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

PDF / 13.61 MB

Maruk 2 PNG

Attractive LNG portfolio

Due to its significant advantages over other energy sources, demand for LNG is forecast to grow strongly. LNG supply will remain highly competitive due to an abundance of natural gas resources. ExxonMobil is progressing a number of advantaged, low-cost LNG supply opportunities to meet growing global demand.

Digital Annual Reports Report April 2, 2019

Growing our industry-leading lubricants business

The lubes value chain covers all activities from crude acquisition to the development and sale of basestocks and finished lubricant products. The lubricants business is organized into two global business units: Basestocks and Specialties, and Finished Lubricants. This global structure enables high-quality delivery and reliable supply. With six lube basestock refineries and 21 finished lubricant blend plants, ExxonMobil is integrated across the entire lubricant value chain.

Digital Annual Reports Report April 2, 2019

Global Upstream portfolio

We aim to highgrade our diverse portfolio of opportunities, selectively invest in the most advantaged projects, and execute projects with the highest standards of excellence. We have an Upstream presence in 41 countries and the World Oil and Gas Council named ExxonMobil “Explorer of the Year” for the second year in a row in 2018.

Digital Annual Reports Report April 2, 2019

transparent automobile

Extending performance products

We provide the building blocks for a wide range of products. This includes high-performance plastics, synthetic rubber, chemicals, fluids, and solvents. The latter is widely used in various applications, including packaging, automotive, agriculture, and industrial.

Digital Annual Reports Report April 2, 2019

Deepwater success

Our portfolio of deepwater opportunities is key to long-term growth plans. An ongoing focus on exploration and acquisition of low-cost, high-return development opportunities enabled us to capture attractive deepwater positions around the globe.

Digital Annual Reports Report April 2, 2019