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IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM): First Quarter First Quarter Fourth Quarter 2021 2020 2020 Results Summary (Dollars in millions, except per share data) Earnings/(Loss) (U.S. GAAP) 2,730 (610) (20,070) Earnings/(Loss) Per Common Share Assuming Dilution 0.64 (0.14) (4.70) Identified Items Per Common Share Assuming Dilution (0.01) (0.67) (4.73) Earnings/(Loss) Excluding Identified Items Per Common Share Assuming Dilution 0.65 0.53 0.03 Capital and Exploration Expenditures 3,133 7,143 4,771 Exxon Mobil Corporation today announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution, compared with a loss of $610 million in the first quarter of 2020. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution. First quarter capital and exploration expenditures were $3.1 billion, $4 billion lower than the first quarter of 2020. Oil-equivalent production was 3.8 million barrels per day, up 3 percent from the fourth quarter of 2020. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2 percent. The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply, said Darren Woods, chairman and chief executive officer. Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonize industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society's net-zero ambitions. During severe winter weather in Texas in February, ExxonMobil cogeneration facilities generated 400 megawatts of electricity, helping to power about 200,000 homes. The severe weather event reduced first quarter earnings by nearly $600 million across all businesses from decreased production and lower sales volumes, repair costs, and the net impact of energy purchases and sales. All affected facilities have resumed normal operations. First Quarter 2021 Results and Business Highlights Upstream Downstream Chemical Strengthening the Portfolio Capital Allocation and Structural Cost Improvement Reducing Emissions and Advancing Low Carbon Solutions Ongoing Board Refreshment Results and Volume Summary Millions of Dollars 1Q 1Q (unless noted) 2021 2020 Change Comments Upstream U.S. 363 (704) +1,067 Winter storm impact more than offset by higher prices and reduced expenses; prior quarter unfavorable identified items (impairment +315, inventory valuation +45) Non-U.S. 2,191 1,240 +951 Higher prices and reduced expenses, partly offset by lower volumes and unfavorable foreign exchange; prior quarter unfavorable identified items (inventory valuation +218, impairment +41) Total 2,554 536 +2,018 Winter storm -240, prices +1,690, volume -320, expenses +430, identified items +620, other -160 Production (koebd) 3,787 4,046 -259 Liquids -222 kbd: government mandates, lower entitlements, and winter storm impact (-25) Gas -223 mcfd: decline, higher downtime/maintenance, winter storm impact (-105), and Groningen production limit, partly offset by higher demand and project growth Downstream U.S. (113) (101) -12 Winter storm impact and lower margins driven by weaker industry refining conditions, partly offset by reduced expenses and favorable other impacts; prior quarter unfavorable identified items (+411, mainly inventory valuation) Non-U.S. (277) (510) +233 Lower margins including net unfavorable mark to market impact on unsettled derivatives, net unfavorable one-time items, and unfavorable foreign exchange, partly offset by reduced expenses; prior quarter unfavorable identified items (inventory valuation +1,196, impairments +335) Total (390) (611) +221 Winter storm -130, margins -1,880, expenses +410, identified items +1,940, forex/other -120 Petroleum Product Sales (kbd) 4,881 5,287 -406 Chemical U.S. 715 288 +427 Winter storm impact more than offset by higher margins, stronger demand, and reduced expenses; prior quarter unfavorable identified item (+90, impairment) Non-U.S. 700 (144) +844 Higher margins, stronger demand, reduced expenses, and favorable foreign exchange; prior quarter unfavorable identified items (+232, mainly inventory valuation) Total 1,415 144 +1,271 Winter storm -230, margins +740, demand +130, expenses +240, identified items +320, forex/other +70 Prime Product Sales (kt) 6,446 6,237 +209 Corporate and financing (849) (679) -170 Higher retirement-related expenses Results and Volume Summary Millions of Dollars 1Q 4Q (unless noted) 2021 2020 Change Comments Upstream U.S. 363 (16,803) +17,166 Higher prices and reduced expenses, partly offset by winter storm impact and lower volumes; prior quarter unfavorable identified item (impairment +16,777) Non-U.S. 2,191 (1,729) +3,920 Higher prices and seasonal gas volumes; prior quarter unfavorable identified items (impairment +2,203, tax item +297) Total 2,554 (18,532) +21,086 Winter storm -240, prices +2,070, volume -80, expenses +170, identified items +19,280, other -110 Production (koebd) 3,787 3,689 +98 Liquids -67 kbd: lower entitlements, winter storm impact (-25), and increased downtime/maintenance, partly offset by reduced government mandates Gas +988 mcfd: higher seasonal demand, reduced downtime/maintenance, and net growth, partly offset by winter storm impact (-105) Downstream U.S. (113) (514) +401 Higher margins on improved industry refining conditions, reduced expenses, and prior quarter unfavorable LIFO inventory impact (+78), partly offset by winter storm impact, lower manufacturing volumes, and net unfavorable one-time items Non-U.S. (277) (697) +420 Reduced expenses and higher margins driven by more favorable industry refining conditions, offset by prior quarter favorable LIFO inventory impact (-207), unfavorable foreign exchange, terminal conversion costs, and lower demand; prior quarter unfavorable identified items (impairment +258, tax item +262) Total (390) (1,211) +821 Winter storm -130, margins +490, demand -40, expenses +380, manufacturing -40, identified items +520, LIFO/forex -210, other -150 Petroleum Product Sales (kbd) 4,881 4,833 +48 Chemical U.S. 715 461 +254 Winter storm more than offset by stronger margins, demand, and reduced expenses Non-U.S. 700 230 +470 Higher margins, reduced expenses, and prior quarter unfavorable LIFO inventory impact (+84) and other charges Total 1,415 691 +724 Winter storm -230, margins +500, demand +100, expenses +150, identified items +20, LIFO/other +180 Prime Product Sales (kt) 6,446 6,643 -197 Corporate and financing (849) (1,018) +169 Absence of identified items (mainly severance +330), partly offset by net unfavorable tax impacts and retirement-related expenses Cash Flow from Operations and Asset Sales excluding Working Capital Millions of Dollars 1Q 2021 Comments Net income (loss) including noncontrolling interests 2,796 Including $66 million noncontrolling interests Depreciation and depletion 5,004 Changes in operational working capital 1,953 Higher net payables and inventory draw Other (489) Cash Flow from Operating 9,264 Activities (U.S. GAAP) Asset sales 307 Including U.K. upstream divestment deposit and U.S. upstream asset sales Cash Flow from Operations 9,571 and Asset Sales Changes in operational working capital (1,953) Cash Flow from Operations 7,618 and Asset Sales excluding Working Capital ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 30, 2021. To listen to the event or access an archived replay, please visit www.exxonmobil.com. Cautionary Statement Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; progressing carbon capture projects and results; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; and accounting and financial reporting effects resulting from market developments and ExxonMobils responsive actions, could differ materially due to a number of factors. These include the continuity of our board of directors and their strategic oversight; global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 and government responses on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; government policies and support for low carbon technologies like carbon capture; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies while maintaining future competitive positioning; unforeseen technical or operating difficulties; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs; the ability to bring new technologies to commercial scale on a cost-competitive basis; general economic conditions including the occurrence and duration of economic recessions; and other factors discussed under Item 1A. Risk Factors of ExxonMobils 2020 Form 10-K. Frequently Used Terms and Non-GAAP Measures This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V. This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V. This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2021 and 2020 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share assuming dilution (U.S. GAAP). This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporations products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (sales-based taxes). It combines Income taxes and Total other taxes and duties with salesbased taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporations products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I. References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as proved reserves under SEC definitions, but which are expected to be ultimately recoverable. The term project as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobils frequently used financial and operating measures and other terms including "Cash operating expenses", Cash flow from operations and asset sales, and Total taxes including sales-based taxes is contained under the heading Frequently Used Terms available through the Investors section of our website at www.exxonmobil.com. Reference to Earnings References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobils share after excluding amounts attributable to noncontrolling interests. Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships. Important Additional Information Regarding Proxy Solicitation Exxon Mobil Corporation (ExxonMobil) has filed a definitive proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the SEC) in connection with the solicitation of proxies for ExxonMobils 2021 Annual Meeting (the Proxy Statement). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobils directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Proxy Statement. To the extent holdings of such participants in ExxonMobils securities are not reported, or have changed since the amounts described, in the Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobils Board of Directors for election at the 2021 Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANYS DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SECs website, www.sec.gov. ExxonMobils shareholders can also obtain, without charge, a copy of the Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at shareholderrelations@exxonmobil.com or from the investor relations section of ExxonMobils website, www.exxonmobil.com/investor. Estimated Key Financial and Operating Data Attachment I Exxon Mobil Corporation First Quarter 2021 (millions of dollars, unless noted) First First Fourth Quarter Quarter Quarter 2021 2020 2020 Earnings (Loss) / Earnings (Loss) Per Share Total revenues and other income 59,147 56,158 46,540 Total costs and other deductions 55,555 56,416 73,153 Income (loss) before income taxes 3,592 (258) (26,613) Income taxes 796 512 (6,010) Net income (loss) including noncontrolling interests 2,796 (770) (20,603) Net income (loss) attributable to noncontrolling interests 66 (160) (533) Net income (loss) attributable to ExxonMobil (U.S. GAAP) 2,730 (610) (20,070) Earnings (loss) per common share (dollars) 0.64 (0.14) (4.70) Earnings (loss) per common share - assuming dilution (dollars) 0.64 (0.14) (4.70) Exploration expenses, including dry holes 164 288 595 Other Financial Data Dividends on common stock Total 3,720 3,719 3,715 Per common share (dollars) 0.87 0.87 0.87 Millions of common shares outstanding At period end 4,234 4,228 4,233 Average - assuming dilution 4,272 4,270 4,272 ExxonMobil share of equity at period end 156,974 182,079 157,150 ExxonMobil share of capital employed at period end 222,610 244,026 227,137 Income taxes 796 512 (6,010) Total other taxes and duties 7,283 7,497 7,344 Total taxes 8,079 8,009 1,334 Sales-based taxes 4,662 4,485 4,364 Total taxes including sales-based taxes 12,741 12,494 5,698 ExxonMobil share of income taxes of equity companies 600 460 285 Attachment II-a Exxon Mobil Corporation First Quarter 2021 First First Fourth $ Millions Quarter Quarter Quarter 2021 2020 2020 Earnings/(Loss) (U.S. GAAP) 2,730 (610) (20,070) Identified Items Included in Earnings/(Loss) Noncash inventory valuation - lower of cost or market (2,096) Impairments (787) (19,273) Tax (581) Other items (severance - global workforce review) (31) (326) Corporate total (31) (2,883) (20,180) Earnings Excluding Identified Items 2,761 2,273 110 $ Per Common Share1 Earnings/(Loss) Per Common Share Assuming Dilution (U.S. GAAP) 0.64 (0.14) (4.70) Identified Items Included in Earnings/(Loss) Per Common Share Assuming Dilution Noncash inventory valuation - lower of cost or market (0.49) Impairments (0.18) (4.51) Tax (0.14) Other items (severance - global workforce review) (0.01) (0.08) Corporate total (0.01) (0.67) (4.73) Earnings Excluding Identified Items Per Common Share Assuming Dilution 0.65 0.53 0.03 Computed using the average number of shares outstanding during each period. Attachment II-b Exxon Mobil Corporation First Quarter 2021 (millions of dollars) First First Fourth Quarter Quarter Quarter 2021 2020 2020 Earnings/(Loss) (U.S. GAAP) Upstream United States 363 (704) (16,803) Non-U.S. 2,191 1,240 (1,729) Downstream United States (113) (101) (514) Non-U.S. (277) (510) (697) Chemical United States 715 288 461 Non-U.S. 700 (144) 230 Corporate and financing (849) (679) (1,018) Net income (loss) attributable to ExxonMobil 2,730 (610) (20,070) Identified Items Included in Earnings/(Loss) U.S. Upstream Impairments (315) (16,777) Other items (Inventory valuation) (45) Non-U.S. Upstream Impairments (41) (2,203) Tax Items (297) Other Items (Inventory valuation) (218) U.S. Downstream Other Items (Inventory valuation, Impairment) (411) Non-U.S. Downstream Impairments (335) (258) Tax Items (262) Other Items (Inventory valuation) (1,196) U.S. Chemical Impairment (90) Non-U.S. Chemical Tax Items (22) Other Items (Inventory valuation, Impairment) (232) Corporate and financing Other Items (Severance - global workforce review, Impairment) (31) (361) Corporate total (31) (2,883) (20,180) Earnings/(Loss) Excluding Identified Items Upstream United States 363 (344) (26) Non-U.S. 2,191 1,499 771 Downstream United States (113) 310 (514) Non-U.S. (277) 1,021 (177) Chemical United States 715 378 461 Non-U.S. 700 88 252 Corporate and financing (818) (679) (657) Corporate total 2,761 2,273 110 Attachment III Exxon Mobil Corporation First Quarter 2021 First First Fourth Quarter Quarter Quarter 2021 2020 2020 Net production of crude oil, natural gas liquids, bitumen and synthetic oil, thousand barrels per day (kbd) United States 665 699 719 Canada / Other Americas 575 558 619 Europe 35 30 32 Africa 253 360 258 Asia 691 795 658 Australia / Oceania 39 38 39 Worldwide 2,258 2,480 2,325 Natural gas production available for sale, million cubic feet per day (mcfd) United States 2,767 2,825 2,686 Canada / Other Americas 216 317 253 Europe 1,403 1,293 848 Africa 24 7 12 Asia 3,599 3,710 3,225 Australia / Oceania 1,164 1,244 1,161 Worldwide 9,173 9,396 8,185 Oil-equivalent production (koebd)1 3,787 4,046 3,689 Natural gas converted to an oil-equivalent basis at 6 million cubic feet per 1 thousand barrels. Attachment IV Exxon Mobil Corporation First Quarter 2021 First First Fourth Quarter Quarter Quarter 2021 2020 2020 Refinery throughput (kbd) United States 1,532 1,558 1,594 Canada 364 383 359 Europe 1,153 1,295 1,130 Asia Pacific 545 637 522 Other 157 187 150 Worldwide 3,751 4,060 3,755 Petroleum product sales (kbd) United States 2,077 2,231 2,128 Canada 409 456 415 Europe 1,272 1,403 1,227 Asia Pacific 665 708 645 Other 458 489 418 Worldwide 4,881 5,287 4,833 Gasolines, naphthas 1,996 2,122 2,039 Heating oils, kerosene, diesel 1,692 1,867 1,739 Aviation fuels 183 383 172 Heavy fuels 257 256 237 Specialty products 753 659 646 Worldwide 4,881 5,287 4,833 Chemical prime product sales, thousand metric tons (kt) United States 2,190 2,195 2,467 Non-U.S. 4,256 4,042 4,176 Worldwide 6,446 6,237 6,643 Attachment V Exxon Mobil Corporation First Quarter 2021 (millions of dollars) First First Fourth Quarter Quarter Quarter 2021 2020 2020 Capital and Exploration Expenditures Upstream United States 810 2,798 1,122 Non-U.S. 1,547 2,328 1,812 Total 2,357 5,126 2,934 Downstream United States 271 747 488 Non-U.S. 199 487 674 Total 470 1,234 1,162 Chemical United States 208 597 435 Non-U.S. 98 185 240 Total 306 782 675 Other 1 Worldwide 3,133 7,143 4,771 Cash Flow from Operations and Asset Sales excluding Working Capital Net cash provided by operating activities (U.S. GAAP) 9,264 6,274 4,005 Proceeds associated with asset sales 307 86 770 Cash flow from operations and asset sales 9,571 6,360 4,775 Changes in operational working capital (1,953) 942 114 Cash flow from operations and asset sales 7,618 7,302 4,889 excluding working capital Attachment VI Exxon Mobil Corporation Earnings/(Loss) $ Millions $ Per Common Share1 2017 First Quarter 4,010 0.95 Second Quarter 3,350 0.78 Third Quarter 3,970 0.93 Fourth Quarter 8,380 1.97 Year 19,710 4.63 2018 First Quarter 4,650 1.09 Second Quarter 3,950 0.92 Third Quarter 6,240 1.46 Fourth Quarter 6,000 1.41 Year 20,840 4.88 2019 First Quarter 2,350 0.55 Second Quarter 3,130 0.73 Third Quarter 3,170 0.75 Fourth Quarter 5,690 1.33 Year 14,340 3.36 2020 First Quarter (610) (0.14) Second Quarter (1,080) (0.26) Third Quarter (680) (0.15) Fourth Quarter (20,070) (4.70) Year (22,440) (5.25) 2021 First Quarter 2,730 0.64 1 Computed using the average number of shares outstanding during each period.

Answer: ExxonMobil Earns $2.7 Billion in First Quarter 2021 First Quarter 2021 Results and Management Perspectives Cash flow from operating activities of $9.3 billion fully funded dividend and capital expenditures, and drove debt reduction of over $4 billion Lowered cash operating expenses versus the first and fourth quarters of 2020; on pace to deliver additional structural cost savings Advanced several initiatives to reduce emissions and launched Low Carbon Solutions business to commercialize extensive low-carbon technology portfolio Added three new directors to strengthen board experience in energy, capital allocation and complex business transitions