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 Apr. 2, 2019

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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.

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2018 Summary Annual Report cover

2018 Summary Annual Report

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Technology

Technology has led to the development of industry-advantaged assets, processes, products, and applications. We invest in fundamental science and research, leading to advances in existing processes and products, as well as new discoveries. This allows us to meet the evolving needs of society, lower operating and project costs, and develop higher-value processes and products.

Digital Annual Reports Report Apr. 2, 2019

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Extending performance product offers

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. Solvents also provide sustainability value and benefits. To further our sustainability objectives, we joined with organizations across the chemical value chain to form the Alliance to End Plastic Waste, which is helping to find common solutions to reduce plastic waste and prevent it from entering the environment.

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Key investments drive performance products growth

ExxonMobil has world-scale chemical manufacturing sites globally, supported by a highly skilled commercial and technical workforce in all major markets. This combination of assets and human capital provides a strong competitive position in the attractive and fast-growing chemicals market.

Digital Annual Reports Report Apr. 2, 2019

Scale

The size and breadth of our business provides a critical foundation for long-term success. It enables investments in the development of advanced technologies by leveraging benefits across a large base of operations. Facilities and businesses operated consistently around the globe accelerate experience and learning – replicating innovations, improving effectiveness, and driving down cost. Our size allows us to pursue a wide range of value-accretive investments across the commodity price cycle – specifically taking advantage of counter-cyclical opportunities.

Digital Annual Reports Report Apr. 2, 2019