ExxonMobil Announces $2 Billion Baytown Chemical Expansion Project; Releases Study Showing Value of Investments to U.S. Economy

ExxonMobil
said today that it will proceed with a $2 billion investment to expand
its Baytown, Texas chemical plant, which will create approximately 2,000
jobs during construction and contribute to the approximate 15 percent
return the company expects from its chemical investments.

The Baytown expansion is in addition to the company’s 2017 Growing the
Gulf initiative, which outlined plans to build and expand manufacturing
facilities along the U.S. Gulf Coast, creating more than 45,000
high-paying jobs across the region.

“Our substantial investments in the United States support ExxonMobil’s
long-term growth plans and will result in thousands more high-paying
jobs,” said Darren W. Woods, ExxonMobil chairman and chief executive
officer. “Through the billions of dollars that we’re investing in the
Permian Basin to increase oil production and the expansion at our
operations along the Gulf Coast, our company is making significant,
lasting contributions to the U.S. economy and the many communities where
we operate.”

ExxonMobil commissioned Ernst & Young to examine the contributions the
company made to the U.S. economy in 2017 – the year the Growing
the Gulf initiative was launched. The research
concluded that during 2017, ExxonMobil contributed more than $43 billion
to the U.S. gross domestic product and direct, indirect and induced
economic activity supported nearly 177,000 jobs across the country.

“This research, focused on a single year, is a powerful snapshot of how
our business in the United States directly benefits the American
economy,” said Woods. “It underscores the many ways that the company and
our employees are contributing to prosperity across the country.”

The Ernst & Young research also found that in 2017:

• ExxonMobil’s U.S. operations supported nearly $6.72 billion of
  direct labor income – averaging $208,000 per worker in
  total annual compensation, including wages and benefits.
• The impact of ExxonMobil’s operations and investments includes more
  than $7 billion of tax and royalty payments.
• The company made capital investments in 20 states.

Woods said the company’s recent investments, such as a major expansion
of oil and gas production in the Permian Basin and the planned expansion
at Baytown, will continue to boost the U.S. economy.

“Our Baytown chemical expansion will put us in a solid position to
maximize the value of increased Permian Basin production and will
deliver higher-demand, higher-value products produced at our Gulf Coast
refining and chemical facilities,” said Woods.

“Global demand for chemicals is expected to be greater than energy
demand growth and GDP growth over the next 20 years,” Woods said.

The expansion, expected to start up in 2022, includes a new Vistamaxx™
performance polymer unit, which produces products that offer higher
levels of elasticity, softness and flexibility, attributes that
contribute to a reduction in materials used and increased performance in
everyday products. The new unit will produce about 400,000 tons of
Vistamaxx™ polymers a year.

The project will also enable ExxonMobil to enter the linear alpha
olefins market. Linear alpha olefins are used in numerous applications,
including high-performing engine and industrial oils, waxes and building
blocks for surfactants, polyethylene plastic for packaging, and other
specialty chemicals. The new unit will produce about 350,000 tons of
linear alpha olefins a year.

ExxonMobil’s Baytown facility is the largest integrated petrochemical
complex in the U.S. and is one of the most technologically advanced
refining and petrochemical complexes in the world. Founded in 1919, the
complex is located on approximately 3,400 acres along the Houston Ship
Channel, about 25 miles east of Houston. The facility includes a
refinery, chemical plant, olefins plant, plastics plant and global
technology center.

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world’s growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is one of the largest refiners and marketers of petroleum
products, and its chemical company is one of the largest in the world.
For more information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.

Cautionary Statement:

Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including project
plans, schedules, capacities, and costs; business results including
rates of return; demand growth; and economic impacts could differ
materially due to factors such as changes in prices of oil, gas, or
petrochemicals and other market factors affecting the chemical industry
and the supply and demand for our products; the occurrence and duration
of economic recessions; timely completion of construction projects and
unforeseen technical or operating difficulties; political or legal
developments including changes in environmental or tax laws and
obtaining necessary government permits and approvals; the outcome of
commercial negotiations; the actions of competitors; and other factors
discussed under the heading Factors Affecting Future Results on the
Investors page of our website at exxonmobil.com. The reference to
approximate expected return from chemical investments means average
discounted cash flow return based on the Corporation’s estimates and
planning outlook as of the March 6, 2019 date of our most recent
Investor Day presentation, which is also available on our website. The
term “project” in this release may refer to a variety of activities and
does not necessarily have the same meaning as in any government payment
transparency reports.

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