What changed in this filing

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Item 2. Properties

2025-02-19 compared with 2024-02-28 · 42 added, 61 removed, 584 unchanged (15% of the section changed)

58 unchanged sentences

and other factors described in Item 1A .

Risk Factors".

The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments and detailed analysis of well and reservoir information such as flow rates and reservoir pressures.

Furthermore, the Corporation only records proved reserves for projects which have received significant funding commitments by management toward the development of the reserves.

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

The current 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.

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

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.

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During the year, ExxonMobil conducted development activities that resulted in the transfer of approximately 1.1 GOEB from proved undeveloped to proved developed reserves by year-end.

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

In 2023, extensions and discoveries, primarily in the United States and Guyana, resulted in the addition of approximately 1.1 GOEB of proved undeveloped reserves.

Also, the Corporation reclassified approximately 0.6 GOEB of proved undeveloped reserves which no longer met the SEC definition of proved reserves, primarily in the United States.

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

In 2024, purchases of 0.4 GOEB in the United States and extensions and discoveries of 1.9 GOEB, primarily in the United States and Guyana, resulted in the addition of approximately 2.3 GOEB of proved undeveloped reserves.

Also, the Corporation reclassified approximately 0.7 GOEB of proved undeveloped reserves, primarily in the United States, which was offset by upward revision of approximately 0.6 GOEB, primarily in the United Arab Emirates.

This results in a net reclassification of approximately 0.1 GOEB of proved reserves which no longer met the SEC definition of proved reserves.

Overall, investments of $16.4 billion were made by the Corporation during 2024 to progress the development of reported proved undeveloped reserves, including $16.0 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.

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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, Kazakhstan, the United Arab Emirates, and the United States 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, 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;

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The product, a blend of bitumen and diluent, is shipped to our refineries and to other third parties.

Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation by pipeline and rail.

Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation.

During 2024, average net production at Kearl was about 262 thousand barrels per day.

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

In addition, ExxonMobil closed on the sale of its interest in the Aera Energy joint venture and acquired Denbury Inc.

(Denbury), which includes Gulf Coast and Rocky Mountain oil and natural gas operations.

Net acreage in the Gulf of Mexico totaled 0.1 million acres at year-end 2023.

In addition, ExxonMobil completed the acquisition of Pioneer, increasing the Permian Basin acreage and production capacity.

Net acreage in the Gulf totaled 0.1 million acres at year-end 2024.

A total of a 0.5 net development well was completed during the year.

Participation in Alaska production and development continued with a total of 0.9 net development wells completed.

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During the year, a total of 14 net development wells at Cold Lake were completed.

Net acreage totaled 2.9 million acres at year-end 2023, of which 2.6 million acres were offshore.

Net acreage totaled 0.1 million onshore acres at year-end 2024.

During the year, a total of 1.6 net development wells were completed.

In 2024, ExxonMobil relinquished 2.6 million net offshore acres and sold a portion of its interests in onshore production facilities.

The sale of the remaining onshore assets is expected to be completed in early 2025 resulting in a full Upstream operations exit from the country.

Net acreage totaled 1.5 million offshore acres at year-end 2024.

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

During the year, a total of a 0.4 net exploratory well was completed and ExxonMobil relinquished its interest in 1.0 million net offshore acres spanning 10 blocks outside of the core Bacalhau development.

Development activities continued on the Bacalhau Phase 1 project.

1 unchanged sentence

During the year, a total of 10.1 net exploratory and development wells were completed.

The Payara development commenced operations with the Prosperity floating production, storage and offloading vessel, and development activities continued on the Yellowtail project.

The Uaru project was funded in 2023.

Development activities continued on the Yellowtail and Uaru projects.

The Whiptail project was funded in 2024.

Net acreage totaled 1.2 million onshore acres at year-end 2024.

During the year, a total of 1.4 net exploratory and development wells were completed.

During the year, a total of 0.5 net development wells were completed.

Net interest in licenses totaled 1.3 million acres at year-end 2024, of which 0.3 million acres were offshore.

Groningen gas production ceased on October 1, 2023, at the Dutch government’s instruction.

In case of severe cold weather conditions, the Dutch government could mandate the re-start of gas production.

Groningen field permanent closure was codified in the Dutch mining law on April 19, 2024.

United Kingdom

1 unchanged sentence

Net acreage totaled 3 million acres at year-end 2024, of which 2.9 million acres were offshore.

During the year, a total of 3.7 net development wells were completed.

Equatorial Guinea

Net acreage totaled 0.1 million offshore acres at year-end 2023.

ExxonMobil is actively taking steps to exit its operations in the country.

Net acreage totaled 0.1 million offshore acres at year-end 2023.

In 2023, 0.6 million net offshore acres were relinquished outside of the core Area 4 development.

Within Area 4, ExxonMobil participated in the co-venturer-operated Coral South Floating LNG, a gross 3.4 million metric tons per year LNG facility.

During the year, a total of 5.6 net exploratory and development wells were completed.

Net acreage totaled 0.1 million offshore acres at year-end 2024 within Area 4.

ExxonMobil participated in the co-venturer-operated Coral South Floating LNG, a gross 3.4 million metric tons per year LNG facility.

Net acreage totaled 0.4 million offshore acres at year-end 2024.

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

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

In December 2024, the Corporation completed a transfer of 100 percent of the shares in its Nigeria affiliate, Mobil Producing Nigeria Unlimited, following the receipt of and compliance with conditions precedent specified in government approvals.

Net acreage totaled 7 thousand offshore acres at year-end 2024.

1 unchanged sentence

Net acreage totaled 0.1 million onshore acres at year-end 2024.

Net acreage totaled 25 thousand onshore acres at year-end 2023.

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

In 2023, ExxonMobil completed a partial sale of 10 percent participating interest and in early 2024 closed on the sale of its remaining interest resulting in a full exit from the country.

Net acreage totaled 0.3 million acres at year-end 2024, of which 0.2 million acres were offshore.

2 unchanged sentences

Net interests in production sharing contracts covered 0.2 million offshore acres at year-end 2024.

During the year, a total of 0.5 net development well was completed.

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

Through joint ventures with QatarEnergy, net acreage totaled 76 thousand offshore acres at year-end 2024.

3 unchanged sentences

Net acreage in concessions totaled 16 thousand onshore acres at year-end 2024.

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

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

United Arab Emirates

Net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 81 thousand acres at year-end 2023.

Net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 0.1 million acres at year-end 2024.

During the year, a total of 2.5 net development wells were completed.

Development activities continued on the Upper Zakum 1 MBD Sustainment project.

Activities continued on the ongoing phased development of the Upper Zakum field.

Australia / Oceania

Net acreage totaled 1.2 million offshore acres and nine thousand onshore acres at year-end 2024.

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 metric tons per year LNG facility, and a 280 million cubic feet per day domestic gas plant located on Barrow Island, Western Australia.

During the year, development activities continued on the Gorgon Stage 2 project and Jansz Io Compression project.

domestic gas plant located on Barrow Island, Western Australia.

During the year, operations began on the Gorgon Stage 2 project and development activities continued on the Jansz Io Compression project.

Papua New Guinea

5 unchanged sentences

Net acreage totaled 15.7 million acres at year-end 2024.

During the year, a total of 0.6 net exploratory well was completed.

During the year, a total of a 0.5 net exploratory well was completed.

Delivery Commitments

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

In some instances regarding private property, a “fee interest” is acquired where the underlying mineral interests are owned outright.

In some instances a “fee interest” is acquired in private property where the underlying mineral interests and rights are purchased and owned outright.

Canada / Other Americas

5 unchanged sentences

Significant discovery licenses in the offshore relating to currently undeveloped discoveries do not have a definite term.

The Federal Hydrocarbon Law was amended in 2014.

Pursuant to the amended law, the production term for an onshore unconventional concession is 35 years and 25 years for a conventional concession, with unlimited 10-year extensions possible once a field has been developed.

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.

The Federal Hydrocarbon Law was amended in 2014 and in 2024.

Pursuant to the amended law, the production term for an onshore unconventional concession is 35 years and 25 years for a conventional concession.

ExxonMobil is actively taking steps to exit Upstream operations in the country.

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

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The majority of traditional licenses currently issued have an initial exploration term of four years with a second term extension of four years, and a final production term of 18 years, with a mandatory relinquishment of 50 percent of the acreage after the initial term and of all acreage that is not covered by a development plan at the end of the second term.

Exploration and production activities are governed by either production sharing agreements or other contracts with initial exploration terms ranging from three to four years with options to extend from one to five years.

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

Equatorial Guinea

Exploration, development and production activities are governed by production sharing contracts negotiated with the State Ministry of Mines and Hydrocarbons.

The production period for crude oil is 30 years.

ExxonMobil is actively taking steps to exit its operations in the country.

Exploration and production activities are governed by either production sharing agreements or other concession contracts with initial exploration terms ranging from three to four years with options to extend from one to five years.

The production periods range from 20 to 30 years, with extensions subject to negotiation with the National Concessionaire.

Exploration and production activities are generally governed by concession contracts with the Government of the Republic of Mozambique, represented by the Ministry of Mineral Resources and Energy.

2 unchanged sentences

The EPCC expires 30 years after an approved plan of development becomes effective for a given discovery area.

In 2018, an interest was acquired in Area 5 offshore blocks A5-B, Z5-C, and Z5-D.

Blocks Z5-C and Z5-D were relinquished in 2022.

In 2023, the initial exploration phase expired on block A5-B, resulting in a relinquishment of the remaining Area 5 acreage.

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

Exploration and production activities are governed by production sharing contracts (PSCs) with the national oil company, the Nigerian National Petroleum Company Limited (NNPCL).

NNPCL typically holds the underlying license or lease.

The terms of the PSCs are generally 30 years (comprised of a 10-year exploration period and a 20-year production period).

Exploration and production activities in the shallow-water offshore areas are governed by Oil Mining Leases granted prior to the 1969 Petroleum Act (i.e., under the Mineral Oils Act 1914, repealed by the 1969 Petroleum Act) and have been renewed in 2011 for a further period of 20 years.

Operations under these pre-1969 Oil Mining Leases are conducted under a joint venture agreement with NNPCL rather than a PSC.

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

The 2021 Petroleum Industry Act will govern any further renewals to the term of the PSCs, licenses, or leases.

4 unchanged sentences

PSC terms can be extended for a maximum of 20 years for each extension with the approval of the government.

Development and production activities in the state-owned oil and gas fields are governed by contracts with regional oil companies of the Iraqi Ministry of Oil.

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 a period of five to 15 years.

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

In early 2024, ExxonMobil closed on the sale of its remaining interest resulting in a full exit from the country.

Onshore exploration and production activities are governed by the production license, exploration license, and joint venture agreements negotiated with the Republic of Kazakhstan.

Onshore exploration and production activities are governed by the production license, which includes exploration activities and joint venture agreements negotiated with the Republic of Kazakhstan.

Existing production operations have a 40-year production period that commenced in 1993.

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Petroleum development licenses are granted for an initial 25-year period.

An extension for further consecutive period(s) of up to 20 years may be granted at the Minister’s discretion.

An extension for further consecutive period(s) of up to 20 years may be granted at the Petroleum Minister’s discretion.

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.

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Meerhout Belgium ● 100 — — 0.5 —

Fos-sur-Mer France ■ 82.9 133 — — —

Gravenchon France ■ ▲ ● 82.9/100 (3)

244 0.4 0.4 0.3

Karlsruhe (4)

17 unchanged sentences

(3) ExxonMobil ownership in Gravenchon is split 82.9 percent and 100 percent between the refining and chemical operations, respectively.

In 2024, the Company shut down a portion of its Gravenchon chemical operations including the steamcracker and related derivatives units.

(4) The Corporation announced a sales agreement relating to ExxonMobil's ownership interest in this asset and expects the transaction to close in 2025.

12 unchanged sentences

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