exv99

TABLE OF CONTENTS


Corporate Overview			2-23
o Upstream – Business Overview			24-63
o Downstream – Business Overview			64-79
o Chemical – Business Overview			80-87
Frequently Used Terms			88-91
Index			92

The term Upstream refers to exploration, development, production, and gas and power marketing. Downstream refers to the refining and marketing of petroleum products such as motor fuels and lubricants.

Projections, targets, expectations, estimates, and business plans in this report are forward-looking statements. Actual future results, including demand growth and energy mix; capacity growth; the impact of new technologies; capital expenditures; project plans, dates, and capacities; production rates and resource recoveries; and, efficiency gains and cost savings could differ materially due to, for example, changes in long-term oil and gas prices or other market conditions affecting the oil and gas industry; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation; the actions of competitors; unexpected technological developments; the occurrence and duration of economic recessions; the outcome of commercial negotiations; unforeseen technical difficulties; and other factors discussed in this report and in Item 1.A. of ExxonMobil’s most recent Form 10-K.

Definitions of certain financial and operating measures and other terms used in this report are contained in the section titled “Frequently Used Terms” on pages 88 through 91. In the case of financial measures, the definitions also include information required by SEC Regulation G to the extent we believe applicable.

“Factors Affecting Future Results” and “Frequently Used Terms” are also posted on our Web site and are updated from time to time during the year.

Certain reclassifications to prior years have been made to conform to the 2005 presentation.

ON THE COVER

The first phase of our Sakhalin-1 project offshore eastern Russia commenced production in October 2005 with the capacity to deliver 50 thousand barrels of oil and 150 million cubic feet of gas per day. The successful start-up is a testament to our organization’s ability to execute a complex project in challenging arctic conditions. Technologically advanced extended-reach wells are accessing reserves six miles from shore. Pictured on the cover is the Orlan drilling and production platform, offshore Sakhalin Island.

2 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

FINANCIAL HIGHLIGHTS


(millions of dollars, unless noted)	2005		2004		2003		2002		2001

Sales and other operating revenue		358,955		291,252		237,054		200,949		208,715
Net income		36,130		25,330		21,510		11,460		15,320
Cash flow from operations and asset sales⁽¹⁾		54,174		43,305		30,788		24,061		23,967
Capital and exploration expenditures⁽¹⁾		17,699		14,885		15,525		13,955		12,311
Cash dividends to ExxonMobil shareholders		7,185		6,896		6,515		6,217		6,254
Common stock purchases (gross)		18,221		9,951		5,881		4,798		5,721
Research and development costs		712		649		618		631		603
Cash and cash equivalents at year end⁽²⁾		28,671		18,531		10,626		7,229		6,547
Total assets at year end		208,335		195,256		174,278		152,644		143,174
Total debt at year end		7,991		8,293		9,545		10,748		10,802
Shareholders’ equity at year end		111,186		101,756		89,915		74,597		73,161
Average capital employed⁽¹⁾		116,961		107,339		95,373		88,342		88,000
Share price at year end (dollars)		56.17		51.26		41.00		34.94		39.30
Market valuation at year end		344,491		328,128		269,294		234,101		267,577
Regular employees at year end (thousands)		83.7		85.9		88.3		92.5		97.9

KEY FINANCIAL RATIOS


	2005			2004			2003			2002		2001

Net income per common share (dollars)		5.76			3.91			3.24			1.69		2.23
Net income per common share — assuming dilution (dollars)		5.71			3.89			3.23			1.68		2.21
Return on average capital employed⁽¹⁾(percent)		31.3			23.8			20.9			13.5		17.8
Net income to average shareholders’ equity (percent)		33.9			26.4			26.2			15.5		21.3
Debt to capital⁽³⁾(percent)		6.5			7.3			9.3			12.2		12.4
Net debt to capital⁽⁴⁾(percent)		(22.0	)		(10.7	)		(1.2	)		4.4		5.3
Current assets to current liabilities		1.58			1.40			1.20			1.15		1.18
Fixed charge coverage (times)		50.2			36.1			30.8			13.8		17.7


(1)		See Frequently Used Terms on pages 88 through 91.

(2)		Excluding restricted cash of $4,604 million in 2005 and 2004.

(3)		Debt includes short- and long-term debt. Capital includes short- and long-term debt, shareholders’ equity, and minority interests.

(4)		Debt net of cash, excluding restricted cash. The ratio of net debt to capital including restricted cash is (28.3) percent for 2005.


(1)		See Frequency Used Terms on pages 88 through 91.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 3

ExxonMobil is the leader of our industry. We’ve developed a proven business model that allows us to focus the business on long-term fundamentals and grow shareholder value.

BUSINESS MODEL

Our business model is disciplined, straightforward, and focused on fostering growth while managing risk. Through it, we continue to demonstrate industry-leading financial and operating results that generate superior long-term returns for our shareholders.

OUR APPROACH

§		Uphold high ethical standards

§		Ensure safe, environmentally sound operations

§		Capture quality investment opportunities while maintaining a selective and disciplined approach

§		Pursue operational excellence

§		Optimize performance through geographic and functional diversity and integration

§		Increase efficiency through our global functional organization

§		Attract and retain exceptionally qualified and highly motivated people

§		Develop and employ leading-edge proprietary technology

§		Maintain a strong and flexible financial position in all commodity price environments

SUPERIOR 2005 RESULTS

§		Industry-leading safety record

§		Record earnings and operating cash flow

§		Industry-leading return on average capital employed (ROCE) of 31 percent

§		Proved reserves additions replaced 112 percent of production, excluding year-end price/cost revisions

§		Eight major Upstream projects commenced production

§		Downstream operating cost efficiencies and revenue enhancements exceeded $2 billion

§		Annual dividend payments grew 7.5 percent and increased for the 23rd consecutive year

§		$23 billion in distributions to shareholders

4 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Unparalleled Execution of Business Strategies

Our industry faces an enormous challenge to meet the energy needs of a growing world. Increasingly, significant new oil and gas resources are in more remote areas and difficult operating environments. Major Upstream projects are more capital intensive and require substantial financial strength and flexibility. The complexity of the operating environment places greater emphasis on execution excellence. These challenges present ExxonMobil with opportunities to further differentiate each of our businesses.

UPHOLD HIGH STANDARDS

ExxonMobil has long recognized the importance of sound corporate governance, strong business controls, high ethical standards, and integrity. We believe that the methods we use to attain results are as important as the results themselves.

These principles form the basis of our Standards of Business Conduct, and are regularly reinforced with all employees. Our straightforward business model, ethical standards, and culture of integrity, legal compliance, and accountability are key to achieving industry-leading results.

MAINTAIN SAFETY AS OUR TOP PRIORITY

ExxonMobil’s long-term safety performance leads the industry. Our commitment to safety, health, and the environment creates a sound foundation for superior results in all aspects of our business. We comply with all applicable environmental laws and regulations as a minimum standard, and we apply responsible standards where laws and regulations do not exist.


(1)		Royal Dutch Shell, BP, and Chevron values are estimated on a consistent basis with ExxonMobil, based on public information.

INVEST WITH DISCIPLINE

Every year we identify new investment opportunities. These investment decisions affect our results for decades. In 2005, we saw eight major Upstream projects commence production, including Sakhalin-1 offshore eastern Russia and Kizomba B offshore Angola. Our first investments in the Angolan and Sakhalin acreage were made in 1994 and 1996, respectively, when oil prices were far lower than they are today.

These two projects and many others demonstrate our practice of investing throughout the commodity price and economic cycles. Potential investment opportunities are tested over a wide range of economic scenarios to assure the resiliency of each opportunity. Post investment, we complete a rigorous appraisal of all major projects. This knowledge is then incorporated into future project planning and design to ensure we obtain the maximum value from our investments.

PURSUE OPERATIONAL EXCELLENCE

ExxonMobil applies the same rigor to our operations that we apply to investments. We operate with the highest industry standards in all respects. We meet our commitments and set industry benchmarks in the process.

To accomplish this, ExxonMobil has developed a wide range of proven management systems. These systems cover all aspects of our operations, from business ethics, finance, project execution, and appraisal, to business controls, security, safety, health, and environmental performance. They also encompass profit improvement initiatives, including efforts to improve reliability, lower costs, and increase revenue. The application of rigorous management and operating systems, deployed in our functional organization, has delivered consistently superior results.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 5

OPTIMIZE RESULTS THROUGH GEOGRAPHIC AND FUNCTIONAL DIVERSITY AND INTEGRATION

ExxonMobil’s size, global scope, and functional diversity reduce the Corporation’s sensitivity to changes in commodity prices, business cycles, and regional market conditions. Our global presence provides us with an efficient platform for investing in any opportunity that meets our rigorous criteria.

In addition, by capitalizing on synergies among ExxonMobil’s various businesses, including physical integration of facilities, we are able to optimize our performance. For example, the integration of our refining and chemical facilities lowers site operating costs, and enhances margins through improved feedstock and product interchange.

INCREASE EFFICIENCY THROUGH OUR GLOBAL FUNCTIONAL ORGANIZATION

Our industry is a commodity business, where prices are determined by market forces beyond the control of any one company. To excel in this environment, we actively identify and implement best practices throughout the commodity price cycle.

ExxonMobil’s businesses are organized on a global basis to facilitate this continuous drive for improvement by enabling the prompt identification, prioritization, and sharing of ideas, technology, and best practices around the globe. It also facilitates deployment of our people to the best opportunities.

ATTRACT AND RETAIN EXCEPTIONAL PEOPLE

ExxonMobil’s success is the result of a highly capable, diverse workforce focused on the right business priorities. Developing such a workforce requires leadership, succession planning, accountability, stewardship, constancy of purpose, and communication such that there is global understanding of priorities and how they are to be achieved.

Our process begins by recruiting outstanding candidates and accelerating the development of those with top management potential. It includes both formal training and skill development through exposure to a variety of experiences over a career. Our performance-based development system is integrated throughout the Corporation. ExxonMobil is a meritocracy where people are given valuable and rewarding experiences that help them learn, grow, and contribute at the same time.

DIFFERENTIATE THROUGH PROPRIETARY TECHNOLOGY

Technological innovation continues to differentiate ExxonMobil from the competition. ExxonMobil has consistently invested over $600 million per year on proprietary research. We develop extensions of existing technologies, prioritized by business need and focused on day-to-day applications. Another significant portion of our research effort is aimed at discovering next-generation and breakthrough technologies that have the potential to provide a step change to the Corporation’s competitive position and financial performance.

MAINTAIN FINANCIAL STRENGTH AND FLEXIBILITY

ExxonMobil has one of the strongest financial positions of any industrial company in the world. We are one of just a few public companies to maintain the highest credit ratings from Standard & Poor’s (AAA) and Moody’s (Aaa), and we have done so for the last 87 years.

Our unparalleled access to financial resources gives us the flexibility to pursue opportunities anywhere in the world throughout the economic cycle with the knowledge that they can be financed. Host governments understand this and realize its importance as they look to develop their resources and economies.

6 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

ExxonMobil’s Core Objective — Delivering Long-Term Growth in Shareholder Value

Since 2001, we have distributed over $71 billion to shareholders in dividend payments and share purchases to reduce shares outstanding. Of that, nearly half, or $33 billion, has been distributed to shareholders via dividends, which have grown 32 percent since the first quarter of 2001 — from $0.22 to $0.29 per share per quarter. The Corporation has paid a dividend each year for over a century, and has increased its annual dividend every year since 1983.

ExxonMobil has distributed over $38 billion of cash to shareholders through its flexible share purchase program during the past five years. By reducing the number of shares outstanding, we increase the percent ownership of the company that each remaining share represents. Since 2001, we have reduced the number of shares outstanding by 11.5 percent, thereby contributing to increased earnings and cash flow per share.

DIVIDEND AND SHAREHOLDER RETURN INFORMATION


	2005		2004		2003		2002			2001

Net income per common share (dollars)		5.76		3.91		3.24		1.69			2.23
Net income per common share – assuming dilution (dollars)		5.71		3.89		3.23		1.68			2.21

Dividends per common share (dollars)
First quarter		0.27		0.25		0.23		0.23			0.22
Second quarter		0.29		0.27		0.25		0.23			0.23
Third quarter		0.29		0.27		0.25		0.23			0.23
Fourth quarter		0.29		0.27		0.25		0.23			0.23

Total		1.14		1.06		0.98		0.92			0.91

Dividends per share growth (annual percent)		7.5		8.2		6.5		1.1			3.4

Number of common shares outstanding (millions)
Average		6,266		6,482		6,634		6,753			6,868
Average – assuming dilution		6,322		6,519		6,662		6,803			6,941
Year end		6,133		6,401		6,568		6,700			6,809

Cash dividends paid on common stock (millions of dollars)		7,185		6,896		6,515		6,217			6,254
Cash dividends paid to net income (percent)		20		27		30		54			41
Cash dividends paid to cash flow⁽¹⁾(percent)		15		17		23		29			27

Total return to shareholders (annual percent)		11.7		27.9		20.5		(8.9	)		(7.6	)

Market quotations for common stock (dollars)
High		65.96		52.05		41.13		44.58			45.84
Low		49.25		39.91		31.58		29.75			35.01
Average daily close		58.24		45.29		36.14		37.70			41.29
Year-end close		56.17		51.26		41.00		34.94			39.30


(1)		Cash flow from operating activities.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 7

Energy Outlook – A View to 2030

The next several pages highlight ExxonMobil’s global energy outlook from now until 2030. For current and potential shareholders, it provides our view of the fundamentals that underpin world energy use and our business. The outlook provides a strategic framework to aid our evaluation and selection of business opportunities that hold the most promise.

We accept our responsibility to engage in an open, honest, and informed debate about our energy future, grounded in reality, focused on the long term, and intent on finding viable solutions. This outlook summarizes our views, promoting informed discussion among interested parties.

Accordingly, we continue our decades-long practice of preparing a detailed global energy outlook. We continuously update this outlook to ensure that new technologies and trends are considered in addition to past experience.

Key conclusions of our outlook include:

§ By 2030, energy demand will increase almost 50 percent from today’s level, driven by economic progress and population growth;

§ Approximately 80 percent of the growth in energy demand will occur in non-OECD⁽¹⁾ nations;

§ Energy efficiency gains, enabled by advanced technologies, will accelerate;

§ Oil, gas, and coal will remain predominant, representing about 80 percent of total energy consumed; access to resources and timely investments remain vital;

§ Increases in fossil fuel use will lead to increases in CO₂ emissions, with the vast majority of increases coming from the developing nations;

§ Nuclear power will be a growing option to meet electricity needs; and,

§ Technology advances will remain critical to successfully meeting energy supply and demand challenges.

(1) Organization for Economic Cooperation and Development consists of Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Republic of Korea, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.

ENERGY NEEDS FOR GROWING POPULATIONS AND ECONOMIC PROGRESS

Today, there are nearly 6.5 billion people in the world, with about 80 percent living in non-OECD countries. By 2030, the world’s population is expected to reach nearly 8 billion people, with close to 95 percent of this growth occurring in these developing countries.

Our outlook recognizes this growing number of energy users around the world, and their common quest for improved living standards. Achieving broad progress for billions of people means the need for reliable, affordable and cleaner energy supplies will grow. It is our objective to help meet this need.

ENERGY EFFICIENCY

As global demand for energy rises, we expect significant improvements in energy efficiency. Declining energy intensity, a reflection of improved efficiency, will accelerate as the result of improvements in personal transportation and power generation, driven by the introduction of new technologies, as well as a myriad of other improvements that span the residential, commercial, and industrial sectors.

8 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

We expect continuing economic progress, with the global economy doubling in size by 2030. Much of this growth will be driven by the non-OECD nations that account for just over 20 percent of the world’s economic output today. However, over the next 25 years, this share will grow to 30 percent, led by the rapidly expanding economies of China, India, Indonesia, and Malaysia. The strong economic growth in the developing nations, along with significant population growth, will drive global energy demand and trade patterns.

THE GROWING NEED FOR ENERGY

Today, the world consumes the equivalent of close to 230 million barrels of oil per day. By 2030, we expect the world’s energy needs will reach nearly 335 million barrels per day of oil-equivalent, or almost 50 percent more than today, with growth most predominant in the non-OECD countries. Perhaps most significantly, we anticipate energy demand in developing Asia Pacific to grow an average 3.2 percent annually, increasing to a third of the world’s total, and equivalent to North America and Europe combined.

Fossil fuels will continue to provide the majority of energy through 2030. These are the only fuels with the scale and flexibility to meet the bulk of our global needs over the next 25 years. Oil and gas combined will represent close to 60 percent of overall energy, comparable to their share today:

We expect oil use to grow at 1.4 percent annually. Significant improvements in vehicle fuel economy will play a key role in dampening demand growth;

Natural gas consumption is expected to grow at 1.8 percent annually, driven largely by the strong growth in the demand for electricity around the world; and,

Coal use is expected to grow at 1.8 percent annually. Despite its higher CO₂ emissions, large indigenous supplies will make coal an economic preference in many nations, particularly in the Asia Pacific region.

Other energy sources will also be important to meet growing energy needs:

Nuclear power will grow on average at 1.4 percent per year, with the largest growth in Asia Pacific, though North America and Europe are anticipated to add new plants late in the outlook period;

Hydro power is expected to grow at just under 2 percent per year, with the largest increases in China and India;

The use of biomass, including traditional fuels (wood, dung) used in developing countries, and municipal solid waste will grow about 1.3 percent per year; and,

Wind and solar energy growth will likely average about 11 percent per year, driven by subsidies and related mandates. Even with this strong projected growth, their share of total energy in 2030 will be only about 1 percent.

DEMAND FOR OIL

Growth in oil demand will be driven by increasing transportation needs, especially in developing countries. Oil is uniquely suited to transport needs; there is no practical alternative to oil on a global scale in the near term.

By 2030, we expect that the size of the U.S. and European personal vehicle fleets will plateau, while the Asia Pacific fleet will nearly quadruple. Offsetting growth in the fleet size will be continuing incremental improvements in conventional internal combustion engines, as well as gains through emerging technologies such as homogenous charge compression ignition. We also expect to see hybrids play an increasing role over time in the light-duty vehicle fleet. Together, these changes will create significant gains in overall vehicle fuel economy.

GROWING GAS DEMAND AND REGIONAL TRADE

Natural gas demand continues to rise with the increasing need for electricity, and advantages inherent in the high efficiencies of gas-combined-cycle plants and low emissions versus other fuels. Gas demand also has healthy growth opportunities for heat applications by homeowners and industrial users.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 9

While gas is preferred by many consumers, we do expect the growth in demand to be moderated through continuing gains in efficiency, as well as inter-fuel competition.

The global growth in demand for gas will be accompanied by growing international trade, perhaps most noticeably through imports of gas by the mature regions of North America and Europe where local production is expected to decline.

In North America, LNG imports are expected to increase to about 25 percent of supply by 2030.

In Europe, imports are expected to increase from about 40 percent to approximately 85 percent of supply by 2030. In addition to LNG, pipeline imports will increase from Russia and the Caspian region.

Natural gas demand in Asia Pacific will triple over the next 25 years. Local production will meet a large part of this increased demand, but pipeline imports and increased volumes of LNG are expected in the future.

OIL AND GAS SUPPLY

By 2030, we expect oil and gas demand to be 190 million barrels per day of oil-equivalent. This will require not only finding new sources of production, but extending and expanding production from the sources we know today.

Technology advances are critical not only in improving efficiency, but also to increasing future oil and gas supplies by enabling more effective resource recovery while minimizing costs and environmental effects. Gains continue in the areas of advanced reservoir imaging, drilling, and enhanced recovery technologies. New technology will promote economic development of frontier resources to help ensure adequate supplies of fuels at affordable prices through 2030.

The costs to develop these resources are large. According to the International Energy Agency, the investment required to meet total energy needs worldwide from 2004 to 2030 will be $17 trillion, with over $200 billion per year for oil and gas.

Providing reliable and affordable energy will require more than investment dollars and technology advances by the energy industry. Governments, too, have a vital role in providing access to resources, promoting a stable investment environment, opening markets, reducing barriers to trade, and ensuring timely and efficient permitting processes vital for infrastructure development.

With our leading resource base, financial strength, disciplined investment approach, and superior technology portfolio, we are well-positioned to meet the global needs for substantial investments to develop new energy supplies. These assets will provide us with a sustainable competitive advantage, and help us remain at the forefront in meeting the energy challenges and capitalizing on the opportunities ahead.

LIQUEFIED NATURAL GAS (LNG)

By 2030, we project the LNG market will change dramatically, with a five-fold increase in volume to nearly 75 billion cubic feet per day. That represents about 15 percent of the total gas market, up from about 5 percent in 2000. The center of global LNG supply will shift from Asia Pacific to the Middle East and West Africa. By 2030, supplies from the Middle East are expected to be about double the supplies from either Africa or Asia Pacific. West Africa’s supply contribution will grow, as LNG supplies there quadruple.

ABUNDANT OIL RESOURCES EXIST

In assessing global demand for oil, we also take into account the worldwide oil resources that will supply this demand. We estimate recoverable worldwide conventional oil resources at 3.2 trillion barrels, with additional frontier resources (extra heavy oil, oil sands, oil shale) bringing this total to 4 to 5 trillion barrels. Of this amount, approximately 1 trillion barrels have been produced. These global resources will support liquids production growth through at least the 2030 time horizon, with growing contributions from OPEC countries and the Russia/Caspian region.

10 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Technology

Our unwavering commitment to research underscores a fundamental belief that technology is absolutely vital to our effort to provide reliable and affordable energy supplies. Increasingly, proprietary technology solutions are a key differentiating factor for ExxonMobil. As a result, ExxonMobil maintains one of the industry’s largest research and development efforts with over $700 million spent in 2005 and $3.2 billion spent since 2001. We emphasize proprietary solutions that solve critical business challenges and pursue research into proprietary breakthrough technologies that will not only enhance existing businesses, but provide step changes in ExxonMobil’s competitive position.

UPSTREAM TECHNOLOGY

ExxonMobil has consistently maintained a robust Upstream research program responsive to both current business challenges and emerging opportunities. The overriding goal of this research is maximizing value through integration across the life cycle of our Upstream assets, from developing new concepts for finding hydrocarbons to maximizing recovery from fields that have produced for decades. Rather than targeting only incremental improvements, we focus on the fundamental science that can also lead to significant advances in our technical capability. This focus on fundamental science, a willingness to undertake higher-risk breakthrough research, and our ability to integrate and apply these advanced technologies continues to provide ExxonMobil with a sustainable competitive advantage.

MAXIMIZING DRILLING PERFORMANCE

ExxonMobil is a leader in bridging the gap between fundamental science and operational practices to lower costs and accelerate production. An example is the new Fast Drill Process (FDP), which has resulted in significant performance improvements to ExxonMobil’s drilling operations. For a given section of a well, a greater-than-two-fold increase in drilling penetration rates is being achieved, leading to consistent and repeatable improvements of as much as 35 percent over the entire well. FDP is uniquely tailored to ExxonMobil’s organization and is enhanced by our ability to rapidly capture knowledge and transfer it globally as a best practice.

This physics-based process combines real-time digital analysis of the drilling system’s energy consumption with a structured approach to well planning and design to ensure that a well is drilled as efficiently and quickly as possible.

BREAKTHROUGH TECHNOLOGY UNLOCKS TIGHT GAS

Worldwide, enormous quantities of natural gas are locked up in “tight” reservoirs characterized by very low flow rates. Many of these resources have been known to industry for decades, but have been categorized as “uneconomic” due to the cost required to effectively connect the gas in the reservoir to a wellbore. ExxonMobil has developed and patented industry-leading technologies to unlock these tight gas resources. Our multi-zone stimulation technology (MZST) rapidly creates numerous fractures (cracks) in the reservoir rock so that gas can flow more easily to the wellbore. Compared to conventional approaches, MZST provides a dramatic improvement in our ability to quickly execute many high-quality fractures. In recognition of this breakthrough, MZST was awarded the Platts 2005 Global Energy Award for the Most Innovative Commercial Technology of the Year.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 11

OPTIMIZING THE DEVELOPMENT

Optimum development of a discovered resource requires an accurate description of the hydrocarbon-bearing reservoir rock. ExxonMobil uses proprietary technology, based on fundamental physical relationships, to extract reservoir properties from seismic data. The seismic image (below, left) shows an ancient channel off the coast of West Africa that is buried a mile beneath the Earth’s surface. This channel, which is similar to the modern river shown below right, contains a recently discovered oil and gas field. All of the yellow and brown coloration on the seismic image shows high-quality, sand-prone reservoir. This detailed information is being used to position production wells for maximum hydrocarbon recovery from this complex reservoir.

ENHANCED OIL RECOVERY (EOR)

ExxonMobil has maintained a continuous research program in enhanced oil recovery (EOR) for over 30 years encompassing a wide variety of techniques, including gas injection, chemical flooding, and thermal recovery. These technologies are being applied in sandstone and carbonate fields to maximize recovery from our producing assets around the world. ExxonMobil participates in projects accounting for about 40 percent of the world’s gas-injection EOR production, and our Cold Lake operation in Canada is the world’s largest thermal bitumen recovery project.

Our EOR approach integrates fundamental research on process physics with laboratory and simulation studies. At our Upstream Research Center in Houston, we have industry’s only laboratory capable of testing multiphase flow through full-size rock cores at subsurface temperature and pressure conditions.

NEXT–GENERATION LNG SHIPS

ExxonMobil and its joint-venture partner Qatar Petroleum will soon transport natural gas to global markets much more efficiently than ever before. Advances in liquefied natural gas (LNG) technologies are enabling us to combine industry firsts in large LNG production plants and large LNG ships to achieve world-class economies of scale for Qatar’s North Field gas resource.

EMpact is a proprietary technology enabling a new generation of LNG ships that are significantly larger than any in service today.
EMpact integrates laboratory testing with computer analysis, providing the capability to analyze the complex forces inside a ship’s cargo tanks during transport across the open ocean. With EMpact, we are able to ensure that larger LNG ships will have the same or a higher degree of mechanical integrity than that already proven in today’s conventional-size LNG ships.

12 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

DOWNSTREAM AND CHEMICAL TECHNOLOGY

Technology is a critical enabler for the Downstream and Chemical businesses providing the means to creatively meet the needs of the marketplace and sustain competitive advantage. The scientists and engineers at ExxonMobil work in collaborative teams with their business partners and utilize state-of-the-art research techniques to develop innovative products and new and improved processes for increasing the efficiency of our manufacturing operations. Key areas of focus include: lower costs, advantaged feed, higher-value products, and technology enablers.

LOWER COSTS

Catalysts speed up chemical reactions, generally without being consumed in the process. ExxonMobil has a long history of developing and applying these remarkable materials to enhance the performance of our refining and chemical processes. Our catalyst technology, such as that used for low-sulfur gasoline and for low-sulfur diesel fuel, enables us to meet new, more stringent product specifications at minimum investment. The value of our catalyst technology is enhanced and regularly validated through our licensing business.

Ceramic metallics, or cermets, allow us to reduce the cost of our processes. These unique materials have superior resistance to erosion – up to 5 to 10 times that of conventional materials. We are deploying these new materials in critical components of our manufacturing facilities to improve onstream service and reduce maintenance costs.

Our latest-generation xylene isomerization technology, XyMax, uses advances in zeolite catalysis to provide superior selectivity, and yield broad operating flexibility, as well as the opportunity to debottleneck plant operations.

Lower costs are also achieved through process technology and scale. We built and continue to operate the largest steam-cracking furnace in the world at Baytown, Texas (200 thousand tons per year). Our LRT-2 furnace technology operates with industry-leading ethane conversion and ethylene yields.

Through operations excellence and plant scale, our high-pressure polyethylene process provides a sizable capital and operating cost advantage.

ADVANTAGED FEED

Technology helps us reduce raw material costs and take advantage of lower cost, difficult-to-process feedstocks. By optimizing the selection and use of raw materials across our global network of refineries and chemical plants we can significantly reduce our cost and improve operating margin.

ExxonMobil has developed unique capabilities to analyze candidate feedstocks, and model the chemistry of our manufacturing processes at the molecular level. Combining this with a comprehensive suite of state-of-the-art optimization tools allows us to achieve optimal raw material and manufacturing utilization.

Our unique capability to characterize heavy crudes also enables significant improvement in delayed cokers that convert these low-value molecules into higher-value products. Molecular characterization allows optimum selection and blending of crude slates to control coke type so that we make a more free-flowing coke product that can be readily removed from the coke drum without costly shutdowns.

In the steam-cracking area, we continue to expand the flexibility of our process towards heavier, lower-cost feeds. The proprietary technology employed is relatively new, and we believe it is unmatched in the industry. The savings are significant, since feedstock represents about 45 percent of olefin steam-cracking costs. Likewise, in the high-growth paraxylene business, proprietary TransPlus technology has improved the flexibility of our aromatics process, allowing heavy aromatics streams to be processed and upgraded.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 13

HIGHER-VALUE PRODUCTS

We continue to extend the performance advantage of our industry-leading Mobil 1 family of premium motor oils. Our new Mobil 1 global formulation provides improved fuel economy and better engine protection versus the previous generation of technology. In addition, Mobil 1 Extended Performance motor oil was launched in early 2005 offering guaranteed 15 thousand-mile oil drain intervals. We also worked with key original equipment manufacturers to develop Mobil 1 ESP Formula (emission system protection), which provides improved protection of the most sophisticated vehicle emissions system components.

In the polymers area, several generations of new product families have resulted from the application of our metallocene catalyst technology. Our metallocene-based, linear low-density polyethylene, Exceed, delivers superior strength with excellent clarity and gloss. Recently developed grades are ideal for packaging frozen foods more quickly with less energy.

Superior co-extrusion technology is the basis for the stretch hood Nexxstar resin packaging films, which have outstanding toughness and exceptional clarity that enable bar-code reading and branding with no additional labels. These unique, custom-designed films enable higher processing speeds and provide excellent packaging integrity.

Santoprene rubber is our flagship brand of engineering thermoplastic elastomers. Applications for this resilient, flexible, and easily processed material are continuously expanding. Manufacturers can also reprocess Santoprene scrap and overruns, providing environmental benefits through lower energy use and reduced waste.

TECHNOLOGY ENABLERS

High throughput experimentation (HTE) is a combination of technologies associated with experimental design, automated materials synthesis and testing, and advanced data analysis. HTE is capable of speeding up research by up to two orders of magnitude. We use computer-driven robotics to quickly generate many new materials for automated testing in miniaturized equipment that simulates the key conditions of full-scale processing units. This allows us to rapidly screen thousands of candidate materials to find the two or three that are promising for commercial application – work that can now be done in days or weeks versus weeks or months previously.

In order to keep the technology pipeline full, we also have a global breakthrough research process that identifies technology-based opportunities that have the potential to create a significant improvement in performance. This is a disciplined, business-driven process that is designed to generate many ideas and then reduce these to concepts that can be rapidly evaluated, with the best becoming technology projects. As a result of this disciplined process, we have identified and are developing several breakthrough projects.

14 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Safety, Health & Environment

We maintain our commitment to high standards of safety, security, health, and environmental care. Our delivered performance demonstrates that commitment.

2005 HIGHLIGHTS

§		Industry-leading safety performance.

§		Best-ever energy performance in Refining and Chemical operations.

§		Cogeneration capacity increased by 12 percent.

§		Fewest spills on record.

“...we further believe ExxonMobil to be among industry leaders in the extent to which environmental management considerations have been integrated into its business processes for ongoing operations and for the planning and development of new projects.”

Lloyd’s Register Quality Assurance

GUIDING PRINCIPLE

ExxonMobil is committed to maintaining high standards of safety, security, health, and environmental care. We comply with all applicable environmental laws and regulations as a minimum standard, and we apply responsible standards where laws and regulations do not exist. Our goal is to drive injuries, illnesses, and operational incidents with environmental impact to zero. To reach that goal, ExxonMobil’s technology organization spent nearly $150 million in 2005 supporting safety, health, and environmental initiatives, including both internal and external work by leading scientists.

The products we produce are essential to society. ExxonMobil has shown that we can produce them while protecting the health and safety of people, and safeguarding the environment.

RISK MANAGEMENT

Risks are inherent in the energy and petrochemical businesses, including risks associated with safety, security, health, and the environment. ExxonMobil recognizes these risks and takes a systematic approach to mitigate their impact. Providing energy to the growing world safely and in an environmentally responsible manner is a responsibility we take very seriously. The same rigor and discipline that underpin our investment program are also used in our approach to the management of our performance in safety, security, health, and the environment.

To attain this goal, we employ a disciplined, systematic approach we call OIMS — our Operations Integrity Management System. OIMS was developed by ExxonMobil to provide a framework for managing safety, health, security, and environmental risks. It is used at our facilities worldwide. OIMS enables us to measure progress and ensure management accountability for results in these areas. We are pleased that Lloyd’s Register Quality Assurance has recognized OIMS as meeting all requirements of the International Organization for Standardization’s standard for environmental management systems (ISO 14001).

ENVIRONMENT

ExxonMobil is committed to achieving excellent environmental performance in each of our businesses to Protect Tomorrow. Today. We operate responsibly wherever we do business by implementing scientifically sound, practical solutions that consider environmental imperatives and the economic needs of the communities in which we operate. The company has a straightforward framework to guide our environmental practices. In addition to the consistent use of OIMS and careful adherence to all applicable laws and regulations, business lines are expected to:

§		Deliver superior environmental performance, which will lead to competitive advantage;

§		Continually improve performance and drive incidents with environmental impact to zero; and,

§		Achieve industry leadership in key environmental performance areas.

Implementation of our environmental management system contained within OIMS includes the use of Environmental Business Planning (EBP). EBP is an annual process used by businesses to update environmental strategies and improvement plans, and integrate them into business strategies and plans. Businesses identify key environmental drivers, set specific objectives, and establish specific improvement steps, including both projects and procedures, to reach those objectives. The process includes both setting environmental improvement goals for each business and reporting performance to senior management.

ExxonMobil incorporates efficiency improvements and emissions reductions into the routine operation of our business, as well as into the design of new facilities. Through our proprietary Global Energy Management System (GEMS), launched in 2000, we have identified opportunities to improve energy efficiency by 15 percent. To date, we have captured 50 percent of these savings. Since implementation, refining and steam-cracking operations have improved energy efficiency each year. Changes introduced through GEMS are already avoiding greenhouse gas (GHG) emissions of approximately 7 million metric tons per year.

ADDITIONAL INFORMATION

For more information regarding our commitment to safety, security, health, and the environment, refer to the following documents available on our Web site at exxonmobil.com.

§ Corporate Citizenship Report (CCR) § Tomorrow’s Energy

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 15

This is roughly equivalent to removing 1 million cars from U.S. roads. These changes have also reduced energy costs by about $500 million per year, showing that environmental leadership can create a competitive business advantage.

ExxonMobil recognizes that the impact of GHG emissions on society and ecosystems may prove to be significant. To address these risks, we are taking actions to reduce energy use and emissions in our operations:

ExxonMobil is an industry leader in the use of cogeneration, a much more efficient way to make power and steam. In the past two years, we have added 800 megawatts of capacity, representing an investment of approximately $1 billion. Our cogeneration capacity is equivalent to reducing GHG emissions by 9 million metric tons per year versus less efficient alternatives, which is equivalent to removing more than 1 million cars from U.S. roads.

We are among the world’s largest investors in liquefied natural gas (LNG) technology. LNG allows clean-burning natural gas supplies to reach distant markets where it can replace existing energy sources, such as coal.

In Nigeria, we have made significant progress on a project to reduce nonessential flaring. With the start-up of the earliest projects, flaring will begin to diminish in 2006. As a result of full project implementation by 2008, GHG emissions from our Nigerian operations are expected to decrease by about 7 million metric tons per year – representing a reduction of 5 percent of our worldwide GHG emissions.

ExxonMobil’s commitment to environmental progress is supported by our investment in research and technologies to reduce emissions. We are working with vehicle manufacturers, Toyota and Caterpillar, on separate programs to develop advanced fuels and engine systems that are economic and have broad application. We are committed to further development of breakthrough technology to reduce GHG emissions through research projects, including initiating the Global Climate and Energy Project (GCEP) led by Stanford University. This program is the largest-ever independent research effort to identify low greenhouse-gas energy technology. For more information, refer to the Web site gcep.stanford.edu.

SAFETY AND HEALTH

ExxonMobil has many business priorities, but there is none greater than the safety of our workplaces. We believe that providing a safe work environment for our employees, contractors, and communities contributes to and is indicative of superior performance in other aspects of our operations. Since 1994, we have reduced lost-time incidents by a factor of ten.

We place great emphasis on preparations to respond quickly and effectively to incidents. In 2005, we conducted seven major regional emergency response drills. But as we were reminded last autumn, no amount of risk management can prevent natural disasters. As Hurricanes Katrina and Rita tore through the U.S. Gulf region, our employees showed tremendous skill, competence, and bravery, often in the face of tremendous personal loss. They accomplished enormous feats in preventing and repairing hurricane damage to our onshore and offshore facilities. In addition, they were instrumental in maintaining fuel supplies to affected areas, and in helping the return to service of the vital Gulf Coast energy infrastructure – all in a safe and environmentally responsible manner.

As a business with major African oil and gas production, retail, marketing and distribution activities, ExxonMobil is aware of the devastating impact of malaria. Malaria is a disease that is preventable, treatable, and controllable, yet every year there are at least 300 million acute cases worldwide. In Africa, a child dies from malaria every 30 seconds. ExxonMobil is addressing this plight head-on through its Africa Health Initiative. Through this initiative, ExxonMobil gave $10 million in 2005 to fund health programs to fight malaria.

(1)

Employee safety data from participating American Petroleum Institute companies (2005 industry data not available at time of publication).

16 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

FUNCTIONAL EARNINGS


	2005 Quarters
(millions of dollars)	First			Second			Third			Fourth		2005			2004			2003			2002			2001

Net Income (U.S. GAAP)
Upstream
United States		1,353			1,389			1,671			1,787		6,200			4,948			3,905			2,524			3,933
Non-U.S.		3,701			3,519			5,678			5,251		18,149			11,727			10,597			7,074			6,803
Total		5,054			4,908			7,349			7,038		24,349			16,675			14,502			9,598			10,736

Downstream
United States		645			999			1,109			1,158		3,911			2,186			1,348			693			1,924
Non-U.S.		808			1,022			1,019			1,232		4,081			3,520			2,168			607			2,303
Total		1,453			2,021			2,128			2,390		7,992			5,706			3,516			1,300			4,227

Chemical
United States		492			343			70			281		1,186			1,020			381			384			298
Non-U.S.		940			471			402			944		2,757			2,408			1,051			446			409
Total		1,432			814			472			1,225		3,943			3,428			1,432			830			707

Corporate and financing		(79	)		(103	)		(29	)		57		(154	)		(479	)		1,510			(442	)		(142	)
Merger expenses		—			—			—			—		—			—			—			(275	)		(525	)
Discontinued operations		—			—			—			—		—			—			—			449			102
Extraordinary gain		—			—			—			—		—			—			—			—			215
Accounting change		—			—			—			—		—			—			550			—			—

Net income (U.S. GAAP)		7,860			7,640			9,920			10,710		36,130			25,330			21,510			11,460			15,320

Net income per common share (dollars)		1.23			1.21			1.60			1.72		5.76			3.91			3.24			1.69			2.23
Net income per common share — assuming dilution (dollars)		1.22			1.20			1.58			1.71		5.71			3.89			3.23			1.68			2.21


Merger Effects, Discontinued Operations, Accounting Change, and Other Special Items
Upstream
United States		—			—			—			—		—			—			—			—			—
Non-U.S.		—			—			1,620			—		1,620			—			1,700			(215	)		—
Total		—			—			1,620			—		1,620			—			1,700			(215	)		—

Downstream
United States		—			(200	)		—			—		(200	)		(550	)		—			—			—
Non-U.S.		310			—			—			—		310			—			—			—			—
Total		310			(200	)		—			—		110			(550	)		—			—			—

Chemical
United States		—			—			—			—		—			—			—			—			—
Non-U.S.		150			—			—			390		540			—			—			—			—
Total		150			—			—			390		540			—			—			—			—

Corporate and financing		—			—			—			—		—			—			2,230			—			—
Merger expenses		—			—			—			—		—			—			—			(275	)		(525	)
Discontinued operations		—			—			—			—		—			—			—			449			102
Extraordinary gain		—			—			—			—		—			—			—			—			215
Accounting change		—			—			—			—		—			—			550			—			—

Corporate total		460			(200	)		1,620			390		2,270			(550	)		4,480			(41	)		(208	)


Earnings Excluding Merger Effects, Discontinued Operations, Accounting Change, and Other Special Items⁽¹⁾
Upstream
United States		1,353			1,389			1,671			1,787		6,200			4,948			3,905			2,524			3,933
Non-U.S.		3,701			3,519			4,058			5,251		16,529			11,727			8,897			7,289			6,803
Total		5,054			4,908			5,729			7,038		22,729			16,675			12,802			9,813			10,736

Downstream
United States		645			1,199			1,109			1,158		4,111			2,736			1,348			693			1,924
Non-U.S.		498			1,022			1,019			1,232		3,771			3,520			2,168			607			2,303
Total		1,143			2,221			2,128			2,390		7,882			6,256			3,516			1,300			4,227

Chemical
United States		492			343			70			281		1,186			1,020			381			384			298
Non-U.S.		790			471			402			554		2,217			2,408			1,051			446			409
Total		1,282			814			472			835		3,403			3,428			1,432			830			707

Corporate and financing		(79	)		(103	)		(29	)		57		(154	)		(479	)		(720	)		(442	)		(142	)

Corporate total		7,400			7,840			8,300			10,320		33,860			25,880			17,030			11,501			15,528

Earnings per common share (dollars)		1.16			1.24			1.34			1.66		5.40			3.99			2.57			1.70			2.27
Earnings per common share — assuming dilution (dollars)		1.15			1.23			1.32			1.65		5.35			3.97			2.56			1.69			2.25

(1)

See Frequently Used Terms on pages 88 through 91.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 17

RETURN ON AVERAGE CAPITAL EMPLOYED ⁽¹⁾ BY BUSINESS


(percent)	2005		2004		2003		2002		2001

Upstream
United States		46.0		37.0		28.9		19.0		30.4
Non-U.S.		45.6		31.5		31.0		23.7		25.1
Total		45.7		32.9		30.4		22.3		26.8

Downstream
United States		58.8		28.6		16.7		8.6		25.0
Non-U.S.		22.6		18.0		11.5		3.4		12.4
Total		32.4		21.0		13.0		5.0		16.1

Chemical
United States		23.1		19.4		7.3		7.3		7.2
Non-U.S.		30.9		25.7		11.8		5.3		5.8
Total		28.0		23.5		10.2		6.1		6.4

Corporate and financing	NA		NA		NA		NA		NA
Discontinued operations		—		—		—		63.2		7.2

Corporate total		31.3		23.8		20.9		13.5		17.8

(1)

Capital employed consists of shareholders’ equity and their share of consolidated debt, including ExxonMobil’s share of amounts applicable to equity companies. See Frequently Used Terms on pages 88 through 91.

AVERAGE CAPITAL EMPLOYED ⁽¹⁾BY BUSINESS


(millions of dollars)	2005		2004		2003		2002		2001

Upstream
United States		13,491		13,355		13,508		13,264		12,952
Non-U.S.		39,770		37,287		34,164		29,800		27,077
Total		53,261		50,642		47,672		43,064		40,029

Downstream
United States		6,650		7,632		8,090		8,060		7,711
Non-U.S.		18,030		19,541		18,875		17,985		18,610
Total		24,680		27,173		26,965		26,045		26,321

Chemical
United States		5,145		5,246		5,194		5,235		5,506
Non-U.S.		8,919		9,362		8,905		8,410		8,333
Total		14,064		14,608		14,099		13,645		13,839

Corporate and financing		24,956		14,916		6,637		4,878		6,399
Discontinued operations		—		—		—		710		1,412

Corporate total		116,961		107,339		95,373		88,342		88,000

Average capital employed applicable to equity companies included above		20,256		18,049		15,587		14,001		13,902

(1)

Average capital employed is the average of beginning- and end-of-year business segment capital employed.
See Frequently Used Terms on pages 88 through 91.

18 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

CAPITAL AND EXPLORATION EXPENDITURES ⁽¹⁾


(millions of dollars)	2005		2004		2003		2002		2001

Upstream
Exploration
United States		297		248		275		295		471
Non-U.S.		1,396		1,035		940		1,015		1,188
Total		1,693		1,283		1,215		1,310		1,659

Production⁽²⁾
United States		1,841		1,669		1,842		2,057		1,947
Non-U.S.		10,844		8,629		8,758		6,949		5,157
Total		12,685		10,298		10,600		9,006		7,104

Power and Coal
United States		4		5		8		5		5
Non-U.S.		88		129		165		73		48
Total		92		134		173		78		53

Total Upstream		14,470		11,715		11,988		10,394		8,816


Downstream
Refining
United States		497		550		998		670		524
Non-U.S.		871		774		768		685		514
Total		1,368		1,324		1,766		1,355		1,038

Marketing
United States		217		201		216		255		370
Non-U.S.		859		811		739		761		836
Total		1,076		1,012		955		1,016		1,206

Pipeline/Marine
United States		39		24		30		55		67
Non-U.S.		12		45		30		24		11
Total		51		69		60		79		78

Total Downstream		2,495		2,405		2,781		2,450		2,322


Chemical
United States		243		262		333		575		432
Non-U.S.		411		428		359		379		440
Total Chemical		654		690		692		954		872


Other Operations and Administrative
United States		80		66		64		45		126
Non-U.S.		—		9		—		32		32
Total other operations and administrative		80		75		64		77		158


Discontinued Operations
Non-U.S.		—		—		—		80		143

Total capital and exploration expenditures		17,699		14,885		15,525		13,955		12,311

(1)		See Frequently Used Terms on pages 88 through 91.

(2)		Including related transportation.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 19

TOTAL CAPITAL AND EXPLORATION EXPENDITURES BY GEOGRAPHY


(millions of dollars)	2005		2004		2003		2002		2001

United States		3,218		3,025		3,766		3,957		3,942
Canada		1,599		1,546		1,601		1,513		1,262
Europe		2,829		2,845		3,046		2,919		2,564
Africa		3,815		3,330		3,657		2,405		1,585
Asia Pacific/Middle East		3,241		2,168		2,046		1,863		1,681
Russia/Caspian		2,656		1,650		1,184		893		553
Other		341		321		225		405		724

Total worldwide		17,699		14,885		15,525		13,955		12,311

DISTRIBUTION OF CAPITAL AND EXPLORATION EXPENDITURES


(millions of dollars)	2005		2004		2003		2002		2001

Consolidated Companies’ Expenditures
Capital expenditures		13,792		11,901		12,857		11,499		9,943
Exploration costs charged to expense
United States		157		192		256		220		213
Non-U.S.		795		891		735		679		941
Depreciation on support equipment⁽¹⁾		12		15		19		21		21
Total exploration expenses		964		1,098		1,010		920		1,175

Total consolidated companies’ capital and exploration expenditures
(excluding depreciation on support equipment)		14,744		12,984		13,848		12,398		11,097

ExxonMobil’s Share of Non-Consolidated Companies’ Expenditures
Capital expenditures		2,938		1,865		1,651		1,518		1,203
Exploration costs charged to expense		17		36		26		39		11
Total non-consolidated companies’ capital and exploration expenditures		2,955		1,901		1,677		1,557		1,214

Total capital and exploration expenditures		17,699		14,885		15,525		13,955		12,311


(1)		Not included as part of total Capital and Exploration Expenditures, but included as part of Exploration Expenses in the Summary Statement of Income, page 22.

20 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

NET INVESTMENT IN PROPERTY, PLANT, AND EQUIPMENT AT YEAR END


(millions of dollars)	2005		2004		2003		2002		2001

Upstream
United States		16,222		16,410		16,992		16,924		16,697
Non-U.S.		46,595		45,603		41,735		34,772		29,980
Total		62,817		62,013		58,727		51,696		46,677

Downstream
United States		9,334		9,408		9,714		9,238		9,012
Non-U.S.		18,695		20,402		19,852		17,682		16,548
Total		28,029		29,810		29,566		26,920		25,560

Chemical
United States		4,685		4,887		5,068		5,155		5,079
Non-U.S.		4,619		5,162		5,047		4,754		4,611
Total		9,304		10,049		10,115		9,909		9,690

Other/discontinued operations		6,860		6,767		6,557		6,415		7,675

Total net investment		107,010		108,639		104,965		94,940		89,602

DEPRECIATION AND DEPLETION EXPENSES


(millions of dollars)	2005		2004		2003		2002		2001

Upstream
United States		1,293		1,453		1,571		1,597		1,447
Non-U.S.		5,407		4,758		4,072		3,551		3,221
Total		6,700		6,211		5,643		5,148		4,668

Downstream
United States		615		618		601		583		598
Non-U.S.		1,611		1,646		1,548		1,399		1,476
Total		2,226		2,264		2,149		1,982		2,074

Chemical
United States		416		408		410		414		408
Non-U.S.		410		400		368		348		289
Total		826		808		778		762		697

Other		501		484		477		418		409

Total depreciation and depletion expenses		10,253		9,767		9,047		8,310		7,848

OPERATING COSTS EXCLUDING MERGER EXPENSES AND DISCONTINUED OPERATIONS ⁽¹⁾


(millions of dollars)	2005		2004		2003		2002		2001

Production and manufacturing expenses		26,819		23,225		21,260		17,831		17,743
Selling, general, and administrative		14,402		13,849		13,396		12,356		12,898
Depreciation and depletion		10,253		9,767		9,047		8,310		7,848
Exploration		964		1,098		1,010		920		1,175

Subtotal		52,438		47,939		44,713		39,417		39,664
ExxonMobil’s share of equity company expenses		4,520		4,209		3,937		3,800		3,832

Total operating costs		56,958		52,148		48,650		43,217		43,496


(1)		See Frequently Used Terms on pages 88 through 91.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 21

SUMMARY BALANCE SHEET AT YEAR END


(millions of dollars)	2005			2004			2003			2002			2001

Assets
Current assets
Cash and cash equivalents		28,671			18,531			10,626			7,229			6,547
Cash and cash equivalents – restricted		4,604			4,604			—			—			—
Notes and accounts receivable, less estimated doubtful amounts		27,484			25,359			24,309			21,163			19,549
Inventories
Crude oil, products, and merchandise		7,852			8,136			7,665			6,827			6,743
Materials and supplies		1,469			1,351			1,292			1,241			1,161
Prepaid taxes and expenses		3,262			2,396			2,068			1,831			1,681

Total current assets		73,342			60,377			45,960			38,291			35,681

Investments and advances		20,592			18,404			15,535			12,111			10,768
Property, plant, and equipment, at cost, less accumulated depreciation and depletion		107,010			108,639			104,965			94,940			89,602
Other assets, including intangibles – net		7,391			7,836			7,818			7,302			7,123

Total assets		208,335			195,256			174,278			152,644			143,174


Liabilities
Current liabilities
Notes and loans payable		1,771			3,280			4,789			4,093			3,703
Accounts payable and accrued liabilities		36,120			31,763			28,445			25,186			22,862
Income taxes payable		8,416			7,938			5,152			3,896			3,549

Total current liabilities		46,307			42,981			38,386			33,175			30,114

Long-term debt		6,220			5,013			4,756			6,655			7,099
Annuity reserves		10,220			10,850			9,609			11,202			7,331
Accrued liabilities		6,434			6,279			5,283			5,252			5,144
Deferred income tax liabilities		20,878			21,092			20,118			16,484			16,359
Deferred credits and other long-term obligations		3,563			3,333			2,829			2,511			1,141
Equity of minority and preferred shareholders in affiliated companies		3,527			3,952			3,382			2,768			2,825

Total liabilities		97,149			93,500			84,363			78,047			70,013


Shareholders’ Equity
Benefit plan related balances		(1,266	)		(1,014	)		(634	)		(450	)		(159	)
Common stock without par value		5,743			5,067			4,468			4,217			3,789
Earnings reinvested		163,335			134,390			115,956			100,961			95,718
Accumulated other nonowner changes in equity
Cumulative foreign exchange translation adjustment		979			3,598			1,421			(3,015	)		(5,947	)
Minimum pension liability adjustment		(2,258	)		(2,499	)		(2,446	)		(2,960	)		(535	)
Unrealized gains/(losses) on stock investments		—			428			511			(79	)		(108	)
Common stock held in treasury		(55,347	)		(38,214	)		(29,361	)		(24,077	)		(19,597	)

Total shareholders’ equity		111,186			101,756			89,915			74,597			73,161

Total liabilities and shareholders’ equity		208,335			195,256			174,278			152,644			143,174


The information in the Summary Statement of Income (for 2003 to 2005), the Summary Balance Sheet (for 2004 and 2005), and the Summary Statement of Cash Flows (for 2003 to 2005), shown on pages 21 through 23, corresponds to the information in the Consolidated Statement of Income, Consolidated Balance Sheet, and the Consolidated Statement of Cash Flows in the financial statements of ExxonMobil’s 2006 Proxy Statement. For complete consolidated financial statements, including notes, please refer to pages A24 through A51 of ExxonMobil’s 2006 Proxy Statement. See also management’s discussion and analysis of financial condition and results of operations and other information on pages A7 through A21 of the 2006 Proxy Statement.

22 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

SUMMARY STATEMENT OF INCOME


(millions of dollars)	2005		2004		2003		2002		2001

Revenues and Other Income
Sales and other operating revenue⁽¹⁾⁽²⁾		358,955		291,252		237,054		200,949		208,715
Income from equity affiliates		7,583		4,961		4,373		2,066		2,174
Other income		4,142		1,822		5,311		1,491		1,896

Total revenues and other income		370,680		298,035		246,738		204,506		212,785


Costs and Other Deductions
Crude oil and product purchases		185,219		139,224		107,658		90,950		92,257
Production and manufacturing expenses		26,819		23,225		21,260		17,831		17,743
Selling, general, and administrative expenses		14,402		13,849		13,396		12,356		12,898
Depreciation and depletion		10,253		9,767		9,047		8,310		7,848
Exploration expenses, including dry holes		964		1,098		1,010		920		1,175
Merger-related expenses		—		—		—		410		748
Interest expense		496		638		207		398		293
Excise taxes⁽¹⁾		30,742		27,263		23,855		22,040		21,907
Other taxes and duties		41,554		40,954		37,645		33,572		33,377
Income applicable to minority and preferred interests		799		776		694		209		569

Total costs and other deductions		311,248		256,794		214,772		186,996		188,815

Income before income taxes		59,432		41,241		31,966		17,510		23,970
Income taxes		23,302		15,911		11,006		6,499		8,967

Income from continuing operations		36,130		25,330		20,960		11,011		15,003

Discontinued operations, net of income tax		—		—		—		449		102
Cumulative effect of accounting change, net of income tax		—		—		550		—		—
Extraordinary gain, net of income tax		—		—		—		—		215

Net Income		36,130		25,330		21,510		11,460		15,320


Net Income per Common Share (dollars)
Income from continuing operations		5.76		3.91		3.16		1.62		2.19
Discontinued operations, net of income tax		—		—		—		0.07		0.01
Cumulative effect of accounting change, net of income tax		—		—		0.08		—		—
Extraordinary gain, net of income tax		—		—		—		—		0.03

Net income		5.76		3.91		3.24		1.69		2.23


Net Income per Common Share – Assuming Dilution (dollars)
Income from continuing operations		5.71		3.89		3.15		1.61		2.17
Discontinued operations, net of income tax		—		—		—		0.07		0.01
Cumulative effect of accounting change, net of income tax		—		—		0.08		—		—
Extraordinary gain, net of income tax		—		—		—		—		0.03

Net income		5.71		3.89		3.23		1.68		2.21



(1) Excise taxes included in sales and other operating revenue		30,742		27,263		23,855		22,040		21,907


(2)		Sales and other operating revenue includes purchases/sales contracts with the same counterparty. Associated costs are included in crude oil and product purchases.

The information in the Summary Statement of Income (for 2003 to 2005), the Summary Balance Sheet (for 2004 and 2005), and the Summary Statement of Cash Flows (for 2003 to 2005), shown on pages 21 through 23, corresponds to the information in the Consolidated Statement of Income, Consolidated Balance Sheet, and the Consolidated Statement of Cash Flows in the financial statements of ExxonMobil’s 2006 Proxy Statement. For complete consolidated financial statements, including notes, please refer to pages A24 through A51 of ExxonMobil’s 2006 Proxy Statement. See also management’s discussion and analysis of financial condition and results of operations and other information on pages A7 through A21 of the 2006 Proxy Statement.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 23

SUMMARY STATEMENT OF CASH FLOWS


(millions of dollars)	2005			2004			2003			2002			2001

Cash Flows from Operating Activities
Net income
Accruing to ExxonMobil shareholders		36,130			25,330			21,510			11,460			15,320
Accruing to minority and preferred interests		799			776			694			209			569
Cumulative effect of accounting change, net of income tax		—			—			(550	)		—			—
Adjustments for noncash transactions
Depreciation and depletion		10,253			9,767			9,047			8,310			7,848
Deferred income tax charges/(credits)		(429	)		(1,134	)		1,827			297			650
Annuity provisions		254			886			(1,489	)		(500	)		349
Accrued liability provisions		398			806			264			(90	)		149
Dividends received greater than/(less than) equity in current earnings of equity companies		(734	)		(1,643	)		(402	)		(170	)		78
Extraordinary gain, before income tax		—			—			—			—			(194	)
Changes in operational working capital, excluding cash and debt
Reduction/(increase) – Notes and accounts receivable		(3,700	)		(472	)		(1,286	)		(305	)		3,062
– Inventories		(434	)		(223	)		(100	)		353			154
– Prepaid taxes and expenses		(7	)		11			42			32			118
Increase/(reduction) – Accounts and other payables		7,806			6,333			1,130			365			(5,103	)
Net (gain) on asset sales and Ruhrgas transaction		(1,980	)		(268	)		(2,461	)		1,107			(162	)
All other items – net		(218	)		382			272			200			51

Net cash provided by operating activities		48,138			40,551			28,498			21,268			22,889


Cash Flows from Investing Activities
Additions to property, plant, and equipment		(13,839	)		(11,986	)		(12,859	)		(11,437	)		(9,989	)
Sales of subsidiaries, investments, and property, plant, and equipment		6,036			2,754			2,290			2,793			1,078
Increase in restricted cash and cash equivalents		—			(4,604	)		—			—			—
Additional investments and advances		(2,810	)		(2,287	)		(809	)		(2,012	)		(1,035	)
Collection of advances		343			1,213			536			898			1,735

Net cash used in investing activities		(10,270	)		(14,910	)		(10,842	)		(9,758	)		(8,211	)


Cash Flows from Financing Activities
Additions to long-term debt		195			470			127			396			547
Reductions in long-term debt		(81	)		(562	)		(914	)		(246	)		(506	)
Additions to short-term debt		377			450			715			751			705
Reductions in short-term debt		(687	)		(2,243	)		(1,730	)		(927	)		(1,212	)
Additions/(reductions) in debt with less than 90-day maturity		(1,306	)		(66	)		(322	)		(281	)		(2,306	)
Cash dividends to ExxonMobil shareholders		(7,185	)		(6,896	)		(6,515	)		(6,217	)		(6,254	)
Cash dividends to minority interests		(293	)		(215	)		(430	)		(169	)		(194	)
Changes in minority interests and sales/(purchases) of affiliate stock		(681	)		(215	)		(247	)		(161	)		(401	)
Common stock acquired		(18,221	)		(9,951	)		(5,881	)		(4,798	)		(5,721	)
Common stock sold		941			960			434			299			301

Net cash used in financing activities		(26,941	)		(18,268	)		(14,763	)		(11,353	)		(15,041	)

Effects of exchange rate changes on cash		(787	)		532			504			525			(170	)

Increase/(decrease) in cash and cash equivalents		10,140			7,905			3,397			682			(533	)
Cash and cash equivalents at beginning of year		18,531			10,626			7,229			6,547			7,080

Cash and cash equivalents at end of year		28,671			18,531			10,626			7,229			6,547


The information in the Summary Statement of Income (for 2003 to 2005), the Summary Balance Sheet (for 2004 and 2005), and the Summary Statement of Cash Flows (for 2003 to 2005), shown on pages 21 through 23, corresponds to the information in the Consolidated Statement of Income, Consolidated Balance Sheet, and the Consolidated Statement of Cash Flows in the financial statements of ExxonMobil’s 2006 Proxy Statement. For complete consolidated financial statements, including notes, please refer to pages A24 through A51 of ExxonMobil’s 2006 Proxy Statement. See also management’s discussion and analysis of financial condition and results of operations and other information on pages A7 through A21 of the 2006 Proxy Statement.

24 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Upstream

Exploration, Development, Production, and Gas and Power Marketing

ExxonMobil is using the world’s most powerful land-based drilling rig, the Yastreb, to reach reserves six miles from the shoreline of Sakhalin Island in eastern Russia.


Statistical Recap	2005		2004		2003		2002		2001

Earnings (millions of dollars)		24,349		16,675		14,502		9,598		10,736
Liquids production (thousands of barrels per day)		2,523		2,571		2,516		2,496		2,542
Natural gas production available for sale (millions of cubic feet per day)		9,251		9,864		10,119		10,452		10,279
Oil-equivalent production (thousands of barrels per day)		4,065		4,215		4,203		4,238		4,255
Proved reserves replacement⁽¹⁾⁽²⁾(percent)		129		125		107		118		111
Resource additions⁽²⁾(millions of oil-equivalent barrels)		4,365		2,940		2,110		2,150		2,490
Average capital employed⁽²⁾(millions of dollars)		53,261		50,642		47,672		43,064		40,029
Return on average capital employed⁽²⁾(percent)		45.7		32.9		30.4		22.3		26.8
Capital and exploration expenditures⁽²⁾(millions of dollars)		14,470		11,715		11,988		10,394		8,816


(1)		Excluding asset sales and year-end price/cost revisions.

(2)		See Frequently Used Terms on pages 88 through 91.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 25

UPSTREAM STRATEGIES

Consistent with the long-term nature of the Upstream business, ExxonMobil’s four fundamental strategies for our global exploration, development, production, and gas and power marketing activities have remained unchanged from year to year:

§		Maximize profitability of existing oil and gas production;

§		Identify and pursue all attractive exploration opportunities;

§		Invest in projects that deliver superior returns; and,

§		Capitalize on growing natural gas and power markets.

ExxonMobil has the global organization, systems, processes, and research capabilities to execute these fundamental strategies across our entire Upstream portfolio and create the value that distinguishes us from our competitors.

2005 RESULTS AND HIGHLIGHTS

Earnings were a record $24 billion, up 46 percent.

Upstream return on average capital employed was 46 percent in 2005, and has averaged 32 percent over the past five years.

Earnings per oil-equivalent barrel were $16.41, exceeding those of our competitors.

Total liquids and gas production available for sale was 4.1 million oil-equivalent barrels per day, the highest among our competitors.

Proved oil and gas reserves additions totaled 2.0 billion oil-equivalent barrels, excluding asset sales and year-end price/cost revisions. The Corporation replaced 112 percent of production including asset sales, and 129 percent excluding asset sales. This is the 12th consecutive year that ExxonMobil has more than replaced reserves produced.

Proved reserves increased to 22.4 billion oil-equivalent barrels at year-end 2005. Resource additions totaled 4.4 billion oil-equivalent barrels in 2005. ExxonMobil’s resource base now stands at 73 billion oil-equivalent barrels.

Finding and resource-acquisition costs were $0.43 per oil-equivalent barrel.

Upstream capital and exploration spending increased to $14.5 billion, driven by a strong portfolio of development projects.

ExxonMobil believes that return on average capital employed (ROCE) is the most relevant metric for measuring financial performance in a capital-intensive business such as the Upstream.

ROCE is a direct measure of the cumulative contribution from all of our Upstream competitive advantages, and in 2005, has continued to distinguish the performance of our Upstream business relative to competitors.

(1) Royal Dutch Shell, BP, and Chevron values are estimated on a consistent basis with ExxonMobil, based on public information.

26 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Maximize Profitability of Existing Oil and Gas Production

ExxonMobil’s Upstream strategy begins with maximizing the profitability of existing oil and gas production. We accomplish this by applying the most cost-effective technology and operations management systems to each and every asset to maximize the commercial recovery of hydrocarbons.

2005 GLOBAL UPSTREAM SUMMARY


Countries with exploration and production operations		36
Countries with production operations		26
Resource base (oil-equivalent barrels)		73 billion
Proved reserves (oil-equivalent barrels)		22.4 billion
Exploration acreage (gross acres)		115 million
Production (oil-equivalent barrels per day)		4.1 million
Producing wells (gross)		56 thousand

ExxonMobil’s asset base is highly profitable and geographically balanced. It is also balanced between mature producing fields and fields that are early in their producing life with significant opportunity for growth.

A key element of this strategy is ExxonMobil’s high-quality reservoir management, which enhances the long-term performance of each field. We continually invest in our existing asset base to increase resource recovery, maximize profitability, and extend field life. New production volumes are generated through workovers, drilling new wells, and project implementation. Some assets may have characteristics favorable for enhanced oil recovery, an area in which ExxonMobil is a recognized industry leader.

All of these activities are performed with a structured focus on cost control and a dedication to the excellence in operations that is required to maximize production uptime.

Another element of maximizing profitability is our ongoing program to review our asset base. In some cases, the greatest value is created through divestment.

ExxonMobil employs a unique global functional organizational structure to effectively leverage the transfer of technology and best practices across our global portfolio and to implement the systems and processes needed to consistently ensure operational excellence. We establish priorities on a global basis and deploy the people with the right skills when and where they are needed. ExxonMobil has an experienced, dedicated, and diverse work force of exceptional quality.

Our Upstream business consistently captures more earnings per barrel than our competitors. This is a reflection of our investment discipline and commitment to flawless execution.

(1) Royal Dutch Shell, BP, and Chevron values calculated on a consistent basis with ExxonMobil, based on public information.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 27

PRODUCTION VOLUMES

In 2005, total liquids production was 2523 thousand barrels per day. Natural gas production available for sale totaled 9251 million cubic feet per day. New projects and work programs more than offset declines in existing mature fields. However, total production was lower than 2004 levels due primarily to the impacts of Hurricanes Katrina and Rita, asset sales, and reduced entitlements associated with higher prices.

Near-term growth in production capacity is expected to be led by key liquids projects offshore West Africa, Russia, and the Caspian. Growth in production capacity later in the decade is expected to come from our significant gas activities in Qatar. Production from the United States, Canada, and Europe is expected to continue to provide the strong, profitable base underpinning our growth.

Actual production volumes will vary from year to year due to the timing of individual project start-ups, operational outages, reservoir performance, regulatory changes, asset sales, severe weather events, price effects under production sharing contracts, and other factors.

PROJECTED PRODUCTION CONTRIBUTION BY GEOGRAPHIC REGION

OPTIMIZING THE BASE

ASSET DIVESTMENTS

Each year, assets are reviewed to ensure they continue to contribute to the maximum extent possible to our strategic objectives. The highest value for mature properties with a short remaining life or for properties with higher costs and limited upside potential may be achieved through divestment.

Assets divested in 2005 were producing 58 thousand oil-equivalent barrels a day (net) with proved reserves of about 265 million oil-equivalent barrels, representing approximately 1 percent of ExxonMobil’s proved reserves at the time of divestment.

JOINT-VENTURE / FARM-OUT OPPORTUNITIES

ExxonMobil routinely looks for opportunities to co-venture with others to maximize value by sharing risk and leveraging resources.

Canada – In 2004, ExxonMobil entered into an agreement with Apache Corporation to jointly explore and develop more than 350 thousand net acres of undeveloped fee and leasehold acreage in mature areas of southern Alberta. This joint venture resulted in more than 400 wells being drilled by the end of 2005. In May 2005, ExxonMobil reached agreement with Apache covering an additional 715 thousand net acres under similar terms.

United States – During 2004 and 2005, ExxonMobil entered into various agreements (farm-outs, joint ventures, leases, and assignments), primarily in Texas and in the Piceance Basin of western Colorado, covering more than 550 thousand net acres.

28 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Identify and Pursue All Attractive Exploration Opportunities

ExxonMobil’s Exploration Company is organized to identify, pursue, capture, and evaluate all high-quality exploration opportunities. The opportunities we pursue span the full range of resource certainty:

§		New exploration concepts and tests of new plays, which if successful, will provide significant long-term resource growth;

§		Further exploration of established plays. These typically have the potential for near-term additions to the resource base; and,

§		Mature exploration plays and discoveries that are undeveloped or only partially developed.

ExxonMobil’s gross undeveloped exploration acreage totaled 115 million acres in 33 countries at year-end 2005. This geographically and geologically diverse, high-quality portfolio balances risk and reward to deliver both near-term production and long-term resource growth.

By taking a long-term approach, ExxonMobil is optimally positioned to capture a balanced portfolio of new, high-quality opportunities, considering both access timing and resource uncertainties. We prioritize on a global basis and pursue and capture opportunities that are robust in a broad range of future business environments.

This approach resulted in the successful capture of 11 opportunities in 2005, spanning the full range from new, untested exploration plays to already-discovered resources.

The approach also resulted in 4.4 billion oil-equivalent barrels of additions to the resource base in 2005, both from the acquisition of discovered resources captured in 2005 and from exploratory drilling on acreage acquired prior to 2005.

2005 RESOURCE ADDITIONS/ACQUISITIONS

Additions from 2005 Exploratory Drilling


Angola	Chad	Norway
Australia	Malaysia	United Kingdom
Brazil	The Netherlands	United States
Canada	Nigeria

Additions from Acquisition of Discovered Resources


Australia		Kazakhstan		Qatar

SEISMIC AND VISUALIZATION

Seismic data are used to interactively plan oil wells in ExxonMobil’s 21 visualization centers located around the world. In this example, the well is being planned to penetrate two reservoir horizons that lie beneath the flank of a salt dome. To drill most efficiently, the well-planning team must design the well to intersect the reservoirs close to the salt wall, but without penetrating the salt dome itself.

Schematic representation of ExxonMobil’s 2005 opportunity captures and ongoing pursuit, as characterized by exploration maturity stage. From left to right, the maturity stages are New Exploration Plays, Established and Growing Plays, and Mature Plays and Discovered Resources. Resource certainty increases most rapidly early in the exploration of a play. Technical risk and uncertainty are lowest in the mature stage. ExxonMobil is actively pursuing specific opportunities (purple circles) in all stages of exploration maturity, and as shown by the green circles, captured a range of opportunities in 2005.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 29

2005 CAPTURED OPPORTUNITIES
New Exploration Plays

Libya – ExxonMobil was the successful bidder on Contract Area 44, a large, high-risk, high-potential block in a new exploration area offshore eastern Libya.

Madagascar – ExxonMobil expanded its deepwater acreage holdings offshore Madagascar, acquiring a 70-percent interest in the Ambilobe and Ampasindava blocks. These blocks are adjacent to the Majunga Offshore Profond block (ExxonMobil interest, 40 percent) that ExxonMobil acquired in 2004.

United Kingdom – ExxonMobil was awarded 20 contiguous blocks in a North Sea licensing round, covering approximately 1.2 million acres in an under-explored area known as the Mid North Sea High (ExxonMobil interest, 75 percent). This represents the single largest award in the history of licensing on the U.K. continental shelf.

Established and Growing Exploration Plays

Republic of Congo – ExxonMobil acquired a 40-percent interest in the Mer Tres Profonde Nord exploration block offshore in the Republic of Congo.

Nigeria-Sao Tome and Principe Joint Development Zone – ExxonMobil acquired a 40-percent interest in Block 1, which is located south of several nearby discoveries in Nigeria.

U.S. Gulf of Mexico – ExxonMobil was awarded 16 leases in the Central Gulf of Mexico Sale 194. The acreage includes leases in active exploration areas on the shelf and in the deepwater foldbelt.

Mature Plays and Discovered Resources

Angola – ExxonMobil signed a participation agreement (ExxonMobil interest, 13.6 percent) for a single LNG train to produce and export 5 million tons per year of LNG from deepwater Angolan developments.

Australia – Following the signing of a framework agreement, ExxonMobil acquired additional resources in the Greater Gorgon area, and interest in four additional licenses (ExxonMobil interest, 25 percent).

Indonesia – In September 2005, ExxonMobil signed a 30-year Production Sharing Contract with co-venturer PT Pertamina (Persero) and the Government of Indonesia covering the Cepu Contract Area, onshore Java (ExxonMobil interest, 45 percent). The Cepu Contract Area includes the Banyu Urip field, other discovered oil and gas resources, and exploration drilling opportunities.

Kazakhstan – ExxonMobil exercised its pre-emptive rights with respect to the sale of BG International’s interest in the North Caspian Production Sharing Agreement. ExxonMobil resold half of the interest acquired through this pre-emption to KazMunaiGas. Taken together, the purchase and subsequent sale bring ExxonMobil’s total interest to 18.5 percent.

Qatar – By signing a Development and Fiscal Agreement, as well as other agreements, ExxonMobil entered into a new venture with Qatar Petroleum to develop two new RasGas LNG trains, Trains 6 and 7, utilizing gas from Qatar’s North Field.

30 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Resources and Reserves

The size, quality, and breadth of ExxonMobil’s total inventory of discovered oil and gas resources are major strengths of the Corporation. ExxonMobil’s resource base now stands at 73 billion oil-equivalent barrels (31 percent proved).

At year-end 2005, the resource base included 22.4 billion oil-equivalent barrels of proved oil and gas reserves. ExxonMobil added 1.7 billion oil-equivalent barrels to proved reserves in 2005 (excluding year-end price/cost revisions), while producing 1.5 billion oil-equivalent barrels. ExxonMobil replaced 112 percent of reserves produced, including asset sales (129 percent, excluding asset sales). This is the 12th consecutive year that the company’s proved reserves replacement has exceeded 100 percent (excluding year-end price/cost revisions). We have also stated our 2005 proved reserves to reflect the impact of using December 31, 2005 prices. Including the impact of asset sales and year-end prices/costs, we replaced 143 percent of reserves produced.

RESOURCE BASE

The resource base is updated annually to add new discoveries and resource acquisitions, and to reflect any changes in estimates of existing resources. ExxonMobil refers to new discoveries and acquisitions of discovered resources as resource additions/acquisitions. Revisions to existing field resources reflect changes in recovery expectations resulting from new technologies, drilling, ongoing evaluations, and any other revisions. During the update process, volumes produced or sold during the year are removed from the resource base.

The success of ExxonMobil’s strategy of identifying and pursuing all attractive exploration opportunities is demonstrated by our five-year average of 2.8 billion oil-equivalent barrels per year of resource additions/acquisitions.

RESOURCE BASE CHANGES


				5-Year
(billions of oil-equivalent barrels)	2005			Average

Resource additions/acquisitions		4.4			2.8
Revisions to existing fields		(1.2	)		(0.2	)
Production		(1.5	)		(1.6	)
Sales		(1.1	)		(0.4	)

Net change		0.6			0.6


(1)		Excludes year-end price/cost revisions.


(2)		See Frequently Used Terms on pages 88 through 91.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 31

Effective use of global systems, processes, and best practices has resulted in continued low finding and resource-acquisition costs. In 2005, finding and resource-acquisition costs were $0.43 per oil-equivalent barrel. The five-year average finding and resource-acquisition cost is $0.53 per oil-equivalent barrel.

Resource additions/acquisitions over the past five years are balanced geographically and represent a wide range of resource types. Approximately 32 percent of the additions are gas that we anticipate will be utilized for LNG projects. Approximately 17 percent are located in deep water, and 17 percent are conventional.

DISCIPLINED APPROACH TO PROVED RESERVES

Resources are classified as either proved or non-proved. The process to move non-proved resources to proved reserves begins once technical and commercial confidence supports a decision to develop the resource.

The annual reporting of proved reserves is the product of ExxonMobil’s long-standing process, which ensures consistency and management accountability with respect to all reserves bookings. All reserves additions and revisions follow a rigorous and structured management review process that is stewarded by a team of experienced reserves experts with global responsibilities. ExxonMobil has always taken this approach to booking proved reserves in accordance with the standards set by the SEC of reasonable certainty for recovery.

ExxonMobil has consistently added new proved reserves through large development projects worldwide. Significant additions to proved reserves have also been achieved through upward revisions for existing assets by the application of in-depth technical analysis as production and reservoir data are obtained and assessed.

Although we participate in ventures with other companies, ExxonMobil maintains an independent view of reserves. Each company must make its own determination for booking reserves and for moving them into the proved category.

ExxonMobil has also stated our 2005 results to reflect impacts to proved reserves using year-end prices/costs. However, the use of prices from a single date is not relevant to investment decisions made by the Corporation, and annual variations in reserves based on such year-end prices are of no consequence in how the business is actually managed.

PROVED RESERVES

Excluding asset sales and year-end price/cost impacts, the company has added 19 billion oil-equivalent barrels to proved reserves over the last 10 years, more than replacing production.

The development of new fields discovered through exploration and extensions of existing fields has added an average of 1.3 billion oil-equivalent barrels per year to proved reserves over the last five years. These include proved additions in 2005 in Qatar, West Africa, Norway, Russia, the United States, and Canada.

Revisions have averaged 427 million oil-equivalent barrels per year over the last five years, resulting from effective reservoir management and the application of new technology.

ExxonMobil’s proved reserves of 22.4 billion oil-equivalent barrels (excluding year-end price/cost revisions) equates to a reserves life at current production rates of 14.5 years. At year-end 2005, approximately 64 percent of the company’s proved reserves were classified as developed.


(1)		Excludes asset sales and year-end price/cost revisions.

(2)		See Frequently Used Terms on pages 88 through 91.

32 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

PROVED RESERVES ADDITIONS


				5-Year
(millions of oil-equivalent barrels)	2005			Average

Revisions (excluding year-end price/cost revisions)		377			427
Discoveries/extensions		1,461			1,339
Improved recovery		31			80
Purchases		122			27

Total excluding sales		1,991			1,873
Asset sales		(265	)		(111	)

Total including sales		1,726			1,762
Production		1,539			1,587
Reserves replacement excluding sales⁽¹⁾⁽²⁾(percent)		129			118
Reserves replacement including sales⁽²⁾(percent)		112			111


(1)		See Frequently Used Terms on pages 88 through 91.

(2)		Excluding year-end price/cost revisions.

YEAR-END PROVED RESERVES


(billions of oil-equivalent barrels)

Year-end 2004 reserves, including year-end price/cost revisions	21.7
Remove year-end 2004 price/cost revisions	0.5
Year-end 2004 reserves before year-end price/cost revisions	22.2
2005 additions	2.0
2005 production	(1.5	)
Year-end 2005 reserves before year-end price/cost revisions and sales	22.7
2005 sales	(0.3	)

Year-end 2005 reserves before year-end price/cost revisions	22.4
Year-end 2005 price/cost revisions	—

Year-end 2005 reserves including year-end price/cost revisions	22.4

DEFINITIONS – RESOURCES AND PROVED RESERVES
See Frequently Used Terms on pages 88 through 91 for further information.

Resource base, resources, recoverable oil, recoverable hydrocarbons, recoverable resources – total remaining estimated quantities of oil and gas that are expected to be ultimately recoverable. In addition to proved reserves, the resource base includes quantities that are not yet classified as proved, but which ExxonMobil believes will likely be moved to proved reserves and produced in the future.

Proved oil and gas reserves – estimated quantities of crude oil, natural gas, and natural gas liquids that ExxonMobil has determined to be reasonably certain of recovery under existing economic and operating conditions on the basis of our long-standing, rigorous management review process. ExxonMobil only records proved reserves when we have made significant funding commitments for the related projects. In this report, reserves:

§		Include 100 percent of majority-owned affiliates’ proved reserves;

§		Include ExxonMobil’s percentage ownership of equity-company proved reserves;

§		Include proved reserves from Syncrude tar-sands mining operations in Canada. Syncrude reserves are reported separately as a mining operation in SEC filings; and,

§		Exclude royalties and quantities due others.

Proved developed reserves – volumes recoverable through existing wells with existing equipment and operating methods.

Proved undeveloped reserves – volumes expected to be recovered as a result of future investments.

Year-end price/cost revisions – The Corporation also reports its reserves reflecting the impacts to the proved reserves base utilizing December 31 prices and costs. Changes to proved reserves from these revisions are reported as year-end price/cost revisions. Refer to page 59 as well as page A56 of the 2006 Proxy Statement for more detail.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 33

Invest in Projects that Deliver Superior Returns

ExxonMobil has a development portfolio of more than 110 projects with potential net investment of more than $120 billion. Built on the success of our exploration strategy, it is this portfolio from which we select the best projects for investment and delivery of superior returns.

Upstream capital spending has increased steadily since 2001 to develop major new resources. Our highly disciplined approach to pursuing and selecting the most attractive investment opportunities continues to distinguish ExxonMobil. Potential investment opportunities are evaluated over a wide range of economic scenarios.

As we progress new developments, we expect an evolution in the type of oil and gas resources from which we will be producing and in the physical conditions in which we will be operating. Many new developments will be located in more challenging environments, continuing to require innovations in technology. Such developments include tight gas, heavy oil, acid/sour gas, arctic conditions, deepwater, LNG, and gas-to-liquids. By 2010, these resource types are likely to account for about 40 percent of our production volumes, increasing from approximately 25 percent in 2005. This shift plays to our strengths, as ExxonMobil is unique in its ability to effectively design and execute the variety of projects needed to efficiently commercialize these diverse resources.

TIGHT GAS

Tight gas reservoirs can be thousands of times less permeable than conventional oil and gas reservoirs. However, with effective technology, tight gas reservoirs can become prolific producers, and their contribution to ExxonMobil’s production volumes is anticipated to grow through the end of the decade and beyond. Breakthrough technology, involving state-of-the-art ExxonMobil-proprietary multi-zone stimulation technology, is one of the keys to unlock the economic potential of tight gas reservoirs.

ExxonMobil has more than 9 trillion cubic feet of gas in the resource base from tight gas reservoirs. In the United States, ExxonMobil’s acreage in the Piceance Basin in Colorado contains a potential resource of more than 35 trillion cubic feet of gas.

34 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

HEAVY OIL⁽¹⁾

ExxonMobil’s heavy oil operations include cold-flow production from the Cerro Negro project in Venezuela (ExxonMobil interest, 42 percent), steam-assisted bitumen production from Cold Lake (Imperial Oil interest, 100 percent), and tar-sands mining operations at Syncrude (Imperial Oil interest, 25 percent). ExxonMobil has additional tar-sands mining resources in the Kearl project (Imperial Oil and ExxonMobil combined interest, 100 percent) in Canada. ExxonMobil’s total heavy oil resources exceed 16 billion barrels (net).

ExxonMobil is researching a range of technologies to improve the economic attractiveness of developing heavy oil resources. A portion of the research is devoted to making improvements to currently commercial recovery technologies, such as steam-based processes, which have been used to recover heavy oil from moderate depths. However, to unlock a wider range of resources, ExxonMobil is developing new proprietary recovery technologies that have the potential to deliver break-through performance. This research is focused on developing alternatives to steam-based recovery methods. Some of these alternatives use injected materials that, unlike steam, can be recovered along with the oil and reused.

A key challenge for heavy oil resources is delivering a marketable product in an economic manner. ExxonMobil’s upgrading and transportation research is focused on maximizing the value of the heavy oil, which has a significant quantity of molecules that do not readily convert to transportation fuels. Utilizing the heating value of these molecules more efficiently reduces transportation and refining costs and improves overall economic performance.


(1)		See Frequently Used Terms on pages 88 through 91.

ACID/SOUR GAS

Another example of a resource that challenges the boundaries of existing technology is acid/sour gas. Before natural gas can be sold, contaminants such as hydrogen sulfide and carbon dioxide must not only be removed, but also disposed of, in a safe, environmentally sound, and reliable manner. One method of doing so is to reinject the hydrogen sulfide and carbon dioxide gas back into the reservoir from which it was produced.

In 2005, at LaBarge in Wyoming, ExxonMobil started up one of the largest acid-gas injection facilities in the world, with an injection capacity of 60 million cubic feet per day at a pressure of 2500 pounds per square inch (psi). In Qatar, our RasGas joint venture also started acid-gas injection facilities, with a capacity of 85 million cubic feet per day at 1600 psi.

At Tengiz, onshore Kazakhstan, a major expansion is in progress, and one of the primary technological challenges is compressing a gas containing 17 to 23 percent hydrogen sulfide to higher pressures (10,000 psi) in greater quantities than have ever been achieved before. This effort requires extensions of existing technology for compressor materials, seals, and rotating elements. For the Kashagan project offshore Kazakhstan, which is expected to start up later this decade, technology will be developed even further to meet the need of compressing the sour gas to over 12,500 psi.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 35

ARCTIC

Arctic and sub-Arctic regions contain significant hydrocarbon potential, but also present significant operational and environmental challenges. Many arctic basins remain unexplored or underexplored. With our long experience operating in arctic conditions, ExxonMobil is well-positioned to pursue this potential and to address these challenges.

ExxonMobil’s arctic experience began in 1933, with the first commercial oil field at Norman Wells in northern Canada. Since then, ExxonMobil has produced almost 3.5 billion oil-equivalent barrels from fields located in arctic conditions. Today, ExxonMobil has more than 7 billion oil-equivalent barrels of recoverable resources in arctic environments.

Cost-effective and environmentally safe development of arctic resources requires innovative technology. Offshore platforms must be designed to withstand ice loading, icebergs, and severe arctic storms. Transportation of hydrocarbons requires ice-breaking tankers and terminals capable of year-round operation in severe weather conditions. Subsea pipelines must be buried below the seafloor to avoid damage from icebergs. Onshore pipelines must be designed to withstand the strain of frost heave and thaw settlement in areas of discontinuous permafrost, while minimizing the impact on the environment.

With a strong focus on technology and upstream research and development, ExxonMobil remains at the forefront of arctic technology, and is well-positioned to take advantage of potentially significant opportunities.

DEEPWATER

The move into deeper and deeper water has been enabled by a succession of technological innovations, many of which ExxonMobil pioneered as part of our focused, long-term commitment to the development of deepwater technology.

Recent ExxonMobil-operated deepwater projects offshore West Africa have used tension leg platforms (TLPs) or subsea (SS) completions tied to floating production, storage and offloading vessels (FPSOs). FPSO technology is used in our early production systems (EPSs) employed at Xikomba, Yoho, and Zafiro in West Africa. A generic FPSO vessel is deployed to capture early production volumes until full field development is completed. These EPSs have added value through early revenue generation and lower development costs while also providing an accelerated understanding of the reservoir, thus increasing resource certainty for full field development.

Our new-build FPSOs for the Kizomba A and B developments are the largest in the world. Both the EPSs and the Kizomba and Erha FPSO projects are benefitting from our “Design One, Build Multiple” approach, which allows us to leverage our broad deepwater portfolio to achieve design and construction efficiencies that improve project economics and deliver superior returns.

Through year-end 2005, ExxonMobil had participated in 54 deepwater discoveries in West Africa estimated to contain more than 16 billion gross oil-equivalent barrels of recoverable resources, 16 deepwater discoveries in the Gulf of Mexico with 4 billion gross recoverable oil-equivalent barrels, and 20 other deepwater discoveries in Australia, Norway, and Brazil with nearly 13 billion gross recoverable oil-equivalent barrels. We plan to continue our deepwater exploration with 15 to 20 wells per year over the next several years.

36 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

LIQUEFIED NATURAL GAS (LNG)

ExxonMobil has participated in the development of liquefied natural gas (LNG) since the 1970s.

Technology has transformed LNG from a niche means of commercializing stranded gas into an increasingly essential method of meeting the world’s growing demand for gas.

ExxonMobil has established the industry benchmark for LNG production capacity (train size). Technological breakthroughs, design changes, and cost reduction through economies of scale at all points of the supply chain have made LNG cost competitive with many local supplies of gas, thus creating new markets.

Working with Qatar Petroleum, ExxonMobil has achieved cost reductions of more than 25 percent, attributable to technology and economies of scale.

LNG SUPPLY CHAIN

The LNG supply chain consists of five principal steps: production of raw natural gas, gas processing and liquefaction, transportation of the LNG (typically by ship), receiving and regasification of the LNG, and distribution of natural gas to end users.

GAS-TO-LIQUIDS (GTL) TECHNOLOGY

GTL technology provides an alternative to LNG for commercializing natural gas. Whereas LNG provides the ability to efficiently transport natural gas to distant markets, GTL converts natural gas to liquid products.

ExxonMobil’s proprietary GTL process, AGC-21, involves a three-step process that includes synthesis gas generation, Fischer-Tropsch hydrocarbon synthesis to heavy wax, and product upgrading for wax conversion to fuels, lubricants, and specialty products. ExxonMobil has established a strong intellectual property position in all aspects of GTL with over 3500 patents issued or pending worldwide. ExxonMobil’s GTL technology is highly selective compared to competing gas-conversion technologies, as it yields a higher percentage of high-quality lube basestocks.

A Heads of Agreement was signed in July 2004 in Qatar to build one of the largest GTL plants in the world. Project planning is currently under way.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 37

PROJECTS CONTRIBUTION

With the largest portfolio of development and exploration opportunities in the industry, projects currently in the planning, designing, and implementing stages are anticipated to be major contributors to ExxonMobil’s future production.
The net production capacity anticipated in 2010 from all ExxonMobil projects started up in 2004 and 2005, and anticipated to start up between 2006 and 2010, is more than 2 million oil-equivalent barrels per day. Since 1999, more than 80 major projects have been brought online, and it is expected that these will have produced more than 4.5 billion net oil-equivalent barrels by 2010.

EXECUTION EXCELLENCE

ExxonMobil sets benchmarks as the industry leader in project execution and operating performance. Realizing the full value from our project portfolio requires technical and execution excellence. ExxonMobil’s global project organization is delivering that value not only for ExxonMobil, but also for host governments.

ExxonMobil-operated Development Company projects started up since 2000 were producing at rates 4 percent higher in 2005 than rates anticipated at full funding. The projects were implemented at development costs within 6 percent of funding and executed overall on schedule.

ExxonMobil’s cost and schedule discipline, project management systems, and global transfer of technology have resulted in unit development costs as much as 20 percent lower than comparable competitor developments. The time from full funding to start-up is, on average, 15 percent shorter for ExxonMobil-operated projects than for competitors.

Comparison of actual 2005 production volumes to those levels anticipated at the time of full funding for ExxonMobil Development Company projects started up between 2000 and 2005.

38 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

KIZOMBA B

The Kizomba B project in deepwater offshore Angola Block 15 commenced production in July 2005, setting a new industry record for the fastest development time for a project of its size and complexity. Production ramped up rapidly to its current rate of more than 250 thousand barrels of oil per day.

SAKHALIN-1 (CHAYVO) PHASE 1

Phase 1 of the multiphase Sakhalin-1 project started up in 2005 via an interim production system with capacity to deliver 50 thousand barrels of oil and 150 million cubic feet of gas per day to the Russian market. Start-up of full field production facilities for Chayvo Phase 1 is anticipated in 2006 with a peak oil rate of 250 thousand barrels per day.

AZERI-CHIRAG-GUNASHLI PHASE 1

Azeri-Chirag-Gunashli (ACG) Phase 1 began production from the Central Azeri field in February 2005. Development included the construction and installation of platforms in 420 feet of water, along with 100 miles of subsea oil and gas pipelines.

RASGAS TRAIN 4

RasGas Train 4, the joint venture’s second 4.7 million-ton-per-year LNG train, started up on schedule and under budget, with integrated NGL recovery planned for first-quarter 2006 start-up.


AL KHALEEJ GAS PHASE 1	ARTHUR	BONGA	KRISTIN
Construction was completed on schedule for Al Khaleej Gas Phase 1, with first gas sales in November 2005 to domestic customers in Qatar. Peak capacity is 675 million cubic feet per day.	By leveraging existing infrastructure, the Arthur project started up only 15 months after discovery. Wells were tied back to the existing ExxonMobil-operated Thames platform via a new 20-mile pipeline.	Bonga is the fourth large, deepwater development to have started up in West Africa with ExxonMobil participation. Start-up occurred in November 2005, following a 56-month construction period.	Early production from the Kristin project, which is developing high-pressure, high-temperature resources in the Norwegian Sea, started up ahead of the full production planned for 2006.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 39

Major Development Projects

PROJECT START-UPS



	ExxonMobil			Target Peak
	Working			Production (Gross)
	Interest			Liquids		Gas
	(%)			(Kbd)		(MCFD)
2005 (Actual)
Angola – Kizomba B		40			250		—	n
Azerbaijan – Azeri-Chirag-Gunashli (ACG) Phase 1		8			325		—	l
Nigeria – Bonga		20			225		165	l
Norway – Kristin		11			150		500	l
Qatar – Al Khaleej Gas Phase 1		100			40		675	n
Qatar – RasGas Train 4		34			45		740
Russia – Sakhalin-1 (Chayvo) Phase 1		30			250		400	n
U.K. – Arthur		70			5		130	n

2006 (Projected)
Angola – Dalia		20			225		—	l
Azerbaijan – Azeri-Chirag-Gunashli (ACG) Phase 2		8			465		—	l
Canada – Syncrude Upgrader Expansion		25			110		—	l
Malaysia – Guntong Hub		50			35		715	n
Nigeria – East Area Additional Oil Recovery		40			120		—	n
Nigeria – Erha / Erha North		56			190		—	n
Norway – Fram East		25			50		80	l
U.S. – Thunder Horse		25			250		200	l

2007 (Projected)
Angola – Rosa Area		20			140		—	l
Kazakhstan – Tengiz Phase 1		25			285		290	l
Norway – Ormen Lange		7			30		2000	l
Norway – Statfjord Late Life		21			65		340	l
Norway – Volve		30			50		30	l
Qatar – RasGas Train 5		30	*		45		740
U.K. – Starling		72			6		100	l

2008 (Projected)
Angola – Kizomba C – Mondo and Saxi / Batuque		40			200		—	n
Azerbaijan – Azeri-Chirag-Gunashli (ACG) Phase 3		8			260		—	l
Nigeria – East Area Natural Gas Liquids		51			40		—	n
Qatar – Qatargas II Train 4		30			80		1250
Qatar – RasGas Train 6		30			75		1250
U.S. – Piceance Tight Gas (Phase 1)		100			—		140	n
U.S. – Western Region Development (Orion)		36			55		—	l

2009 + (Projected)
Angola – Angola LNG		14			50		965	l
Angola – Kizomba D		40			125		—	n
Angola – Lirio-Cravo		20			115		—	l
Angola – Paz Flor		20			200		—	l
Australia – Greater Gorgon Trains 1 & 2		25			10		1450	l
Australia – Kipper / Tuna		41			25		270	n
Canada – Hebron		38			165		—	l
Canada – Kearl Phase 1		100			100		—	n
Canada – Kearl (Future Phases)		100			200		—	n
Canada – Mackenzie Gas Project		57			10		815	n
Indonesia – Banyu Urip		45	*		165		20	n
Indonesia – Natuna		76			—		1100	n
Italy – Tempa Rossa		25			50		20	l
Kazakhstan – Kashagan Phase 1		19			450		—	l
Kazakhstan – Kashagan (Future Phases)		19			750		—	l
Kazakhstan – Tengiz Expansion		25			220		—	l
Nigeria – Bonga Ullage		20			70		50	l
Nigeria – Bonga SW		20			105		75	l
Nigeria – Bosi Oil		56			120		—	n
Nigeria – LNG IPP Project		40			—		900	n
Nigeria – Satellite Projects		40			125		—	n
Nigeria – Usan		30			180		—	l
Norway – Skarv/Idun		12			85		500	l
Norway – Tyrihans		12	*		80		330	l
Papua New Guinea – PNG Gas Project		26			20		570	n
Qatar – Al Khaleej Gas (Future Phases)		100			70		1140	n
Qatar – Qatar GTL		100			165		1440	n
Qatar – Qatargas II Train 5		18	*		80		1250
Qatar – RasGas Train 7		30			75		1250
Russia – Sakhalin-1 Gas Export		30			—		800	n
U.S. – Alaska Gas Project / Point Thomson		36			70		4500	*
U.S. – Piceance Tight Gas (Phase 2)		100			—		230	n

Operatorship:

n = ExxonMobil Operated
= Joint Operation
l = Co-Venturer Operated
* Pending Final Agreements
– Not Applicable

MAJOR GLOBAL LNG TERMINAL ACTIVITY


	Primary
	Market		Supply Source
2007-2009 (Projected)
Italy – Adriatic Terminal	Italy			RasGas
U.K. – South Hook Terminal		U.K.		Qatargas II
U.S. – Gulf Coast Terminal		U.S.		RasGas

Supporting ExxonMobil’s LNG efforts, regasification terminals are being progressed consistent with project demands. In addition to new-build terminals in the United Kingdom, Italy, and the United States, ExxonMobil continues to evaluate third-party terminals.

40 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Capitalize on Growing Natural Gas and Power Markets

ExxonMobil sells natural gas in 25 countries and across five continents in most major gas markets in the world. Our expertise in integrating advanced technologies throughout the gas value chain and our market presence and knowledge provide a substantial competitive advantage. Gas is sold under daily, monthly, and multiyear contracts to a portfolio of customers, including power companies, industrial users, and distributors. In addition to current sales activity, ExxonMobil is working to develop new markets.

NORTH AMERICAN GAS MARKET

With gas demand expected to grow 1 percent per year on average through 2020, and with domestic supply declining, continued investment in both existing and new gas supplies is required.

ExxonMobil is actively developing gas resources to meet North America’s increasing demand. These include pipeline gas from the North Slope of Alaska and the Mackenzie Delta region of northern Canada, where combined we hold the leading resource position. These also include LNG imports from Qatar, expanding development of tight gas in the Piceance Basin in Colorado, and exploring for gas in the Gulf of Mexico.

ExxonMobil has extensive experience in the North American gas market, which is comprised of a number of regional markets, defined by different demographics, weather patterns, cost of transportation, and available storage and infrastructure. ExxonMobil’s understanding of these factors is critical in maximizing the value of our gas.

This market understanding underpins our straightforward business model of selling equity and co-venturer-interest gas at optimized outlets relative to transparent indices. We do not trade speculatively or trade in NYMEX gas futures.

(1) Requires New Investment

EUROPEAN GAS MARKET

European gas demand continues to grow at about 2 percent per year, while local production is declining. As a consequence, Europe will become more dependent on imported natural gas. By 2020, we expect over 70 percent of gas demand to be satisfied by imports.

While we continue to search for new local supplies by exploring areas such as the Norwegian-Danish Basin in the North Sea, ExxonMobil is also participating in several new import projects, including bringing LNG from Qatar.

ExxonMobil’s involvement in the development and growth of the European natural gas business since its inception 40 years ago has provided us with a broad and deep understanding of the market and regulatory environment. In response to evolving regulatory requirements, ExxonMobil has been restructuring its European gas business. On July 1, 2005, ExxonMobil announced that its subsidiary, Esso Nederland B.V., transferred its 25-percent ownership share in Gasunie’s transportation business to the State of the Netherlands for approximately $1.6 billion (earnings after tax).

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 41

(1) Includes Joint-venture interests

Global LNG demand is growing at approximately 8 percent per year, which is faster than the growth rate of overall gas demand. Between 2001 and 2020, world LNG demand is expected to grow nearly four-fold, from 120 million to more than 450 million tons per year, driven by demand in North America and Europe, as well as Asia Pacific markets.

In 2005, ExxonMobil participated in LNG operations in Qatar and Indonesia with a combined gross capacity of 30 million tons per year, shipping LNG to customers in Japan, India, Korea, Europe, and the United States. This represented about 20 percent of the global industry capacity, making ExxonMobil one of the major LNG suppliers to the world. By 2015, sales are expected to increase to nearly 80 million tons per year.

ExxonMobil has plans to participate in several world-class LNG regasification terminals. ExxonMobil and Qatar Petroleum are developing the onshore South Hook LNG terminal in Wales. Also under development is the Adriatic LNG terminal in Italy, the world’s first fixed offshore storage and regasification terminal. An onshore terminal in Hong Kong is being evaluated, and in 2005, ExxonMobil obtained permits for both the Golden Pass and Vista del Sol terminals along the Gulf Coast of the United States. ExxonMobil and Qatar Petroleum retain capacity rights in the Fluxys Zeebrugge terminal in Belgium.

Between 2007 and 2011, ExxonMobil plans to participate in the start-up of eight LNG trains in Qatar, Australia, and Angola, targeting growing markets in the United States, Europe, and Asia. These new trains will have a gross capacity of nearly 7 billion cubic feet per day or 51 million tons per year, representing approximately 35 percent of industry’s new LNG capacity expected to be added by 2011. Beyond 2011, ExxonMobil is evaluating LNG opportunities that include additional trains in Australia and West Africa.

POWER ACTIVITIES

ExxonMobil has interests in electric power generation facilities with total capacity of 14,400 megawatts. These interests include the Castle Peak Power Company in Hong Kong, which sells electricity to local markets. ExxonMobil also operates facilities with power generation primarily for our own use. Where economic, we install energy-efficient cogeneration. ExxonMobil’s cogeneration facilities worldwide have had the equivalent impact of reducing greenhouse-gas emissions by 9 million metric tons per year. During 2005, the installation of new generation units at the Beaumont refinery in Texas, as well as at a gas-processing facility in Wyoming, increased cogeneration capacity by 400 megawatts to a total of 3700 megawatts.

42 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Worldwide Upstream Operations

ExxonMobil has interests in exploration and production acreage in 36 countries with production in 26 countries.

The Americas

ExxonMobil’s operations in the Americas accounted for about 33 percent of ExxonMobil’s 2005 net oil and gas production and about 39 percent of Upstream earnings. Base production continues to yield strong returns. We expect future production to include contributions from multiple opportunities, including tight gas, heavy oil, and arctic developments.

AMERICAS HIGHLIGHTS


	2005		2004		2003
Earnings (billions of dollars)		9.5		7.1		5.5
Proved Reserves (BOEB)⁽¹⁾		6.9		7.4		8.1
Acreage (gross acres, million)		62.9		64.6		51.9
Net Liquids Production (MBD)		0.9		1.0		1.1
Net Gas Production (BCFD)		2.8		3.0		3.2

(1) Excludes year-end price/cost revisions.

UNITED STATES

ExxonMobil is one of the largest oil and gas producers and reserves holders in the United States. The Corporation’s large portfolio is geographically diverse with significant positions in all major producing regions, including Alaska, the onshore Gulf Coast, shelf and deepwater areas of the Gulf of Mexico, onshore and offshore California, and the midcontinent. The U.S. portfolio contains a diverse range of assets, from mature fields to new, world-scale projects.

In the United States, the Upstream continues to provide a significant contribution to ExxonMobil’s profitability through high-quality drilling programs, selective investments in existing fields and new projects, and continued operational-efficiency improvements. United States properties accounted for about 19 percent of the company’s net oil and gas production in 2005 and 26 percent of Upstream earnings.

2005 highlights include continued development of the Piceance Basin tight gas resource, progress with the State of Alaska on a fiscal contract for the Alaska Gas Project, and start-up of the LaBarge Acid-Gas Injection project. Piceance development and the Alaska Gas Project will continue to be key focus areas in 2006. Start-up of the co-venturer-operated Thunder Horse deepwater Gulf of Mexico project is expected in 2006.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 43

GULF OF MEXICO

ExxonMobil holds one of the leading acreage positions in the Gulf of Mexico with more than 3.8 million acres (gross) under lease, approximately 3 million of which are in deep water. This acreage position includes interests in two highly active industry plays, the ultra-deepwater foldbelt and deep gas targets underlying the Louisiana shelf.

In 2005, ExxonMobil established exploration agreements in the Gulf of Mexico shelf and deep water that could lead to multiple wells being drilled in 2006 and 2007.

The Hoover-Diana deep draft caisson vessel (DDCV) has been a key contributor to ExxonMobil’s deepwater Gulf of Mexico production since its start-up in 2000.

In 2005, Hurricanes Katrina and Rita struck the Gulf of Mexico with an impact more severe than industry had previously experienced. Although 68 of ExxonMobil’s 94 platforms incurred some damage, our Upstream managed through these events safely, and there was no significant impact to the environment as a result of the damage to our facilities. By year-end 2005, approximately 80 percent of initial shut-in liquids and 90 percent of initial shut-in gas production were restored. The remaining restoration is dependent upon repair of the more significantly damaged platforms and third-party pipeline and product-handling facilities.

COAL

ExxonMobil operates the Monterey coal mine (ExxonMobil interest, 100 percent) in Illinois which produced 2.7 million metric tons (gross) in 2005. The coal is supplied to local power-generation and cement-processing industries.

44 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

PICEANCE BASIN

ExxonMobil has initiated development of approximately 300 thousand gross acres containing tight gas resources located in the Piceance Basin in western Colorado. Initial development efforts in 2005 increased field production capacity to 55 million cubic feet per day. ExxonMobil continues to employ its proprietary, state-of-the-art multi-zone stimulation technology (MZST) to maximize producing rates and recoveries. In addition, ExxonMobil is reducing both the cost and environmental impact of its operations by drilling and completing multiple deviated wells from single surface locations. With access to a potential resource of approximately 35 trillion cubic feet of gas, ExxonMobil is actively progressing development both individually and with co-venturers, with plans for multiple plant expansions and large-scale drilling projects.

ALASKA GAS PROJECT / POINT THOMSON

ExxonMobil is the largest holder of gas resources on the North Slope of Alaska. The Alaska Gas Project will treat and transport gas from the Prudhoe Bay and Point Thomson fields to North American gas markets. The project scope includes a gas-treating plant on the North Slope and construction of a large-diameter, high-pressure pipeline.

In 2005, work focused on negotiating an appropriate fiscal framework with the state of Alaska. Once that framework is established, project planning will progress, leading to further engineering and the securing of permits. Execution of this world-scale development is expected to take approximately 10 years once the fiscal framework is defined.

THUNDER HORSE

Located in the central Gulf of Mexico, this co-venturer-operated deepwater development utilizes a semi-submersible floating production, drilling, and quarters unit with capacity of over 250 thousand barrels per day. The facility incurred damage from a listing incident in 2005. The operator has resumed drilling and construction activities with start-up projected for the second half of 2006.

CANADA

Taken together, ExxonMobil Canada, a wholly-owned affiliate, and Imperial Oil, a majority-owned affiliate (ExxonMobil interest, 69.6 percent), would be the largest crude oil producer in Canada, a leading natural gas producer, and would hold the largest resource position. The company has a significant presence in major projects offshore eastern Canada and a well-established production base with expansion opportunities in western Canada.

OFFSHORE CANADA OPERATIONS

The ExxonMobil-operated Sable Offshore Energy Project (ExxonMobil interest, 51 percent; Imperial Oil interest, 9 percent) consists of five producing fields. Production in 2005 was approximately 380 million cubic feet per day of natural gas (gross) and 20 thousand barrels per day of liquids (gross).

The Hibernia field (ExxonMobil interest, 33 percent), is operated by Hibernia Management and Development Company Ltd., using ExxonMobil personnel and processes. In 2005, Hibernia’s production averaged approximately 200 thousand barrels of oil per day (gross). By the end of 2005, Hibernia had produced more than 400 million barrels of oil (gross).

The co-venturer-operated Terra Nova development (ExxonMobil interest, 22 percent) produces up to 150 thousand barrels of oil per day (gross). Located in 300 feet of water, Terra Nova consists of a unique, harsh-environment-equipped FPSO and 24 subsea wells that are expected to recover 380 million oil-equivalent barrels (gross).

ExxonMobil has interest in four operated, and four co-venturer-operated, deepwater exploration blocks in the Orphan Basin (ExxonMobil interest, 15 percent; Imperial Oil interest, 15 percent), a high-potential, unexplored basin with arctic conditions offshore eastern Canada. Activity in 2004 and 2005 focused on seismic acquisition and processing in anticipation of drilling planned for 2006.

ONSHORE CANADA OPERATIONS

The Cold Lake field (Imperial Oil interest, 100 percent) and the Syncrude tar-sands mining operation (Imperial Oil interest, 25 percent) in Alberta account for the majority of Imperial Oil’s liquids production in western Canada. Cold Lake averaged 138 thousand barrels of oil per day in 2005, and at Syncrude, 2005 production of synthetic crude averaged 214 thousand barrels per day (gross). The Kearl tar-sands mining project and the Mackenzie Gas Project are advancing.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 45

HIBERNIA

The Hibernia field was discovered in 1979 offshore eastern Canada, an arctic environment, and was originally thought to contain 600 million barrels of recoverable resources. Today, the estimated recoverable resources have grown significantly, to more than 1 billion barrels of oil (gross).

In addition to processing oil, the Hibernia facilities can inject more than 265 thousand barrels of water and 270 million cubic feet of gas per day for the reservoir-pressure support required to maximize oil recovery.

SYNCRUDE UPGRADER EXPANSION

The Syncrude upgrader expansion project consists of adding a second train at the Aurora tar-sands mine and increasing capacity of the upgrader by about 110 thousand barrels of oil per day (gross). The upgrader expansion, which includes the addition of a third coker, a new aromatic saturation unit, and a new hydrogen plant, is scheduled for completion in early 2006. The project is expected to develop about 1 billion barrels of resource (gross).

KEARL TAR-SANDS MINING PROJECT

In July 2005, an application for the phased development of the Kearl tar-sands mining project was submitted to the Alberta Government. The application included the facilities for three phases of ore preparation and bitumen production, with each phase producing about 100 thousand barrels of bitumen per day (gross). First production could begin in 2011, with the second and third phases to follow. The project is expected to develop 4.4 billion barrels of resource (gross) with an investment of between $4 and $6 billion (gross).

MACKENZIE GAS PROJECT

The Mackenzie Gas Project includes the development of three onshore anchor fields containing approximately 6 trillion cubic feet of natural gas in the Mackenzie Delta region of northern Canada. ExxonMobil and Imperial Oil hold interests in two of the three fields. In addition to field development, the project includes a gas-gathering pipeline system, a gas-processing plant, an associated natural gas liquids line, and a 760-mile pipeline to southern markets. The proposed pipeline has an initial design capacity of 1.2 billion cubic feet per day and is expandable to 1.8 billion cubic feet per day with additional compression facilities. A decision to proceed with regulatory hearings, a critical step in the public consultation process, was made in late 2005.

SOUTH AMERICA
VENEZUELA

ExxonMobil operates the Cerro Negro field (ExxonMobil interest, 42 percent) in Venezuela. The 120 thousand barrels of extra heavy oil produced daily (gross) are processed through an upgrader into synthetic crude oil. ExxonMobil also has a 50-percent interest in the 122-thousand-acre La Ceiba block on the southeastern shore of Lake Maracaibo. Extended production testing at La Ceiba began in October 2004, and a declaration of commerciality was made in 2005.

BRAZIL

At year-end 2005, ExxonMobil held interests in two blocks offshore Brazil. BC-10 (ExxonMobil interest, 20 percent) is located in the Campos Basin, and Block BM-S-22 (ExxonMobil interest, 40 percent), is located in the Santos Basin. ExxonMobil-operated BM-S-22 is a 340-thousand-acre exploration block over which 3D seismic data were acquired in 2005. ExxonMobil is finalizing the sale of its interest in BC-10.

COLOMBIA

In 2005, activity on the 11-million-acre Tayrona block (ExxonMobil interest, 40 percent), off Colombia’s northern coast in the Caribbean Sea, consisted of technical evaluation in preparation for acquisition of 3D seismic data planned for 2006.

OTHER SOUTH AMERICA

ExxonMobil holds a 51-percent interest in the Chihuidos block in central Argentina and a 23-percent interest in the Aguarague concession in northwestern Argentina. Net daily gas production of 80 million cubic feet is sold into markets in Argentina and central and northern Chile.

In addition, the company holds exploration rights onshore Bolivia, and offshore Guyana and Trinidad.

46 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Europe

ExxonMobil is the largest net producer of hydrocarbons in Europe. The company has operations in the United Kingdom, Norway, the Netherlands, Germany, France, and Italy. Extensive North Sea oil and natural gas production operations and significant onshore natural gas production are among the company’s key assets. ExxonMobil’s operations in Europe accounted for about 31 percent of the company’s 2005 net oil and gas production and about 28 percent of Upstream earnings.

EUROPE HIGHLIGHTS


	2005		2004		2003
Earnings (billions of dollars)		6.9		4.4		5.3
Proved Reserves (BOEB)⁽¹⁾		4.3		4.7		5.2
Acreage (gross acres, million)		20.1		19.8		19.9
Net Liquids Production (MBD)		0.5		0.6		0.6
Net Gas Production (BCFD)		4.3		4.6		4.5

(1) Excludes year-and price/cost revisions.

CONTINENTAL EUROPE

ExxonMobil has significant gas holdings onshore in the Netherlands and Germany, and is the largest gas producer in both countries.

In late 2004, the Dutch Parliament endorsed Cabinet recommendations to allow both exploration and gas production from the Waddenzee (ExxonMobil interest, 40 percent) under carefully controlled conditions to ensure environmental integrity. The Waddenzee development plan is mature, and the permitting process is under way.

The Groningen field (ExxonMobil interest, 30 percent), located in the Netherlands, started production in 1963. It is the largest gas field in Europe, with estimated ultimate recoverable resources of approximately 100 trillion cubic feet of gas (gross). A multiyear major project is under way to renovate production clusters in order to ensure the long-term integrity of existing facilities, and to install new compression to maintain capacity and extend field life.

In Germany, ExxonMobil increased gas capacity with the start-up of the Soehlingen compression project, to be followed by the start-up of the Scholen/BBU compression project in 2006. ExxonMobil continues to develop new gas resources in Germany, drilling approximately 10 wells per year. The drilling portfolio covers wells in the Zechstein (sour gas), the Rotliegende (sweet gas), as well as significant opportunities in tight Carboniferous formations.

In southern Italy, the Tempa Rossa project ($700 million, gross) is an onshore development designed to produce up to 50 thousand barrels of oil per day (gross). Upon finalization of commercial agreements, construction of the oil facilities and export pipeline will commence.

In France, Esso S.A.F. has entered into negotiations to sell its Upstream subsidiary, Esso R.E.P.

NORTH SEA

The North Sea continues to be a strong producer for ExxonMobil. Activities continue in all sectors (Northern, Central, and Southern) and include the full range from execution of greenfield projects to programs to maximize recovery in mature assets.

NORTHERN NORTH SEA / MID-NORWAY

The high-pressure, high-temperature Kristin project started up in November 2005. In addition, three other major development projects are under way: the deepwater Ormen Lange project, Skarv/Idun, and Tyrihans.

Tyrihans will develop 460 million oil-equivalent barrels (gross) from two fields with the well stream tied back to the Kristin platform for processing and export. Total investment is expected to be $2.2 billion (gross). Pending final government approval, ExxonMobil will increase its interest in Tyrihans to 12 percent, via a trade involving the Victoria field, also located in Norway.

CENTRAL NORTH SEA

In 2005, in the Norwegian sector of the North Sea, the ExxonMobil-operated Ringhorne field (ExxonMobil interest, 100 percent) reached peak production of 100 thousand oil-equivalent barrels per day.

In 2006, the ExxonMobil-operated Ringhorne East oil field (ExxonMobil interest, 77 percent) is expected to start producing. The project is anticipated to recover 47 million oil-equivalent barrels (gross) utilizing existing infrastructure. Drilling and initial processing will take place on the Ringhorne platform with fluids sent via pipeline to the ExxonMobil-operated Balder FPSO (ExxonMobil interest, 100 percent) for final processing, storage, and export.

Three major ExxonMobil-interest projects are under way in the Central North Sea: Statfjord Late Life, Fram East, and Volve.

The first exploration well (Kogge-1) on acreage awarded in 2004 (ExxonMobil interest, 30 percent) in the Norwegian-Danish Basin spudded in January 2006.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 47

SOUTHERN NORTH SEA

In the U.K., the ExxonMobil-operated Arthur field started up in January 2005. ExxonMobil is participating in two projects anticipated to start up in 2006: Cutter in the U.K. (ExxonMobil interest, 49 percent), and K17 in the Netherlands (ExxonMobil interest, 30 percent). Both projects use an innovative monotower platform design to reduce resource development costs.

ORMEN LANGE

The Ormen Lange project ($10 billion, gross) is designed to develop over 13 trillion cubic feet of gas (gross) from the Ormen Lange field. The gas will be transported by the world’s longest subsea export pipeline, approximately 750 miles, from a new processing plant at Nyhamna on the west coast of Norway (shown above), via Sleipner in the North Sea, to Easington in the United Kingdom.

ADRIATIC LNG TERMINAL

The Adriatic LNG terminal, offshore Rovigo, Italy, will provide the Italian gas market with LNG supplied from RasGas Train 4 in Qatar beginning in 2008. This innovative terminal will receive LNG ships nine miles offshore, and regasify and transmit gas to an onshore metering station where it will enter the Italian grid. This is also the industry’s only European offshore LNG terminal under construction.

SOUTH HOOK LNG TERMINAL

Construction is in progress on the South Hook LNG receiving terminal at ExxonMobil’s former refinery site in Milford Haven, Wales. ExxonMobil and Qatar Petroleum plan to provide LNG from the Qatargas II LNG project to meet first sales in 2008.

STATFJORD LATE LIFE

The Statfjord Late Life project ($3 billion, gross) will recover additional oil and gas reserves from the Statfjord A, B, and C platforms in the North Sea by converting field operations from pressure maintenance to reservoir depressurization. This conversion, scheduled to begin in 2006, is expected to extend the life of the field an additional 15 years.

48 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Africa

ExxonMobil is one of the largest net producers of hydrocarbons in Africa. ExxonMobil’s operations in Africa accounted for about 16 percent of the company’s 2005 net oil and gas production and about 15 percent of Upstream earnings, with those percentages expected to increase as new projects come onstream.

The production base includes operations in Angola, Chad, Cameroon, Equatorial Guinea, and Nigeria. In addition to those countries, exploration activities are taking place in Libya, Madagascar, Niger, the Republic of Congo, and the Nigeria-Sao Tome and Principe Joint Development Zone. ExxonMobil is also progressing LNG opportunities in Nigeria and Angola.

In deepwater areas offshore Africa, ExxonMobil holds interests in 22 blocks totaling more than 32 million gross acres. ExxonMobil participated in 21 deepwater exploration wells completed offshore West Africa during 2005.

AFRICA HIGHLIGHTS


	2005		2004		2003
Earnings (billions of dollars)		3.7		2.1		1.3
Proved Reserves (BOEB)⁽¹⁾		2.7		2.8		2.8
Acreage (gross acres, million)		50.8		42.6		29.5
Net Liquids Production (MBD)		0.7		0.5		0.4
Net Gas Production (BCFD)		—		—		—

(1) Excludes year-end price/cost revisons.

ANGOLA AND CONGO

ExxonMobil has interests in six deepwater blocks that cover more than 5 million gross acres. The company and its co-venturers have announced through year-end 2005 a total of 46 discoveries in Angola and the Republic of Congo, representing world-class development opportunities with a recoverable resource potential of more than 12 billion oil-equivalent barrels (gross). These development projects include Kizomba C and D in Angola Block 15, and Dalia and Rosa in Angola Block 17.

The discoveries include 14 in the ultra-deepwater of the Outer Congo Basin blocks and contain a total discovered resource of approximately 2.5 billion oil-equivalent barrels (gross). Five of the discoveries were made in 2005. The co-venturer groups are currently evaluating potential cluster development concepts. ExxonMobil has a 25-percent interest in Block 31, a 15-percent interest in Block 32, a 30-percent interest in Mer Tres Profonde Sud, and a 40-percent interest in Mer Tres Profonde Nord.

EQUATORIAL GUINEA

ExxonMobil is the largest oil producer in Equatorial Guinea and operates two blocks, which cover 787,000 acres (gross). The Zafiro field is on Block B (ExxonMobil interest, 71 percent) in water depths between 400 and 2800 feet.

In 2005, Zafiro field production averaged more than 260 thousand barrels of oil per day (gross), through the FPSO Serpentina, the Jade Platform, and the Zafiro Producer, a floating production unit.

ANGOLA BLOCK 15

ExxonMobil was awarded Block 15 in 1994, and the first discovery was in 1998. To date, a total resource of over 4 billion oil-equivalent barrels has been discovered on the block. First oil was produced in November 2003 from the Xikomba field. With the 2005 start-up of Kizomba B, combined daily production capacity on the block is more than 550 thousand barrels per day (gross). Production plateaus will be maintained by phased development of subsea tie-backs of nearby discoveries on the block. Daily production capacity for the block is projected to exceed 750 thousand barrels per day by 2008. Esso Angola operates with a 40-percent interest.

Kizomba C — The Kizomba C project is planned to include the fourth and fifth offshore production hubs. Two FPSOs will be required to develop the Mondo and Saxi/Batuque fields, which have combined resources of over 615 million barrels of oil (gross). The project is currently in the pre-engineering, procurement, and construction contract-award phase.

DALIA

The Dalia project includes a 2-million barrel floating production, storage, and offloading (FPSO) vessel to recover nearly 1 billion barrels of oil (gross) from the Dalia field, offshore Angola in Block 17.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 49

Production from the Kizomba A tension leg platform (above) s transferred to one of the world’s largest FPSOs.

NIGERIA

ExxonMobil is active in both shallow and deepwater acreage in Nigeria. In shallow water, ExxonMobil operates a joint venture with the Nigerian National Petroleum Corporation (ExxonMobil interest, 40 percent for crude and condensate; 51 percent for natural gas liquids) that covers over 800,000 acres in five leases offshore southeastern Nigeria. In deep water, ExxonMobil has interests in eight blocks that include the Bolia, Bonga, Bosi, Erha, and Usan discoveries. In 2005, ExxonMobil operations and participation in offshore Nigeria produced an average of more than 730 thousand barrels of liquids per day (gross).

Nigeria Joint Venture – Shelf Development

In the joint-venture area, activities are progressing to develop additional resources and increase production capacity. Production growth will result from development drilling, satellite field developments, enhanced recovery projects, and a series of platform upgrades, which will improve facility integrity and increase production capacity. Major projects under way are the East Area Additional Oil Recovery, East Area Natural Gas Liquids, and Satellite developments.

Nigeria Deepwater Development

Complementing the activity in the joint-venture area, development projects are now under way to realize Nigeria’s deepwater potential. The first of these, co-venturer-operated Bonga, started up in late 2005 and will be followed in 2006 by the ExxonMobil-operated Erha/Erha North project. Development plans continue for Usan on Block 222 and Bosi on Block 209.

ERHA / ERHA NORTH

The Erha/Erha North project is designed to produce 190 thousand barrels of oil per day (gross). The project is progressing toward the planned start-up of three drill centers in 2006.

EAST AREA ADDITIONAL OIL RECOVERY AND NATURAL GAS LIQUIDS

Two major projects are under way to further develop the mature East Area producing fields offshore Nigeria. The Additional Oil Recovery (AOR) project will increase oil recovery and also eliminate gas flaring from six joint-venture East Area producing fields, two years ahead of the government-mandated deadline. The project is expected to recover approximately 530 million oil-equivalent barrels (gross) and provides strategic infrastructure to access additional resources.

The East Area Natural Gas Liquids project extends the development by installing offshore liquids-extraction facilities adjacent to the AOR complex, and expanding the Bonny River Terminal NGL I facility. Estimated recovery is 275 million oil-equivalent barrels (gross) of natural gas liquids.

CHAD

Development drilling continued in the Three Fields area (Kome, Miandoum, and Bolobo), and the Nya field began production in 2005. Development of the Moundouli field also began with start-up expected in 2006.

The Maikeri (Pouponguem) and Timbre fields were discovered in 2005, and exploration will continue in 2006 with planned activities including drilling in the East Doseo and Doba basins.

MADAGASCAR

ExxonMobil used its integrated global understanding and opportunity evaluation process to identify and capture a dominant acreage position (21.8 million gross acres) in four, high-potential, frontier exploration blocks offshore northwestern Madagascar.

We are progressing a phased evaluation program with drilling planned for 2006 or 2007.

50 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Asia Pacific/Middle East

ExxonMobil’s operations in the Asia Pacific/Middle East region accounted for about 17 percent of the company’s 2005 net oil and gas production and about 14 percent of Upstream earnings. Built on an established large-scale and profitable production base in the region, those percentages are expected to increase as new developments come onstream in Qatar.

ASIA PACIFIC / MIDDLE EAST HIGHLIGHTS


	2005		2004		2003
Earnings (billions of dollars)		3.3		2.7		2.2
Proved Reserves (BOEB)⁽¹⁾		6.3		5.0		3.7
Acreage (gross acres, million)		15.0		17.9		30.2
Net Liquids Production (MBD)		0.3		0.4		0.3
Net Gas Production (BCFD)		2.1		2.2		2.3


(1)		Excludes year-end price/cost revisions.

INDONESIA

ExxonMobil operates Indonesia’s Arun natural gas field (ExxonMobil interest, 100 percent), which supplies gas to the PT Arun LNG plant. In 2005, net production from the Arun and satellite fields and the North Sumatra Offshore field averaged 410 million cubic feet of gas per day.

In 2005, ExxonMobil reached agreement with co-venturer PT Pertamina (Persero) and the government of Indonesia to enter into a 30-year Production Sharing Contract enabling the development and further exploration of the Cepu Contract Area, onshore Java (ExxonMobil interest, 45 percent), including the Banyu Urip field.

ExxonMobil, along with co-venturer PT Pertamina (Persero), is proceeding with the next phase of the Production Sharing Agreement for the Natuna D-Alpha gas field (ExxonMobil interest, 76 percent). During this phase, the participating parties will work to complete marketing arrangements for the gas and update design and cost studies. The Natuna D-Alpha gas field has an estimated recoverable hydrocarbon resource of 46 trillion cubic feet of natural gas (gross).

BANYU URIP AND CEPU CONTRACT AREA

Development of the Banyu Urip field will include construction of a central processing facility and a 50-mile pipeline to transport the processed oil to a 2-million-barrel floating storage and offloading vessel (FSO) moored off the Tuban coast in the Java Sea. Estimated recovery from the field is over 250 million barrels of oil (gross). Further exploration in the Cepu Contract Area will include additional seismic acquisition and exploratory drilling. Development of the Banyu Urip field will commence when the Joint Operating Agreement with PT Pertamina (Persero) is finalized.

MALAYSIA

ExxonMobil is the largest oil producer in Malaysia and the largest supplier of natural gas to peninsular Malaysia. Net production in 2005 was over 82 thousand barrels of liquids per day and 488 million cubic feet of gas per day. The company operates 39 platforms offshore peninsular Malaysia, including the Irong Barat C and Guntong F small-field developments installed and commissioned in 2005. ExxonMobil has plans to develop additional gas capacity to meet Malaysia’s growing demand through developments at the Guntong, Tabu, and Tapis fields.

GUNTON PRODUCTION HUB (MALAYSIA)

The Guntong Hub project (ExxonMobil interest, 50 percent) will develop approximately 800 million oil-equivalent barrels (gross) and features the installation of a compression platform, Guntong E. The massive Guntong E platform marks the first phase of a production hub that will supply gas to peninsular Malaysia. The platform consists of an eight-leg jacket and six modules for receiving, separating, dehydrating, and compressing natural gas. Scheduled for start-up in 2006, the project is expected to process approximately 715 million cubic feet of gas per day and 35 thousand barrels of liquids per day (gross). Maximizing output from the Guntong Hub will involve new wells, workovers of existing wells, satellite platforms, interfield pipelines, and retrofit of existing platforms. The project sets the stage for a series of future gas developments with planned investments of $1.6 billion (gross) over 15 years.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 51

Guntong Compression Hub, offshore peninsular Malaysia. From left to right: Guntong D-Production, Guntong D-Compression, and Guntong E (under construction).

AUSTRALIA AND PAPUA NEW GUINEA

In 2005, daily net production from ExxonMobil’s Australian and Papua New Guinea operations was about 81 thousand barrels of liquids and 338 million cubic feet of gas.

In the Bass Strait, the company operates offshore producing facilities, a crude stabilization plant, three gas processing plants, and one fractionation plant, and supplies natural gas throughout southeast Australia. After more than 35 years of production, this mature area still contains significant gas resources, with potential for additional gas discoveries. Extensive seismic and drilling programs undertaken in the Gippsland Basin during the past several years have added about 380 billion cubic feet of gas (net) to the resource base.

In 2005, ExxonMobil entered into a framework agreement covering the Greater Gorgon area offshore Western Australia (ExxonMobil interest, 25 percent) to align interests in 10 licenses containing over 40 trillion cubic feet of gas (gross).

In Papua New Guinea, the company is advancing the PNG Gas project. The project has completed the front-end engineering and design (FEED) stage. Over the past year, ExxonMobil and co-venturers have successfully contracted additional sales volumes to support the overall project development.

PNG GAS PROJECT

The PNG Gas project involves the development of the Hides gas field in the Southern Highlands of Papua New Guinea. The gas will be transported via a 2900-mile pipeline (570 million cubic feet per day) to Australia. The PNG co-venturers will build the pipeline as far as the international offshore border, and another consortium will build the remaining 2500 miles of pipeline into Queensland and the Northern Territory to connect with existing pipelines. The potential buyers for this gas are mostly regional gas distributors, mineral processors, and power generators.

GREATER GORGON LNG PROJECT

Development of the Gorgon and Jansz-Io fields continues into the design phase for a project that would include field developments and the construction of two 5-million-ton-per-year LNG trains on Barrow Island (ExxonMobil interest, 25 percent). LNG marketing is being pursued throughout the Asia Pacific region, with initial agreements anticipated in 2006. Start-up of the first LNG train is targeted for 2010. Successful development of this initial project has the potential to lead to further development and future trains.

52 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

MIDDLE EAST

ExxonMobil continues to pursue opportunities in the Middle East, focusing where ExxonMobil’s industry-leading technology and capabilities can contribute to increased recovery of oil and gas.

ABU DHABI UPPER ZAKUM OPPORTUNITY

In 2005, Abu Dhabi National Oil Company (ADNOC) selected ExxonMobil to enter final negotiations for a 28-percent interest in the Upper Zakum field, an offshore super-giant field with approximately 50 billion barrels of oil originally in place. Current production capacity is approximately 500 thousand barrels per day, and less than 5 percent of the resource has been produced to date. ExxonMobil’s industry-leading capabilities to obtain high oil recovery, optimize production, transfer technology and develop ADNOC staff, as well as our research and technology development and deployment expertise, were instrumental in our selection.

QATAR

ExxonMobil and Qatar Petroleum, with other joint-venture partners, are further developing the giant North Field, the largest nonassociated gas field in the world. Resources to be developed through ExxonMobil-interest existing and planned LNG trains include a gas-to-liquids (GTL) project, and pipeline-sales projects exceed 25 billion oil-equivalent barrels (gross). Natural gas from the North Field is cost competitive for supplying LNG to the Asia Pacific region, Europe, and the United States.

In 2005, three existing LNG trains at the Qatargas joint venture produced 9 million tons (gross), which were sold mainly to customers in Japan and Spain.

The RasGas joint ventures (ExxonMobil interest, 25 to 34 percent) produced 12.2 million tons of LNG in 2005 (gross), sold mainly to Korea and India, with the bulk of the remainder going into markets in the United States, Spain, Belgium, and Japan. RasGas Train 4 and the Al Khaleej Gas Phase I project both commenced production in 2005. The Al Khaleej Gas project supplies pipeline gas to local industries in Qatar.

Conventional ship for transporting LNG to global markets.

Work is progressing on the Qatargas II and Ras Laffan III (RasGas Trains 6 and 7) projects, which include a total of four LNG trains with capacity of 7.8 million tons per year each. Deliveries from Qatargas II are planned into the United Kingdom gas market, via the South Hook LNG terminal currently under construction, as well as other major markets. Deliveries from Ras Laffan III are targeted principally for the U.S. gas market. Also included in the supply-chain development are newly-designed large LNG ships that are expected to realize significant benefits from economies of scale. Associated condensate and natural gas liquids are being exported to markets worldwide.

QATAR EXISTING AND PLANNED LNG TRAINS


Joint			Capacity		Working		Primary	Scheduled
Venture	Train		(MTA)⁽¹⁾		Interest		Market	Completion
					(%)
Qatargas		1,2,3		9.7		10	Japan/Europe	Complete
Qatargas II		4		7.8		30	United Kingdom	2008
Qatargas II		5		7.8	18⁽²⁾		United Kingdom	2009
RasGas		1,2		6.6		25	Korea	Complete
RasGas		3		4.7		30	India	Complete
RasGas		4		4.7		34	Europe	Complete
RasGas		5		4.7	32⁽²⁾		Europe/Asia	2007
RasGas		6		7.8		30	United States/Europe	2008
RasGas		7		7.8		30	United States	2009

Total				61.3


(1)		Million tons per year.

(2)		Pending final agreements.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 53

(1) Shipping-cost basis: Qatar to United States

The application of ExxonMobil proprietary technology has facilitated significant reductions in the cost of shipping LNG. With the development of the Q-Flex and Q-Max class of ships, the cost of shipping from Qatar to the United States is expected to be reduced by about 30 percent, largely resulting from the economies of scale of increasing ship size by as much as 80 percent. The Qatargas and RasGas joint ventures will realize the benefits of these advances.

RASGAS TRAIN 5

RasGas Train 5 is designed to increase Qatar’s North Field production capacity by 4.7 million tons per year. As a near duplicate of Train 4, the Train 5 development will capture synergistic savings and minimize construction time. First production from Train 5 is anticipated to occur in mid-2007 and will supply European and Asian markets.

RASGAS TRAINS 6 & 7 (RAS LAFFAN III)

RasGas Trains 6 and 7 are the largest LNG export projects designed principally to supply the U.S. market. First deliveries are expected in 2008. Engineering, procurement, and construction (EPC) contracts were awarded in 2005 to produce and deliver 15.6 million tons per year of LNG from Qatar’s North Field, contributing significantly to meeting U.S. gas demand. Fifteen LNG ships are included in the development plan.

QATARGAS II

A joint development project created by Qatar Petroleum and ExxonMobil, Qatargas II further develops Qatar’s North Field through the addition of two record-setting, 7.8-million-ton-per-year onshore LNG liquefaction trains. The project includes offshore production, liquefaction, shipping, and regasification facilities. The first of the two trains, Train 4, is anticipated to start up in the second quarter of 2008. The second train, Train 5, is planned to start up in 2009.

DESIGN FOR RASGAS TRAINS 6 & 7

1 REFRIGERATION 2 NGL EXTRACTION 3 SULFUR RECOVERY 4 FRACTIONATION 5 GAS LIQUEFACTION 6 DEHYDRATION 7 ACID GAS REMOVAL 8 CONDENSATE TREATING

Illustration of one of the RasGas 7.8 million-ton-per-year LNG trains. These large industry-benchmark trains have been designed for greater efficiency and economy of scale.

54 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Russia/Caspian

ExxonMobil’s operations in the Russia/Caspian region accounted for about 3 percent of the company’s 2005 net oil and gas production, and about 4 percent of Upstream earnings, with those percentages expected to increase as new projects come onstream.

In the Caspian, ExxonMobil holds the unique position of participating in the development of three of the largest fields in the world: Kashagan and Tengiz in Kazakhstan, and Azeri-Chirag-Gunashli in Azerbaijan.

RUSSIA / CASPIAN HIGHLIGHTS


	2005		2004		2003
Earnings (billions of dollars)		0.9		0.4		0.2
Proved Reserves (BOEB)⁽¹⁾		2.2		2.3		2.2
Acreage (gross acres, million)		3.1		3.1		3.2
Net Liquids Production (MBD)		0.1		0.1		0.1
Net Gas Production (BCFD)		0.1		0.1		0.1


(1)		Excludes year-end price/cost revisions.

AZERBAIJAN

Production from the Azeri-Chirag-Gunashli development (ExxonMobil interest, 8 percent) in the southern Caspian Sea averaged 261 thousand barrels of oil per day (gross) in 2005.

AZERI — CHIRAG — GUNASHLI

Phase 1 of the multiphase Azeri-Chirag-Gunashli development started up in February 2005, developing the Central Azeri field. Phase 2 of the project started up in January 2006, further developing the Azeri field with two additional platforms. Phase 3 will develop the Gunashli field. Estimated recovery from Phases 1, 2, and 3 totals 5.4 billion oil-equivalent barrels (gross) with gross investment of $12 billion.

KAZAKHSTAN

ExxonMobil participates in the Tengizchevroil (TCO) joint venture (ExxonMobil interest, 25 percent), which includes a production license area encompassing the Tengiz field, an associated processing plant complex, and the nearby Korolev field. TCO also holds an exploration license that covers over 600 thousand gross acres surrounding the production license. Under the North Caspian Production Sharing Agreement (NCPSA), development planning activities are under way to initiate production from the giant Kashagan field, located offshore in the northern Caspian Sea.

TENGIZ

Peak production capacity of the Tengiz field, in Kazakhstan, is currently 300 thousand barrels of oil per day with over 3 billion barrels of oil reserves developed (gross). Planned expansions ($15 billion, gross) are expected to add more than 500 thousand barrels per day of oil production (gross) and develop an incremental 3.3 billion barrels of oil. The first expansion will integrate a second-generation gas-handling project with a sour-gas injection project, resulting in incremental production of 285 thousand barrels of oil per day (gross). Construction is under way with initial oil production planned in 2007.

KASHAGAN

Development of Kashagan will occur in phases, with the first phase targeting 5.2 billion barrels of oil (gross) at a producing rate of 450 thousand barrels per day. Phase 1 development, currently under way, will include an offshore production and separation hub on an artificial island, three drilling islands, three onshore oil-stabilization trains, and two onshore gas-treating plants. Future phases are expected to increase recovery to 13 billion barrels of oil (gross) at a producing rate of more than 1 million barrels of oil per day.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 55

RUSSIA

ExxonMobil operates and holds a 30-percent interest in the Sakhalin-1 blocks offshore Sakhalin Island, eastern Russia. Production from the first phase of this multiphase project commenced in 2005.

Exploration activities on the Sakhalin III blocks are pending award of exploration and production licenses by the Russian government.

WORLD – CLASS EXTENDED – REACH CAPABILITY

ExxonMobil’s Sakhalin drilling has defined a new extended-reach operating envelope for vertical depth and horizontal reach. ExxonMobil is not only drilling several of the longest and most complex extended-reach wells in the world, we are also drilling them faster than competitors. Average drilling rates for Chayvo wells have been 80 percent faster than typical competitor wells despite the record reach and depth. Our most recent well is the fastest yet, averaging more than 600 feet per day. Additionally, our wells have set world records for casing depth, coiled tubing, and completion operations.

EXTENDED – REACH DRILLING RATE Chayvo Wells Drilled by ExxonMobil in Sakhalin

Drilling from the Orlan drilling and production platform commenced in December 2005, offshore Sakhalin Island.

SAKHALIN – 1

The initial phase of the Sakhalin-1 Chayvo field development began first production in early October 2005 through the use of an interim production facility. The first oil and gas sales were to domestic customers, contributing to Russia’s Far East gasification program. The balance of the Chayvo gas resource will be exported to international markets once long-term gas sales contracts are concluded and the export system is built.

Phase 1 is slated to reach full production and start oil exports to international markets in 2006. The development of Chayvo will be followed by development of the Odoptu and Arkutun-Dagi fields.

56 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Upstream Operating Statistics

NET LIQUIDS PRODUCTION ⁽¹⁾– Including Tar Sands and Non-Consolidated Operations


(thousands of barrels per day)	2005		2004		2003		2002		2001

United States
Alaska		159		174		188		197		210
Lower 48		317		383		422		484		502
Total United States		477		557		610		681		712
Canada		346		355		363		349		331
Total North America		823		912		973		1,030		1,043

Europe
United Kingdom		202		235		278		305		320
Norway		327		328		280		263		307
Other		17		20		21		24		26
Total Europe		546		583		579		592		653

Africa
Nigeria		299		276		260		213		249
Angola		181		95		43		35		1
Equatorial Guinea		122		136		124		98		89
Other		64		65		15		3		3
Total Africa		666		572		442		349		342

Asia Pacific/Middle East
Australia		73		91		111		122		131
Malaysia		82		94		105		115		98
Middle East		163		158		149		127		135
Other		14		17		21		23		18
Total Asia Pacific/Middle East		332		360		386		387		382

Russia/Caspian		107		91		88		91		86

Other Areas		49		53		48		47		36

Total worldwide		2,523		2,571		2,516		2,496		2,542


Gas Plant Liquids Included Above
United States		68		86		90		111		120
Non-U.S.		172		168		166		178		185

Total worldwide		240		254		256		289		305


Tar Sands and Non-Consolidated Volumes Included Above
United States		93		101		106		106		109
Canada		53		59		52		57		52
Europe		7		9		9		9		10
Asia Pacific/Middle East		146		140		127		102		108
Russia/Caspian		72		74		71		74		70

Total worldwide		371		383		365		348		349


(1)		Net liquids production quantities are the volumes of crude oil and natural gas liquids withdrawn from ExxonMobil’s oil and gas reserves, excluding royalties and quantities due to others when produced, and are based on the volumes delivered from the lease or at the point measured for royalty and/or severance tax purposes. Volumes include 100 percent of the production of majority-owned affiliates, including liquids production from tar-sands operations in Canada, and ExxonMobil’s ownership of the production by companies owned 50 percent or less.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 57

NET NATURAL GAS PRODUCTION AVAILABLE FOR SALE ⁽¹⁾– Including Non-Consolidated Operations


(millions of cubic feet per day)	2005		2004		2003		2002		2001

United States		1,739		1,947		2,246		2,375		2,598
Canada		918		972		943		1,024		1,006
Total North America		2,657		2,919		3,189		3,399		3,604

Europe
The Netherlands		1,595		1,725		1,591		1,601		1,637
United Kingdom		1,126		1,196		1,234		1,417		1,547
Norway		709		645		667		503		445
Germany		885		1,048		1,006		942		966
Total Europe		4,315		4,614		4,498		4,463		4,595

Asia Pacific/Middle East
Australia		338		397		450		453		449
Malaysia		488		511		563		690		645
Middle East		846		642		455		408		354
Indonesia		410		578		745		825		401
Other		32		33		45		51		52
Total Asia Pacific/Middle East		2,114		2,161		2,258		2,427		1,901

Russia/Caspian		77		73		73		77		65

Other Areas		88		97		101		86		114

Total worldwide		9,251		9,864		10,119		10,452		10,279


Non-Consolidated Natural Gas Volumes Included Above
United States		2		2		2		2		13
Europe		1,548		1,667		1,531		1,539		1,556
Asia Pacific/Middle East		807		642		455		408		354
Other		73		74		73		77		65

Total worldwide		2,430		2,385		2,061		2,026		1,988


(1)		Net natural gas available for sale quantities are the volumes withdrawn from ExxonMobil’s natural gas reserves, excluding royalties and volumes due to others when produced, and excluding gas purchased from others, gas consumed in producing operations, field processing plant losses, volumes used for gas lift, gas injection and cycling operations, quantities flared, and volume shrinkage due to the removal of condensate or natural gas liquids fractions.

NATURAL GAS SALES ⁽¹⁾


(millions of cubic feet per day)	2005		2004		2003		2002		2001

United States		1,833		2,277		4,793		6,939		5,925
Canada		1,094		1,253		1,919		2,051		2,305
Europe		6,015		6,262		6,610		7,544		7,570
Asia Pacific/Middle East		1,901		1,973		2,092		2,241		1,780
Russia/Caspian		170		170		177		186		203
Other		8		7		4		2		2

Total worldwide		11,021		11,942		15,595		18,963		17,785


(1)		Natural gas sales include 100 percent of the sales of ExxonMobil- and majority-owned affiliates and ExxonMobil’s ownership of sales by companies owned 50 percent or less. Numbers include sales of gas purchased from third parties.

58 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

NUMBER OF NET WELLS DRILLED ANNUALLY ⁽¹⁾


	Productive										Dry										Total
(net wells drilled)	2005		2004		2003		2002		2001		2005		2004		2003		2002		2001		2005		2004		2003		2002		2001

Exploratory⁽²⁾		24		21		38		46		51		13		15		28		23		41		37		36		66		69		92
Development		946		1,164		1,060		1,287		1,313		14		18		34		29		24		960		1,182		1,094		1,316		1,337
Total		970		1,185		1,098		1,333		1,364		27		33		62		52		65		997		1,218		1,160		1,385		1,429

NET ACREAGE AT YEAR END ⁽³⁾


	Undeveloped										Developed
(thousands of net acres)	2005		2004		2003		2002		2001		2005		2004		2003		2002		2001

United States		6,413		7,055		7,353		7,309		7,669		5,260		5,480		5,655		5,695		5,714
Canada⁽⁴⁾		4,971		6,144		5,204		8,851		9,708		2,266		2,527		2,457		2,382		2,426
Europe		2,778		2,245		2,611		2,687		4,624		4,687		4,715		4,746		4,874		4,819
Africa		29,048		21,797		11,447		12,205		15,736		545		475		462		685		630
Asia Pacific/Middle East		3,797		4,180		8,694		12,088		14,171		1,570		2,436		3,079		3,047		2,995
Russia/Caspian		569		561		601		628		1,241		116		103		103		103		103
Other		19,513		19,688		15,141		17,459		19,205		232		388		388		387		388
Total worldwide		67,089		61,670		51,051		61,227		72,354		14,676		16,124		16,890		17,173		17,075

NET CAPITALIZED COSTS AT YEAR END ⁽³⁾


(millions of dollars)	2005		2004		2003		2002		2001

United States		16,097		16,217		16,711		15,739		15,408
Canada⁽⁴⁾		9,096		8,907		8,114		6,114		5,772
Europe		13,556		16,169		15,830		12,872		10,704
Africa		12,744		10,706		8,606		5,755		4,355
Asia Pacific/Middle East		6,718		6,675		7,094		6,078		5,622
Russia/Caspian		7,158		5,336		3,975		2,964		2,328
Other		1,210		1,237		1,216		1,237		1,273
Total worldwide		66,579		65,247		61,546		50,759		45,462

COSTS INCURRED IN PROPERTY ACQUISITION , EXPLORATION , AND DEVELOPMENT ACTIVITIES ⁽³⁾


									Asia Pacific/		Russia/
(millions of dollars)	United States		Canada⁽⁴⁾		Europe		Africa		Middle East		Caspian		Other		Worldwide

During 2005
Property acquisition costs		11		6		—		53		41		330		12		453
Exploration costs		286		75		152		507		181		160		59		1,420
Development costs		1,695		1,079		1,493		3,189		850		2,157		98		10,561
Total		1,992		1,160		1,645		3,749		1,072		2,647		169		12,434

During 2004
Property acquisition costs		14		1		—		92		2		25		—		134
Exploration costs		233		80		143		382		141		190		86		1,255
Development costs		1,581		1,196		1,381		2,788		668		1,435		73		9,122
Total		1,828		1,277		1,524		3,262		811		1,650		159		10,511

During 2003⁽⁵⁾
Property acquisition costs		17		7		4		17		—		—		—		45
Exploration costs		253		102		171		264		151		173		67		1,181
Development costs		1,780		1,079		1,968		3,117		870		1,015		27		9,856
Total		2,050		1,188		2,143		3,398		1,021		1,188		94		11,082

During 2002
Property acquisition costs		32		20		—		10		—		121		4		187
Exploration costs		281		109		160		301		116		96		100		1,163
Development costs		1,843		949		1,975		1,708		924		658		44		8,101
Total		2,156		1,078		2,135		2,019		1,040		875		148		9,451


(1)		A regional breakout of this data is included on page 12 of ExxonMobil’s 2005 Form 10-K.

(2)		These include near-field and appraisal wells classified as exploratory for SEC reporting.

(3)		Includes non-consolidated interests and Canadian tar-sands mining operations and is not directly comparable to data on pages A54 and A55 of ExxonMobil’s 2006 Proxy Statement, and page 6 of ExxonMobil’s 2005 Form 10-K, which due to financial reporting requirements, treat Canadian tar sands as a mining operation.

(4)		Canadian tar-sands data included above: net acreage of 28 thousand developed acres and 149 thousand undeveloped acres at year-end 2005, net capitalized cost of about $2.8 billion at year-end 2005, exploration costs of $13 million, and development costs of $455 million incurred during 2005.

(5)		Per FAS 143, development costs beginning in 2003 also included new asset retirement obligations established in the current year, as well as increases or decreases to the asset retirement obligation resulting from changes in cost estimates or abandonment date.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 59

PROVED OIL AND GAS RESERVES ⁽¹⁾

The Corporation began stating its reserves on the basis of December 31 prices and costs in 2004.

The use of year-end prices for reserves estimation introduces short-term price volatility into the process since annual adjustments are required based on prices occurring on a single day. The Corporation believes that this approach is inconsistent with the long-term nature of the upstream business where production from individual projects often spans multiple decades. The use of prices from a single date is not relevant to the investment decisions made by the Corporation and annual variations in reserves based on such year-end prices are of no consequence in how the business is actually managed.


	2005			2004			2003		2002		2001

Liquids, Including Tar Sands and Non-Consolidated Reserves (millions of barrels at year end)
Net proved developed and undeveloped reserves
United States		2,424			2,894			3,218		3,352		3,494
Canada⁽²⁾		1,701			1,848			1,975		2,085		2,098
Europe		886			1,029			1,204		1,359		1,503
Africa		2,527			2,654			2,742		2,626		2,461
Asia Pacific/Middle East		1,908			1,688			1,383		1,372		1,410
Russia/Caspian		1,798			1,922			1,822		1,302		801
Other		451			478			512		527		545
Total worldwide excluding year-end price/cost revisions		11,695			12,513			12,856		12,623		12,312

Year-end price/cost revisions		(466	)		(862	)		—		—		—

Total worldwide		11,229			11,651			12,856		12,623		12,312

Proportional interest in tar sands and non-consolidated reserves included above, excluding year-end price/cost revisions
United States		391			402			426		444		466
Canada (tar sands)⁽²⁾		738			757			781		800		821
Europe		11			17			20		26		27
Asia Pacific/Middle East		1,353			1,161			767		779		758
Russia/Caspian		923			981			973		949		688

Net proved developed reserves included above
United States		2,006			2,551			2,711		2,835		2,957
Canada⁽²⁾		1,117			1,089			1,301		1,255		1,184
Europe		665			778			821		817		900
Africa		1,218			1,117			1,107		1,057		1,022
Asia Pacific/Middle East		1,189			1,045			1,105		1,162		1,193
Russia/Caspian		629			634			546		498		382
Other		227			129			132		147		165

Total worldwide		7,051			7,343			7,723		7,771		7,803


Natural Gas, Including Non-Consolidated Reserves (billions of cubic feet at year end)
Net proved developed and undeveloped reserves
United States		11,362			10,578			11,424		12,239		12,924
Canada		1,735			1,979			2,341		2,882		3,183
Europe		20,575			21,916			23,849		24,336		25,252
Africa		841			771			583		436		379
Asia Pacific/Middle East		26,662			19,938			13,993		13,467		12,576
Russia/Caspian		2,173			1,989			1,934		1,671		950
Other		619			769			645		687		682
Total worldwide excluding year-end price/cost revisions		63,967			57,940			54,769		55,718		55,946

Year-end price/cost revisions		2,940			2,422			—		—		—

Total worldwide		66,907			60,362			54,769		55,718		55,946

Proportional interest in non-consolidated reserves included above, excluding year-end price/cost revisions
United States		136			140			152		177		192
Europe		12,340			12,873			13,703		13,828		14,321
Asia Pacific/Middle East		18,697			13,339			6,055		5,692		4,237
Russia/Caspian		1,326			1,473			1,464		1,440		942

Net proved developed reserves included above
United States		10,499			9,254			9,637		10,128		10,511
Canada		1,527			1,647			1,962		2,294		2,517
Europe		16,558			16,881			14,966		12,928		13,641
Africa		376			279			155		112		122
Asia Pacific/Middle East		13,343			9,018			8,473		8,274		8,395
Russia/Caspian		1,062			841			713		637		473
Other		313			279			328		370		363

Total worldwide		43,678			38,199			36,234		34,743		36,022

(1)		See Frequently Used Terms on pages 88 through 91.

(2)		Includes proven reserves from Canadian tar-sands operations in Canada and, therefore, is not directly comparable to data shown on pages A57 to A59 of ExxonMobil’s 2006 Proxy Statement, which due to financial reporting requirements, treat Canadian tar sands as a mining operation.

60 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

PROVED OIL AND GAS RESERVES REPLACEMENT ⁽¹⁾ – Units are million barrels of oil or billion cubic feet of gas unless specified otherwise


																Average
	2005			2004			2003			2002			2001			2001-2005

Liquids (millions of barrels)
Revisions		(333	)		97			375			355			264			152
Improved recovery		30			22			111			94			121			75
Extensions/discoveries		516			595			674			777			683			649
Purchases		113			10			1			—			—			25
Sales		(227	)		(132	)		(16	)		(13	)		(9	)		(79	)

Total additions before year-end price/cost revisions		99			592			1,145			1,213			1,059			822
Remove prior year-end price/cost revisions		862			—		NA			NA			NA			NA
Current year-end price/cost revisions		(466	)		(862	)	NA			NA			NA			NA
Total additions		495			(270	)	NA			NA			NA			NA
Production		917			935			912			902			918			917

Reserves replacement ratio, excluding sales⁽²⁾(percent)		36			77			127			136			116			98
Reserves replacement ratio, including sales⁽²⁾(percent)		11			63			126			134			115			90
Reserves replacement ratio, including sales and year-end price/cost revisions⁽²⁾(percent)		54			—		NA			NA			NA			NA


Natural Gas (billions of cubic feet)
Revisions		4,261			256			1,462			1,447			836			1,653
Improved recovery		9			37			25			4			39			23
Extensions/discoveries		5,667			7,282			1,719			2,597			3,431			4,139
Purchases		53			9			10			2			1			15
Sales		(229	)		(477	)		(120	)		(43	)		(69	)		(188	)

Total additions before year-end price/cost revisions		9,761			7,107			3,096			4,007			4,238			5,642
Remove prior year-end price/cost revisions		(2,422	)		—		NA			NA			NA			NA
Current year-end price/cost revisions		2,940			2,422		NA			NA			NA			NA
Total additions		10,279			9,529		NA			NA			NA			NA
Production		3,734			3,936			4,045			4,235			4,158			4,022

Reserves replacement ratio, excluding sales⁽²⁾(percent)		268			193			80			96			104			145
Reserves replacement ratio, including sales⁽²⁾(percent)		261			181			77			95			102			140
Reserves replacement ratio, including sales and year-end price/cost revisions⁽²⁾(percent)		275			242		NA			NA			NA			NA


Oil-Equivalent (millions of barrels)
Revisions		377			140			619			597			403			427
Improved recovery		31			28			116			95			127			80
Extensions/discoveries		1,461			1,809			961			1,210			1,255			1,339
Purchases		122			11			2			—			—			27
Sales		(265	)		(211	)		(36	)		(21	)		(20	)		(111	)

Total additions before year-end price/cost revisions		1,726			1,777			1,662			1,881			1,765			1,762
Remove prior year-end price/cost revisions		458			—		NA			NA			NA			NA
Current year-end price/cost revisions		24			(459	)	NA			NA			NA			NA
Total additions		2,208			1,318		NA			NA			NA			NA
Production		1,539			1,591			1,587			1,608			1,611			1,587

Reserves replacement ratio, excluding sales⁽²⁾(percent)		129			125			107			118			111			118
Reserves replacement ratio, including sales⁽²⁾(percent)		112			112			105			117			110			111
Reserves replacement ratio, including sales and year-end price/cost revisions⁽²⁾(percent)		143			83		NA			NA			NA			NA

2005 Reserves Changes by Region


	Crude Oil and Natural Gas Liquids (millions of barrels)																								Natural Gas (billions of cubic feet)
													Asia Pacific/																							Asia Pacific/
	United												Middle			Russia/									United											Middle			Russia/
	States			Canada			Europe			Africa			East			Caspian			Other			Total			States			Canada			Europe			Africa		East			Caspian			Other			Total

Revisions		(237	)		2			7			(53	)		89			(139	)		(2	)		(333	)		1,367			128			256			35		2,701			(114	)		(112	)		4,261
Improved recovery		27			—			3			—			—			—			—			30			9			—			—			—		—			—			—			9
Extensions/discoveries		6			19			47			170			262			12			—			516			288			27			117			57		4,863			315			—			5,667
Purchases		—			—			—			—			—			113			—			113			—			—			—			—		—			53			—			53
Sales		(96	)		(42	)		(1	)		—			(11	)		(70	)		(7	)		(227	)		(105	)		(23	)		(73	)		—		—			(26	)		(2	)		(229	)

Total additions before year-end price/cost revisions		(300	)		(21	)		56			117			340			(84	)		(9	)		99			1,559			132			300			92		7,564			228			(114	)		9,761
Remove 2004 year-end price/cost revisions		(101	)		464			(2	)		210			4			287			—			862			(1,891	)		96			(826	)		—		93			106			—			(2,422	)
2005 year-end price/cost revisions		102			(131	)		8			(215	)		(12	)		(218	)		—			(466	)		2,466			(30	)		847			—		(264	)		(79	)		—			2,940
Total additions		(299	)		312			62			112			332			(15	)		(9	)		495			2,134			198			321			92		7,393			255			(114	)		10,279
Production		170			126			199			244			120			40			18			917			775			376			1,641			22		841			43			36			3,734
Net change		(469	)		186			(137	)		(132	)		212			(55	)		(27	)		(422	)		1,359			(178	)		(1,320	)		70		6,552			212			(150	)		6,545

Reserves replacement ratio, excluding sales⁽²⁾(percent)		—			17			29			48			293			—			—			36			215			41			23			418		899			591			—			268
Reserves replacement ratio, including sales⁽²⁾(percent)		—			—			28			48			283			—			—			11			201			35			18			418		899			530			—			261
Reserves replacement ratio, including sales and year-end price/cost revisions (percent)		—			248			31			46			277			—			—			54			275			53			20			418		879			593			—			275

See footnotes on page 61.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 61

PROVED OIL AND GAS RESERVES REPLACEMENT ⁽¹⁾ – Units are million barrels of oil or billion cubic feet of gas unless specified otherwise


													Average
	2005			2004			2003		2002		2001		2001-2005

Non-U.S.
E&P costs (millions of dollars)		10,442			8,683			9,032		7,295		5,670		8,224

Oil reserves additions		794			(246	)		1,063		1,116		795		704
Oil production		747			737			695		663		668		702

Gas reserves additions		8,145			7,626			2,900		3,635		3,477		5,157
Gas production		2,959			3,077			3,034		3,177		3,026		3,055

Oil-equivalent reserves additions, excluding sales⁽²⁾		1,918			1,974			1,554		1,722		1,375		1,709
Oil-equivalent reserves additions, including sales⁽²⁾		1,766			1,900			1,547		1,722		1,374		1,662
Oil-equivalent reserves additions, including sales and price/cost revisions		2,151			1,025		NA		NA		NA		NA
Oil-equivalent production		1,240			1,250			1,201		1,193		1,172		1,211

Reserves replacement ratio, excluding sales⁽²⁾(percent)		155			158			129		144		117		141
Reserves replacement ratio, including sales⁽²⁾(percent)		142			152			129		144		117		137
Reserves replacement ratio, including sales and year-end price/cost revisions (percent)		173			82		NA		NA		NA		NA
Reserves replacement costs⁽³⁾(dollars per barrel)		5.44			4.40			5.81		4.24		4.12		4.81


United States
E&P costs (millions of dollars)		1,992			1,828			2,050		2,156		2,267		2,059

Oil reserves additions		(299	)		(24	)		82		97		264		24
Oil production		170			198			217		239		250		215

Gas reserves additions		2,134			1,903			196		372		761		1,073
Gas production		775			859			1,011		1,058		1,132		967

Oil-equivalent reserves additions, excluding sales⁽²⁾		73			14			144		180		410		164
Oil-equivalent reserves additions, including sales⁽²⁾		(40	)		(123	)		115		159		391		100
Oil-equivalent reserves additions, including sales and year-end price/cost revisions		57			293		NA		NA		NA		NA
Oil-equivalent production		299			341			386		415		439		376

Reserves replacement ratio, excluding sales⁽²⁾(percent)		24			4			37		43		93		44
Reserves replacement ratio, including sales⁽²⁾(percent)		—			—			30		38		89		27
Reserves replacement ratio, including sales and year-end price/cost revisions (percent)		19			86		NA		NA		NA		NA
Reserves replacement costs⁽³⁾(dollars per barrel)		27.29			130.57			14.24		11.98		5.53		12.54


Worldwide
E&P costs (millions of dollars)		12,434			10,511			11,082		9,451		7,937		10,283

Oil reserves additions		495			(270	)		1,145		1,213		1,059		728
Oil production		917			935			912		902		918		917

Gas reserves additions		10,279			9,529			3,096		4,007		4,238		6,230
Gas production		3,734			3,936			4,045		4,235		4,158		4,022

Oil-equivalent reserves additions, excluding sales⁽²⁾		1,991			1,988			1,698		1,902		1,785		1,873
Oil-equivalent reserves additions, including sales⁽²⁾		1,726			1,777			1,662		1,881		1,765		1,762
Oil-equivalent reserves additions, including sales and price/cost revisions		2,208			1,318		NA		NA		NA		NA
Oil-equivalent production		1,539			1,591			1,587		1,608		1,611		1,587

Reserves replacement ratio, excluding sales⁽²⁾(percent)		129			125			107		118		111		118
Reserves replacement ratio, including sales⁽²⁾(percent)		112			112			105		117		110		111
Reserves replacement ratio, including sales and year-end price/cost revisions (percent)		143			83		NA		NA		NA		NA
Reserves replacement costs⁽³⁾(dollars per barrel)		6.25			5.29			6.53		4.97		4.45		5.49

(1)		The data shown above and on the preceding page include reserves, production, and costs from Canadian tar-sands operations. This is a more complete summary of ExxonMobil’s exploration and production operations than the data on pages A57 to A59 of ExxonMobil’s 2006 Proxy Statement, which due to financial reporting requirements, treat Canadian tar sands as a mining operation. See Frequently Used Terms on pages 88 through 91 for definitions of reserves and reserves replacement ratio.

(2)		Excluding year-end revisions associated with using December 31 prices and costs. See Frequently Used Terms on pages 88 through 91 for definitions of reserves and reserves replacement ratio.

(3)		Calculation based on exploration and production costs divided by oil-equivalent reserves additions. All values exclude the impact of asset sales; i.e., reserves sold and proceeds received; and price/cost related revisions associated with using December 31 prices and costs. See Frequently Used Terms for definition of reserves replacement costs.

62 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

OIL AND GAS EXPLORATION AND PRODUCTION EARNINGS

The revenue, cost, and earnings data are shown both on a total dollar and unit basis, and are inclusive of non-consolidated and Canadian tar sands operations. They are not directly comparable to the data on pages A52 and A53 of ExxonMobil’s 2006 Proxy Statement, which due to financial reporting requirements, treat Canadian tar sands as a mining operation. The data displayed here provide a more complete summary of ExxonMobil’s exploration and production operations.


	Total Revenues and Costs, Including Non-Consolidated Interests and Tar Sands																				Revenues and Costs per Unit of Sales or Production⁽¹⁾
											Asia Pacific/															Outside
	United										Middle			Russia/							United					North
	States			Canada			Europe		Africa		East			Caspian		Other			Total		States		Canada			America		Worldwide

2005									(millions of dollars)														(dollars per unit of sales)
Revenue
Crude oil and NGL		8,081			5,251			9,841		12,333		6,396			1,819		656			44,377		46.29		41.42			50.73		48.59
Natural gas		4,633			2,492			9,095		—		3,165			21		38			19,444		7.30		7.43			5.12		5.76

																					(dollars per barrel of net oil-equivalent production)
Total revenue		12,714			7,743			18,936		12,333		9,561			1,840		694			63,821		45.41		42.48			42.46		43.02
Less costs:
Production costs excluding taxes		1,786			1,782			2,461		840		624			209		105			7,807		6.38		9.78			4.15		5.26
Depreciation and depletion		1,291			1,037			2,362		1,319		716			199		58			6,982		4.61		5.68			4.56		4.71
Exploration expenses		158			49			77		310		122			164		101			981		0.56		0.27			0.76		0.66
Taxes other than income		761			61			2,113		1,158		2,501			57		3			6,654		2.72		0.33			5.71		4.49
Related income tax		3,138			1,656			7,130		5,143		2,596			411		159			20,233		11.21		9.09			15.11		13.64

Results of producing activities		5,580			3,158			4,793		3,563		3,002			800		268			21,164		19.93		17.33			12.17		14.26
Other earnings⁽²⁾		633			(70	)		2,101		166		6			109		(61	)		2,884		2.26		(0.39	)		2.27		1.95

Total earnings, excluding power and coal		6,213			3,088			6,894		3,729		3,008			909		207			24,048		22.19		16.94			14.44		16.21
Power and coal		(13	)		—			—		—		314			—		—			301

Total earnings		6,200			3,088			6,894		3,729		3,322			909		207			24,349


2004									(millions of dollars)														(dollars per unit of sales)
Revenue
Crude oil and NGL		7,119			4,148			7,647		7,301		5,071			1,061		462			32,809		34.92		31.92			35.51		34.88
Natural gas		3,943			1,860			7,642		—		2,629			18		40			16,132		5.53		5.23			4.06		4.47

																					(dollars per barrel of net oil-equivalent production)
Total revenue		11,062			6,008			15,289		7,301		7,700			1,079		502			48,941		34.28		31.74			30.92		31.72
Less costs:
Production costs excluding taxes		1,787			1,444			2,209		719		695			180		82			7,116		5.54		7.63			3.77		4.61
Depreciation and depletion		1,454			1,020			2,296		839		740			98		60			6,507		4.50		5.38			3.91		4.22
Exploration expenses		202			104			137		321		104			189		76			1,133		0.63		0.55			0.80		0.73
Taxes other than income		571			52			1,747		722		1,702			42		3			4,839		1.77		0.28			4.09		3.14
Related income tax		2,546			1,147			4,971		2,789		1,949			201		97			13,700		7.89		6.06			9.71		8.88

Results of producing activities		4,502			2,241			3,929		1,911		2,510			369		184			15,646		13.95		11.84			8.64		10.14
Other earnings⁽²⁾		458			(313	)		459		201		(85	)		13		(7	)		726		1.42		(1.65	)		0.56		0.47

Total earnings, excluding power and coal		4,960			1,928			4,388		2,112		2,425			382		177			16,372		15.37		10.19			9.20		10.61
Power and coal		(12	)		—			—		—		315			—		—			303

Total earnings		4,948			1,928			4,388		2,112		2,740			382		177			16,675

(1)		The per unit data is divided into two separate sections: (a) revenue per unit of sales from ExxonMobil’s own production; and, (b) operating costs and earnings per unit of net oil-equivalent production. Units for crude oil and natural gas liquids (NGL) are barrels, while units for natural gas are thousands of cubic feet. The volumes of crude oil and natural gas liquids production and net natural gas production available for sale used in this calculation are shown on pages 56 and 57 of this document. The volumes of natural gas were converted to oil-equivalent barrels based on a conversion factor of 6 thousand cubic feet per barrel.

(2)		Includes earnings related to transportation operations, LNG liquefaction and transportation operations, sale of third-party purchases, technical services agreements, other nonoperating activities, and adjustments for minority interests.

(3)		Other revenue includes carbon dioxide, helium, and sulfur. Revenue from these products has been included in other earnings beginning in 2002.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 63

Oil and Gas Exploration and Production Earnings (continued)


	Total Revenues and Costs, Including Non-Consolidated Interests and Tar Sands																				Revenues and Costs per Unit of Sales or Production⁽¹⁾
										Asia Pacific/																Outside
	United									Middle			Russia/								United					North
	States		Canada			Europe		Africa		East			Caspian			Other			Total		States		Canada			America		Worldwide

2003								(millions of dollars)															(dollars per unit of sales)
Revenue
Crude oil and NGL		5,785		3,307			5,683		4,499		4,014			755			326			24,369		26.00		24.80			27.47		26.72
Natural gas		4,152		1,587			6,720		—		2,342			16			38			14,855		5.07		4.61			3.60		4.02

																					(dollars per barrel of net oil-equivalent production)
Total revenue		9,937		4,894			12,403		4,499		6,356			771			364			39,224		27.67		25.75			24.77		25.57
Less costs:
Production costs excluding taxes		1,780		1,372			1,951		564		640			150			79			6,536		4.96		7.22			3.44		4.26
Depreciation and depletion		1,574		821			1,997		459		797			92			62			5,802		4.37		4.32			3.46		3.78
Exploration expenses		257		92			166		217		152			95			54			1,033		0.72		0.48			0.69		0.67
Taxes other than income		554		42			1,594		528		1,154			41			3			3,916		1.54		0.22			3.37		2.55
Related income tax		2,017		808			3,420		1,496		1,664			138			39			9,582		5.62		4.25			6.86		6.25

Results of producing activities		3,755		1,759			3,275		1,235		1,949			255			127			12,355		10.46		9.26			6.95		8.06
Other earnings⁽²⁾		149		(246	)		1,977		14		(62	)		9			(6	)		1,835		0.41		(1.30	)		1.96		1.19

Total earnings, excluding power and coal		3,904		1,513			5,252		1,249		1,887			264			121			14,190		10.87		7.96			8.91		9.25
Power and coal		1		—			—		—		311			—			—			312

Total earnings		3,905		1,513			5,252		1,249		2,198			264			121			14,502


2002								(millions of dollars)															(dollars per unit of sales)
Revenue
Crude oil and NGL		5,203		2,715			4,979		3,064		3,486			643			235			20,325		20.95		21.56			23.15		22.33
Natural gas		2,320		876			5,304		—		2,020			14			15			10,549		2.68		2.34			2.86		2.77

																					(dollars per barrel of net oil-equivalent production)
Total revenue		7,523		3,591			10,283		3,064		5,506			657			250			30,874		19.14		18.94			20.49		19.96
Less costs:
Production costs excluding taxes		1,675		1,010			1,674		455		676			129			89			5,708		4.26		5.33			3.13		3.69
Depreciation and depletion		1,644		716			1,869		354		713			97			76			5,469		4.19		3.77			3.22		3.54
Exploration expenses		222		66			133		177		112			162			85			957		0.56		0.35			0.69		0.62
Taxes other than income		477		33			1,007		345		882			36			3			2,783		1.21		0.17			2.36		1.80
Related income tax		1,153		566			2,828		972		1,407			60			(161	)		6,825		2.93		2.99			5.30		4.41

Results of producing activities		2,352		1,200			2,772		761		1,716			173			158			9,132		5.99		6.33			5.79		5.90
Other earnings⁽²⁾		165		(202	)		228		76		(102	)		(6	)		1			160		0.41		(1.07	)		0.20		0.10

Total earnings, excluding power and coal		2,517		998			3,000		837		1,614			167			159			9,292		6.40		5.26			5.99		6.00
Power and coal		7		—			—		—		299			—			—			306

Total earnings		2,524		998			3,000		837		1,913			167			159			9,598


2001								(millions of dollars)															(dollars per unit of sales)
Revenue
Crude oil and NGL		5,124		2,095			5,372		2,911		3,376			475			128			19,481		19.70		17.43			22.74		21.19
Natural gas		4,126		1,364			5,790		—		1,370			10			60			12,720		4.35		3.71			2.97		3.39
Other⁽³⁾		90		7			23		—		—			—			2			122

																					(dollars per barrel of net oil-equivalent production)
Total revenue		9,340		3,466			11,185		2,911		4,746			485			190			32,323		22.35		19.05			20.47		20.81
Less costs:
Production costs excluding taxes		1,650		884			1,613		414		679			88			123			5,451		3.95		4.86			3.06		3.51
Depreciation and depletion		1,522		602			1,781		318		612			112			68			5,015		3.64		3.31			3.03		3.22
Exploration expenses		216		109			128		217		122			124			275			1,191		0.52		0.60			0.91		0.77
Taxes other than income		567		56			1,178		375		829			26			4			3,035		1.36		0.31			2.53		1.96
Related income tax		1,957		603			3,079		1,023		1,186			13			(150	)		7,711		4.68		3.31			5.40		4.96

Results of producing activities		3,428		1,212			3,406		564		1,318			122			(130	)		9,920		8.20		6.66			5.54		6.39
Other earnings⁽²⁾		504		(151	)		224		32		(70	)		(18	)		(12	)		509		1.21		(0.83	)		0.16		0.32

Total earnings, excluding power and coal		3,932		1,061			3,630		596		1,248			104			(142	)		10,429		9.41		5.83			5.70		6.71
Power and coal		1		—			—		—		306			—			—			307

Total earnings		3,933		1,061			3,630		596		1,554			104			(142	)		10,736

See footnotes on page 62.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 65

DOWNSTREAM STRATEGIES

ExxonMobil has refining operations in 25 countries, over 35 thousand retail sites in nearly 100 countries, and lubricants marketing activities in approximately 160 countries and territories. Our financial objectives in the Downstream can be summarized into three broad areas — margin enhancement, cost efficiency, and capital discipline. The key strategies we pursue to meet these objectives are:

§		Maintain best-in-class operations, in all respects;

§		Provide quality, valued products and services to customers;

§		Lead industry in efficiency and effectiveness;

§		Capitalize on integration with other ExxonMobil businesses;

§		Selectively invest for resilient, advantaged returns; and,

§		Maximize value from leading-edge technology.

Delivering on these objectives enables us to create long-term value for shareholders through industry-leading performance, such as return on average capital employed.

2005 RESULTS AND HIGHLIGHTS

Continued leadership in safety, reliability, scale, and technology helped contribute to our best-ever financial and operating results.

Earnings increased 40 percent versus 2004 to $8 billion.

More than $2.0 billion of pretax operating cost efficiencies and revenue enhancements were achieved. We have delivered an average of $1.6 billion in pretax savings per year since 2001 through improvements that leverage our industry-leading proprietary technology, scale, and global functional organization.

Downstream capital expenditures were $2.5 billion in 2005, up 4 percent versus 2004, due to opportunities associated with economic growth in Asia Pacific.

Downstream return on average capital employed was 32 percent, up from 21 percent in 2004, aided by stronger industry margins and ongoing “self-help” improvements.

Refinery throughput, at 5.7 million barrels per day, was the highest since 2000 following the merger. Higher throughput in Asia Pacific more than offset the effects of the U.S. Gulf Coast hurricanes.

Petroleum product sales of 8.3 million barrels per day were the highest since 2000 following the merger, largely due to higher refinery throughput and stronger industry demand.

DOWNSTREAM COMPETITIVE ADVANTAGES

ExxonMobil’s Downstream business is a large, diversified, and profitable portfolio, with refining facilities and marketing presence around the world. In pursuing our Downstream strategies, we have created sustainable competitive advantage in a number of areas:

Our manufacturing facilities are highly integrated with other ExxonMobil operations. Integration provides us with the flexibility to optimize feedstock and product streams in a refining-chemical complex to the highest-value outlet. It also enables us to share infrastructure and support staff, lowering operating costs.

Our global functional organization enables better prioritization and rapid deployment of new technologies, while fully leveraging best practices and cost efficiencies across the Downstream businesses.

The Exxon, Mobil, and Esso brands are well-recognized and respected throughout the world, and are valued by customers for superior quality, performance, and reliability.


(1)		Royal Dutch Shell, BP, and Chevron values are estimated on a consistent basis with ExxonMobil, based on public information.

66 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Refining and Supply

ExxonMobil’s Refining and Supply business utilizes a highly efficient network of manufacturing facilities and transportation and distribution systems to provide clean fuels, lubricants, and other high-value products and feedstocks to our customers around the world. Our global supply organization places the Upstream’s equity crude production in its highest-value disposition and optimizes the supply of raw materials to our refineries and products to our customers.

Employees optimize raw material and product supplies in ExxonMobil’s global commercial and operations center in Fairfax, Virginia. We are the largest global refiner and manufacturer of lube basestocks in the world.

LARGEST GLOBAL REFINER


Refinery interests		45
Distillation capacity (barrels per day)	6.4 million
Lube basestock capacity (barrels per day)	150 thousand
Crude oil and product tanker interests (>1kDWT)		26
Major petroleum products terminals		269


(1)		Royal Dutch Shell and BP values calculated on a consistent basis with ExxonMobil, based on public information.

(2)		Conversion capacity includes cat cracking, hydrocracking, and coking.

GLOBAL SCALE AND INTEGRATION ARE STRUCTURAL ADVANTAGES

We are the largest global refining company and also the world’s largest manufacturer of lube basestocks.

We have more distillation and conversion capacity than any refiner in the world. Overall, our refineries are 65 percent larger than the industry average and are integrated with chemical or lubricants operations at many locations. Combined, these factors enable us to place molecules in the highest-value outlet and provide advantages through improved feedstock flexibility and lower site operating costs.

In addition to being large, we are an industry leader in operations excellence, including safety and reliability, and in improving margin, operating efficiency, and capital productivity.

Our scale, integration, functional organization, and technical capabilities combine to provide us with significant competitive advantages versus industry. These structural strengths are difficult for competitors to duplicate. We leverage them across our global network to yield results that are better than industry.

IMPROVING MARGIN

We improve returns and create shareholder value by lowering our raw materials cost, by improving our yield of high-value products, and by increasing refinery utilization.

Innovation Lowers Raw Material Costs

We continue to find new, innovative methods to reduce overall raw material costs. We employ advanced molecular fingerprinting and modeling technologies that improve our understanding of the behavior and characteristics of materials moving through our refineries. This technology enables us to more precisely select and blend crudes with properties that will produce the highest margins through our operating facilities.


(1)		Royal Dutch Shell and BP values calculated on a consistent basis with ExxonMobil, based on public Information.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 67

We are also an industry leader in identifying and utilizing challenged crudes that are typically discounted in the marketplace because they are acidic or have other properties that make them difficult to process. Over the past five years, we have increased runs of these crudes by 60 percent. We have also increased our ability to process high sulfur and heavy crudes, which provided significant cost advantage last year. In 2005, we ran 126 crudes that were new to our individual refineries, 21 of which had never been processed by ExxonMobil anywhere in the world.

Optimizing the Yield of High-Value Products

Technology and innovation are also keys to maximizing yields of high-value products, and our global functional organization is focused on quickly moving technological breakthroughs from the drawing board to the field. Our molecule management technology also enables us to optimize the composition of our products in real time and maximize yields of high-value products. This program is expected to deliver about $750 million per year, and implementation is 70 percent complete.

About 80 percent of our fuels refining capacity is integrated with either chemical and/or lubricants and specialties operations. We realize a sizable yield advantage from our ability to optimize many product and feedstock streams and exchanges between the plants. For example, by integrating a large chemical operation with a refinery, streams that would normally end up as fuels products can be upgraded to higher-value chemical products.

Increasing Refinery Utilization

We reduce planned downtime by shortening the time required to complete required work while units are out of service and by extending intervals between turnarounds. We also continue to decrease unplanned capacity loss, which we have reduced about 30 percent since 2000. Our improvements are driven by the disciplined application of our Reliability and Maintenance Management System, which continues to safely increase plant reliability and availability while lowering total facility maintenance costs. We are an industry leader in operating reliability and utilization of our refining capacity.


(1)		Estimated Solomon data; survey is only prepared in even years. Utilization would have been higher in 2005 versus 2004 absent the U.S. hurricanes.

PURSUIT OF OPERATING EFFICIENCIES

In addition to improving margin, we also increase returns by becoming more efficient. Energy and workforce in total comprise about 75 percent of total refining cash operating costs. An ongoing focus on being the most efficient in these areas, as well as in other expenses, has resulted in worldwide cash operating costs at our refineries that are substantially below the industry average, as confirmed by external benchmarking with Solomon Associates, Inc.

Energy Initiatives Lower Operating Costs

Improved energy efficiency is a key contributor to our better-than-industry cost performance. In 2005, we had our best-ever energy efficiency, and we have been improving at a rate about twice that of industry. ExxonMobil’s proprietary Global Energy Management System (GEMS) focuses on opportunities that reduce the energy consumed at our refineries and chemical complexes. More than $1 billion of pretax energy savings has been identified to date, equal to 15 to 20 percent of the energy consumed at our facilities. As of year-end 2005, we have captured about 50 percent of these savings.

EXXONMOBIL RAW MATERIAL FLEXIBILITY

68 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

A second and third cogeneration train, each with 160 megawatts of capacity, started up at Beaumont in 2005. Cogeneration is the simultaneous production of electricity and steam. It is up to twice as efficient as traditional methods, and saves energy costs and lowers greenhouse gas emissions.

We also continue to make significant investments in cogeneration facilities, which simultaneously produce electrical power and steam. This requires substantially less energy and results in lower emissions versus separate conventional steam and power generation. In 2005, we started up the second and third cogeneration trains that produce 160 megawatts each at Beaumont, Texas. In addition to reducing energy consumption, our GEMS system and cogeneration also reduce greenhouse gas emissions.

Workforce Productivity Reduces Operating Expense

Workforce productivity in Refining and Supply continues to increase as we leverage our global functional organization and reduce overhead costs. This ongoing focus has resulted in our refineries being able to operate safely and efficiently with 30 percent less staffing than the industry average.

EXXONMOBIL REFINING COST EFFICIENCY


(1)		Estimated Solomon data; survey is prepared only in even years.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 69

INVESTING FOR ADVANTAGED RETURNS

Refining and Supply capital expenditures are focused on selective and resilient investments that yield competitive advantage. These investments are to meet future product quality requirements, reduce environmental impact, further upgrade safety systems, lower operating costs, and produce higher-value products and chemical feedstocks using lower-cost raw materials. We also continue to implement projects that enhance refinery capacity and yield. By investing primarily in low-cost debottleneck steps, we have effectively added a new industry-average-sized refinery to our portfolio every three years, and an average conversion unit every year, at a fraction of grass-roots cost.

In 2005, we completed construction and successfully started up several facilities to produce lower-sulfur gasoline and diesel, and additional start-ups are planned for 2006. ExxonMobil’s proprietary SCANfining technology provides a competitive edge by producing lower-sulfur gasoline with less octane loss and a minimum of new investment. Similarly, ExxonMobil’s proprietary catalyst technology is being used to produce ultra-low-sulfur diesel.

ExxonMobil’s Capital Project Management System continues to provide “top-tier” performance in project execution. Through a rigorous post-project completion appraisal process, and confirmed by external benchmarking with Independent Project Analysis, Inc., our 2004 project cost effectiveness was 7 percent better than the refining industry average. Leveraging our global scale, we continue to increase our capital execution efficiency.

Upgraded facilities at our Trecate, Italy, refinery are one of several ExxonMobil projects that increase conversion and high-value product production.

Technicians work to install a new distillate hydrotreater unit at the Joliet, Illinois, refinery, one of several ExxonMobil facilities that will start up in 2006 to produce lower-sulfur diesel for U.S. consumers.

LOW – SULFUR GASOLINE AND DIESEL FACILITY START-UPS


2005		Location

SCANfining Unit & Related Facilities		Fawley, United Kingdom
Hydrofining Unit Debottleneck		Sakai, Japan
SCANfining Unit		Altona, Australia
Distillate Hydrotreater		Chiba, Japan


2006		Location

Distillate Hydrotreater		Joliet, Illinois
Distillate Hydrotreater		Baton Rouge, Louisiana
Distillate Hydrotreater		Billings, Montana
Distillate Hydrotreater Upgrade		Baytown, Texas
Distillate Hydrotreater Upgrade		Beaumont, Texas
Distillate Hydrotreater		Dartmouth, Canada
Distillate Hydrotreater		Nanticoke, Canada
Distillate Hydrotreater		Sarnia, Canada
Distillate Hydrotreater		Strathcona, Canada
SCANfining Unit & Related Facilities		Wakayama, Japan
Distillate Hydrotreater Upgrade		Yanbu, Saudi Arabia

70 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Fuels Marketing

ExxonMobil Fuels Marketing sells high-quality products to millions of customers around the globe. Our retail business operates in nearly 100 countries and includes over 35 thousand service stations. In addition to our retail business, our three business-to-business segments – Industrial and Wholesale, Aviation, and Marine – sell ExxonMobil fuels to over 1 million customers at locations around the world, including nearly 700 airports and over 200 marine ports.

DIVERSE CUSTOMER BASE PROVIDES GLOBAL OUTLET


Operations		107 countries on six continents
Service stations		35 thousand
Industrial and wholesale customers		1 million
Aviation operations		680 airports
Marine operations		220 ports

ExxonMobil Aviation supplies aviation fuel at nearly 700 airports worldwide.

Our popular On the Run convenience store format incorporates leading-edge technology and market research to provide value and convenience to customers.

Fuels Marketing provides a stable outlet for our refineries and continues to create long-term value by focusing on the fundamentals of our business; superior safety and environmental performance, disciplined capital management, operating efficiencies from our global scale, and customer focused marketing initiatives and alliances to ensure that our three strong brands, Exxon, Mobil, and Esso, are trusted by consumers around the world.

DISCIPLINED CAPITAL MANAGEMENT ENHANCES PERFORMANCE

Fuels Marketing utilizes a targeted capital management strategy focused on selective investments, divestments, and asset highgrading to optimize the profitability of our retail chain. We prioritize our focus market investments using sophisticated global tools and models that incorporate factors such as customer demographics and preferences. The majority of our capital is spent on growth initiatives.

Our focused investment decisions are complemented by equally selective divestments, which highgrade our asset base and optimize returns from the business. This disciplined and consistent process has reduced the size of our retail portfolio by over 20 percent since 2000; however, in markets where we have seen the full benefits of a focused market approach, our chain’s volumes are 50 percent higher than the industry average.

GLOBAL SCALE AND INTEGRATION DELIVER EFFICIENCY AND GROWTH

Our global scale facilitates the capture of efficiencies through the worldwide application of innovative technologies, by simplifying and automating work processes, and by centralizing support activities while maintaining our focus on improving customer service. In addition, consistently applied on-site best

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 71

practices are driving down operating costs at our service stations, airports, and marine ports around the world. In 2005, the combined impact of our efficiency initiatives reduced ongoing operating expenses by over $150 million. This is particularly important for our retail business as the underlying trend for retail fuels margins continues to decline. The combined benefit of higher efficiencies and growth in nonfuels income from our convenience stores, car washes, and strategic alliances has further reduced the fuels margin we require to breakeven after netting nonfuels income against site operating costs.

COMMERCIAL BUSINESS

Our three strong commercial businesses – Industrial and Wholesale, Aviation, and Marine – serve growing markets with distinct customer needs. Our global functional organizations, in partnership with Refining and Supply, bring added focus and expertise to ensure we capture the opportunities in this important sector. This has resulted in the continued profitable growth of our base volumes.

CUSTOMER FOCUS AND STRATEGIC ALLIANCES GROW NONFUELS INCOME

Fuels Marketing offers a suite of innovative retail products and formats to meet our customers’ diverse lifestyle needs by delivering convenience, value, and quality. These tailored programs reflect extensive market research and leading-edge technology, and are designed to optimize site profitability by increasing nonfuels income.

In 2005, we continued the global expansion of our popular, award-winning On the Run convenience store format. We added over 250 new On the Run stores, bringing the total to more than 1500 in over 45 countries.

The continued growth of our strategic alliances, with select leading food and grocery marketers worldwide, complements our three brands. By leveraging the strength of a partner’s brand power and distribution network, we have been able to enhance our customer offering. Examples of our partners include Tesco in the United Kingdom and Thailand, Doutor and 7-Eleven in Japan, NTUC Fairprice in Singapore, and Tim Hortons in Canada.

Bengal Traders coffee, introduced in 2004, provides high-quality coffee to our customers in the U.S.

72 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Lubricants and Specialties

ExxonMobil is the world’s largest supplier of lube basestocks and a leading marketer of finished lubricants and specialty products. Anchored by Mobil 1, the world’s leading synthetic motor oil, we leverage three strong global brands, Mobil, Exxon, and Esso. Many of the world’s top original equipment manufacturers trust us to deliver technically superior products that provide the lubrication they need to keep their vehicle engines and industrial machines running at peak performance. Our dedicated organization and strong distributor network supply high-quality lubricants and provide technical application expertise to customers around the world.

GLOBAL LUBRICANTS LEADERSHIP POSITION


Lube basestock refineries		14
Average capacity per site	2 times industry
Blend plants		52
Lube basestock market share	19 percent
Finished lubricant market share	13 percent

State-of-the-art filling operations at the Naantali, Finland, lubricants plant supplies Mobil 1 to the rapidly growing Russian market.

LEVERAGING OUR BRANDS AND TECHNOLOGY

ExxonMobil’s leading lubricant brands – Mobil, Exxon, and Esso – continue to meet customer needs for transportation and industrial applications around the world. Customers rely on Mobil, Exxon, and Esso branded products because of their quality, reliability, technological leadership, close association with many leading original-equipment manufacturers, and their demonstrated ability to withstand performance stresses, including those of motorsports racing such as NASCAR, American Le Mans, and Formula 1. They are also backed by a variety of technical services designed to provide customers with worry-free operations.

In 2005, ExxonMobil took another step in technology leadership with the U.S. introduction of a new line of passenger car lubricants that guarantee extended engine protection. Mobil 1 Extended Performance, Mobil Clean 7500, and Mobil Clean 5000 provide consumers durable protection for their vehicles’ engines, enabling longer oil change intervals. Likewise in Europe, Mobil 1 ESP Formula, a low-ash lubricant for diesel engines that prolongs the life of emission systems in cars and trucks, was introduced to the market in 2005.

STRATEGIC GLOBAL ALLIANCES

Globally respected brands and industry-leading technology enable ExxonMobil to build strategic global alliances with automotive and industrial equipment manufacturers. A strong global presence enables ExxonMobil to better serve customers with worldwide operations and meet their demands for consistently reliable, high-quality products and services. For example, ExxonMobil is a global supplier of premium oils to Caterpillar factories and dealers in over 100 countries. We are also a primary supplier of lubricants for Toyota Motor Corporation.

Motorsports sponsorships, like those in Formula 1 with the McLaren Mercedes and Toyota teams, provide an ideal environment for developing and proving the quality of our high-performance lubricants. Additionally, we have developed collaborative technology partnerships with Toyota, DaimlerChrysler, General Motors, Peugeot, and Porsche to develop innovative new lubricants. ExxonMobil’s worldwide service capability and integrated sales focus on strategic global customers differentiate us from competitors.

GROWTH IN PROFITABLE EMERGING MARKETS

As economies develop and industrialize, there is an increasing demand for high-quality industrial and automotive lubricants. For example, in China and Russia, we have leveraged our well-recognized brands, strong equipment manufacturer relationships, and technical expertise to become the leading international lubricants marketer. In these two countries, we have grown our business nearly two-fold since 2000.

SUPPLY CHAIN EFFICIENCY

ExxonMobil continues to improve supply chain efficiency while ensuring superior execution of our marketing offers. Further optimization of our supply chain network in 2005 includes the reduction of several blend plants, distribution warehouses, and third-party blenders and packagers.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 73

This Mobil 1 Center in the United Arab Emirates joins nearly 300 Mobil 1 branded premium oil change service centers now operating worldwide.

MOBIL 1 LUBE CHANGE CENTERS

With the global trend towards the “do-it-for-me” customer, ExxonMobil Lubricants and Specialties is leveraging its flagship brand, Mobil 1, to build premier oil change service centers in key markets around the globe, including the United States, Japan, Egypt, and the United Arab Emirates.

Launched in 2003, ExxonMobil now has close to 300 centers worldwide, with the U.S. representing 75 percent of those locations. Growth is expected to continue at a 5 to 10 percent rate globally. Oil changes at these centers not only include Mobil 1, the high-performance synthetic oil, but also other Mobil-branded premium products.

GROWING FLAGSHIP AND PREMIUM PRODUCTS

As the world’s economies grow, so does the demand for higher quality lubricants. ExxonMobil continues to grow market share in this very profitable part of the finished lubricants business.

Mobil 1 has more endorsements, recommendations, and/or approvals than any other engine oil in the North American market.

The growing list of automotive manufacturers recommending Mobil 1 for their high-performance vehicles include the makers of Acura, Aston Martin, Bentley, Cadillac, Chrysler, Corvette, Dodge, Mercedes-Benz, Porsche, and Saab automobiles.

Our new high-endurance Mobil 1 Extended Performance, Mobil Clean 7500, and Mobil Clean 5000 products drew praise from the chairman of the California Integrated Waste Management Board, who issued a letter commending the introduction of these products, especially the reduction of used oil resulting from the longer drain intervals.

In Europe, our new Mobil 1 ESP Formula, a low-ash lubricant designed for diesel engines, was named the “Best OEM-Approved Lubricant 2005” by the U.K. Institute of Transport Management, based on its ability to prolong the life of emission systems of cars and trucks.

Through the introduction of the new high-endurance product family of Mobil lubricants, consumers can now confidently extend their drain intervals to meet vehicle manufacturer’s recommendations.


(1)		Source: ExxonMobil analysis of available industry data.

74 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Downstream Operating Statistics

REFINING CAPACITY AT YEAR – END 2005 ⁽¹⁾


					Capacity at 100%
					ExxonMobil												ExxonMobil
					Share		Atmospheric		Catalytic				Residuum				Interest
(thousands of barrels per day)					Kbd⁽²⁾		Distillation		Cracking		Hydrocracking		Conversion⁽³⁾		Lubricants⁽⁴⁾		%

United States
Torrance	California		=			150		150		96		21		53		—		100
Joliet	Illinois		=	5		238		238		93		—		56		—		100
Baton Rouge	Louisiana	<	=			501		501		229		24		113		16		100
Chalmette	Louisiana		=	5		94		188		68		19		33		—		50
Billings	Montana		=			60		60		23		6		10		—		100
Baytown	Texas	<	=			563		563		203		26		83		22		100
Beaumont	Texas	<	=			349		349		112		62		48		13		100
Total United States						1,955		2,049		824		158		396		51


Canada
Strathcona	Alberta					187		187		57		—		—		2		69.6
Dartmouth	Nova Scotia			5		82		82		29		—		—		—		69.6
Nanticoke	Ontario		=	5		112		112		48		—		—		—		69.6
Sarnia	Ontario	<	=			121		121		26		18		24		6		69.6
Total Canada						502		502		160		18		24		8


Europe
Antwerp	Belgium	<	=			275		275		35		—		—		—		100
Fos-sur-Mer	France		=	5		119		119		29		—		—		—		82.9
Port Jerome- Gravenchon	France	<	=			233		233		34		—		—		17		82.9
Ingolstadt	Germany		=	5		106		106		28		—		—		—		100
Karlsruhe	Germany		=	5		76		302		87		—		26		—		25
Augusta	Italy		=	5		198		198		46		—		—		18		100
Trecate	Italy		=	5		174		174		32		—		—		—		75.4
Rotterdam	The Netherlands	<	=			188		188		—		50		39		—		100
Slagen	Norway					110		110		—		—		32		—		100
Fawley	United Kingdom	<	=			326		326		75		—		28		10		100
Total Europe						1,805		2,031		366		50		125		45


Japan
Chiba	Japan		=			88		175		34		39		—		—		50
Kawasaki⁽⁵⁾	Japan	<	=			296		296		88		23		—		—		50
Okinawa⁽⁵⁾	Japan					90		90		—		—		—		—		43.8
Sakai⁽⁵⁾	Japan		=	5		140		140		38		—		—		—		50
Wakayama⁽⁵⁾	Japan		=	5		155		155		37		—		—		7		50
Total Japan						769		856		197		62		—		7

<		Integrated refinery and chemical complex

=		Cogeneration capacity

5		Refineries with some chemical production

(1)		Capacity data is based on 100 percent of rated refinery process unit capacities. ExxonMobil has additional interests with a total net capacity of about 6 thousand barrels per day of lubricants in Dunkirk, France; Jeddah, Saudi Arabia; and Yanbu, Saudi Arabia.

(2)		ExxonMobil share reflects 100 percent of atmospheric distillation capacity in operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil’s equity interest or that portion of distillation capacity normally available to ExxonMobil.

(3)		Includes thermal cracking, visbreaking, coking, and hydrorefining processes.

(4)		Lubricants capacity based on dewaxed oil production.

(5)		Operated by majority-owned subsidiaries.

(6)		Facility mothballed.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 75

Refining Capacity at Year-End 2005 (continued)⁽¹⁾


					Capacity at 100%
					ExxonMobil												ExxonMobil
					Share		Atmospheric		Catalytic				Residuum				Interest
(thousands of barrels per day)					Kbd⁽²⁾		Distillation		Cracking		Hydrocracking		Conversion⁽³⁾		Lubricants⁽⁴⁾		%

Asia Pacific excluding Japan
Adelaide⁽⁶⁾	Australia					—		—		—		—		—		—		100
Altona	Australia	<				78		78		29		—		—		—		100
Port Dickson	Malaysia					86		86		—		—		—		—		65
Whangerei	New Zealand					28		104		—		26		—		—		19.2
Jurong/PAC	Singapore	<	=			605		605		—		34		116		33		100
Sriracha	Thailand	<	=			174		174		42		—		—		—		87.5
Total Asia Pacific excluding Japan						971		1,047		71		60		116		33


Latin America/Other
Campana	Argentina		=	5		85		85		27		—		24		—		100
Sonara	Cameroon					3		42		—		—		—		—		8
Abidjan	Cote d’Ivoire					5		65		—		15		—		—		8
Acajutla	El Salvador					22		22		—		—		—		—		65
Sogara	Gabon					2		17		—		—		—		—		11.7
Martinique	Martinique					2		17		—		—		—		—		14.5
Managua	Nicaragua			5		20		20		—		—		—		—		100
La Pampilla	Peru					6		102		14		—		—		—		6
Yanbu	Saudi Arabia					200		400		91		—		46		—		50
Dakar	Senegal					3		27		—		—		—		—		11.8
Total Latin America/Other						348		797		132		15		70		—

Total worldwide						6,350		7,282		1,750		363		731		144

<		Integrated refinery and chemical complex

=		Cogeneration capacity

5		Refineries with some chemical production

(1)		Capacity data is based on 100 percent of rated refinery process unit capacities. ExxonMobil has additional interests with a total net capacity of about 6 thousand barrels per day of lubricants in Dunkirk, France; Jeddah, Saudi Arabia; and Yanbu, Saudi Arabia.

(2)		ExxonMobil share reflects 100 percent of atmospheric distillation capacity in operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, ExxonMobil share is the greater of ExxonMobil’s equity interest or that portion of distillation capacity normally available to ExxonMobil.

(3)		Includes thermal cracking, visbreaking, coking, and hydrorefining processes.

(4)		Lubricants capacity based on dewaxed oil production.

(5)		Operated by majority-owned subsidiaries.

(6)		Facility mothballed.




(1) ExxonMobil on a 100% basis, excluding divestments.		(1) ExxonMobil on a 100% basis, excluding divestments. Conversion includes cat cracking, hydrocracking, and coking.

76 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

THROUGHPUT, CAPACITY, AND UTILIZATION⁽¹⁾


	2005		2004		2003		2002		2001

Refinery Throughput⁽²⁾ (thousands of barrels per day)
United States		1,794		1,850		1,806		1,834		1,811
Canada		466		468		450		447		449
Europe		1,672		1,663		1,566		1,539		1,563
Japan		691		685		704		671		707
Asia Pacific excluding Japan		799		738		686		708		729
Latin America/Other		301		309		298		244		283

Total worldwide		5,723		5,713		5,510		5,443		5,542


Average Refinery Capacity⁽³⁾ (thousands of barrels per day)
United States		1,949		1,940		1,919		1,895		1,878
Canada		502		502		501		500		499
Europe		1,803		1,786		1,768		1,756		1,740
Japan		769		772		774		770		761
Asia Pacific excluding Japan		997		1,014		1,027		1,048		1,045
Latin America/Other		323		317		308		299		310

Total worldwide		6,343		6,331		6,297		6,268		6,233


Utilization of Refining Capacity (percent)
United States		92		95		94		97		96
Canada		93		93		90		89		90
Europe		93		93		89		88		90
Japan		90		89		91		87		93
Asia Pacific excluding Japan		80		73		67		68		70
Latin America/Other		93		97		97		82		91

Total worldwide		90		90		88		87		89


(1)		Excludes ExxonMobil’s minor interests in certain small refineries.

(2)		Refinery throughput includes 100 percent of crude oil and feedstocks sent directly to atmospheric distillation units in operations of ExxonMobil and majority-owned subsidiaries. For companies owned 50 percent or less, throughput includes the greater of either crude and feedstocks processed for ExxonMobil or ExxonMobil’s equity interest in raw material inputs.

(3)		Refinery capacity is the stream-day capability to process inputs to atmospheric distillation units under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time. These annual averages include partial-year impacts for capacity additions or deletions during the year. Any idle capacity that cannot be made operable in a month or less has been excluded. Capacity volumes include 100 percent of the capacity of refinery facilities managed by ExxonMobil or majority-owned subsidiaries. At facilities of companies owned 50 percent or less, the greater of either that portion of capacity normally available to ExxonMobil or ExxonMobil’s equity interest is included.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 77

RETAIL SITES



(number of sites at year end)	2005		2004		2003		2002		2001

United States
Owned/leased		2,544		2,698		3,072		3,346		3,501
Distributors/resellers		8,992		9,421		9,401		9,787		9,805

Canada
Owned/leased		690		720		787		865		927
Distributors/resellers		1,288		1,258		1,287		1,283		1,324

Europe
Owned/leased		4,569		4,727		4,817		4,955		5,079
Distributors/resellers		3,022		3,154		3,582		3,813		3,960

Asia Pacific
Owned/leased		2,795		2,912		2,912		3,026		3,125
Distributors/resellers		5,662		5,888		6,318		6,682		7,171

Latin America
Owned/leased		1,325		1,388		1,429		1,449		1,440
Distributors/resellers		3,155		3,437		3,891		4,465		4,427

Middle East/Africa
Owned/leased		933		1,214		1,360		1,443		1,444
Distributors/resellers		457		557		632		672		650

Total
Owned/leased		12,856		13,659		14,377		15,084		15,516
Distributors/resellers		22,576		23,715		25,111		26,702		27,337

Total worldwide		35,432		37,374		39,488		41,786		42,853

78 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

PETROLEUM PRODUCT SALES⁽¹⁾BY GEOGRAPHIC AREA



(thousands of barrels per day)	2005		2004		2003		2002		2001

United States
Motor gasoline, naphthas		1,704		1,695		1,606		1,608		1,585
Heating oils, kerosene, diesel oils		529		484		456		432		442
Aviation fuels		259		250		234		256		261
Heavy fuels		90		98		93		92		102
Lubricants, specialty, and other petroleum products		333		345		340		343		361
Total United States		2,915		2,872		2,729		2,731		2,751


Canada
Motor gasoline, naphthas		257		250		249		246		238
Heating oils, kerosene, diesel oils		184		186		184		176		173
Aviation fuels		31		33		29		27		30
Heavy fuels		38		37		36		31		35
Lubricants, specialty, and other petroleum products		110		109		104		113		109
Total Canada		620		615		602		593		585


Europe
Motor gasoline, naphthas		527		557		558		571		584
Heating oils, kerosene, diesel oils		907		895		840		815		823
Aviation fuels		196		203		197		192		201
Heavy fuels		205		214		217		213		214
Lubricants, specialty, and other petroleum products		280		270		249		251		257
Total Europe		2,115		2,139		2,061		2,042		2,079


Asia Pacific
Motor gasoline, naphthas		527		513		523		442		439
Heating oils, kerosene, diesel oils		615		594		599		518		581
Aviation fuels		116		113		109		123		136
Heavy fuels		304		222		218		201		234
Lubricants, specialty, and other petroleum products		224		247		226		219		219
Total Asia Pacific		1,786		1,689		1,675		1,503		1,609


Latin America
Motor gasoline, naphthas		168		181		180		194		198
Heating oils, kerosene, diesel oils		191		209		203		204		211
Aviation fuels		47		46		43		44		48
Heavy fuels		49		44		40		37		52
Lubricants, specialty, and other petroleum products		25		24		24		23		23
Total Latin America		480		504		490		502		532


Middle East/Africa
Motor gasoline, naphthas		91		105		122		115		121
Heating oils, kerosene, diesel oils		134		149		150		147		159
Aviation fuels		51		53		50		49		45
Heavy fuels		25		44		34		30		31
Lubricants, specialty, and other petroleum products		40		40		44		45		59
Total Middle East/Africa		341		391		400		386		415


Worldwide
Motor gasoline, naphthas		3,274		3,301		3,238		3,176		3,165
Heating oils, kerosene, diesel oils		2,560		2,517		2,432		2,292		2,389
Aviation fuels		700		698		662		691		721
Heavy fuels		711		659		638		604		668
Lubricants, specialty, and other petroleum products		1,012		1,035		987		994		1,028

Total worldwide		8,257		8,210		7,957		7,757		7,971


(1)		Petroleum product sales include 100 percent of the sales of ExxonMobil and majority-owned subsidiaries, and the ExxonMobil equity interest in sales by companies owned 50 percent or less.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 79

PETROLEUM PRODUCT SALES



(thousands of barrels per day)	2005		2004		2003		2002		2001

Market and Supply Sales⁽¹⁾
Market sales
Motor gasoline, naphthas		2,186		2,248		2,273		2,288		2,270
Heating oils, kerosene, diesel oils		1,618		1,625		1,626		1,625		1,671
Aviation fuels		475		503		514		529		566
Heavy fuels		387		382		367		358		371
Lubricants, specialty, and other petroleum products		467		495		483		494		484
Total market sales		5,133		5,253		5,263		5,294		5,362

Total supply sales		3,124		2,957		2,694		2,463		2,609

Total market and supply sales		8,257		8,210		7,957		7,757		7,971


(1)		Market sales are to retail site dealers, consumers (including government and military), jobbers, and small resellers. Supply sales are to large oil marketers, large unbranded resellers, and other oil companies.

PREMIUM BRANDS DRIVE CONSUMER CONFIDENCE

ExxonMobil offers consumers premium products carrying the branding of Exxon, Mobil, and Esso. Additional lines include our industry-leading lubricant line Mobil 1, while service offerings such as our On the Run convenience store format and Wash n’ Run car wash provide motorists with the things they need backed by brands they trust. A recent addition at On the Run is Bengal Traders coffees, featuring a variety of blends, and fast becoming a recognized brand in itself.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 81

CHEMICAL STRATEGIES

ExxonMobil Chemical has produced industry-leading returns and earnings growth through the effective implementation of our fundamental strategies, which have been proven over several decades. We remain committed to these strategies across changing business environments:

§		Focus on businesses that capitalize on core competencies;

§		Capture full benefits of integration across ExxonMobil operations;

§		Continuously reduce costs to achieve best-in-class performance;

§		Build proprietary technology positions; and,

§		Selectively invest in advantaged projects.

These strategies reflect our commitment to the industry, and they remain the foundation for our business, and ultimately, our performance.

2005 RESULTS AND HIGHLIGHTS

Total 2005 earnings of $3.9 billion were up 15 percent versus 2004. Earnings included $540 million from the sale of Sinopec shares and joint-venture litigation. In generating these strong financial results, ExxonMobil continued to benefit from our unique mix of businesses, broad geographic coverage, and feedstock and integration advantages.

Return on average capital employed reached 28 percent, up from 23 percent in 2004. ExxonMobil Chemical returns continue to exceed the average of our major chemical competitors. Over the last 10 years, our chemical segment has achieved an average return of 14 percent while making substantial investments to support long-term growth. During the same period, our competitors averaged 8 percent.

2005 prime product sales volume of 27 million tons was 4 percent lower than the 2004 record. Industry-wide inventory reduction during the first half of the year, combined with the impact of Hurricanes Katrina and Rita, challenged sales in an otherwise stable global economic market. Our chemical sales in Asia grew 4 percent, with sales in China up 18 percent, supported by the high reliability of our operations.

Capital expenditures were $650 million. The company continued to invest selectively in high-return efficiency projects, low-cost debottlenecks, and projects to support the growth of its specialty businesses.

Announced plans for a second steam cracker and derivative units to supply growing Asia Pacific market needs. This project would be located at our existing complex in Singapore, which is strategically positioned to serve the high-growth markets in Asia, especially China.

(1) Chemical competitor values are estimated on a consistent
basis with ExxonMobil, based on public information.

82 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Focused Strategies

Our long-term strategies have produced competitive advantages that have resulted in superior returns versus competition across the business cycle. This strong performance is derived from our unique business mix, investment discipline, Upstream and Downstream integration, world-class operations, leading proprietary technologies, and product application expertise. Our strategies are designed to deliver earnings growth and attractive returns, strengthening our position as the world’s premier petrochemical company.

PREMIER PETROCHEMICAL COMPANY


Return on average capital employed (10-year)		14 percent
Businesses ranked 1 or 2 by market position		> 90 percent
Capital employed (at year end)		$13 billion
Prime product sales (tons)		27 million
Percent integrated capacity		>90 percent
Product marketing scope		>150 countries

BUSINESSES


	Worldwide Rank
	Based on Market Position
n Commodities
Paraxylene		#1
Olefins		#2
Polyethylene		#2
Polypropylene		#5

nSpecialties
Butyl Polymers		#1
Fluids		#1
Plasticizers/Oxo		#1
Synthetics		#1
Oriented Polypropylene Films		#1
Adhesive Polymers		#1
Ethylene Elastomers		#2
Petroleum Additives		#2

CAPITALIZING ON CORE COMPETENCIES

ExxonMobil’s unique mix of chemical businesses delivers superior performance relative to competition throughout the business cycle.

The company holds strong positions in the supply chain for many of the largest-volume and highest-growth petrochemicals in the global economy. Specifically, we are:

One of the largest producers of olefins, the basic petrochemical building blocks;

The largest worldwide producer of polyolefins, including polyethylene, the largest-volume plastic; and polypropylene, one of the fastest-growing and most versatile polymers; and,

The largest global producer of paraxylene and benzene. Paraxylene is one of the fastest-growing petrochemicals and the main raw material for the manufacture of polyester fibers and polyethylene terephthalate (PET) recyclable bottles. Benzene is a primary building block for a broad array of products ranging from nylon to polystyrene.

The company also has a premier position in a diverse portfolio of less-cyclical specialty businesses. These include butyl polymers, ethylene elastomers, synthetic lube basestock fluids, petroleum additives, oriented polypropylene film, plasticizers, hydrocarbon and oxygenated fluids, oxo-alcohols, acids, and adhesive polymers. Strong competitive advantages are derived through unique combinations of low-cost feedstocks, proprietary technology, operational excellence, product application expertise and synergies across businesses. ExxonMobil continues to grow profitably and strengthen these businesses through new products with advanced performance attributes and by expansion into new markets.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 83

CAPTURING FULL BENEFITS OF INTEGRATION

More than 90 percent of our owned and operated chemical capacity is integrated with large refining complexes or Upstream gas processing plants. ExxonMobil’s long-standing emphasis on integration is a key differentiator versus competition. Manufacturing sites are designed and managed to maximize synergies via optimized molecule management, coordinated technology development, joint facilities planning and sharing of common systems and support functions.

The flexibility derived from feedstock and fuels integration with world-scale refineries enables ExxonMobil Chemical to outperform competition. At our largest petrochemical complexes, more than 60 streams are transferred between the refinery and the chemical plants. Production and supply plans are continuously optimized using sophisticated models on both a regional and global level in response to changes in feedstock costs and market conditions. These benefits are not easily duplicated without common ownership and co-location of the refining and chemical facilities.

CONTINUALLY REDUCE COSTS TO ACHIEVE BEST IN CLASS PERFORMANCE

The company maintains a consistent and relentless focus on improving efficiency and reducing the costs of manufacturing, selling, and distributing its products.

The company’s disciplined approach to safety, productivity, reliability, and quality improvement has continually increased the contribution of existing assets. Structured programs that identify and rapidly capture process efficiencies support earnings growth by maximizing unit throughput, minimizing production upsets, and increasing effective capacity at significantly less than grass-roots cost.

Energy efficiencies and savings opportunities are being identified and captured at ExxonMobil facilities through the extensive use of our Global Energy Management System, a corporate-wide set of best practices and technologies. The energy consumed per unit of product output has decreased by more than 6 percent over the last three years.

Our Global Enterprise Management System supports business processes used by ExxonMobil Chemical, facilitating common business practices across our global operations. It is a major source of efficiency and a key contributor to our marketing excellence initiatives, enabling improved service to our customers.

BUILDING ON TECHNOLOGY LEADERSHIP

Technology is a major source of competitive advantage and differentiation. Our goal is to provide value to our customers by better understanding their needs and meeting their expectations through focused product innovation and application support.

84 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

SELECTIVELY INVESTING IN ADVANTAGED PROJECTS

In 2005, the company continued to focus on growth of our specialty businesses, low-cost debottleneck projects, and high-return efficiency projects. Low-cost expansion projects have added incremental capacity equivalent to one world-class steam cracker over the past three years.

In addition, planning progressed for several world-scale advantaged projects which would provide attractive new capacity to serve growth markets.

Positioning the Chemical Company for Profitable Growth

Growth of the Specialty Businesses

Expansions of Exxpro specialty elastomers production at Baytown, Texas, and halobutyl production at Kashima, Japan, demonstrate our commitment to the tire industry, support our global supply strategy, and strengthen our ability to meet growing demand in Asia.

Low-cost debottlenecks of our Baton Rouge isopropyl alcohol plant and Singapore oxo-alcohol plant will enable us to continue to grow and respond to customers’ needs worldwide.

Expansions to Existing Facilities

The Singapore and Kemya steam crackers, and some of their associated derivative units, are being debottlenecked to meet the growing demand of our customers in Asia.

A debottleneck of the polypropylene plant in Baton Rouge is planned for 2006 to meet strong demand for this versatile polymer.

Major Projects

§		Project development activities continued on the Fujian integrated refining, petrochemical, and fuels marketing joint venture. This is the only fully integrated project in China and would involve construction of an 800 thousand-ton-per-year ethylene steam cracker, polyethylene and polypropylene units, and a 700 thousand-ton-per-year paraxylene unit.

§		The study for a second world-scale steam cracker in Singapore to supply growing market needs in the Asia Pacific region continues, and detailed project definition is under way. The project scope includes associated derivative units, including new world-scale polyethylene, polypropylene, and specialty elastomers plants, an aromatics extraction unit and an oxo-alcohol expansion.

A joint feasibility study for a world-scale petrochemical complex is progressing between Qatar Petroleum and ExxonMobil. The complex would utilize feedstock from new gas development projects in Qatar’s North Field and supply competitively-advantaged products to Asia and Europe.

ExxonMobil continues to explore additional opportunities for advantaged growth to support increasing global petrochemical demand.

PROJECT START-UPS


			Capacity ⁽¹⁾
			(metric tons
		Location	per year)
Olefins/Polyolefins
2005	Ethylene (50% interest)	Yanpet		78,000
2005	Polyethylene (50% interest)	Yanpet		47,000
2006	Ethylene (50% interest)	Kemya		30,000
2006	Ethylene	Singapore		75,000
2006	Polyethylene	Singapore		45,000
2006	Polypropylene	Baton Rouge, Louisiana		60,000

Specialty Businesses
2005	Coated OPP Film	Virton, Belgium		16,000
2006	Thermoplastic Elastomers	Pensacola, Florida	1 line
2006	Polyethylene Film	Nasu, Japan		25,000	⁽²⁾
2006	Oxo-Alcohols	Singapore		40,000
2006	Isopropyl Alcohol	Baton Rouge, Louisiana		40,000
2006	Halobutyl Rubber (50% interest)	Kashima, Japan		8,500
2006	Specialty Elastomers	Baytown, Texas	1 line


(1)		ExxonMobil equity share of capacity addition.

(2)		Thousand square meters per year.

86 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Chemical Operating Statistics

LARGE/INTEGRATED PRODUCTION COMPLEXES (BASED ON SIZE OR BREADTH OF PRODUCT SLATE)


Capacity (millions of tons per year)	Ethylene		Paraxylene		Polyethylene		Polypropylene		Additional Products

North America
Baton Rouge, Louisiana		1.0		—		1.3		0.4	P	B	E	A	F	O
Baytown, Texas		2.2		0.6		—		0.8	P	B			F
Beaumont, Texas		0.8		0.3		1.0		—	P						S
Mont Belvieu, Texas		—		—		1.0		—
Sarnia, Ontario		0.3		—		0.5		—	P				F	O

Europe
Antwerp, Belgium		0.5		—		0.3		—	P				F	O
Fawley, England		0.1		—		—		—	P	B			F	O
Fife, Scotland		0.4		—		—		—
Meerhout, Belgium		—		—		0.5		—
Notre-Dame-de-Gravenchon, France		0.4		—		0.4		0.4	P	B	E	A		O	S
Rotterdam, the Netherlands		—		0.6		—		—						O

Middle East
Al-Jubail, Saudi Arabia		0.6		—		0.6		—
Yanbu, Saudi Arabia		1.0		—		0.6		0.2	P

Asia Pacific
Kawasaki, Japan		0.5		—		0.1		—	P	B		A	F
Singapore		0.8		0.8		0.6		0.4	P				F	O
Sriracha, Thailand		—		0.5		—		—					F
All other		0.6		0.6		0.2		—

Total worldwide		9.2		3.4		7.1		2.2

P Propylene B Butyl E Ethylene Elastomers A Adhesive Polymers F Fluids O Oxo S Synthetics

OTHER MANUFACTURING LOCATIONS ⁽¹⁾

Location

Product

North America

Bayway, New Jersey⁽²⁾

Belleville, Ontario

Chalmette, Louisiana

Dartmouth, Nova Scotia

Edison, New Jersey

Houston, Texas⁽²⁾

Jeffersonville, Indiana

Joliet, Illinois

LaGrange, Georgia

Pensacola, Florida

Plaquemine, Louisiana

Shawnee, Oklahoma

Stratford, Connecticut

Latin America

Campana, Argentina

Managua, Nicaragua

Paulinia, Brazil

Europe

Amsterdam, the Netherlands

Augusta, Italy

Brindisi, Italy

Cologne, Germany

Fos-sur-Mer, France

Geleen, the Netherlands

Harnes, France⁽²⁾

Ingolstadt, Germany

Karlsruhe, Germany

Kerkrade, the Netherlands

Newport, Wales

Trecate, Italy

Virton, Belgium

Asia Pacific

Adelaide, Australia⁽²⁾

Altona, Australia⁽³⁾

Botany Bay, Australia⁽³⁾

Jinshan, China

Kashima, Japan

Nasu, Japan

Panyu, China

Sakai, Japan

Wakayama, Japan


(1)		Includes joint-venture plants, with the exception of the Infineum additives joint ventures.

(2)		Facility mothballed.

(3)		Qenos joint venture sold on February 16, 2006.

n		Olefins/Aromatics

5		Polymers

l		Other Chemicals

u		Films

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 87

VOLUMES


Includes ExxonMobil’s share of equity companies	2005		2004		2003		2002		2001

Worldwide Production Volumes (thousands of metric tons)
Ethylene		7,930		8,271		7,567		7,539		7,320
Polyethylene		6,213		6,248		6,091		6,235		5,768
Polypropylene		1,680		1,885		1,965		1,944		1,701
Paraxylene		2,785		2,826		2,531		2,275		2,088

Prime Product Sales Volumes⁽¹⁾(thousands of metric tons)
Americas⁽²⁾		11,523		12,842		11,939		12,614		12,278
Europe/Middle East/Africa		7,310		7,334		7,180		7,002		6,661
Asia Pacific		7,944		7,612		7,448		6,990		6,841

Total worldwide		26,777		27,788		26,567		26,606		25,780


Prime Product Sales Volumes⁽¹⁾(thousands of metric tons)
Less-cyclical specialty businesses		6,083		6,324		6,113		6,022		5,711
Olefins/polyolefins/aromatics/other		20,694		21,464		20,454		20,584		20,069

Total		26,777		27,788		26,567		26,606		25,780


(1)		Prime product sales include ExxonMobil’s share of equity-company volumes and finished product transfers to the Downstream. Carbon-black oil volumes are excluded.

(2)		Includes the United States, Canada, and Latin America.

88 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Frequently Used Terms

Listed below are definitions of several of ExxonMobil’s key business and financial performance measures and other terms. These definitions are provided to facilitate understanding of the terms and their calculation. In the case of financial measures that we believe constitute “non-GAAP financial measures” under Securities and Exchange Commission Regulation G, we provide a reconciliation to the most comparable Generally Accepted Accounting Principles (GAAP) measure and other information required by that rule.

EARNINGS EXCLUDING MERGER EXPENSES, DISCONTINUED OPERATIONS,
ACCOUNTING CHANGE, AND OTHER SPECIAL ITEMS

In addition to reporting U.S. GAAP defined net income, ExxonMobil also presents a measure of earnings that excludes merger effects, earnings from discontinued operations, a required accounting change, and other special items quantified and described in our quarterly and annual earnings press releases. Earnings excluding the aforementioned items is a non-GAAP financial measure, and is included to facilitate comparisons of base business performance across periods. A reconciliation to net income is shown on page 16. We also refer to earnings excluding merger expenses, discontinued operations, accounting changes, and other special items as normalized earnings. Earnings per share amounts use the same average common shares outstanding as used for the calculation of net income per common share and net income per common share — assuming dilution.

OPERATING COSTS

Operating costs are the combined total of production, manufacturing, selling, general, administrative, exploration, depreciation, and depletion expenses from the Consolidated Statement of Income and ExxonMobil’s share of similar costs for equity companies. Operating costs are the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale — including energy costs, staffing, maintenance, and other costs to explore for and produce oil and gas, and operate refining and chemical plants. Distribution and marketing expenses are also included. Operating costs exclude the cost of raw materials, taxes, merger expenses, discontinued operations, and interest expense. These expenses are on a before-tax basis. While ExxonMobil’s management is responsible for all revenue and expense elements of net income, operating costs, as defined below, represent the expenses most directly under management’s control. Information regarding these costs is therefore useful for investors and ExxonMobil management in evaluating management’s performance.

Reconciliation of Operating Costs


(millions of dollars)	2005		2004		2003

From ExxonMobil’s Consolidated Statement of Income
Total costs and other deductions		311,248		256,794		214,772
Less:
Crude oil and product purchases		185,219		139,224		107,658
Interest expense		496		638		207
Excise taxes		30,742		27,263		23,855
Other taxes and duties		41,554		40,954		37,645
Income applicable to minority and preferred interests		799		776		694

Subtotal		52,438		47,939		44,713
ExxonMobil’s share of equity-company expenses		4,520		4,209		3,937

Total operating costs		56,958		52,148		48,650

Components of Operating Costs


(millions of dollars)	2005		2004		2003

From ExxonMobil’s Consolidated Statement of Income
Production and manufacturing expenses		26,819		23,225		21,260
Selling, general, and administrative expenses		14,402		13,849		13,396
Depreciation and depletion		10,253		9,767		9,047
Exploration expenses, including dry holes		964		1,098		1,010

Subtotal		52,438		47,939		44,713
ExxonMobil’s share of equity-company expenses		4,520		4,209		3,937

Total operating costs		56,958		52,148		48,650

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 89

CAPITAL EMPLOYED

Capital employed is a measure of net investment. When viewed from the perspective of how the capital is used by the businesses, it includes ExxonMobil’s net share of property, plant, and equipment and other assets less liabilities, excluding both short-term and long-term debt. When viewed from the perspective of the sources of capital employed in total for the Corporation, it includes ExxonMobil’s share of total debt and shareholders’ equity. Both of these views include ExxonMobil’s share of amounts applicable to equity companies, which the Corporation believes should be included to provide a more comprehensive measure of capital employed.


(millions of dollars)	2005			2004			2003

Business uses: asset and liability perspective
Total assets		208,335			195,256			174,278
Less liabilities and minority share of assets and liabilities
Total current liabilities excluding notes and loans payable		(44,536	)		(39,701	)		(33,597	)
Total long-term liabilities excluding long-term debt and equity of minority and preferred shareholders in affiliated companies		(41,095	)		(41,554	)		(37,839	)
Minority share of assets and liabilities		(4,863	)		(5,285	)		(4,945	)
Add ExxonMobil share of debt-financed equity-company net assets		3,450			3,914			4,151

Total capital employed		121,291			112,630			102,048


Total corporate sources: debt and equity perspective
Notes and loans payable		1,771			3,280			4,789
Long-term debt		6,220			5,013			4,756
Shareholders’ equity		111,186			101,756			89,915
Less minority share of total debt		(1,336	)		(1,333	)		(1,563	)
Add ExxonMobil share of equity-company debt		3,450			3,914			4,151

Total capital employed		121,291			112,630			102,048

RETURN ON AVERAGE CAPITAL EMPLOYED (ROCE)

Return on average capital employed (ROCE) is a performance measure ratio. From the perspective of the business segments, ROCE is annual business segment earnings divided by average business segment capital employed (average of beginning- and end-of-year amounts). These segment earnings include ExxonMobil’s share of segment earnings of equity companies, consistent with the Corporation’s definition of capital employed and excluding the cost of financing. The Corporation’s total ROCE is net income excluding the after-tax cost of financing, divided by total corporate average capital employed. The Corporation has consistently applied its ROCE definition for many years and views it as the best measure of historical capital productivity in our capital-intensive, long-term industry, both to evaluate management’s performance and to demonstrate to shareholders that capital has been used wisely over the long term. Additional measures, which tend to be more cash-flow based, are used for future investment decisions.

Return on Average Capital Employed


(millions of dollars)	2005			2004			2003

Net income		36,130			25,330			21,510
Financing costs (after tax)
Third-party debt		(1	)		(137	)		(69	)
ExxonMobil share of equity companies		(144	)		(185	)		(172	)
All other financing costs – net		(295	)		54			1,775	⁽¹⁾

Total financing costs		(440	)		(268	)		1,534

Earnings excluding financing costs		36,570			25,598			19,976

Average capital employed		116,961			107,339			95,373
Return on average capital employed – corporate total		31.3	%		23.8	%		20.9	%


(1)		“All other financing costs – net” in 2003 includes interest income (after tax) associated with the settlement of a U.S. tax dispute.

TOTAL SHAREHOLDER RETURN

Shareholder return measures the change in value of an investment in stock over a specified period of time, assuming dividend reinvestment. We calculate shareholder return over a particular measurement period by: dividing (1) the sum of (a) the cumulative value of dividends received during the measurement period, assuming reinvestment, plus (b) the difference between the stock price

90 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

at the end and at the beginning of the measurement period; by (2) the stock price at the beginning of the measurement period. For this purpose, we assume dividends are reinvested in stock at market prices at approximately the same time actual dividends are paid. Shareholder return is usually quoted on an annualized basis.

CAPITAL AND EXPLORATION EXPENDITURES (CAPEX)

Capital and exploration expenditures (Capex) are the combined total of additions at cost to property, plant, and equipment and exploration expenses on a before-tax basis from the Consolidated Statement of Income. ExxonMobil’s Capex includes its share of similar costs for equity companies. Capex excludes depreciation on the cost of exploration support equipment and facilities recorded to property, plant, and equipment when acquired. While ExxonMobil’s management is responsible for all investments and elements of net income, particular focus is placed on managing the controllable aspects of this group of expenditures.

FINDING AND RESOURCE–ACQUISITION COSTS

Finding and resource-acquisition costs per oil-equivalent barrel is a performance measure that is calculated using the Exploration portion of Upstream capital and exploration expenditures and proved property acquisition costs divided by resource additions (in oil-equivalent barrels). ExxonMobil refers to new discoveries and acquisitions of discovered resources as resource additions. In addition to proved reserves, resource additions include quantities of oil and gas that are not yet classified as proved reserves, but which ExxonMobil believes will likely be moved into the proved reserves category and produced in the future.


	2005		2004		2003

Exploration portion of Upstream capital and exploration expenditures (millions of dollars)		1,693		1,283		1,215
Proved property acquisition costs (millions of dollars)		174		93		–
Total exploration and proved property acquisition costs (millions of dollars)		1,867		1,376		1,215
Resource additions (millions of oil-equivalent barrels)		4,365		2,950		2,115
Finding and resource-acquisition costs per oil-equivalent barrel (dollars)		0.43		0.47		0.57

LIQUIDS AND NATURAL GAS PROVED RESERVES

In this report, we use the term “proved reserves” to mean quantities of oil and gas that ExxonMobil has determined to be reasonably certain of recovery under existing economic and operating conditions on the basis of our long-standing, rigorous management review process. We only book proved reserves when we have made significant funding commitments for the related projects. In this report, we aggregate proved reserves of consolidated and equity companies, excluding royalties and quantities due others, since ExxonMobil does not view these reserves differently from a management perspective. To reflect management’s view of ExxonMobil’s total liquids reserves, proved reserves in this report also include tar-sands reserves from Canadian Syncrude operations, which are reported separately as mining reserves in our SEC filings. Tar-sands reserves included in this report totaled 738 million barrels at year-end 2005, 757 million barrels at year-end 2004, 781 million barrels at year-end 2003, 800 million barrels at year-end 2002, and 821 million barrels at year-end 2001. For our own management purposes and as discussed in this report, we determine proved reserves based on our long-term view of future price levels consistent with our investment decisions. Based on Securities and Exchange Commission guidance, ExxonMobil also began in 2004 to state our results to reflect the impacts on proved reserves of utilizing December 31 liquids and natural gas prices (“year-end price/cost revisions”). On this basis, year-end proved reserves, including year-end price/cost revisions, totaled 22.4 billion oil-equivalent barrels in 2005 and 21.7 billion oil-equivalent barrels in 2004. Excluding year-end price/cost revisions, 2005 proved reserves also totaled 22.4 billion oil-equivalent barrels, while 2004 proved reserves totaled 22.2 billion oil-equivalent barrels.

RESOURCES , RESOURCE BASE , AND RECOVERABLE RESOURCES

Resources, resource base, recoverable oil, recoverable hydrocarbons, recoverable resources, and similar terms used in this report are the total remaining estimated quantities of oil and gas that are expected to be ultimately recoverable. In addition to proved reserves, the resource base includes quantities of oil and gas that are not yet classified as proved reserves, but which ExxonMobil believes will likely be moved into the proved reserves category and produced in the future.

PROVED RESERVES REPLACEMENT RATIO

Proved reserves replacement ratio is a performance measure that is calculated using proved oil-equivalent reserves additions divided by oil-equivalent production. Both proved reserves additions and production include amounts applicable to equity companies. The ratio usually reported by ExxonMobil excludes sales and year-end price/cost revisions, and includes Canadian tar-sands mining operations in both additions and production volumes. See the definition of “liquids and natural gas proved reserves” above. When reporting the ratio, the inclusions and exclusions are listed, as shown on pages 60 and 61.

EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW 91

PROVED RESERVES REPLACEMENT COSTS

Proved reserves replacement costs per oil-equivalent barrel is a performance measure ratio. Proved reserves replacement costs per barrel are costs incurred in property acquisition and exploration, plus costs incurred in development activities divided by proved oil-equivalent reserves additions, excluding sales. Both the costs incurred and the proved reserves additions include amounts applicable to equity companies as well as Canadian tar-sands operations and exclude year-end price/cost revisions. See the definition of “liquids and natural gas proved reserves” on the preceding page.


(millions of dollars)	2005		2004		2003

Costs incurred
Property acquisition costs		453		134		45
Exploration costs		1,420		1,255		1,181
Development costs		10,561		9,122		9,856
Total costs incurred		12,434		10,511		11,082


(millions of barrels)	2005		2004		2003

Proved oil-equivalent reserves additions
Revisions		377		140		619
Improved recovery		31		28		116
Extensions/discoveries		1,461		1,809		961
Purchases		122		11		2
Total oil-equivalent reserves additions		1,991		1,988		1,698


Proved reserves replacement costs		6.25		5.29		6.53

HEAVY OIL

Heavy oil, for the purpose of this report, includes heavy oil, extra heavy oil, and bitumen, as defined by the World Petroleum Congress in 1987 based on API gravity and viscosity at reservoir conditions. Heavy oil has an API gravity between 10 and 22.3 degrees. The API gravity of extra heavy oil and bitumen is less than 10 degrees. Extra heavy oil has a viscosity less than 10 thousand centipoise, whereas the viscosity of bitumen is greater than 10 thousand centipoise. The term “tar sands” is used to indicate heavy oil (generally bitumen) that is recovered in a mining operation.

CASH FLOW FROM OPERATIONS AND ASSET SALES

Cash flow from operations and asset sales is the sum of the net cash provided by operating activities and proceeds from sales of subsidiaries, investments, and property, plant, and equipment from the Summary Statement of Cash Flows. This cash flow is the total sources of cash from both operating the Corporation’s assets and from the divesting of assets. The Corporation employs a long-standing and regular disciplined review process to ensure that all assets are contributing to the Corporation’s strategic and financial objectives. Assets are divested when they are no longer meeting these objectives, or are worth considerably more to others. Because of the regular nature of this activity, we believe it is useful for investors to consider sales proceeds together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities, including shareholder distributions.


(millions of dollars)	2005		2004		2003

Net cash provided by operating activities		48,138		40,551		28,498
Sales of subsidiaries, investments and property, plant, and equipment		6,036		2,754		2,290

Cash flow from operations and asset sales		54,174		43,305		30,788

DISTRIBUTIONS TO SHAREHOLDERS

The Corporation distributed cash to shareholders in the form of both dividends and share purchases. Shares are purchased both to reduce shares outstanding and to offset shares issued in conjunction with company benefit plans and programs. For purposes of calculating distributions to shareholders, the Corporation only includes the cost of those shares purchased to reduce shares outstanding.


(millions of dollars)	2005		2004		2003

Dividends paid to ExxonMobil shareholders		7,185		6,896		6,515
Cost of shares purchased to reduce shares outstanding		16,000		8,000		5,000

Distributions to ExxonMobil shareholders		23,185		14,896		11,515

Memo: Gross cost of shares purchased to offset shares issued under benefit plans and programs		2,221		1,951		881

92 EXXON MOBIL CORPORATION § 2005 FINANCIAL & OPERATING REVIEW

Index


Acreage			26-29, 58
Africa			9, 15, 38, 48-49
Americas gas market			42
Asia Pacific/Middle East			50, 56-59, 81, 84, 86-87

Balance sheet			21
Business strategies and competitive advantages			4-5, 10-13, 14, 25, 65, 81-82

Canada			11, 34-35, 44-45, 56-59
Capital and exploration expenditures			2, 18-19, 24, 90
Capital employed			2-3, 17, 24-25, 64-65, 80-82, 89
Cash flow			2-3, 6, 23, 91
Cash flow statement			23, 91
Chemical businesses			12, 82
Chemical capacity			86
Chemical products			85
Chemical projects			84
Chemical results			81
Chemical volumes and revenues			87

Depreciation and depletion			20-23, 62-63
Dividend and shareholder information			6
Downstream results			65

Earnings			2, 16, 88
Earnings, oil and gas			62-63
Earnings per barrel			26
Energy management			14, 67, 83
Energy outlook			7-9
Europe			40, 46-47
European gas market			40

Financial highlights			2
Finding and resource-acquisition costs			25, 31, 90
Frequently used terms			88-91
Fuels marketing			70-71

Gas-to-liquids (GTL)			36, 52

Heavy oil			9, 30, 32-34, 45, 91

Income statement			22
Integration			65-66, 70, 81-83

Key financial ratios			2

LNG			9, 11, 15, 29, 31, 33, 36, 38-41, 47, 50-53
Lubricants and Specialties			72-73

Molecule management			67, 83

Operating costs			20, 88

Petroleum product sales			78-79
Production volumes			56-57
Property, plant, and equipment			20

Refinery utilization			67, 76
Refining and Supply			66-69
Refining capacity			74-76
Reserves and resources			29-32, 59-61, 91
Reserves replacement costs			61, 90
Reserves replacement ratio			60-61, 90
Retail sites			70, 77
Return on average capital employed			2-3, 17, 24-25, 64-65, 80-81, 89
Russia/Caspian			54-55

Safety, health, and environment			14-15
Share purchases			6, 91
South America			45

Technology			10-13
Tight gas			10, 33, 40, 44
Total shareholder return			2, 6, 89

United States			42-43
Upstream development project summary			39
Upstream production profile			27
Upstream results			25

Wells, net drilled			58

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, and Esso. For convenience and simplicity, terms like Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations and global or regional business lines are also sometimes used for convenience and simplicity. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. Words like venture, joint venture, partnership, co-venturer, and partner are used to indicate business or other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

The following terms are trademarks, service marks, or proprietary process names of Exxon Mobil Corporation or its affiliates: AGC-21, Bengal Traders, EMpact, Esso, Exceed, Exxon, ExxonMobil, Exxpol, Exxpro, Hydrofining, Mobil, Mobil 1, Mobil 1 ESP Formula, Mobil 1 Extended Performance, Mobil Clean 5000, Mobil Clean 7500, Nexxstar, On the Run, Santoprene, SCANfining, TransPlus, Vistamaxx, Wash n’ Run, XyMax.

The following third-party trademarks or service marks, referenced in the text of this report, are owned by the entities indicated: Acura (Honda Motor Co., Ltd.); American Le Mans (Automobile Club de L’oeust, A.C.O.); Aston Martin (Aston Martin Lagonda Limited); Bentley (Bentley Motors Limited); Cadillac and Corvette (General Motors Corporation); Chrysler and Dodge (DaimlerChrysler Corporation); Formula 1 (Formula One Licensing BV); Mercedes and Mercedes-Benz (DaimlerChrysler AG); NASCAR (National Association for Stock Car Racing, Inc.); Porsche (Dr. Ing. H.C.F. Porsche AG); Saab (Saab AB); and, Toyota (Toyota Jidosha KK).


(1)		2001 earnings include a $175 million extraordinary gain on asset divestitures.

(2)		Prime product sales include ExxonMobil’s share of equity company volumes and finished-product transfers to the Downstream. Carbon-black oil volumes are excluded.