistently doing the right things, the right way, at a high standard. Living this philosophy and learning from our collective experiences has resulted in a deep knowledge in critical disciplines and industry-leading execution capabilities. These strengths manifest themselves in all facets and functions of our business through a disciplined and consistently executed approach.

Digital Annual Reports Report April 2, 2019

People

The benefits of our competitive advantages are only realized through the commitment and hard work of our people. Our long-term development approach is built on challenging, cross-functional assignments and global experiences. The result is a workforce with world-class capabilities and knowledge, anchored in a culture of excellence.

Digital Annual Reports Report April 2, 2019

Major project start-ups

Digital Annual Reports Data April 2, 2019

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