ExxonMobil / XTO Merger

R.W. Tillerson and D.S. Rosenthal

July 8, 2010
Cautionary Statement
Forward-Looking Statements. Outlooks, projections, estimates, targets, business plans, and other statements of
future events or conditions in this presentation or the subsequent discussion period are forward-looking
statements. Actual future results, including supply and demand growth and mix; ExxonMobil’s production
growth and mix; the amount and mix of capital expenditures; resource additions and recoveries; finding and
development costs; project plans, timing, costs, and capacities; cost efficiencies; product mix; the impact of
technology; and benefits and effects of the XTO Energy transaction could differ materially due to a number of
factors. These include changes in long-term oil or gas prices or other market conditions affecting the oil, gas,
and petrochemical industries; reservoir performance; timely completion of development projects; war and other
political or security disturbances; changes in law or government regulation; the outcome of commercial
negotiations; the actions of competitors; unexpected technological developments; the occurrence and duration
of economic recessions; unforeseen technical difficulties; our ability to integrate effectively XTO Energy's
business; and other factors discussed here and under the heading "Factors Affecting Future Results" in the
Investors section of our Web site at exxonmobil.com. See also Item 1A of ExxonMobil’s 2009 Form 10-K.
Forward-looking statements are based on management’s knowledge and reasonable expectations on the date
hereof, and we assume no duty to update these statements as of any future date.

Frequently Used Terms. References to resources, resource base, recoverable resources, and similar terms
include quantities of oil and gas that are not yet classified as proved reserves but that we believe will likely be
moved into the proved reserves category and produced in the future. XTO Energy’s “proved reserves" discussed
in this presentation are presented on the SEC basis. For definitions of, and information regarding, certain terms
used in this presentation, including information required by SEC Regulation G, see the "Frequently Used Terms"
posted on the Investors section of our Web site. The Financial and Operating Review on our Web site also
shows ExxonMobil's net interest in specific projects.

2
ExxonMobil / XTO Merger is Complete
XTO provides material, high-quality additions to our resource base and
establishes the premier global unconventional resource company.

„ $36 billion transaction, includes assumption of $11 billion of debt

„ 45+ TCFE resource base, under $1/KCFE resource capture

„ ~485 KOEBD production: 2.4 BCFD of natural gas and 85 KBD of liquids

„ Foundation for Global Unconventional Resource Company in-place

3
Financial Impacts
Accretive to production and cash flow; dilutive to EPS near-term.

Accounting
„ Acquisition accounting
– Step-up of assets and liabilities to fair market value
„ Hedging
– XTO hedged 2010/2011 production; fair market value recognized at closing
– ExxonMobil will receive cash flow consistent with hedging terms
– Hedges will provide minimal earnings impact
„ Transaction increases production and operating cash flow
„ Additional shares result in dilutive impact on earnings per share
– Outstanding shares increased by ~9%
Finance
„ Anticipate share purchases to reduce shares outstanding of $3B in 3Q 2010
„ Consider opportunistic debt restructuring where economic
„ Capex plans essentially unchanged

4
U.S. Natural Gas Production – 1Q 2010
ExxonMobil is the largest producer of natural gas in the U.S.

Average U.S. Daily Production

MCFD
4000

3500

3000

2500

2000

1500

1000

500

0
XOM / XTO APC CHK BP DVN ECA COP CVX RDS

Source: Natural Gas Supply Association

5
World Gas Demand
Natural gas demand is growing at 1.8% annually, driven primarily by
growth in demand for power generation.

Energy Demand Gas by Sector

MOEBD Average Growth / Yr. BCFD
2005 - 2030
350 1.2% 500
5.4%
300
400
1.8%
250
Transportation
Other 300 2.5%
200 0.5%
Coal Power
150 200 Generation
1.8%
Gas 1.4%
100
Industrial
100
50 Oil 0.8% Residential 1.1%
Commercial
0 0
1980 2005 2030 1980 2005 2030

Source: The Outlook for Energy, 2009

6
U.S. Gas Supply and Demand Balance
Unconventional gas is expected to almost double between 2010 and 2020
more than offsetting decline in conventional natural gas supplies.

All Sources
BCFD „ U.S. demand is increasing
75
„ Conventional gas supply will fall
Pipeline & LNG over 50 percent by 2030
50
„ Unconventional gas will more than
Unconventional offset decline
• Supply is expected to reach over
25
40 BCFD by 2030

Conventional „ Pipeline supplies and LNG imports

0 will meet balance of demand
2000 2015 2030

Source: The Outlook for Energy, 2009

7
XTO Resource Base
45 TCFE with significant upside and material positions in all
unconventional resource types.

Resource Base
45 TCFE „ Five major shale gas plays
account for over half of resource base

„ Freestone Trend provides tight and

conventional gas production
Shale
Gas „ Coal bed methane and tight gas plays
Freestone
Trend
in the Rockies

Other
„ Liquids concentrated in Permian Basin
Liquids Gas
and Bakken Shale

„ Additional upside
• New plays (e.g. Bossier Shale)
• Increased recovery

8
XTO Resource Base – Shales
Material positions in 5 major U.S. shale gas plays, with strong oil position in
the Bakken Shale.

Bakken Shale
450,000 net acres Marcellus Shale
280,000 net acres

Fayetteville Shale
Woodford Shale 380,000 net acres
160,000 net acres

Barnett Shale Haynesville Shale

265,000 net acres 165,000 net acres

9
Large, Low-Risk Drilling Inventory
45+ TCFE resource base provides future drill well inventory in excess
of 10,000 wells.

Finding and Development Costs

$ per KCFE „ Current resource to production ratio
2.00 is over 40 years
• Long-life production
1.60
„ Anticipate continued ramp-up in
1.20 drilling activity
• Currently operating ~70 rigs
0.80 • Up ~50% versus year-end 2009

0.40 „ Accompanied by steady rise in

proved reserves
0.00
Barnett Marcellus Fayetteville Woodford Haynesville
Core

10
XTO Production
Proven ability to consistently and profitably grow production.

XTO Average Daily Production

MCFE/D „ Leading U.S. gas producer
3500 • 2.4 BCFD production in 1Q 2010
Oil
Natural Gas Liquids
3000
Natural Gas
2500 „ Over 85 KBD liquids production
2000
• Growth potential in Bakken Shale
and Permian Basin
1500

1000
„ Significant resource base underpins
500
future production growth potential
0
2006 2007 2008 2009

11
Low Cash Operating Cost
Demonstrated high-quality operator across multiple play types, with cash
operating costs under $2/KCFE.

XTO Cash Operating Cost*

$ per KCFE „ Strong operating culture
3.00 • Focus on safety, operations
Taxes, transportation, other expense
Production expense integrity, and the environment
2.50

2.00
„ Unit costs stable despite volatile
1.50 industry service costs
• 1Q 2010 cash operating costs
1.00
$1.69/KCFE
0.50

0.00
„ Solid cash flow from operations
2006 2007 2008 2009

* Source: XTO historical reported values. Cash operating cost includes production,
tax, and transportation expenses. Excludes exploration, gas gathering and
processing, and general and administrative expenses.

12
ExxonMobil / XTO Portfolio

13
ExxonMobil / XTO – U.S. Unconventional Plays
Strong position with opportunities in all resource types and spanning the
full range of play maturities.

Bakken

Uinta
Piceance Marcellus

Raton

Fayetteville
San Juan Woodford

Barnett Haynesville/Bossier

Shale Gas Freestone

Tight Gas
Coal Bed Methane Eagle Ford
Shale Oil

14
Global Unconventional Resource Portfolio
ExxonMobil has assembled a substantial, global unconventional gas
portfolio and we continue to capture high-quality additions.

Canada Germany
Poland

United States

Indonesia

Shale Gas
Argentina
Tight Gas
Coal Bed Methane
Shale Oil Over 8 million total acres

15
A Value-Added Combination
The combination of ExxonMobil and XTO enhances resource and
shareholder value.

„ Proven capabilities to develop

all resource types
„ Opportunity to further enhance
financial and operating performance
„ Financial strength and proven
project management skills
„ Accelerate evaluation and
development of highest-quality plays
„ Long-term commitment to research
will deliver advantaged technologies

16
 Summary

17
ExxonMobil Resource Base – Post-Merger
ExxonMobil has the industry’s largest, highest-quality resource base and is
well-positioned for profitable future growth.

Resource Base*
BOEB „ High-quality resources in all
90 geographic regions
Deepwater • ~50% in the Americas
Arctic
Liquefied Natural Gas
60 „ Diverse by resource type
Unconventional Gas and Oil

Acid / Sour Gas „ Continue to grow our resource

30 Heavy Oil / Oil Sands
base through:
• By-the-bit drilling success
Conventional
• Undeveloped resource capture
• Improved recovery from existing
0
YE 2009
fields
* Combined resource base for ExxonMobil and XTO using YE 2009 data.
The “Unconventional Gas and Oil” category also includes Bakken shale oil resources.

18
Proven Business Model – No Change
Delivers superior results and provides a unique, competitive advantage.

19
Summary
Disciplined focus on maximizing long-term shareholder value while
maintaining our commitment to safe operations and the environment.

„ Industry-leading portfolio of businesses and assets

„ Disciplined approach to operational excellence and risk management

„ Superior financial flexibility

„ Commitment to technology leadership

„ Long-term perspective

20
 Addendum

21
Unconventional Acreage
ExxonMobil has over 8 million acres of unconventional resources
spanning all resource types.

United States Net Acreage (K) Canada Net Acreage (K)

Barnett Shale 265 Horn River Basin 310
Woodford Shale 210 Germany
Fayetteville Shale 380 Lower Saxony Basin 850
Marcellus Shale 425 Coal Bed Methane 1850
Haynesville / Bossier Shale 215
Poland
Eagle Ford Shale 50
Podlasie and Lubline Basins 1360
Bakken Shale 450
Indonesia
Freestone T rend 380
Barito Basin CBM 290
San Juan-Raton Basins 400
Uinta Basin 265 Argentina

Piceance Basin 300 Neuquen Basin 110

Total U.S. 3340 Total International 4770

22