What changed in this filing

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Item 2. Properties

2023-02-22 compared with 2022-02-23 · 130 added, 141 removed, 557 unchanged (33% of the section changed)

5 unchanged sentences

The Corporation has reported proved reserves on the basis of the average of the first-day-of-the-month price for each month during the last 12-month period.

As a result of higher average prices in 2021, certain quantities of crude oil, bitumen, and natural gas that did not qualify as proved reserves in the prior year qualified as proved reserves at year-end 2021.

Otherwise, no major discovery or other favorable or adverse event has occurred since December 31, 2021 that would cause a significant change in the estimated proved reserves as of that date.

No major discovery or other favorable or adverse event has occurred since December 31, 2022 that would cause a significant change in the estimated proved reserves as of that date.

Proved Reserves Crude

Oil Natural Gas

2 unchanged sentences

(million bbls) (million bbls) (million bbls) (million bbls) (billion cubic ft) (million bbls)

Proved Reserves

Consolidated Subsidiaries

38 unchanged sentences

reservoir performance;

performance of enhanced oil recovery projects;

regulatory changes;

3 unchanged sentences

changes in the amount and timing of capital investments that may vary depending on the oil and gas price environment;

international trade patterns and relations;

and other factors described in Item 1A.

15 unchanged sentences

In addition, the group provides training to personnel involved in the reserves estimation and reporting process within ExxonMobil and its affiliates.

The Manager of the Global Reserves and Resources group has more than 30 years of experience in reservoir engineering and reserves assessment, has a degree in Engineering and served on the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE).

The Global Reserves and Resources Manager has more than 30 years of experience in reservoir engineering and reserves assessment, has a degree in Engineering, and served on the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE).

The group is staffed with individuals that have an average of more than 15 years of technical experience in the petroleum industry, including expertise in the classification and categorization of reserves under SEC guidelines.

13 unchanged sentences

During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.0 GOEB from proved undeveloped to proved developed reserves by year end.

The largest transfers were related to development activities in the United States.

During 2021, extensions and discoveries, primarily in the United States, Brazil, and Guyana, resulted in an addition of approximately 1.3 GOEB of proved undeveloped reserves, along with an increase of approximately 0.6 GOEB due to revisions primarily in Asia and Canada.

The largest transfers were related to development activities in the United States, Mozambique, Guyana, and the United Arab Emirates.

During 2022, extensions and discoveries, primarily in the United States and Guyana, resulted in the addition of approximately 1.4 GOEB of proved undeveloped reserves, along with an increase of approximately 0.7 GOEB due to purchases in Asia.

Also, the Corporation reclassified approximately 0.8 GOEB of proved undeveloped reserves which no longer met the SEC definition of proved reserves, primarily in the United States and Canada.

Overall, investments of $12.1 billion were made by the Corporation during 2022 to progress the development of reported proved undeveloped reserves, including $12.0 billion for oil and gas producing activities, along with additional investments for other non-oil and gas producing activities such as the construction of support infrastructure and other related facilities.

3 unchanged sentences

Development projects typically take several years from the time of recording proved undeveloped reserves to the start of production and can exceed five years for large and complex projects.

Proved undeveloped reserves in Australia, Canada, Kazakhstan, the United States, and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects.

Proved undeveloped reserves in Australia, Kazakhstan, the United States, and the United Arab Emirates have remained undeveloped for five years or more primarily due to constraints on the capacity of infrastructure, as well as the time required to complete development for very large projects.

The Corporation is reasonably certain that these proved reserves will be produced;

2 unchanged sentences

In Australia, proved undeveloped reserves are associated with future compression for the Gorgon Jansz LNG project.

In Canada, proved undeveloped reserves are related to Cold Lake operations.

In Kazakhstan, the proved undeveloped reserves are related to the remainder of the Tengizchevroil joint venture development that includes a production license in the Tengiz - Korolev field complex.

4 unchanged sentences

The table below summarizes production by final product sold and by geographic area for the last three years.

2021 2020 2019

(thousands of barrels daily) 2022 2021 2020

Crude oil and natural gas liquids production Crude Oil NGL Crude Oil NGL Crude Oil NGL

Crude Oil NGL Crude Oil NGL Crude Oil NGL

Crude oil and natural gas liquids production

Consolidated Subsidiaries

10 unchanged sentences

Europe 2 — 3 — 3 —

Africa — — — — — —

Asia 216 59 207 60 208 62

30 unchanged sentences

The table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.

(dollars per unit) United

States Canada/

1 unchanged sentence

Oceania Total

(dollars per unit)

Consolidated Subsidiaries

48 unchanged sentences

Average production costs, per barrel - synthetic oil — 48.87 — — — — 48.87

(dollars per unit) United

States Canada/

1 unchanged sentence

Oceania Total

(dollars per unit)

Consolidated Subsidiaries

90 unchanged sentences

During 2022, average net production at Kearl was about 221 thousand barrels per day.

During 2021, approximately 2.4 billion barrels of bitumen at Kearl were added to proved reserves primarily as a result of an improved SEC price basis versus 2020.

Present Activities

Wells Drilling

Year-End 2021

Wells Drilling Year-End 2022

Year-End 2021

Gross Net Gross Net

Wells Drilling

Consolidated Subsidiaries

15 unchanged sentences

ExxonMobil’s year-end 2022 acreage holdings totaled 9.5 million net acres, of which 0.2 million net acres were offshore.

In 2022, ExxonMobil relinquished 1 million net acres, of which 0.2 million were offshore.

ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska.

Development activities continued on the Golden Pass liquefied natural gas export project.

During the year, a total of 449.4 net exploration and development wells were completed in the inland lower 48 states.

During the year, a total of 519.9 net exploratory and development wells were completed in the inland lower 48 states.

Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico.

ExxonMobil’s net acreage in the Gulf of Mexico at year-end 2022 was 0.1 million acres.

A total of 0.8 net exploration and development wells were completed during the year.

A total of 0.9 net development wells were completed during the year.

Participation in Alaska production and development continued with a total of 2.6 net development wells completed.

2 unchanged sentences

ExxonMobil’s year-end 2022 acreage holdings totaled 4.3 million net acres, of which 2.5 million net acres were offshore.

A total of 3.7 net development wells were completed during the year.

In 2022, ExxonMobil relinquished 2.5 million net acres, of which 1.5 million were offshore.

A total of 1.3 net exploratory and development wells were completed during the year.

In Situ Bitumen Operations:

1 unchanged sentence

A total of 24 net development wells at Cold Lake were completed during the year.

ExxonMobil’s net acreage totaled 2.9 million acres, of which 2.6 million net acres were offshore at year-end 2021.

ExxonMobil’s net acreage totaled 2.9 million acres at year-end 2022, of which 2.6 million net acres were offshore.

During the year, a total of 5.4 net development wells were completed.

ExxonMobil’s net acreage totaled 2.6 million offshore acres at year-end 2022.

During the year, a total of 1.4 net exploration wells were completed.

The Bacalhau Phase 1 project was funded in 2021.

During the year, a total of 1.5 net exploratory wells were completed.

Development activities continued on the Bacalhau Phase 1 project.

ExxonMobil’s net acreage totaled 4.6 million offshore acres at year-end 2022.

During the year, a total of 11 net exploration and development wells were completed.

Development activities continued on the Liza Phase 2 and Payara projects.

During the year, a total of 6 net exploratory and development wells were completed.

The Liza Phase 2 Unity floating production, storage and offloading vessel commenced operations, and development activities continued on the Payara project.

The Yellowtail project was funded in 2022.

ExxonMobil’s net acreage totaled 1.4 million onshore acres at year-end 2022.

During the year, a total of 0.3 net development well was completed.

ExxonMobil’s net interest in licenses totaled 1.4 million acres, of which 1.0 million acres were onshore at year-end 2021.

ExxonMobil’s net interest in licenses totaled 1.4 million acres at year-end 2022, of which 0.4 million acres were offshore.

During the year, a total of 0.2 net development well was completed.

In 2021, the Dutch Government further reduced Groningen gas extraction.

The expectation is that Groningen will cease regular production in 2022.

In 2022, the Dutch Government further reduced Groningen gas extraction and continues to evaluate the timing for cessation of production.

United Kingdom

ExxonMobil’s net interest in licenses totaled 0.1 million offshore acres at year-end 2022.

During the year, a total of 0.4 net development well was completed.

ExxonMobil’s net acreage totaled 3.0 million acres, of which 2.9 million net acres were offshore at year-end 2021.

During the year, a total of 1.1 net development wells were completed.

ExxonMobil’s net acreage totaled 46 thousand onshore acres at year-end 2021.

In 2021, ExxonMobil entered into an agreement to divest its assets in Chad.

The transaction is expected to close in 2022.

ExxonMobil’s net acreage totaled 3 million acres at year-end 2022, of which 2.9 million net acres were offshore.

During the year, a total of 3.3 net exploratory and development wells were completed.

Equatorial Guinea

ExxonMobil’s net acreage totaled 0.1 million offshore acres at year-end 2022.

In 2021, ExxonMobil relinquished 0.4 million net offshore acres.

ExxonMobil’s net acreage totaled 0.7 million offshore acres at year-end 2022.

During the year, a total of 1.5 net development wells were completed.

Development activities continued on the Coral South Floating LNG project.

In 2022, ExxonMobil relinquished 1 million net offshore acres outside of the core Area 4 development.

The Coral South Floating LNG development began production in October 2022.

ExxonMobil’s net acreage totaled 0.9 million offshore acres at year-end 2022.

During the year, a total of 0.4 net exploratory and development wells were completed.

ExxonMobil's net acreage totaled 7 thousand offshore acres at year-end 2022.

2 unchanged sentences

ExxonMobil’s net acreage totaled 36 thousand onshore acres at year-end 2022.

During the year, a total of 0.3 net development well was completed.

Oil field rehabilitation activities continued during 2022 and across the life of this project will include drilling of new wells;

1 unchanged sentence

and optimization, debottlenecking and expansion of facilities.

ExxonMobil’s net acreage totaled 0.3 million acres, of which 0.2 million net acres were offshore at year-end 2021.

ExxonMobil’s net acreage totaled 0.3 million acres at year-end 2022, of which 0.2 million net acres were offshore.

During the year, a total of 2.3 net development wells were completed.

Development activities continued on the Tengiz Expansion project.

ExxonMobil’s interests in production sharing contracts covered 0.2 million net acres offshore at year-end 2021.

Through our joint ventures with Qatar Energy, ExxonMobil’s net acreage totaled 65 thousand acres offshore at year-end 2021.

ExxonMobil’s interests in production sharing contracts covered 0.2 million net offshore acres at year-end 2022.

Through our joint ventures with QatarEnergy, ExxonMobil’s net acreage totaled 80 thousand offshore acres at year-end 2022.

ExxonMobil participated in 52.3 million tonnes per year gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year end.

During the year, a total of 8.2 net development wells were completed.

The North Field Production Sustainment Integrated Drilling and Looping project was funded in 2021.

Effective January 1, 2022, ExxonMobil no longer participates in the Qatar Liquefied Gas Company Limited (QG1) venture, representing 3.6 thousand net acres and 9.9 million tonnes per year gross liquefied natural gas capacity.

ExxonMobil’s net acreage holdings in Sakhalin totaled 85 thousand offshore acres at year-end 2021.

During the year, a total of 0.9 net development wells were completed.

The North Field Production Sustainment Compression project was funded in 2022.

ExxonMobil also announced participation in Qatar's North Field East project via the Qatar Liquefied Gas Company Limited (QG7) venture, representing 18.5 thousand net acres and 8 million tonnes per year gross liquefied natural gas capacity expected to begin in 2026.

Effective October 14, 2022, the Russian government unilaterally terminated the Corporation's interests in Sakhalin, transferring operations to a Russian operator.

Refer to "Note 2:

Russia" of the Financial Section of this report for additional information.

ExxonMobil’s net onshore acreage in Thailand concessions totaled 16 thousand acres at year-end 2022.

During the year, a total of 0.2 development wells were completed.

During the year, a total of 0.1 net development well was completed.

United Arab Emirates

3 unchanged sentences

Australia / Oceania

ExxonMobil’s net acreage totaled 1.8 million acres offshore and 10 thousand acres onshore at year-end 2021.

ExxonMobil’s net acreage totaled 1.2 million offshore acres and 10 thousand onshore acres at year-end 2022.

In 2022, 0.6 million net offshore acres were relinquished.

The co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) development consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million tonnes per year LNG facility and a 280 million cubic feet per day domestic gas plant located on Barrow Island, Western Australia.

The Jansz-Io Compression project was funded in 2021.

Development activities continued on the Gorgon Stage 2 project during the year.

Development activities continued on the Gorgon Stage 2 project and Jansz Io Compression project during the year.

Papua New Guinea

ExxonMobil’s net acreage totaled 3.4 million acres, of which 1.2 million net acres were offshore at year-end 2021.

ExxonMobil’s net acreage totaled 2.1 million onshore acres at year-end 2022.

In 2022, ExxonMobil relinquished 1.2 million net offshore acres.

The Papua New Guinea (PNG) liquefied natural gas integrated development includes gas production and processing facilities in the southern PNG Highlands, onshore and offshore pipelines, and a 6.9 million tonnes per year liquefied natural gas facility near Port Moresby.

The Papua New Guinea (PNG) liquefied natural gas integrated development includes gas production and processing facilities in the PNG Highlands, onshore and offshore pipelines, and a 6.9 million tonnes per year liquefied natural gas facility near Port Moresby.

Worldwide Exploration

At year-end 2022, exploration activities were under way in several areas in which ExxonMobil has no established production operations and thus are not included above.

A total of 18.3 million net acres were held at year-end 2021.

A total of 18.8 million net acres were held at year-end 2022 and 1.2 net exploratory wells were completed during the year in these countries.

Delivery Commitments

1 unchanged sentence

ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and the spot market.

Worldwide, we are contractually committed to deliver approximately 28 million barrels of oil and 2,500 billion cubic feet of natural gas for the period from 2022 through 2024.

Worldwide, we are contractually committed to deliver approximately 36 million barrels of oil and 2.3 trillion cubic feet of natural gas for the period from 2023 through 2025.

We expect to fulfill the majority of these delivery commitments with production from our proved developed reserves.

2 unchanged sentences

Gross and Net Productive Wells

Year-End 2021

Gross and Net Productive Wells Year-End 2022

Year-End 2021

1 unchanged sentence

Gross Net Gross Net Gross Net Gross Net

Gross and Net Productive Wells

Consolidated Subsidiaries

9 unchanged sentences

Europe 57 20 482 150 57 20 547 171

Africa — — 6 2 — — — —

Asia 233 58 145 33 225 56 168 35

4 unchanged sentences

Gross and Net Developed Acreage

(thousands of acres)

Year-End 2022

1 unchanged sentence

Gross Net Gross Net

(thousands of acres)

Gross and Net Developed Acreage

Consolidated Subsidiaries

2 unchanged sentences

2,113 1,509 2,905 2,075

Europe 1,980 1,078 2,231 1,189

1,238 580 1,234 580

Africa 2,186 736 2,409 818

5 unchanged sentences

Europe 3,646 1,117 3,646 1,116

Africa 178 44 — —

Asia 665 157 701 160

2 unchanged sentences

(1) Includes developed acreage in Other Americas of 490 gross and 311 net thousands of acres for 2022 and 2021.

(2) Year-end 2021 developed acreage in Europe was restated for gross and net.

Separate acreage data for oil and gas are not maintained because, in many instances, both are produced from the same acreage.

Gross and Net Undeveloped Acreage

(thousands of acres)

Year-End 2022

1 unchanged sentence

Gross Net Gross Net

(thousands of acres)

Gross and Net Undeveloped Acreage

Consolidated Subsidiaries

2 unchanged sentences

32,441 15,838 36,764 18,246

Europe 14,458 5,961 14,802 6,018

12,592 8,231 14,811 6,163

Africa 20,620 13,113 23,797 15,186

6 unchanged sentences

Africa 418 104 596 149

Asia 296 19 — —

Total Equity Companies 1,346 315 1,351 352

Total gross and net undeveloped acreage 79,031 42,620 92,878 47,093

(1) Includes undeveloped acreage in Other Americas of 26,084 gross and 12,471 net thousands of acres for 2021 and 2020.

(1) Includes undeveloped acreage in Other Americas of 25,096 gross and 11,977 net thousands of acres for 2022 and 26,084 gross and 12,471 net thousands of acres for 2021.

(2) Year-end 2021 undeveloped acreage in Europe was restated for gross and net.

ExxonMobil’s investment in developed and undeveloped acreage is comprised of numerous concessions, blocks, and leases.

8 unchanged sentences

Mineral interest owners include the Federal and State governments, as well as private mineral interest owners.

Leases typically have an exploration period ranging from one to ten years, and a production period that normally remains in effect until production ceases.

Leases typically have an exploration period ranging from one to 10 years, and a production period that normally remains in effect until production ceases.

Under certain circumstances, a lease may be held beyond its exploration term even if production has not commenced.

11 unchanged sentences

In 2019, the government granted three offshore exploration licenses, with terms of eight years, divided into two exploration periods of four years, with an optional extension of five years for each license.

Two onshore exploration concessions were initially granted prior to the amendment and are governed under Provincial Law with expiration terms through 2024.

The exploration and production of oil and gas are governed by concession contracts and production sharing contracts.

Concession contracts provide for an exploration period of up to 8 years and a production period of 27 years.

Production sharing contracts provide for an exploration period of up to 7 years and a production period of up to 28 years.

Concession contracts provide for an exploration period of up to eight years and a production period of 27 years.

Production sharing contracts provide for an exploration period of up to seven years and a production period of up to 28 years.

The Petroleum (Exploration and Production) Act authorizes the government of Guyana to grant petroleum prospecting and production licenses and to enter into petroleum agreements for the exploration and production of hydrocarbons.

20 unchanged sentences

The production periods range from 20 to 30 years, and the agreements generally provide for negotiated extensions.

Exploration permits are issued for a period of five years, and are renewable for one or two further five-year periods.

The terms and conditions of the permits, including relinquishment obligations, are specified in a negotiated convention.

The production term is 30 years and in 2017 was extended by 20 years to 2050.

Equatorial Guinea

6 unchanged sentences

In 2018, an interest was acquired in offshore blocks A5-B, Z5-C, and Z5-D.

Terms for the three blocks are governed by their respective EPCCs, with blocks Z5-C and Z5-D having an initial exploration phase that expires in 2022 and block A5-B's initial exploration phase expiring in 2023 after being granted a one-year extension.

The EPCCs provide a development and production period that expires 30 years after the approval of a plan of development.

Terms for the three blocks are governed by their respective EPCCs, with blocks Z5-C and Z5-D having an initial exploration phase that expired in 2022, resulting in a relinquishment of acreage in those blocks.

Block A5-B's initial exploration phase expires in 2023.

A5-B's EPCC provides a development and production period that expires 30 years after the approval of a plan of development.

Exploration and production activities in the deepwater offshore areas are typically governed by production sharing contracts (PSCs) with the national oil company, the Nigerian National Petroleum Corporation (NNPC).

2 unchanged sentences

Upon commercial discovery, an OPL may be converted to an OML.

Partial relinquishment is required under the PSC at the end of the 10-year exploration period, and OMLs have a 20-year production period that may be extended, subject to the partial relinquishment provision of the Petroleum Industry Act (PIA) enacted on August 16, 2021.

Some exploration activities are carried out in deepwater by joint ventures with local companies holding interests in an OPL.

OPLs in deepwater offshore areas are valid for 10 years, while in all other areas the licenses are for five years.

Demonstrating a commercial discovery is the basis for conversion of an OPL to an OML.

OMLs granted prior to the 1969 Petroleum Act (i.e., under the Mineral Oils Act 1914, repealed by the 1969 Petroleum Act) were for 30 years onshore and 40 years in offshore areas and have been renewed, effective December 1, 2008, for a further period of 20 years, with a further renewal option of 20 years.

Partial relinquishment is required under the PSC at the end of the 10-year exploration period, and OMLs have a 20-year production period that may be extended, subject to the partial relinquishment.

In August 16, 2021, the Petroleum Industry Act (PIA) was enacted to replace the Petroleum Act of 1969.

This granted Petroleum Prospecting Licenses (PPLs - replacing OPLs) with an initial term of five years and optional five-year extension.

Petroleum Mining Leases (PMLs - replacing OMLs) are granted for each commercial discovery in the PPL for a 20-year term.

The PIA also had a "savings provision" which allowed NNPC to renegotiate its PSCs and renew their OMLs for 20 years under existing 1969 Act terms, within 12 months from the enactment of the PIA.

On August 11, 2022, the leases for OML 133 and 138 were renewed under the savings provision.

OMLs granted under the 1969 Petroleum Act, which include all deepwater OMLs, have a maximum term of 20 years without distinction for onshore or offshore location and are renewable, upon 12-months written notice.

All future renewals will be conducted under PIA terms.

Operations under these pre-1969 OMLs are conducted under a joint venture agreement with NNPC rather than a PSC.

Commercial terms applicable to the existing joint venture oil production are defined by the Petroleum Profits Tax Act.

OMLs not held by NNPC are also subject to a mandatory 50-percent relinquishment after the first 10 years of their duration.

Commercial terms applicable to the existing joint venture oil production are defined by the Petroleum Profits Tax Act (PPT).

This was also repealed by the PIA in August 2021 with lease holders having the option to convert to PIA terms or retain PPT terms until their current leases expire.

The production sharing agreement (PSA) for the development of the Azeri-Chirag-Gunashli field was established for an initial period of 30 years starting from the PSA execution date in 1994.

The PSA was amended in September 2017 to extend the term by 25 years to 2049.

Exploration and production activities in Indonesia are generally governed by cooperation contracts, usually in the form of a production sharing contract (PSC), negotiated with BPMIGAS, a government agency established in 2002 to manage upstream oil and gas activities.

In 2012, Indonesia’s Constitutional Court ruled certain articles of law relating to BPMIGAS to be unconstitutional, but stated that all existing PSCs signed with BPMIGAS should remain in force until their expiry, and the functions and duties previously performed by BPMIGAS are to be carried out by the relevant Ministry of the Government of Indonesia until the promulgation of a new oil and gas law.

By presidential decree, SKKMIGAS became the interim successor to BPMIGAS.

Exploration and production activities in Indonesia are generally governed by cooperation contracts, usually in the form of a production sharing contract (PSC).

The current PSCs have an exploration period of six years, which can be extended once for a period of four years with a total contract period of 30 years including an exploitation period.

2 unchanged sentences

An ExxonMobil affiliate entered into a contract with Basra Oil Company of the Iraqi Ministry of Oil for the rights to participate in the development and production activities of the West Qurna Phase I oil and gas field effective March 1, 2010.

The term of the contract is 20 years with the right to extend for five years.

The term of the contract is 20 years with the right to extend for a period of five to 15 years.

The contract provides for cost recovery plus per-barrel fees for incremental production above specified levels.

10 unchanged sentences

Extensions and terms are subject to State of Qatar approval.

Terms for ExxonMobil’s Sakhalin acreage are fixed by the current production sharing agreement between the Russian government and the Sakhalin-1 consortium, of which ExxonMobil is the operator.

Terms for ExxonMobil’s Sakhalin acreage were fixed by a production sharing agreement between the Russian government and the Sakhalin-1 consortium, of which ExxonMobil was the operator.

Effective October 14, 2022, the Russian government unilaterally terminated the Corporation’s interests in Sakhalin, transferring operations to a Russian operator.

Refer to “Note 2:

Russia” of the Financial Section of this report for additional information.

The Petroleum Act of 1971 allows production under ExxonMobil’s concessions for 30 years with a 10-year extension at terms generally prevalent at the time.

In 2021, one concession was extended to 2031.

United Arab Emirates

4 unchanged sentences

Exploration permits are granted for an initial term of six years with two possible five-year renewal periods.

Retention leases may be granted for resources that are not commercially viable at the time of application, but are expected to become commercially viable within 15 years.

Retention leases may be granted for resources that are not commercially viable at the time of application but are likely to become commercially viable within 15 years.

These are granted for periods of five years, and renewals may be requested.

9 unchanged sentences

Petroleum retention licenses may be granted for gas resources that are not commercially viable at the time of application but may become commercially viable within the maximum possible retention time of 15 years.

Petroleum retention licenses are granted for five-year terms, and may be extended, at the Minister’s discretion, twice for the maximum retention time of 15 years.

Extensions of petroleum retention licenses may be for periods of less than one year, renewable annually, if the Minister considers at the time of extension that the resources could become commercially viable in less than five years, provided that the total period of all extensions granted does not exceed 10 years.

Information with regard to the Downstream segment follows:

ExxonMobil’s Downstream segment manufactures, trades and sells petroleum products.

The refining and supply operations encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a range of fuels, lubricants and other products and feedstocks to our customers around the world.

Petroleum retention licenses are granted for an initial five-year period, and may only be extended, at the Minister’s discretion, twice for the maximum retention time of 15 years.

Information with regard to refining capacity:

ExxonMobil manufactures, trades, and sells petroleum products.

The refining and supply operations encompass a global network of manufacturing plants, transportation systems, and distribution centers that provide a range of fuels, lubricants, feedstocks, and other products to our customers around the world.

Refining Capacity At Year-End 2022 (1)

1 unchanged sentence

United States

Joliet Illinois 254 100

Baton Rouge Louisiana 521 100

Billings Montana 60 100

Baytown Texas 561 100

Beaumont Texas 369 100

Joliet Illinois n 258 100

Baton Rouge Louisiana n ▲ 523 100

Montana n 60 100

Baytown Texas n ▲ 565 100

Beaumont Texas n ▲ 369 100

Total United States 1,775

Strathcona Alberta 196 69.6

Nanticoke Ontario 113 69.6

Sarnia Ontario 119 69.6

Strathcona Alberta n 197 69.6

Nanticoke Ontario n 113 69.6

Sarnia Ontario n 123 69.6

Total Canada 433

Antwerp Belgium 307 100

Fos-sur-Mer France 133 82.9

Gravenchon France 244 82.9

Karlsruhe Germany 78 25

Trecate Italy 132 75.2

Rotterdam Netherlands 192 100

Fawley United Kingdom 262 100

Antwerp Belgium n 307 100

Fos-sur-Mer France n 133 82.9

Gravenchon France n ▲ 244 82.9

Karlsruhe Germany n 78 25

Italy n 132 75

Rotterdam Netherlands n ▲ 192 100

Fawley United Kingdom n ▲ 262 100

Total Europe 1,348

Fujian China 67 25

Jurong/PAC Singapore 592 100

Sriracha Thailand 167 66

Fujian China n 67 25

Jurong/PAC Singapore n ▲ 592 100

Thailand n 167 66

Total Asia Pacific 826

Yanbu Saudi Arabia 200 50

Yanbu Saudi Arabia n 200 50

Total Worldwide 4,582

n Energy Products ▲ Specialty Products

(1) Capacity data is based on 100 percent of rated refinery process unit stream-day capacities under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time.

The listing excludes refining capacity for a minor interest held through equity securities in New Zealand, and the Laffan Refinery in Qatar for which results are reported in the Upstream segment.

The listing excludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment.

(2) Thousands of barrels per day (KBD).

1 unchanged sentence

For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil’s interest or that portion of distillation capacity normally available to ExxonMobil.

The marketing operations sell products and services throughout the world through our Exxon , Esso and Mobil brands.

Retail Sites At Year-End 2021

(3) The Corporation announced sales agreements relating to these assets and expects the transactions to close in 2023.

Information with regard to retail fuel sites:

Within the Energy Products segment, retail fuels sites sell products and services throughout the world through our Exxon , Esso, and Mobil brands.

Number of Retail Fuel Sites At Year-End 2022

Owned/leased Distributors/resellers Total

United States (1)

Owned/leased —

Distributors/resellers 11,315

Total United States 11,315

Owned/leased —

Distributors/resellers 2,389

Total Canada 2,389

Owned/leased 197

Distributors/resellers 5,834

Total Europe 6,031

Owned/leased 566

Distributors/resellers 1,327

Total Asia Pacific 1,893

— 11,139 11,139

Canada — 2,415 2,415

197 5,830 6,027

Asia Pacific (3)

563 1,438 2,001

Latin America — 510 510

Owned/leased —

Distributors/resellers 489

Total Latin America 489

Middle East/Africa 221 200 421

Owned/leased 223

Distributors/resellers 205

Total Middle East/Africa 428

Owned/leased 986

Distributors/resellers 21,559

Total Worldwide 22,545

Information with regard to the Chemical segment follows:

ExxonMobil’s Chemical segment manufactures and sells petrochemicals.

The Chemical business supplies olefins, polyolefins, aromatics, and a wide variety of other petrochemicals.

Worldwide 981 21,532 22,513

(1) In October 2022, the Corporation reached an agreement with Par Pacific Holdings for the sale of the Billings refinery and select midstream assets, which includes about 300 retail fuel sites, and expects the transaction to close in 2023.

(2) In December 2022, the Corporation reached an agreement with Italiana Petroli for the sale of the Italy fuels business, which includes about 2,300 retail fuel sites, and expects the transaction to close in 2023.

(3) In January 2023, the Corporation announced the sale of its interest in Esso Thailand, which includes a network of about 800 retail fuel sites, and expects the transaction to close in 2023.

Information with regard to chemical complex capacity:

ExxonMobil manufactures and sells petrochemicals.

The large/integrated chemical complexes supply olefins, polyolefins, and a wide variety of other petrochemical products.

Chemical Complex Capacity At Year-End 2022 (1)

Ethylene Polyethylene Polypropylene Paraxylene ExxonMobil

(millions of metric tons per year)

(millions of metric tons per year, unless otherwise noted) Ethylene Polyethylene Polypropylene ExxonMobil

North America

10 unchanged sentences

Meerhout Belgium — 0.5 — 100

Rotterdam Netherlands — — — 0.7 100

Total Europe 0.8 1.3 0.3

4 unchanged sentences

Singapore Singapore 1.9 1.9 0.9 100

Sriracha Thailand — — — 0.5 66

Total Asia Pacific 2.2 2.1 1.1

Total Worldwide 11.9 11.2 3.2

(1) Capacity reflects 100 percent for operations of ExxonMobil and majority-owned subsidiaries.

(1) Capacity reflects 100 percent for operations of majority-owned subsidiaries.

For companies owned 50 percent or less, capacity is ExxonMobil’s interest.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties