Full Description

Exxon Mobil Corporation (Exxon Mobil), incorporated in 1882, through its divisions and affiliates is engaged in exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. ExxonMobil is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products. It also has interests in electric power generation facilities. Affiliates of ExxonMobil conduct research programs in support of these businesses. Exxon Mobil Corporation has several divisions and affiliates, many with names that include Exxon Mobil, Exxon, Esso or Mobil. The Company operates in three segments: Upstream, Downstream and Chemicals. In April 2008, Galp Energia SGPS S.A. has acquired Exxon Mobil Corporation's businesses in Spain and Portugal. In November 2008, Sunoco Logistics Partners L.P. completed the acquisition of the MagTex refined products pipeline system located in Texas, from affiliates of Exxon Mobil Corporation.

ExxonMobil Upstream segment business includes its global exploration, development, production, and gas and power marketing activities. These strategies include identifying and pursuing all attractive exploration opportunities, investing in projects that deliver superior returns, maximizing profitability of existing oil and gas production, and capitalizing on growing natural gas and power markets. ExxonMobil’s Downstream segment manufactures 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 its customers worldwide. ExxonMobil’s Chemical segment manufactures and sells petrochemicals. The Chemical business supplies olefins, polyolefins, aromatics, and a variety of other petrochemicals.

Exxon Mobil maintains a portfolio of development and exploration opportunities among the international oil companies. During the year ended December 31, 2008, West Africa, the Caspian, the Middle East and Russia accounted for approximately 39% of the Company's production. The remainder of the Corporation’s production is expected to be sourced from established areas, including Europe, North America and Asia Pacific. ExxonMobil has an ownership interest in 37 refineries, located in 20 countries, with distillation capacity of 6.2 million barrels per day and lubricant basestock manufacturing capacity of about 140 thousand barrels per day. ExxonMobil’s fuels and lubes marketing business portfolios include operations around the world, serving a globally diverse customer base.

The Company's mining activities include Syncrude operations, a joint venture established to recover shallow deposits of oil sands using open-pit mining methods, to extract the crude bitumen and to produce synthetic crude oil. Syncrude has produced about 1.8 billion barrels of synthetic crude oil. Imperial Oil Limited is the owner of a 25% interest in the joint venture. Exxon Mobil Corporation has a 69.6% interest in Imperial Oil Limited. ExxonMobil's investment in developed and undeveloped acreage is comprised of numerous concessions, blocks and leases. The terms and conditions under, which the Company maintains exploration and/or production rights to the acreage are property-specific, contractually defined and vary significantly from property to property.

United States

As of December 31, 2008, ExxonMobil’s acreage holdings totaled 10.8 million net acres, of which 2.3 million net acres were offshore. During 2008, 416.4 net exploration and development wells were completed in the inland lower 48 states and 2 net development wells were completed offshore in the Pacific. ExxonMobil’s net acreage in the Gulf of Mexico during 2008, was 2.1 million acres. A total of 3.5 net exploration and development wells were completed during 2008.

Canada / South America

ExxonMobil’s acreage holdings totaled 8 million net acres during 2008, of which 3.9 million net acres were offshore. A total of 221.2 net development wells were completed during the year. In Argentina ExxonMobil’s net acreage totaled 0.2 million onshore during 2008, and there were 3.3 net development wells completed during 2008.

Europe

In Germany a total of 3.1 million net onshore acres and 0.1 million net offshore acres were held by ExxonMobil during 2008, with 3.5 net development and exploration wells drilled during 2008. In Italy construction of the Adriatic LNG regasification terminal continued in 2008. The terminal was moved from its construction site to its final location offshore Italy for commissioning. The terminal will have the capacity to supply up to 775 million cubic feet of gas per day to the Italian gas market.

In Netherlands ExxonMobil’s net interest in licenses totaled approximately 1.5 million acres during 2008, of which 1.2 million acres were onshore. A total of 2.7 net exploration and development wells were completed during 2008. Offshore, construction of the L09 project was completed. In Norway ExxonMobil’s net interest in licenses during 2008, totaled approximately 0.8 million acres, all offshore. ExxonMobil participated in 8.3 net exploration and development well completions in 2008. In the United Kingdom ExxonMobil’s net interest in licenses during 2008, totaled approximately 1.4 million acres, all offshore. A total of 1.2 net exploration and development wells were completed during 2008.

Africa

In Angola ExxonMobil’s acreage holdings totaled 0.7 million during 2008, net offshore acres and 10.5 net exploration and development wells were completed during 2008. On Block 15, development drilling continued at Kizomba A and Kizomba B. The Block’s fourth major development, Kizomba C, began production from the Mondo and Saxi/Batuque fields in 2008. A block-wide three dimensional (3D) and four dimensional (4D) seismic acquisition program concluded during the year. In Cameroon ExxonMobil’s net acreage holdings totaled 0.1 million offshore acres. In Chad ExxonMobil’s acreage holdings consisted of 3.3 million onshore acres during 2008, with 22.8 net development wells completed during the year. In Equatorial Guinea ExxonMobil’s acreage totaled 0.2 million net offshore acres during 2008. In Nigeria ExxonMobil’s net acreage totaled 1 million offshore acres during 2008, with 10.9 net exploration and development wells completed during the year.

Asia Pacific / Middle East

During 2008, the Company’s offshore acreage holdings totaled 2.4 million acres in Australia. A total of 3.0 net development wells were drilled. In Indonesia ExxonMobil had 5.1 million net acres, 4.1 million acres offshore and 1.0 million acres onshore and 1.4 net exploration wells were completed during 2008. In Japan ExxonMobil’s net offshore acreage was 36 thousand acres at 2008. In Malaysia ExxonMobil had interests in production sharing contracts covering 0.5 million net acres during 2008. A total of 9.8 net development wells were completed. In Papua New Guinea it held 0.4 million net onshore acres. In Qatar its liquefied natural gas (LNG) operating companies included, Qatar Liquefied Gas Company Limited; Qatar Liquefied Gas Company Limited (II); Ras Laffan Liquefied Natural Gas Company Limited; Ras Laffan Liquefied Natural Gas Company Limited (II), and Ras Laffan Liquefied Natural Gas Company Limited (3). In Republic of Yemen its net acreage areas totaled 10 thousand acres during 2008. In Thailand ExxonMobil’s net onshore acreage totaled 21 thousand acres. ExxonMobil’s net acreage in the Abu Dhabi oil concessions was 0.6 million during 2008.

Russia/Caspian

During 2008, ExxonMobil’s net acreage were 0.1 million acres, all offshore. A total of 2.7 net development wells were completed in the Chayvo field during the year. Phase 1 facilities include an offshore platform, onshore well site (from which extended reach horizontal drilling was completed in 2008), an onshore processing plant, an oil pipeline from Sakhalin Island to the Russian mainland, a mainland crude storage and loading terminal and an offshore loading buoy for loading shipments of oil by tanker.