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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Upstream

ExxonMobil's Upstream is a global leader in the exploration, development, and production of oil and natural gas resources.

Digital Annual Reports Report

2018 Financial and Operating Review report cover

2018 Financial and Operating Review

Digital Annual Reports Report Apr. 2, 2019

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