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1、Exxon Mobil Corporation2023 Annual Report2023Annual Report?Society has two essential asks of ExxonMobil:reliably provide affordable energy and products critical to modern life and reduce emissions.Im proud to say we made great progress on both in 2023.In a year defined by excellence in execution,the
2、 people of ExxonMobil sustained our industry-leading personnel safety performance,8 delivered outstanding financial and operating results,built major projects on time and on budget,deployed new technologies,and set a high bar for the years to come.Our established strategy,combined with actions to st
3、reamline our businesses and reduce structural costs,fundamentally improved the earnings power of our business.We outpaced peers across a range of metrics,delivering earnings of$36 billion and operating cash flows of$55 billion.In fact,since 2019,weve grown earnings at a compound annual growth rate o
4、f more than 40%and cash flow by more than 15%both well ahead of our nearest peer.9 This enabled us to deliver a 15%annualized total shareholder return,including more than$32 billion of shareholder distributions in 2023 alone,which also led peers.10 Our industry leadership extends to our record annua
5、l production in Guyana and the Permian and the continued strengthening of our already advantaged portfolio through divestments,acquisitions,and investments.The planned merger with Pioneer,for example,will transform our Upstream business,combining two of the best Permian operators to recover more res
6、ource,more efficiently,with lower emissions.Our recent world-class project startups are in the top-quintile for cost and schedule performance:Payara increases total capacity to 620,000 barrels per day in Guyana;the Beaumont expansion is the largest U.S.refining capacity addition in a decade;and our
7、Baytown chemical complex investment grows volumes and improves product mix.When it comes to developing lower-emission solutions beyond wind,solar and electric vehicles,nobody is doing more.Were pursuing more than$20 billion of lower-emission investments from 2022 to 2027,in addition to the purchase
8、of Denbury,which provides the largest owned and operated CO2 pipeline network in the United States.About half our investments are directed toward reducing our own emissions and the other half toward reducing our customers emissions through carbon capture and storage,hydrogen,biofuels,and lithium.As
9、I reflect on the past year,Im proud of what our people achieved and our ability to lead in the years ahead.Thank you for investing in ExxonMobil.To our shareholdersDarren W.WoodsChairman and CEOI?Low Carbon SolutionsEmission-reduction markets have the potential to grow rapidly in a world progressing
10、 toward net zero.This provides great opportunities for our Low Carbon Solutions business,which represents an important element of our plans to profitably grow for many years to come.Were clear-eyed on the challenges,and we understand the unique contributions we can make.Our strategy is geared toward
11、 ensuring strong returns with a focus on carbon capture and storage,hydrogen,lower-emission fuels,and lithium.Our Low Carbon Solutions business made remarkable progress in 2023.We acquired the largest owned and operated network of CO2 pipelines in the United States roughly 70%of which are located in
12、 Louisiana,Texas,and Mississippi.The Gulf Coast is one of the largest U.S.markets for CO2 reduction and an area where we see the potential to capture more than 100 million metric tons per year of CO2.13 To date,we have signed contracts to safely capture and store up to 5 million metric tons per year
13、 of CO2 equal to replacing nearly 2 million cars with electric vehicles.14Also along the U.S.Gulf Coast,were working to develop the worlds largest hydrogen production facility that could supply local industrial customers and our own operations with low-carbon hydrogen.This single plant could reduce
14、our emissions at the complex by up to 30%and ultimately produce up to 1 billion cubic feet of hydrogen per day nearly 10%of the goal in the U.S.National Clean Hydrogen Strategy and Roadmap.In addition,we introduced MobilTM Lithium,applying our skills in subsurface exploration,drilling,refining,and c
15、hemicals to produce this critical mineral more efficiently and with fewer environmental impacts than traditional open-pit mining.By 2030,we see the opportunity to produce enough lithium to supply 1 million electric vehicles per year.We recently completed the construction of a direct air capture(DAC)
16、pilot plant in Baytown,Texas,to further develop a proprietary technology with the potential to significantly lower the cost of DAC.1,300milesCO2 pipeline network;largest owned and operated in the United States50Mtapotential reductions in third-party emissions by 203015In Rose,Texas,we drilled a new
17、well not for oil and gas operations,but for gathering information about an underground site that could store CO2 emissions captured from area industries.IV2023UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549FORM 10-KANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OFTHE SECURITIES EXC
18、HANGE ACT OF 1934For the fiscal year ended December 31,2023or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OFTHE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number 1-2256Exxon Mobil Corporation(Exact name of registrant as specified in its charter)New Jersey13-5
19、409005(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification Number)22777 Springwoods Village Parkway,Spring,Texas 77389-1425(Address of principal executive offices)(Zip Code)(972)940-6000(Registrants telephone number,including area code)Securities registered purs
20、uant to Section 12(b)of the Act:Title of Each ClassTrading SymbolName of Each Exchange on Which RegisteredCommon Stock,without par valueXOMNew York Stock Exchange0.142%Notes due 2024XOM24BNew York Stock Exchange0.524%Notes due 2028XOM28New York Stock Exchange0.835%Notes due 2032XOM32New York Stock E
21、xchange1.408%Notes due 2039XOM39ANew York Stock ExchangeIndicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of the
22、Act.Yes No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject to
23、 such filing requirements for the past 90days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 ofRegulation S-T(232.405 of this chapter)during the preceding 12 months(or for such sho
24、rter period that the registrant was required to submit and post such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerging growthcompany.See the definitions of“large accelerated
25、 filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of theExchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the registrant has
26、 elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effect
27、iveness of its internal control over financialreporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether the
28、financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any o
29、f theregistrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined by Rule 12b-2 of the Act).Yes No The aggregate market value of the voting stock held by non-affiliates of the registrant on Jun
30、e 30,2023,the last business day of the registrants most recently completedsecond fiscal quarter,based on the closing price on that date of$107.25 on the New York Stock Exchange composite tape,was in excess of$429 billion.ClassOutstanding as of January 31,2024Common stock,without par value3,967,844,3
31、07Documents Incorporated by Reference:Proxy Statement for the 2024 Annual Meeting of Shareholders(Part III)EXXON MOBIL CORPORATIONFORM 10-KFOR THE FISCAL YEAR ENDED DECEMBER 31,2023TABLE OF CONTENTSPART IItem 1.Business1Item 1A.Risk Factors2Item 1B.Unresolved Staff Comments7Item 1C.Cybersecurity8Ite
32、m 2.Properties9Item 3.Legal Proceedings28Item 4.Mine Safety Disclosures28Information about our Executive Officers29PART IIItem 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities30Item 7.Managements Discussion and Analysis of Financial Conditi
33、on and Results of Operations30Item 7A.Quantitative and Qualitative Disclosures About Market Risk30Item 8.Financial Statements and Supplementary Data31Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure31Item 9A.Controls and Procedures31Item 9B.Other Informatio
34、n32Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections32PART IIIItem 10.Directors,Executive Officers and Corporate Governance32Item 11.Executive Compensation32Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters33Item 13.Certa
35、in Relationships and Related Transactions,and Director Independence33Item 14.Principal Accounting Fees and Services33PART IVItem 15.Exhibit and Financial Statement Schedules33Item 16.Form 10-K Summary33Financial Section34Index to ExhibitsSignaturesExhibits 31 and 32 CertificationsPART IITEM 1.BUSINE
36、SSExxon Mobil Corporation was incorporated in the State of New Jersey in 1882.Divisions and affiliated companies of ExxonMobiloperate or market products in the United States and most other countries of the world.Our principal business involves exploration for,and production of,crude oil and natural
37、gas;manufacture,trade,transport and sale of crude oil,natural gas,petroleum products,petrochemicals,and a wide variety of specialty products;and pursuit of lower-emission business opportunities including carboncapture and storage,hydrogen,lower-emission fuels,and lithium.Affiliates of ExxonMobil con
38、duct extensive research programs insupport of these businesses.Exxon Mobil Corporation has several divisions and hundreds of affiliates,many with names that include ExxonMobil,Exxon,Esso,Mobil or XTO.For convenience and simplicity,in this report the terms ExxonMobil,Exxon,Esso,Mobil,and XTO,as well
39、as termslike Corporation,Company,our,we,and its,are sometimes used as abbreviated references to specific affiliates or groups of affiliates.The precise meaning depends on the context in question.In October 2023 the Corporation entered into a merger agreement with Pioneer Natural Resources Company(Pi
40、oneer),an independentoil and gas exploration and production company,in exchange for ExxonMobil common stock.The transaction is currently expected toclose in the second quarter of 2024,subject to regulatory approvals.For additional information,see Note 21:Mergers andAcquisitions in the Financial Sect
41、ion of this report.The energy and petrochemical industries are highly competitive,both within the industries and also with other industries in supplyingthe energy,fuel,and chemical needs of industrial and individual consumers.Certain industry participants,including ExxonMobil,areexpanding investment
42、s in lower-emission energy and emission-reduction services and technologies.The Corporation competes withother firms in the sale or purchase of needed goods and services in many national and international markets and employs all methodsof competition which are lawful and appropriate for such purpose
43、s.Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under thefollowing:“Managements Discussion and Analysis of Financial Condition and Results of Operations:Business Results”and“Note18:Disclosures about Segments and Related Info
44、rmation”.Information on oil and gas reserves is contained in the“Oil and GasReserves”part of the“Supplemental Information on Oil and Gas Exploration and Production Activities”portion of the FinancialSection of this report.ExxonMobil has a long-standing commitment to the development of proprietary te
45、chnology.We have a wide array of researchprograms designed to meet the needs identified in each of our businesses.ExxonMobil held over 8 thousand active patents worldwideat the end of 2023.For technology licensed to third parties,revenues totaled approximately$155 million in 2023.Althoughtechnology
46、is an important contributor to the overall operations and results of our Company,the profitability of each business segmentis not dependent on any individual patent,trade secret,trademark,license,franchise,or concession.ExxonMobil operates in a highly complex,competitive,and changing global energy b
47、usiness environment where decisions and risksplay out over time horizons that are often decades in length.This long-term orientation underpins the Corporations philosophy ontalent development.Talent development begins with recruiting exceptional candidates and continues with individually planned exp
48、eriences and trainingdesigned to facilitate broad development and a deep understanding of our business across the business cycle.Our career-orientedapproach to talent development results in strong retention and an average length of service of about 30 years for our career employees.Compensation,bene
49、fits,and workplace programs support the Corporations talent management approach,and are designed to attractand retain employees for a career through compensation that is market competitive,long-term oriented,and highly differentiated byindividual performance.Over 60 percent of our global employee wo
50、rkforce is from outside the U.S.,and over the past decade 39 percent of our global hires formanagement,professional and technical positions were female and 37 percent of our U.S.hires for management,professional andtechnical positions were minorities.With over 160 nationalities represented in the co
51、mpany,we encourage and respect diversity ofthought,ideas,and perspective from our workforce.We consider and monitor diversity through all stages of employment,includingrecruitment,training,and development of our employees.We also work closely with the communities where we operate to identifyand inve
52、st in initiatives that help support local needs,including local talent and skill development.The number of regular employees was 62 thousand,62 thousand,and 63 thousand at years ended 2023,2022,and 2021,respectively.Regular employees are defined as active executive,management,professional,technical,
53、administrative,and wage employees whowork full time or part time for the Corporation and are covered by the Corporations benefit plans and programs.1As discussed in Item 1A.Risk Factors in this report,compliance with existing and potential future government regulations,including taxes,environmental
54、regulations,and other government regulations and policies that directly or indirectly affect theproduction and sale of our products,may have material effects on the capital expenditures,earnings,and competitive position ofExxonMobil.For additional information on the Corporations worldwide environmen
55、tal expenditures,see Managements Discussionand Analysis of Financial Condition and Results of Operations:Environmental Matters in the Financial Section of this report.Information concerning the source and availability of raw materials used in the Corporations business,the extent of seasonality in th
56、ebusiness,the possibility of renegotiation of profits or termination of contracts at the election of governments,and risks attendant toforeign operations may be found in“Item 1A.Risk Factors”and“Item 2.Properties”in this report.ExxonMobil maintains a website at .Our annual report on Form 10-K,quarte
57、rly reports on Form 10-Q,currentreports on Form 8-K,and any amendments to those reports filed or furnished pursuant to Section 13(a)of the Securities Exchange Actof 1934 are made available through our website as soon as reasonably practical after we electronically file or furnish the reports to theS
58、ecurities and Exchange Commission(SEC).Also available on the Corporations website are the companys Corporate GovernanceGuidelines,Code of Ethics and Business Conduct,and additional policies as well as the charters of the audit,compensation,and othercommittees of the Board of Directors.Information on
59、 our website is not incorporated into this report.ITEM 1A.RISK FACTORSExxonMobils financial and operating results are subject to a variety of risks inherent in the global oil,gas,and petrochemicalbusinesses and the pursuit of lower-emission business opportunities.Many of these risk factors are not w
60、ithin the companys controland could adversely affect our business,our financial and operating results,or our financial condition.These risk factors include:Supply and DemandThe oil,gas,and petrochemical businesses are fundamentally commodity businesses.This means ExxonMobils operations andearnings m
61、ay be significantly affected by changes in oil,gas,and petrochemical prices and by changes in margins on refined products.Oil,gas,petrochemical,and product prices and margins in turn depend on local,regional,and global events or conditions that affectsupply and demand for the relevant commodity or p
62、roduct.Any material decline in oil or natural gas prices could have a materialadverse effect on the companys operations,financial condition,and proved reserves,especially in the Upstream segment.On theother hand,a material increase in oil or natural gas prices could have a material adverse effect on
63、 the companys operations,especiallyin the Energy Products,Chemical Products,and Specialty Products segments.Our pursuit of lower-emission business opportunitiesincluding carbon capture and storage,hydrogen,lower-emission fuels,and lithium also depends on the growth and development ofmarkets for thos
64、e products and services,including implementation of supportive government policies and developments in technologyto enable those products and services to be provided on a cost-effective basis at commercial scale.See Climate Change and theEnergy Transition in this Item 1A.Economic conditions.The dema
65、nd for energy and petrochemicals is generally linked closely with broad-based economic activitiesand levels of prosperity.The occurrence of recessions or other periods of low or negative economic growth will typically have a directadverse impact on our results.Other factors that affect general econo
66、mic conditions in the world or in a major region,such as changesin population growth rates,periods of civil unrest,government regulation or austerity programs,trade tariffs or broader breakdowns inglobal trade,security or public health issues and responses,or currency exchange rate fluctuations,can
67、also impact the demand forenergy and petrochemicals.Sovereign debt downgrades,defaults,inability to access debt markets due to rating,banking,or legalconstraints,liquidity crises,the breakup or restructuring of fiscal,monetary,or political systems such as the European Union,andother events or condit
68、ions that impair the functioning of financial markets and institutions also pose risks to ExxonMobil,includingrisks to the safety of our financial assets and to the ability of our partners and customers to fulfill their commitments to ExxonMobil.Our future business results,including cash flows and f
69、inancing needs,may also be affected by the occurrence,severity,pace and rateof recovery of future public health epidemics or pandemics;the responsive actions taken by governments and others;and the resultingeffects on regional and global markets and economies.Other demand-related factors.Other facto
70、rs that may affect the demand for oil,gas,petrochemicals or our other products,andtherefore impact our results,include technological improvements in energy efficiency;seasonal weather patterns;increasedcompetitiveness of,or government policy support for,alternative energy sources;changes in technolo
71、gy that alter fuel choices,such astechnological advances in energy storage or other critical areas that make wind,solar,hydrogen,nuclear or other alternatives morecompetitive for power generation;changes in consumer preferences for our products,including consumer demand for alternative-fueled or ele
72、ctric transportation or alternatives to plastic products;and broad-based changes in personal income levels.See also“Climate Change and the Energy Transition”below.2The SEC maintains an internet site(h.t.t.p:/l/w.w.w.sec.gov)that contains reports,proxy and information statements,and otherinformation
73、regarding issuers that file electronically with the SEC.Other supply-related factors.Commodity prices and margins also vary depending on a number of factors affecting supply.Forexample,increased supply from the development of new oil and gas supply sources and technologies to enhance recovery fromex
74、isting sources tends to reduce commodity prices to the extent such supply increases are not offset by commensurate growth indemand.Similarly,increases in industry refining or petrochemical manufacturing capacity relative to demand tend to reduce marginson the affected products.World oil,gas,and petr
75、ochemical supply levels can also be affected by factors that reduce available supplies,such as the level of and adherence by participating countries to production quotas established by OPEC or OPEC+and otheragreements among sovereigns;government policies,including actions intended to reduce greenhou
76、se gas emissions,that restrict oiland gas production or increase associated costs;the occurrence of wars or hostile actions,including disruption of land or seatransportation routes;natural disasters;disruptions in competitors operations;and logistics constraints or unexpected unavailability ofdistri
77、bution channels that may disrupt supplies.Technological change can also alter the relative costs for competitors to find,produceand refine oil and gas,and to manufacture petrochemicals.Other market factors.ExxonMobils business results are also exposed to potential negative impacts due to changes in
78、interest rates,inflation,currency exchange rates,changes in usage of the U.S.dollar in global trade,and other local or regional market conditions.Inaddition to direct potential impacts on our costs and revenues,market factors such as rates of inflation may indirectly impact ourresults to the extent
79、such factors reduce general rates of economic growth and therefore energy demand,as discussed under“Economicconditions”.Market factors may also result in losses from commodity derivatives and other instruments we use to hedge priceexposures or for trading purposes.Additional information regarding th
80、e potential future impact of market factors on our businesses isincluded or incorporated by reference under Item 7A.Quantitative and Qualitative Disclosures About Market Risk in this report.Government and Political FactorsExxonMobils results can be adversely affected by political or regulatory devel
81、opments affecting our operations.Access limitations.A number of countries limit access to their oil and gas resources,including by restricting leasing or permittingactivities,or may place resources off-limits from development altogether.Restrictions on production of oil and gas could increase tothe
82、extent governments view such measures as a viable approach for pursuing national and global energy and climate policies.Restrictions on foreign investment in the oil and gas sector tend to increase in times of high commodity prices or when nationalgovernments may have less need for outside sources o
83、f private capital.Many countries also restrict the import or export of certainproducts based on point of origin.Restrictions on doing business.ExxonMobil is subject to laws and sanctions imposed by the United States or by other jurisdictionswhere we do business that may prohibit ExxonMobil or its af
84、filiates from doing business in certain countries or restrict the kind ofbusiness that may be conducted,including acquiring or divesting certain assets.Such restrictions may provide a competitive advantageto competitors who may not be subject to comparable restrictions.Lack of legal certainty.Some c
85、ountries in which we do business lack well-developed legal systems,have not yet adopted or may beunable to maintain clear regulatory frameworks,or may have evolving and unharmonized standards that vary or conflict acrossjurisdictions.Lack of legal certainty exposes us to increased risk of adverse or
86、 unpredictable actions by government officials,and alsomakes it more difficult for us to enforce our contracts.In some cases,these risks can be partially offset by agreements to arbitratedisputes in an international forum,but the adequacy of this remedy may still depend on the local legal system to
87、enforce an award.3Regulatory and litigation risks.Even in countries with well-developed legal systems where ExxonMobil does business,we remainexposed to changes in law or interpretation of settled law(including changes that result from international treaties and accords)andchanges in policy that cou
88、ld adversely affect our results,such as:increases in taxes,duties,or government royalty rates(including retroactive claims or punitive taxes on oil,gas andpetrochemical operations);price controls;changes in environmental regulations or other laws that increase our cost of operation or compliance or
89、reduce or delayavailable business opportunities(including changes in laws affecting offshore drilling operations,standards to completedecommissioning,water use,emissions,hydraulic fracturing,or production or use of new or recycled plastics,as well as lawsand regulations affecting trading);actions by
90、 policy-makers,regulators,or other actors to delay or deny necessary licenses and permits,restrict the availabilityof oil and gas leases or the transportation or export of our products,or otherwise require changes in the companys business orstrategy that could result in reduced returns;regulatory in
91、terpretations that exclude or disfavor our products under government policies or programs intended to supportnew or developing markets or technologies,or that otherwise are not technology-neutral;adoption of regulations mandating efficiency standards,the use of alternative fuels or uncompetitive fue
92、l components;adoption of disclosure regulations that could create competitive disadvantages,require us to incur disproportionate costs,orincrease legal risk due to a need to rely on uncertain estimates or extrapolations(such as emissions of third parties)and lackof uniform standards across jurisdict
93、ions,or by requiring us to disclose competitively sensitive commercial information or toviolate the non-disclosure laws of other countries;andgovernment actions to cancel contracts,redenominate the official currency,renounce or default on obligations,renegotiateterms unilaterally,or expropriate asse
94、ts.Legal remedies available to compensate us for expropriation or other takings may be inadequate.We also may be adversely affected by the outcome of litigation,especially in countries such as the United States in which very largeand unpredictable punitive damage awards may occur;by government enfor
95、cement proceedings alleging non-compliance withapplicable laws or regulations;or by state and local government actors as well as private plaintiffs acting in parallel that attempt to usethe legal system to promote public policy agendas(including seeking to reduce the production and sale of hydrocarb
96、on productsthrough litigation targeting the company or other industry participants),gain political notoriety,or obtain monetary awards from thecompany.The continued adoption of similar legal practices in the European Union or elsewhere would broaden this risk and hasbegun to be applied to some of ou
97、r competitors in the European Union.Security concerns.Successful operation of particular facilities or projects may be disrupted by civil unrest,acts of sabotage orterrorism,cybersecurity attacks,the application of national security laws or policies that result in restricting our ability to do busin
98、essin a particular jurisdiction,and other local security concerns.Such concerns may be directed specifically at our company,our industry,or as part of broader movements and may require us to incur greater costs for security or to shut down operations for a period of time.Climate Change and the Energ
99、y TransitionNet-zero scenarios.Driven by concern over the risks of climate change,a number of countries have adopted,or are considering theadoption of,regulatory frameworks to reduce greenhouse gas emissions including emissions from the production and use of oil andgas and their products as well as
100、the use or support for different emission-reduction technologies.These actions are being taken bothindependently by national and regional governments and within the framework of United Nations Conference of the Parties summitsunder which many countries of the world have endorsed objectives to reduce
101、 the atmospheric concentration of carbon dioxide(CO2)over the coming decades,with an ambition ultimately to achieve“net zero”.Net zero means that emissions of greenhouse gases fromhuman activities would be balanced by actions that remove such gases from the atmosphere.Expectations for transition of
102、the worldsenergy system to lower-emission sources,and ultimately net-zero,derive from hypothetical scenarios that reflect many assumptionsabout the future and reflect substantial uncertainties.The companys objective to play a leading role in the energy transition,includingthe companys announced ambi
103、tion ultimately to achieve net zero with respect to Scope 1 and 2 emissions from operations withcontinued technology development and policy support where ExxonMobil is the operator,carries risks that the transition,includingunderlying technologies,policies,and markets as discussed in more detail bel
104、ow,will not be available or develop at the pace or in themanner expected by current net-zero scenarios.The success of our strategy for the energy transition will also depend on our ability torecognize key signposts of changes in the global energy system on a timely basis,and our corresponding abilit
105、y to direct investment tothe technologies and businesses,at the appropriate stage of development,to best capitalize on our competitive strengths.4Greenhouse gas restrictions.Government actions intended to reduce greenhouse gas emissions include adoption of cap and traderegimes,carbon taxes,carbon-ba
106、sed import duties or other trade tariffs,minimum renewable usage requirements,restrictivepermitting,increased mileage and other efficiency standards,mandates for sales of electric vehicles,mandates for use of specific fuelsor technologies,and other incentives or mandates designed to support certain
107、technologies for transitioning to lower-emission energysources.Political and other actors and their agents also increasingly seek to advance climate change objectives indirectly,such as byseeking to reduce the availability or increase the cost of financing and investment in the oil and gas sector.Th
108、ese actions includedelaying or blocking needed infrastructure,utilizing shareholder governance mechanisms against companies or their shareholders orfinancial institutions in an effort to deter investment in oil and gas activities,and taking other actions intended to promote changes inbusiness strate
109、gy for oil and gas companies.Depending on how policies are formulated and applied,such policies could negativelyaffect our investment returns,make our hydrocarbon-based products more expensive or less competitive,lengthen projectimplementation times,and reduce demand for hydrocarbons,as well as shif
110、t hydrocarbon demand toward relatively lower-carbonalternatives.Current and pending greenhouse gas regulations or policies may also increase our compliance costs,such as formonitoring or sequestering emissions.Technology and lower-emission solutions.Achieving societal ambitions to reduce greenhouse
111、gas emissions and ultimately achievenet zero will require new technologies to reduce the cost and increase the scalability of alternative energy sources,as well astechnologies such as carbon capture and storage(CCS).CCS technologies,focused initially on capturing and sequestering CO2emissions from h
112、igh-intensity industrial activities,can assist in meeting societys objective to mitigate atmospheric greenhouse gaslevels while also helping ensure the availability of the reliable and affordable energy the world requires.ExxonMobil has established aLow Carbon Solutions(LCS)business unit to advance
113、the development and deployment of these technologies and projects,includingCCS,hydrogen,lower-emission fuels,and lithium,breakthrough energy efficiency processes,advanced energy-saving materials,andother technologies.The companys efforts include both in-house research and development as well as coll
114、aborative efforts withleading universities and with commercial partners involved in advanced lower-emission energy technologies.Our future results andability to grow our LCS business,help nations meet their emission-reduction goals,and succeed through the energy transition willdepend in part on the
115、success of these research and collaboration efforts and on our ability to adapt and apply the strengths of ourcurrent business model to providing the energy products of the future in a cost-competitive manner.Policy and market development.The scale of the worlds energy system means that,in addition
116、to developments in technology asdiscussed above,a successful energy transition will require appropriate support from governments and private participants throughoutthe global economy.Our ability to develop and deploy CCS and other lower-emission energy technologies at commercial scale,andthe growth
117、and future returns of LCS and other emerging businesses in which we invest,will depend in part on the continueddevelopment of supportive government policies and markets.Failure or delay of these policies or markets to materialize or bemaintained could adversely impact these investments.Policy and ot
118、her actions that result in restricting the availability of hydrocarbonproducts without commensurate reduction in demand may have unpredictable adverse effects,including increased commodity pricevolatility;periods of significantly higher commodity prices and resulting inflationary pressures;and local
119、 or regional energy shortages.Such effects in turn may depress economic growth or lead to rapid or conflicting shifts in policy by different actors,with resultingadverse effects on our businesses.In addition,the existence of supportive policies in any jurisdiction is not a guarantee that thosepolici
120、es will continue in the future.See also the discussion of“Supply and Demand,”“Government and Political Factors,”and“Operational and Other Factors”in this Item 1A.Operational and Other FactorsIn addition to external economic and political factors,our future business results also depend on our ability
121、 to manage successfullythose factors that are,at least in part,within our control,including our capital allocation into existing and new businesses.The extentto which we manage these factors will impact our performance relative to competition.For projects in which we are not the operator,we depend o
122、n the management effectiveness of one or more co-venturers whom we do not control.Exploration and development program.Our ability to maintain and grow our oil and gas production depends on the success of ourexploration and development efforts.Among other factors,we must continuously improve our abil
123、ity to identify the most promisingresource prospects and apply our project management expertise to bring discovered resources online as scheduled and within budget.5Project and portfolio management.The long-term success of ExxonMobils Upstream and Product Solutions businesses,as well asthe future su
124、ccess of LCS and other emerging lower-emission investments,depends on complex,long-term,capital-intensive projects.These projects in turn require a high degree of project management expertise to maximize efficiency.Specific factors that can affectthe performance of major projects include our ability
125、 to:negotiate successfully with joint venturers,partners,governments,suppliers,customers,or others;model and optimize reservoir performance;develop markets for project outputs,whether through long-termcontracts or the development of effective spot markets;qualify for certain incentives available und
126、er supportive government policiesfor emerging markets and technologies;manage changes in operating conditions and costs,including costs of third party equipment orservices such as drilling rigs and shipping,supply-chain disruptions,and inflationary cost pressures;prevent,to the extent possible,and r
127、espond effectively to unforeseen technical difficulties that could delay project start-up or cause unscheduled project downtime;and influence the performance of project operators where ExxonMobil does not perform that role.In addition to the effectivemanagement of individual projects,ExxonMobils suc
128、cess,including our ability to mitigate risk and provide attractive returns toshareholders,depends on our ability to successfully manage our overall portfolio,including diversification among types and locationsof our projects,products produced,and strategies to acquire or divest assets.We may not be
129、able to divest assets at a price or on thetimeline we contemplate in our strategies.Additionally,we may retain certain liabilities following a divestment and could be heldliable for past use or for different liabilities than anticipated.The term“project”as used in this report can refer to a variety
130、of different activities and does not necessarily have the same meaning asin any government payment transparency reports.Operational efficiency.An important component of ExxonMobils competitive performance,especially given the commodity-basednature of many of our businesses,is our ability to operate
131、efficiently,including our ability to manage expenses,improve productionyields on an ongoing basis and successfully integrate and achieve the anticipated synergies of acquisitions,including the acquisition ofPioneer Natural Resources Company.This requires continuous management focus,including technol
132、ogy integration andimprovements,cost control,productivity enhancements,harmonizing the functions,policies,procedures and processes,regularreappraisal of our asset portfolio,and the recruitment,development,and retention of high caliber employees.Research and development and technological change.To ma
133、intain our competitive position,especially in light of the technologicalnature of our businesses and the need for continuous efficiency improvement,ExxonMobils technology,research,and developmentorganizations must be successful and able to adapt to a changing market and policy environment,including
134、continuous improvementin the efficiency of hydraulic fracturing technology and developing technologies to help reduce greenhouse gas emissions.To remaincompetitive,we must also continuously adapt and capture the benefits of new and emerging technologies,including successfullyapplying advances in the
135、 ability to process very large amounts of data to our businesses.Safety,business controls,and environmental risk management.Our results depend on managements ability to minimize theinherent risks of oil,gas,and petrochemical operations,to effectively control our business activities,including trading
136、,and tominimize the potential for human error.We apply rigorous management systems and continuous focus on workplace safety andavoiding spills or other adverse environmental events.For example,we work to minimize spills through a combined program ofeffective operations integrity management,ongoing u
137、pgrades,key equipment replacements,and comprehensive inspection andsurveillance.Similarly,we are implementing cost-effective new technologies and adopting new operating practices to reduceemissions,not only in response to government requirements but also to address community priorities.We employ a r
138、obust andactively evolving enterprise risk management system to identify and manage risk across our businesses.We also maintain adisciplined framework of internal controls and apply a controls management system for monitoring compliance with this framework.Substantial liabilities and other adverse i
139、mpacts could result if we do not timely identify and mitigate applicable risks,or if ourmanagement systems and controls do not function as intended.Cybersecurity.ExxonMobil is regularly subject to attempted cybersecurity disruptions from a variety of sources including state-sponsored actors.See Item
140、 1C in this Report for information on ExxonMobils program for managing cybersecurity risks.If themeasures we are taking to protect against cybersecurity disruptions prove to be insufficient or if our proprietary data is otherwise notprotected,ExxonMobil,as well as our customers,employees,or third pa
141、rties,could be adversely affected.We have limited ability toinfluence third parties,including our partners,suppliers and service providers(including providers of cloud-hosting services for ourdata or applications),to implement strong cybersecurity controls and are exposed to potential harm from cybe
142、rsecurity events that mayaffect their operations.Cybersecurity disruptions could cause physical harm to people or the environment;damage or destroy assets;compromise business systems;result in proprietary information being altered,lost,or stolen;result in employee,customer,or third-party information
143、 being compromised;or otherwise disrupt our business operations.We could incur significant costs to remedy theeffects of a major cybersecurity disruption in addition to costs in connection with resulting regulatory actions,litigation,orreputational harm.6Preparedness.Our operations may be disrupted
144、by severe weather events,natural disasters,human error,and similar events.Forexample,hurricanes may damage our offshore production facilities or coastal refining and petrochemical plants in vulnerable areas.Our facilities are designed,engineered,constructed,and operated to withstand a variety of ext
145、reme climatic and other conditions,withsafety factors built in to cover a number of uncertainties,including those associated with wave,wind,and current intensity,marine iceflow patterns,permafrost stability,storm surge magnitude,temperature extremes,extreme rainfall events,and earthquakes.Ourconside
146、ration of changing weather conditions and inclusion of safety factors in design covers the engineering uncertainties that climatechange and other events may potentially introduce.Our ability to mitigate the adverse impacts of these events depends in part upon theeffectiveness of our robust facility
147、engineering,our rigorous disaster preparedness and response,and business continuity planning.Insurance limitations.The ability of the Corporation to insure against many of the risks it faces as described in this Item 1A islimited by the availability and cost of coverage,which may not be economic,as
148、well as the capacity of the applicable insurancemarkets,which may not be sufficient.Competition.As noted in Item 1 above,the energy and petrochemical industries are highly competitive.We face competition not onlyfrom other private firms,but also from state-owned companies that are increasingly compe
149、ting for opportunities outside of their homecountries and as partners with other private firms.In some cases,these state-owned companies may pursue opportunities infurtherance of strategic objectives of their government owners,with less focus on financial returns than companies owned by privateshare
150、holders,such as ExxonMobil.Technology and expertise provided by industry service companies may also enhance thecompetitiveness of firms that may not have the internal resources and capabilities of ExxonMobil or reduce the need for resource-owning countries to partner with private-sector oil and gas
151、companies in order to monetize national resources.As described in moredetail above,our hydrocarbon-based energy products are also subject to growing and,in many cases,government-supportedcompetition from alternative energy sources.Reputation.Our reputation is an important corporate asset.Factors tha
152、t could have a negative impact on our reputation include anoperating incident or significant cybersecurity disruption;changes in consumer views concerning our products;a perception byinvestors or others that the Corporation is making insufficient progress with respect to our ambition to play a leadi
153、ng role in the energytransition,or that pursuit of this ambition may result in allocation of capital to investments with reduced returns;and other adverseevents such as those described in this Item 1A.Negative impacts on our reputation could in turn make it more difficult for us tocompete successful
154、ly for new opportunities,obtain necessary regulatory approvals,obtain financing,and attract talent,or they couldreduce consumer demand for our branded products.ExxonMobils reputation may also be harmed by events which negatively affectthe image of our industry as a whole.Projections,estimates,and de
155、scriptions of ExxonMobils plans and objectives included or incorporated in Items 1,1A,1C,2,5,7,and7A of this report are forward-looking statements.Actual future results,including project completion dates,production rates,capitalexpenditures,costs,and business plans could differ materially due to,amo
156、ng other things,the factors discussed above and elsewherein this report.ITEM 1B.UNRESOLVED STAFF COMMENTSNone.7ITEM 1C.CYBERSECURITYThe Corporation recognizes the importance of cybersecurity in achieving its business objectives,safeguarding its assets,and managingits daily operations.Accordingly,the
157、 Corporation integrates cybersecurity risks into its overall enterprise risk management system.The Audit Committee oversees the Corporations risk management approach and structure,which includes an annual review of theCorporations cybersecurity program.The Corporations cybersecurity program is manag
158、ed by the Corporations Vice President of IT,with support from cross-functionalteams led by ExxonMobil information technology(IT)and operational technology(OT)cybersecurity operations managers(collectively,Cybersecurity Operations Managers).The Cybersecurity Operations Managers are responsible for th
159、e day-to-daymanagement and effective functioning of the cybersecurity program,including the prevention,detection,investigation,and responseto cybersecurity threats and incidents.The Cybersecurity Operations Managers collectively have many years of experience incybersecurity operations.IT management
160、provides regular reports to the Corporations senior management throughout the year,and to the Audit Committee orthe Board of Directors,as appropriate,in its annual cybersecurity review.Such reports typically address,among other things,theCorporations cybersecurity strategy,initiatives,key security m
161、etrics,penetration testing and benchmarking learnings,and businessresponse plans as well as the evolving cybersecurity threat landscape.The Corporations cybersecurity program includes multi-layered technological capabilities designed to prevent and detectcybersecurity disruptions and leverages indus
162、try standard frameworks,including the National Institute of Standards and TechnologyCybersecurity Framework.The cybersecurity program incorporates an incident response plan to engage cross-functionally across theCorporation and report cybersecurity incidents to appropriate levels of management,inclu
163、ding senior management,and the AuditCommittee or Board of Directors,based on potential impact.The Corporation conducts annual cybersecurity awareness training androutinely tests cybersecurity awareness and business preparedness for response and recovery,which are developed based on real-worldthreats
164、.In addition,the Corporation exchanges threat information with governmental and industry groups and proactively engagesindependent,third-party cybersecurity experts to test,evaluate and recommend improvements on the effectiveness and resiliency of itscybersecurity program through penetration testing
165、,breach assessments,regular cybersecurity incident drill testing,threat informationsharing,and industry benchmarking.The Corporation takes a risk-based approach with respect to its third-party service providers,tailoring processes according to the nature and sensitivity of the data or systems access
166、ed by such third-party service providers andperforming additional risk screenings and procedures,as appropriate.As of the date of this report,we have not identified any risks from known cybersecurity threats,including as a result of any priorcybersecurity incidents,that have materially affected,or a
167、re reasonably likely to materially affect the Corporation,including ourbusiness strategy,results of operations,or financial condition.While the Corporation believes its cybersecurity program to be appropriate for managing constantly evolving cybersecurity risks,noprogram can fully protect against al
168、l possible adverse events.For additional information on these risks and potential consequences ifthe measures we are taking prove to be insufficient or if our proprietary data is otherwise not protected,see“Item 1A.Risk Factors:Operational and Other Factors-Cybersecurity”in this report.8ITEM 2.PROPE
169、RTIESInformation with regard to oil and gas producing activities follows:1.Disclosure of ReservesA.Summary of Oil and Gas Reserves at Year-End 2023The table below summarizes the oil-equivalent proved reserves in each geographic area and by product type for consolidatedsubsidiaries and equity compani
170、es.Natural gas is converted to an oil-equivalent basis at six billion cubic feet per one million barrels.The Corporation has reported proved reserves on the basis of the average of the first-day-of-the-month price for each month during thelast 12-month period.No major discovery or other favorable or
171、 adverse event has occurred since December 31,2023 that would causea significant change in the estimated proved reserves as of that date.Proved ReservesCrudeOilNatural GasLiquidsBitumenSyntheticOilNaturalGasOil-EquivalentTotalAll Products(million bbls)(million bbls)(million bbls)(million bbls)(billi
172、on cubic ft)(million bbls)DevelopedConsolidated SubsidiariesUnited States1,2085278,1383,091Canada/Other Americas(1)4332,3072423293,037Europe430755Africa20413220254Asia1,948481,9352,318Australia/Oceania35103,163572Total Consolidated3,8325982,30724214,0929,327Equity CompaniesUnited States745721Europe3
173、29051Africa5780135Asia3291094,2231,142Total Equity Company3441135,3501,349Total Developed4,1767112,30724219,44210,676UndevelopedConsolidated SubsidiariesUnited States8946044,1252,186Canada/Other Americas(1)5612EuropeAfrica2020Asia71932859894Australia/Oceania2622,695477Total Consolidated2,
174、2206381071127,8704,389Equity CompaniesUnited StatesEurope549AfricaAsia4512207,0981,854Total Equity Company4512207,1521,863Total Undeveloped2,675,0226,252Total Proved Reserves6,8471,5692,41435434,46416,928(1)Other Americas includes proved developed reserves of 324 million barrels of crude
175、oil and 178 billion cubic feet of natural gas,as well as proved undevelopedreserves of 549 million barrels of crude oil and 179 billion cubic feet of natural gas.9In the preceding reserves information,consolidated subsidiary and equity company reserves are reported separately.However,theCorporation
176、operates its business with the same view of equity company reserves as it has for reserves from consolidated subsidiaries.The Corporation anticipates several projects will come online over the next few years providing additional production capacity.However,actual volumes will vary from year to year
177、due to the timing of individual project start-ups;operational outages;reservoirperformance;regulatory changes;the impact of fiscal and commercial terms;asset sales;weather events;price effects on productionsharing contracts;changes in the amount and timing of capital investments that may vary depend
178、ing on the oil and gas priceenvironment;international trade patterns and relations;and other factors described in Item 1A.Risk Factors.The estimation of proved reserves,which is based on the requirement of reasonable certainty,is an ongoing process based on rigoroustechnical evaluations,commercial a
179、nd market assessments and detailed analysis of well and reservoir information such as flow ratesand reservoir pressures.Furthermore,the Corporation only records proved reserves for projects which have received significantfunding commitments by management toward the development of the reserves.Althou
180、gh the Corporation is reasonably certain thatproved reserves will be produced,the timing and amount recovered can be affected by a number of factors including completion ofdevelopment projects,reservoir performance,regulatory approvals,government policies,consumer preferences,and significantchanges
181、in crude oil and natural gas price levels.In addition,proved reserves could be affected by an extended period of low priceswhich could reduce the level of the Corporations capital spending and also impact our partners capacity to fund their share of jointprojects.B.Technologies Used in Establishing
182、Proved Reserves Additions in 2023Additions to ExxonMobils proved reserves in 2023 were based on estimates generated through the integration of available andappropriate geological,engineering and production data,utilizing well-established technologies that have been demonstrated in thefield to yield
183、repeatable and consistent results.Data used in these integrated assessments included information obtained directly from the subsurface via wellbores,such as well logs,reservoir core samples,fluid samples,static and dynamic pressure information,production test data,and surveillance and performanceinf
184、ormation.The data utilized also included subsurface information obtained through indirect measurements including high-quality3-D and 4-D seismic data,calibrated with available well control information.The tools used to interpret the data included seismicprocessing software,reservoir modeling and sim
185、ulation software,and data analysis packages.In some circumstances,where appropriate analog reservoirs were available,reservoir parameters from these analogs were used toincrease the quality of and confidence in the reserves estimates.C.Qualifications of Reserves Technical Oversight Group and Interna
186、l Controls over Proved ReservesExxonMobil has a dedicated Global Reserves and Resources group that provides technical oversight and is separate from the operatingorganization.Primary responsibilities of this group include oversight of the reserves estimation process for compliance with Securitiesand
187、 Exchange Commission(SEC)rules and regulations,review of annual changes in reserves estimates,and the reporting ofExxonMobils proved reserves.This group also maintains the official company reserves estimates for ExxonMobils proved reservesof crude oil,natural gas liquids,bitumen,synthetic oil,and na
188、tural gas.In addition,the group provides training to personnel involvedin the reserves estimation and reporting process within ExxonMobil and its affiliates.The current Global Reserves and ResourcesManager has more than 30 years of experience in reservoir engineering and reserves assessment,has a de
189、gree in Engineering,andserved on the Oil and Gas Reserves Committee of the Society of Petroleum Engineers.The group is staffed with individuals that havean average of more than 15 years of technical experience in the petroleum industry,including expertise in the classification andcategorization of r
190、eserves under SEC guidelines.This group includes individuals who hold degrees in either Engineering or Geology.The Global Reserves and Resources group maintains a central database containing the official company reserves estimates.Appropriate controls,including limitations on database access and upd
191、ate capabilities,are in place to ensure data integrity within thiscentral database.An annual review of the systems controls is performed by internal audit.Key components of the reserves estimationprocess include technical evaluations,commercial and market assessments,analysis of well and field perfo
192、rmance,and long-standingapproval guidelines.No changes may be made to the reserves estimates in the central database,including additions of any new initialreserves estimates or subsequent revisions,unless these changes have been thoroughly reviewed and evaluated by duly authorizedgeoscience and engi
193、neering professionals within the operating organization.In addition,changes to reserves estimates that exceedcertain thresholds require further review and approval by the appropriate level of management within the operating organizationbefore the changes may be made in the central database.Endorseme
194、nt by the Global Reserves and Resources group for all provedreserves changes is a mandatory component of this review process.After all changes are made,reviews are held with seniormanagement for final endorsement.102.Proved Undeveloped ReservesAt year-end 2023,approximately 6.3 billion oil-equivalen
195、t barrels(GOEB)of ExxonMobils proved reserves were classified asproved undeveloped.This represents 37 percent of the 16.9 GOEB reported in proved reserves.This compares to 6.6 GOEB of provedundeveloped reserves reported at the end of 2022.During the year,ExxonMobil conducted development activities t
196、hat resulted in thetransfer of approximately 0.8 GOEB from proved undeveloped to proved developed reserves by year-end.The largest transfers wererelated to development activities in the United States,Guyana,Australia,and the United Arab Emirates.In 2023,extensions anddiscoveries,primarily in the Uni
197、ted States and Guyana,resulted in the addition of approximately 1.1 GOEB of proved undevelopedreserves.Also,the Corporation reclassified approximately 0.6 GOEB of proved undeveloped reserves which no longer met the SECdefinition of proved reserves,primarily in the United States.Overall,investments o
198、f$14.6 billion were made by the Corporation during 2023 to progress the development of reported provedundeveloped reserves,including$14.3 billion for oil and gas producing activities,along with additional investments for other non-oiland gas producing activities such as the construction of support i
199、nfrastructure and other related facilities.These investmentsrepresented 74 percent of the$19.8 billion in total reported Upstream capital and exploration expenditures.One of ExxonMobils requirements for reporting proved reserves is that management has made significant funding commitmentstoward the d
200、evelopment of the reserves.ExxonMobil has a disciplined investment strategy and many major fields require long lead-time in order to be developed.Development projects typically take several years from the time of recording proved undevelopedreserves to the start of production and can exceed five yea
201、rs for large and complex projects.Proved undeveloped reserves in Australia,Kazakhstan,the United Arab Emirates,and the United States have remained undeveloped for five years or more primarily due toconstraints on the capacity of infrastructure,as well as the time required to complete development for
202、 very large projects.TheCorporation is reasonably certain that these proved reserves will be produced;however,the timing and amount recovered can beaffected by a number of factors including completion of development projects,reservoir performance,regulatory approvals,government policies,consumer pre
203、ferences,the pace of co-venturer/government funding,changes in the amount and timing of capitalinvestments,and significant changes in crude oil and natural gas price levels.Of the proved undeveloped reserves that have beenreported for five or more years,over 80 percent are contained in the aforement
204、ioned countries.In Australia,proved undevelopedreserves are associated with future compression for the Gorgon Jansz LNG project.In Kazakhstan,the proved undeveloped reservesare related to the remainder of the Tengizchevroil joint venture development that includes a production license in the Tengiz-K
205、orolevfield complex.The Tengizchevroil joint venture is producing,and proved undeveloped reserves will continue to move to proveddeveloped as approved development phases progress.In the United Arab Emirates,proved undeveloped reserves are associated withan approved development plan and continued dri
206、lling investment for the producing Upper Zakum field.113.Oil and Gas Production,Production Prices and Production CostsA.Oil and Gas ProductionThe table below summarizes production by final product sold and by geographic area for the last three years.(thousands of barrels daily)202320222021Crude OilN
207、GLCrude OilNGLCrude OilNGLCrude oil and natural gas liquids productionConsolidated SubsidiariesUnited States556238523211482195Canada/Other Americas(1)240219621303Europe22163Africa2Asia4721Australia/Oceania241227162815Total Consolidated Subsidiaries1,4552841,3882571,304244Equity
208、 CompaniesUnited States81411431Europe223Africa1Asia2760Total Equity Companies2276Total crude oil and natural gas liquids production1,6823451,6473171,557305Bitumen productionConsolidated SubsidiariesCanada/Other Americas355327365Synthetic oil productionConsolidated SubsidiariesC
209、anada/Other Americas676362Total liquids production2,4492,3542,289(millions of cubic feet daily)Natural gas production available for saleConsolidated SubsidiariesUnited States2,2922,5312,724Canada/Other Americas(1)96148195Europe266306377Africa356443Asia915779807Australia/Oceania1,2981,4401,280Total C
210、onsolidated Subsidiaries4,9025,2685,426Equity CompaniesUnited States192022Europe148361431Africa907Asia2,5752,6392,658Total Equity Companies2,8323,0273,111Total natural gas production available for sale7,7348,2958,537(thousands of oil-equivalent barrels daily)Oil-equivalent production3,7383,7373,712(
211、1)Other Americas includes crude oil production for 2023,2022,and 2021 of 178 thousand,120 thousand,and 48 thousand barrels daily,respectively;and naturalgas production available for sale for 2023,2022,and 2021 of 67 million,45 million,and 36 million cubic feet daily,respectively.12B.Production Price
212、s and Production CostsThe table below summarizes average production prices and average production costs by geographic area and by product type for thelast three years.(dollars per unit)UnitedStatesCanada/OtherAmericasEuropeAfricaAsiaAustralia/OceaniaTotal2023Consolidated SubsidiariesAverage producti
213、on pricesCrude oil,per barrel75.4580.5171.9982.7079.5070.2678.43NGL,per barrel23.8824.4464.1044.7229.8134.3525.12Natural gas,per thousand cubic feet1.162.5713.642.042.409.314.26Bitumen,per barrel49.6449.64Synthetic oil,per barrel77.5677.56Average production costs,per oil-equivalent barrel-total9.701
214、9.9436.3720.705.265.5512.05Average production costs,per barrel-bitumen23.8023.80Average production costs,per barrel-synthetic oil45.9145.91Equity CompaniesAverage production pricesCrude oil,per barrel75.4877.8271.9274.5974.63NGL,per barrel19.1345.6445.19Natural gas,per thousand cubic feet5.2522.225.
215、898.549.15Average production costs,per oil-equivalent barrel-total53.4943.996.742.775.09TotalAverage production pricesCrude oil,per barrel75.4580.5174.1382.6677.8370.2677.92NGL,per barrel23.8624.4464.1044.7240.5934.3528.66Natural gas,per thousand cubic feet1.192.5716.714.816.939.316.05Bitumen,per ba
216、rrel49.6449.64Synthetic oil,per barrel77.5677.56Average production costs,per oil-equivalent barrel-total10.1519.9439.0919.793.915.5510.63Average production costs,per barrel-bitumen23.8023.80Average production costs,per barrel-synthetic oil45.9145.912022Consolidated SubsidiariesAverage production pri
217、cesCrude oil,per barrel93.6097.0591.32103.4594.9494.4396.16NGL,per barrel38.5445.2271.4357.8335.7746.9139.37Natural gas,per thousand cubic feet5.374.4021.172.572.6011.477.48Bitumen,per barrel64.1264.12Synthetic oil,per barrel96.0896.08Average production costs,per oil-equivalent barrel-total9.4024.63
218、23.7721.687.314.9713.09Average production costs,per barrel-bitumen29.9029.90Average production costs,per barrel-synthetic oil51.5251.52Equity CompaniesAverage production pricesCrude oil,per barrel94.5890.9160.0094.3294.32NGL,per barrel39.5359.5259.05Natural gas,per thousand cubic feet5.4921.102.7213
219、.0813.97Average production costs,per oil-equivalent barrel-total40.4226.8642.241.455.57TotalAverage production pricesCrude oil,per barrel93.6797.0591.15103.4294.7394.4395.88NGL,per barrel38.5545.2271.4357.8352.8546.9143.09Natural gas,per thousand cubic feet5.374.4021.142.5910.7011.479.85Bitumen,per
220、barrel64.1264.12Synthetic oil,per barrel96.0896.08Average production costs,per oil-equivalent barrel-total10.5724.6325.4321.794.024.9711.43Average production costs,per barrel-bitumen29.9029.90Average production costs,per barrel-synthetic oil51.5251.5213(dollars per unit)UnitedStatesCanada/OtherAmeri
221、casEuropeAfricaAsiaAustralia/OceaniaTotal2021Consolidated SubsidiariesAverage production pricesCrude oil,per barrel65.0368.5666.2070.2167.2869.0067.14NGL,per barrel32.2430.5142.3154.5732.6243.0733.65Natural gas,per thousand cubic feet3.022.9211.831.672.116.644.33Bitumen,per barrel44.2644.26Synthetic
222、 oil,per barrel64.7364.73Average production costs,per oil-equivalent barrel-total8.3322.4725.3118.927.165.1412.15Average production costs,per barrel-bitumen22.6922.69Average production costs,per barrel-synthetic oil48.8748.87Equity CompaniesAverage production pricesCrude oil,per barrel67.0662.6065.8
223、566.01NGL,per barrel29.9452.1451.64Natural gas,per thousand cubic feet3.118.196.546.74Average production costs,per oil-equivalent barrel-total30.5138.821.596.67TotalAverage production pricesCrude oil,per barrel65.2068.5665.5470.2166.8069.0066.96NGL,per barrel32.2330.5142.3154.5747.1043.0737.27Natura
224、l gas,per thousand cubic feet3.022.929.891.675.506.645.21Bitumen,per barrel44.2644.26Synthetic oil,per barrel64.7364.73Average production costs,per oil-equivalent barrel-total9.2422.4731.7919.044.065.1410.92Average production costs,per barrel-bitumen22.6922.69Average production costs,per barrel-synt
225、hetic oil48.8748.87Average production prices have been calculated by using sales quantities from the Corporations own production as the divisor.Average production costs have been computed by using net production quantities for the divisor.The volumes of crude oil and naturalgas liquids(NGL)productio
226、n used for this computation are shown in the oil and gas production table in section 3.A.The volumes ofnatural gas used in the calculation are the production volumes of natural gas available for sale and are also shown in section 3.A.Thenatural gas available for sale volumes are different from those
227、 shown in the reserves table in the“Oil and Gas Reserves”part of the“Supplemental Information on Oil and Gas Exploration and Production Activities”portion of the Financial Section of this report dueto volumes consumed or flared.Natural gas is converted to an oil-equivalent basis at six million cubic
228、 feet per one thousand barrels.144.Drilling and Other Exploratory and Development ActivitiesA.Number of Net Productive and Dry Wells Drilled202320222021Net Productive Exploratory Wells DrilledConsolidated SubsidiariesUnited States11Canada/Other Americas135Europe1AfricaAsiaAustralia/OceaniaTotal Cons
229、olidated Subsidiaries246Equity CompaniesUnited StatesEuropeAfricaAsiaTotal Equity CompaniesTotal productive exploratory wells drilled246Net Dry Exploratory Wells DrilledConsolidated SubsidiariesUnited States11Canada/Other Americas343EuropeAfricaAsiaAustralia/OceaniaTotal Consolidated Subsidiaries444
230、Equity CompaniesUnited StatesEuropeAfricaAsiaTotal Equity CompaniesTotal dry exploratory wells drilled444021Net Productive Development Wells DrilledConsolidated SubsidiariesUnited States446473433Canada/Other Americas473328Europe11Africa431Asia554Australia/OceaniaTotal Consolidated Subsidi
231、aries503514467Equity CompaniesUnited States24913Europe1Africa1Asia6105Total Equity Companies85920Total productive development wells drilled511573487Net Dry Development Wells DrilledConsolidated SubsidiariesUnited States4Canada/Other AmericasEuropeAfricaAsiaAustralia/OceaniaTotal Consolidated Subsidi
232、aries4Equity CompaniesUnited StatesEuropeAfricaAsiaTotal Equity CompaniesTotal dry development wells drilled4Total number of net wells drilled51758150116B.Exploratory and Development Activities Regarding Oil and Gas Resources Extracted by Mining TechnologiesSyncrude Operations.Syncrude is a joint ve
233、nture established to recover shallow deposits of oil sands using open-pit mining methodsto extract the crude bitumen,and then upgrade it to produce a high-quality,light(32 degrees API),sweet,synthetic crude oil.ImperialOil Limited is the owner of a 25 percent interest in the joint venture.Exxon Mobi
234、l Corporation has a 69.6 percent interest in ImperialOil Limited.In 2023,the companys share of net production of synthetic crude oil was about 67 thousand barrels per day and share ofnet acreage was about 55 thousand acres in the Athabasca oil sands deposit.Kearl Operations.Kearl is a joint venture
235、established to recover shallow deposits of oil sands using open-pit mining methods toextract the crude bitumen.Imperial Oil Limited holds a 70.96 percent interest in the joint venture and ExxonMobil Canada Propertiesholds the other 29.04 percent.Exxon Mobil Corporation has a 69.6 percent interest in
236、 Imperial Oil Limited and a 100 percent interestin ExxonMobil Canada Properties.Kearl is comprised of six oil sands leases covering about 49 thousand acres in the Athabasca oilsands deposit.Kearl is located approximately 40 miles north of Fort McMurray,Alberta,Canada.Bitumen is extracted from oil sa
237、nds and processedthrough bitumen extraction and froth treatment trains.The product,a blend of bitumen and diluent,is shipped to our refineries and toother third parties.Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportationby pipeline an
238、d rail.During 2023,average net production at Kearl was about 249 thousand barrels per day.5.Present ActivitiesA.Wells DrillingWells DrillingYear-End 2023Year-End 2022GrossNetGrossNetConsolidated SubsidiariesUnited States582409804472Canada/Other Americas42295440Europe3121Africa41102Asia255185Australi
239、a/Oceania311Total Consolidated Subsidiaries659446889520Equity CompaniesUnited States9132EuropeAfricaAsia61483Total Equity Companies704215Total gross and net wells drilling72945091052517B.Review of Principal Ongoing ActivitiesUnited StatesNet acreage totaled 9.3 million acres at year-end 2023,of whic
240、h 0.2 million acres were offshore.ExxonMobil was active in areasonshore and offshore in the lower 48 states and in Alaska.Development activities continued on the Golden Pass LNG exportproject.During the year,a total of 446.9 net exploratory and development wells were completed in the inland lower 48
241、 states.Development activities focused on liquids-rich opportunities in the onshore U.S.,primarily in the Permian Basin of West Texasand New Mexico.In addition,ExxonMobil closed on the sale of its interest in the Aera Energy joint venture and acquiredDenbury Inc.(Denbury),which includes Gulf Coast a
242、nd Rocky Mountain oil and natural gas operations.Net acreage in the Gulf of Mexico totaled 0.1 million acres at year-end 2023.Participation in Alaska production and development continued with a total of 2.3 net development wells completed.Canada/Other AmericasCanadaOil and Gas Operations:Net acreage
243、 totaled 3.9 million acres at year-end 2023,of which 2.1 million acres were offshore.A totalof 0.9 net exploratory and development wells were completed during the year.In Situ Bitumen Operations:Net acreage totaled 0.5 million onshore acres at year-end 2023.During the year,a total of 32 netdevelopme
244、nt wells at Cold Lake were completed.ArgentinaNet acreage totaled 2.9 million acres at year-end 2023,of which 2.6 million acres were offshore.During the year,a total of 4.4 netdevelopment wells were completed.BrazilNet acreage totaled 2.6 million offshore acres at year-end 2023.During the year,a tot
245、al of 0.4 net development well wascompleted.Development activities continued on the Bacalhau Phase 1 project.GuyanaNet acreage totaled 4.6 million offshore acres at year-end 2023.During the year,a total of 12.6 net exploratory and developmentwells were completed.The Payara development commenced oper
246、ations with the Prosperity floating production,storage andoffloading vessel,and development activities continued on the Yellowtail project.The Uaru project was funded in 2023.EuropeGermanyNet acreage totaled 1.4 million onshore acres at year-end 2023.During the year,a total of 1.4 net exploratory an
247、d developmentwells were completed.NetherlandsNet interest in licenses totaled 1.3 million acres at year-end 2023,of which 0.3 million acres were offshore.Groningen gasproduction ceased on October 1,2023,at the Dutch governments instruction.In case of severe cold weather conditions,theDutch governmen
248、t could mandate the re-start of gas production.United KingdomNet interest in licenses totaled 0.1 million offshore acres at year-end 2023.18AfricaAngolaNet acreage totaled 3 million acres at year-end 2023,of which 2.9 million acres were offshore.During the year,a total of 3.7 netdevelopment wells we
249、re completed.Equatorial GuineaNet acreage totaled 0.1 million offshore acres at year-end 2023.ExxonMobil is actively taking steps to exit its operations in thecountry.MozambiqueNet acreage totaled 0.1 million offshore acres at year-end 2023.In 2023,0.6 million net offshore acres were relinquished ou
250、tsideof the core Area 4 development.Within Area 4,ExxonMobil participated in the co-venturer-operated Coral South Floating LNG,a gross 3.4 million metric tons per year LNG facility.NigeriaNet acreage totaled 0.9 million offshore acres at year-end 2023.During the year,a total of 0.2 net development w
251、ell wascompleted.AsiaAzerbaijanNet acreage totaled 7 thousand offshore acres at year-end 2023.During the year,a total of 0.5 net development wells werecompleted.IndonesiaNet acreage totaled 0.1 million onshore acres at year-end 2023.IraqNet acreage totaled 25 thousand onshore acres at year-end 2023.
252、During the year,a total of 1.1 net development wells werecompleted.In 2023,ExxonMobil completed a partial sale of 10 percent participating interest and in early 2024 closed on the saleof its remaining interest resulting in a full exit from the country.KazakhstanNet acreage totaled 0.3 million acres
253、at year-end 2023,of which 0.2 million acres were offshore.During the year,a total of 1 netdevelopment wells were completed.Development activities continued on the Tengiz Expansion project.MalaysiaNet interests in production sharing contracts covered 0.2 million offshore acres at year-end 2023.During
254、 the year,a total of 0.5net development well was completed.QatarThrough joint ventures with QatarEnergy,net acreage totaled 80 thousand offshore acres at year-end 2023.During the year,atotal of 4.7 net development wells were completed.ExxonMobil participated in 52.3 million metric tons per year gros
255、s liquefiednatural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year-end.Development activities continued onthe North Field East project and North Field Production Sustainment projects.ThailandNet acreage in concessions totaled 16 thousand onshore acres at year-end 2023
256、.During the year,a total of 0.2 net developmentwells were completed.United Arab EmiratesNet acreage in the Abu Dhabi offshore Upper Zakum oil concession was 81 thousand acres at year-end 2023.During the year,atotal of 3.1 net development wells were completed.Development activities continued on the U
257、pper Zakum 1 MBD Sustainmentproject.19Australia/OceaniaAustraliaNet acreage totaled 1.2 million offshore acres and nine thousand onshore acres at year-end 2023.The co-venturer-operated Gorgon Jansz liquefied natural gas(LNG)development consists of a subsea infrastructure for offshoreproduction and t
258、ransportation of the gas,a 15.6 million metric tons per year LNG facility,and a 280 million cubic feet per daydomestic gas plant located on Barrow Island,Western Australia.During the year,development activities continued on the GorgonStage 2 project and Jansz Io Compression project.Papua New GuineaN
259、et acreage totaled 2.1 million onshore acres at year-end 2023.During the year,a total of 0.4 net development wells werecompleted.The Papua New Guinea(PNG)liquefied natural gas(LNG)integrated development includes gas production andprocessing facilities in the PNG Highlands,onshore and offshore pipeli
260、nes,and a 6.9 million metric tons per year LNG facilitynear Port Moresby.Worldwide ExplorationExploration activities were under way in several countries in which ExxonMobil has no established production operations andthus are not included above.Net acreage totaled 18.5 million acres at year-end 2023
261、.During the year,a total of 0.6 netexploratory well was completed.6.Delivery CommitmentsExxonMobil sells crude oil and natural gas from its producing operations under a variety of contractual obligations,some of whichmay specify the delivery of a fixed and determinable quantity for periods longer th
262、an one year.ExxonMobil also enters into naturalgas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of our own production and thespot market.Worldwide,we are contractually committed to deliver approximately 78 million barrels of oil and 2.5 trilli
263、on cubic feetof natural gas for the period from 2024 through 2026.We expect to fulfill the majority of these delivery commitments with productionfrom our proved developed reserves.Any remaining commitments will be fulfilled with production from our proved undevelopedreserves and purchases on the ope
264、n market as necessary.207.Oil and Gas Properties,Wells,Operations and AcreageA.Gross and Net Productive WellsGross and Net Productive WellsYear-End 2023Year-End 2022OilGasOilGasGrossNetGrossNetGrossNetGrossNetConsolidated SubsidiariesUnited States21,1939,5038,2104,80119,0067,57611,4957,516Canada/Oth
265、er Americas4,1934,1312,9011,0344,3944,3102,9031,033Europe4766127433205Africa60520420Asia99529314786Australia/Oceania449849840473899238Total Consolidated Subsidiaries27,91114,34011,7746,16625,99812,61115,0948,888Equity CompaniesUnited States2,6343403,32232912,0684,777
266、3,341331Europe572045450Africa6262Asia234584533Total Equity Companies2,9254183,92750312,3584,8553,974516Total gross and net productive wells30,83614,75815,7016,66938,35617,46619,0689,404There were 18,518 gross and 16,171 net operated wells at year-end 2023 and 19,571 gross and 1
267、7,165 net operated wells at year-end2022.The number of wells with multiple completions was 467 gross in 2023 and 1,010 gross in 2022.21B.Gross and Net Developed AcreageGross and Net Developed Acreage(thousands of acres)Year-End 2023Year-End 2022GrossNetGrossNetConsolidated SubsidiariesUnited States1
268、0,3546,56611,0226,681Canada/Other Americas(1)2,1451,5262,1131,509Europe9835601,238580Africa2,1097042,186736Asia1,5824511,582462Australia/Oceania3,1741,0333,2421,067Total Consolidated Subsidiaries20,34710,84021,38311,035Equity CompaniesUnited States583113702166Europe3,5901,1093,6461,117Africa17844178
269、44Asia665157665157Total Equity Companies5,0161,4235,1911,484Total gross and net developed acreage25,36312,26326,57412,519(1)Includes developed acreage in Other Americas of 559 gross and 342 net thousands of acres for 2023 and 490 gross and 311 net thousands of acres for 2022.Separate acreage data fo
270、r oil and gas are not maintained because,in many instances,both are produced from the same acreage.C.Gross and Net Undeveloped AcreageGross and Net Undeveloped Acreage(thousands of acres)Year-End 2023Year-End 2022GrossNetGrossNetConsolidated SubsidiariesUnited States6,7382,6026,4552,587Canada/Other
271、Americas(1)30,77315,01232,44115,838Europe12,4898,17312,5928,231Africa18,30912,69620,62013,113Asia766227766227Australia/Oceania4,8112,3094,8112,309Total Consolidated Subsidiaries73,88641,01977,68542,305Equity CompaniesUnited States15061Europe381110482131Africa4Asia2981929619Total Equity Co
272、mpanies1,0972331,346315Total gross and net undeveloped acreage74,98341,25279,03142,620(1)Includes undeveloped acreage in Other Americas of 24,221 gross and 11,548 net thousands of acres for 2023 and 25,096 gross and 11,977 net thousands of acresfor 2022.ExxonMobils investment in developed and undeve
273、loped acreage is comprised of numerous concessions,blocks,and leases.The termsand conditions under which the Corporation maintains exploration and/or production rights to the acreage are property-specific,contractually defined,and vary significantly from property to property.Work programs are design
274、ed to ensure that the explorationpotential of any property is fully evaluated before expiration.In some instances,the Corporation may elect to relinquish acreage inadvance of the contractual expiration date if the evaluation process is complete and there is not a business basis for extension.In case
275、swhere additional time may be required to fully evaluate acreage,the Corporation has generally been successful in obtainingextensions.The scheduled expiration of leases and concessions for undeveloped acreage over the next three years is not expected tohave a material adverse impact on the Corporati
276、on.22D.Summary of Acreage TermsUnited StatesOil and gas exploration and production rights are acquired from mineral interest owners through a lease.Mineral interest ownersinclude the Federal and State governments,as well as private mineral interest owners.Leases typically have a primary termranging
277、from one to 10 years,and a production period beyond the primary term that normally remains in effect until productionceases.Under certain circumstances,a lease may be held beyond its primary term even if production has not commenced.In someinstances regarding private property,a“fee interest”is acqui
278、red where the underlying mineral interests are owned outright.Canada/Other AmericasCanadaExploration licenses or leases in onshore areas are acquired for varying periods of time with renewals or extensions possible.These licenses or leases entitle the holder to continue existing licenses or leases u
279、pon completing specified work.In general,theselicense and lease agreements are held as long as there is proven production capability on the licenses and leases.Offshoreexploration licenses are generally held by work commitments of various amounts and rentals.Offshore production licenses arevalid for
280、 25 years,with rights of extension for continued production.Significant discovery licenses in the offshore relating tocurrently undeveloped discoveries do not have a definite term.ArgentinaThe Federal Hydrocarbon Law was amended in 2014.Pursuant to the amended law,the production term for an onshoreu
281、nconventional concession is 35 years and 25 years for a conventional concession,with unlimited 10-year extensions possibleonce a field has been developed.In 2019,the government granted three offshore exploration licenses,with terms of eight years,divided into two exploration periods of four years,wi
282、th an optional extension of five years for each license.BrazilThe exploration and production of oil and gas are governed by concession contracts and production sharing contracts(PSCs).Concession contracts provide for an exploration period of up to eight years and a production period of 27 years.PSCs
283、 provide foran exploration period of up to seven years and a production period of up to 28 years.GuyanaThe Petroleum Activities Act 2023 authorizes the Government of Guyana to license and enter petroleum agreements forpetroleum exploration,development,production,and storage operations.The Act enable
284、s petroleum agreements to provide for anexploration period to be established by subsidiary legislation by the Minister(typically up to 10 years)and provide for aproduction period of 20 years for an oil field and 30 years for a gas field,each with a renewal period of up to 10 years.EuropeGermanyExplo
285、ration concessions are granted for an initial maximum period of five years,with an unlimited number of extensions up tothree years each.Extensions are subject to specific minimum work commitments.Production licenses were historically grantedfor 20 to 25 years with multiple possible extensions subjec
286、t to production on the license.NetherlandsUnder the Mining Law,effective January 1,2003,exploration and production licenses for both onshore and offshore areas areissued for a period as explicitly defined in the license.The term is based on the period of time necessary to perform the activitiesfor w
287、hich the license is issued.License conditions are stipulated in the license and are based on the Mining Law.Production rights granted prior to January 1,2003,remain subject to their existing terms and differ slightly for onshore andoffshore areas.Onshore production licenses issued prior to 1988 were
288、 indefinite;from 1988 they were issued for a period asexplicitly defined in the license,ranging from 35 to 45 years.Offshore production licenses issued before 1976 were issued for afixed period of 40 years;from 1976 they were again issued for a period as explicitly defined in the license,ranging fro
289、m 15 to 40years.23United KingdomAcreage terms are fixed by the government and are periodically changed.For example,many of the early licenses issued underthe first four licensing rounds provided an initial term of six years with relinquishment of at least one-half of the original area atthe end of t
290、he initial term,subject to extension for a further 40 years.At the end of any such 40-year term,licenses may continuein producing areas until cessation of production;or licenses may continue in development areas for periods agreed on a case-by-case basis until they become producing areas;or licenses
291、 terminate in all other areas.The majority of traditional licenses currentlyissued have an initial exploration term of four years with a second term extension of four years,and a final production term of 18years,with a mandatory relinquishment of 50 percent of the acreage after the initial term and
292、of all acreage that is not covered bya development plan at the end of the second term.AfricaAngolaExploration and production activities are governed by either production sharing agreements or other contracts with initialexploration terms ranging from three to four years with options to extend from o
293、ne to five years.The production periods rangefrom 20 to 30 years,and the agreements generally provide for negotiated extensions.Equatorial GuineaExploration,development and production activities are governed by production sharing contracts negotiated with the StateMinistry of Mines and Hydrocarbons.
294、The production period for crude oil is 30 years.ExxonMobil is actively taking steps to exitits operations in the country.MozambiqueExploration and production activities are generally governed by concession contracts with the Government of the Republic ofMozambique,represented by the Ministry of Mine
295、ral Resources and Energy.An interest in Area 4 offshore Mozambique wasacquired in 2017.Terms for Area 4 are governed by the Exploration and Production Concession Contract(EPCC)for Area 4Offshore of the Rovuma Block.The EPCC expires 30 years after an approved plan of development becomes effective for
296、 a givendiscovery area.In 2018,an interest was acquired in Area 5 offshore blocks A5-B,Z5-C,and Z5-D.Blocks Z5-C and Z5-D were relinquished in2022.In 2023,the initial exploration phase expired on block A5-B,resulting in a relinquishment of the remaining Area 5 acreage.NigeriaExploration and producti
297、on activities in the deepwater offshore areas are governed by production sharing contracts(PSCs)withthe national oil company,the Nigerian National Petroleum Company Limited(NNPCL).NNPCL typically holds the underlyinglicense or lease.The terms of the PSCs are generally 30 years(comprised of a 10-year
298、 exploration period and a 20-yearproduction period).Exploration and production activities in the shallow-water offshore areas are governed by Oil Mining Leases granted prior to the1969 Petroleum Act(i.e.,under the Mineral Oils Act 1914,repealed by the 1969 Petroleum Act)and have been renewed in 2011
299、for a further period of 20 years.Operations under these pre-1969 Oil Mining Leases are conducted under a joint ventureagreement with NNPCL rather than a PSC.Commercial terms applicable to the existing joint venture oil production are definedby the Petroleum Profits Tax Act.The 2021 Petroleum Industr
300、y Act will govern any further renewals to the term of the PSCs,licenses,or leases.AsiaAzerbaijanThe production sharing agreement(PSA)for the development of the Azeri-Chirag-Gunashli field was established for an initialperiod of 30 years starting from the PSA execution date in 1994.The PSA was amende
301、d in September 2017 to extend the term by25 years to 2049.IndonesiaExploration and production activities in Indonesia are generally governed by cooperation contracts,usually in the form of aproduction sharing contract(PSC).The current PSCs have an exploration period of six years,which can be extende
302、d once for aperiod of four years with a total contract period of 30 years including an exploitation period.PSC terms can be extended for amaximum of 20 years for each extension with the approval of the government.24IraqDevelopment and production activities in the state-owned oil and gas fields are g
303、overned by contracts with regional oil companiesof the Iraqi Ministry of Oil.An ExxonMobil affiliate entered into a contract with Basra Oil Company of the Iraqi Ministry of Oilfor the rights to participate in the development and production activities of the West Qurna Phase I oil and gas field effec
304、tiveMarch 1,2010.The term of the contract is 20 years with the right to extend for a period of five to 15 years.The contract providesfor cost recovery plus per-barrel fees for incremental production above specified levels.In early 2024,ExxonMobil closed on thesale of its remaining interest resulting
305、 in a full exit from the country.KazakhstanOnshore exploration and production activities are governed by the production license,exploration license,and joint ventureagreements negotiated with the Republic of Kazakhstan.Existing production operations have a 40-year production period thatcommenced in
306、1993.Offshore exploration and production activities are governed by a production sharing agreement negotiated with the Republic ofKazakhstan.The exploration period is six years followed by separate appraisal periods for each discovery.The production periodfor each discovery,which includes developmen
307、t,is 20 years from the date of declaration of commerciality with the possibility oftwo 10-year extensions.MalaysiaProduction activities are governed by production sharing contracts(PSCs)negotiated with the national oil company.The PSCshave production terms of 25 years.Extensions are generally subjec
308、t to the national oil companys prior written approval.QatarThe State of Qatar grants gas production development project rights to develop and supply gas from the offshore North Field topermit the economic development and production of gas reserves sufficient to satisfy the gas and LNG sales obligati
309、ons of theseprojects.The initial terms for these rights generally extend for 25 years.Extensions and terms are subject to State of Qatarapproval.ThailandThe Petroleum Act of 1971 allows production under ExxonMobils concessions for 30 years with a 10-year extension at termsgenerally prevalent at the
310、time.United Arab EmiratesAn interest in the development and production activities of the offshore Upper Zakum field was acquired in 2006.In 2017,thegoverning agreements were extended to 2051.Australia/OceaniaAustraliaExploration and production activities conducted offshore in Commonwealth waters are
311、 governed by Federal legislation.Exploration permits are granted for an initial term of six years with two possible five-year renewal periods.Retention leases maybe granted for resources that are not commercially viable at the time of application but are likely to become commercially viablewithin 15
312、 years.These are granted for periods of five years,and renewals may be requested.Prior to July 1998,productionlicenses were granted initially for 21 years,with a further renewal of 21 years and thereafter indefinitely,i.e.,for the life of thefield.Effective from July 1998,new production licenses are
313、 granted indefinitely.In each case,a production license may beterminated if no production operations have been carried on for five years.Papua New GuineaExploration and production activities are governed by the Oil and Gas Act.Petroleum prospecting licenses are granted for aninitial term of six year
314、s with a five-year extension possible(an additional extension of three years is possible in certaincircumstances).Generally,a 50-percent relinquishment of the license area is required at the end of the initial six-year term,ifextended.Petroleum development licenses are granted for an initial 25-year
315、 period.An extension for further consecutive period(s)of up to 20 years may be granted at the Ministers discretion.Petroleum retention licenses may be granted for gas resources thatare not commercially viable at the time of application but may become commercially viable within the maximum possiblere
316、tention time of 15 years.Petroleum retention licenses are granted for an initial five-year period,and may only be extended,atthe Ministers discretion,twice for the maximum retention time of 15 years.25Information with regard to refining and chemical capacity:ExxonMobil manufactures,trades,and sells
317、petroleum and petrochemical products.Our refining and chemical operations are highlyintegrated and encompass a global network of manufacturing plants,transportation systems,and distribution centers that provide arange of fuels,specialty products,feedstocks,olefins,polyolefins,and a wide variety of o
318、ther products to our customers around theworld.Capacity At Year-End 2023(1)ExxonMobilInterest%ExxonMobilsShare of RefiningCapacity(2)EthylenePolyethylenePolypropylene(thousands ofbarrels daily)(millions of metric tons per year)United StatesJolietIllinois100258Baton RougeLouisiana1005231.11.30.9Bayto
319、wnTexas1005654.00.8BeaumontTexas1006090.91.7Corpus ChristiTexas500.90.7Mont BelvieuTexas1002.3Total United States1,9556.96.01.7CanadaStrathconaAlberta69.6197NanticokeOntario69.6113SarniaOntario69.61230.30.5Total Canada4330.30.5EuropeAntwerpBelgium1003070.4MeerhoutBelgium1000.5Fos-sur-MerFrance82.913
320、3GravenchonFrance82.9/100(3)2440.40.40.3Karlsruhe(4)Germany2578RotterdamNetherlands100192FawleyUnited Kingdom100262FifeUnited Kingdom500.4Total Europe1,2160.81.30.3Asia PacificFujianChina25670.30.20.2SingaporeSingapore1005921.91.90.9Total Asia Pacific6592.22.11.1Middle EastAl JubailSaudi Arabia500.7
321、0.7YanbuSaudi Arabia502001.00.70.2Total Middle East2001.71.40.2Total Worldwide4,46311.911.23.3Energy Products Specialty ProductsChemical Products(1)ExxonMobil share reflects 100 percent for operations of ExxonMobil and majority-owned subsidiaries.For companies owned 50 percent or less,ExxonMobilshar
322、e is the greater of ExxonMobils interest or that portion of distillation capacity normally available to ExxonMobil.(2)Refining capacity data is based on 100 percent of rated refinery process unit stream-day capacities to process inputs to atmospheric distillation units undernormal operating conditio
323、ns,less the impact of shutdowns for regular repair and maintenance activities,averaged over an extended period of time.The listingexcludes refining capacity for a minor interest held through equity securities in the Laffan Refinery in Qatar for which results are reported in the Upstream segment.(3)E
324、xxonMobil ownership in Gravenchon is split 82.9 percent and 100 percent between the refining and chemical operations,respectively.(4)The Corporation announced a sales agreement relating to ExxonMobils ownership interest in this asset and expects the transaction to close in 2024.Due to rounding,numbe
325、rs presented above may not add up precisely to the totals indicated.26Information with regard to retail fuel sites:Within the Energy Products segment,retail fuels sites sell products and services throughout the world through our Exxon,Esso,andMobil brands.Number of Retail Fuel Sites At Year-End 2023
326、Owned/leasedDistributors/resellersTotalUnited States10,72210,722Canada2,4772,477Europe1693,5733,742Asia Pacific2849311,215Latin America523523Middle East/Africa169255424Worldwide62218,48119,10327ITEM 3.LEGAL PROCEEDINGSExxonMobil has elected to use a$1 million threshold for disclosing environmental p
327、roceedings.As reported in the Corporations Form 10-Q for the third quarter of 2023,the State of Texas filed suit against ExxonMobil OilCorporation(EMOC)on August 19,2020,seeking penalties and injunctive relief in connection with alleged unauthorized emissionsevents at EMOCs Beaumont Refinery in Texa
328、s from 2017 to 2020.The suit,captioned State of Texas v.ExxonMobil OilCorporation,was filed in the 98th Judicial District Court of Travis County,Texas(the“98th Judicial District Court”).In September2023,the State of Texas and EMOC agreed to settle the alleged violations upon payment of$1.6 million t
329、o the State of Texas(the“Settlement”)pending approval by the 98th Judicial District Court.In November 2023,the 98th Judicial District Court approved theSettlement,and EMOC paid the amounts required under the Settlement in December 2023.Refer to the relevant portions of“Note 16:Litigation and Other C
330、ontingencies”of the Financial Section of this report for additionalinformation on legal proceedings.ITEM 4.MINE SAFETY DISCLOSURESNot applicable.28Information about our Executive Officers(positions and ages as of February 28,2024)NameAge Current and Prior Positions(up to five years)Darren W.Woods59C
331、hairman of the Board and Chief Executive Officer(since January 1,2017)Director and President(since January 1,2016)Neil A.Chapman61Senior Vice President(since January 1,2018)Kathryn A.Mikells58Senior Vice President and Chief Financial Officer(since August 9,2021)Chief Financial Officer and a member o
332、f the board of directors for Diageo plc(November 2015-June 2021)Jack P.Williams,Jr.60Senior Vice President(since June 1,2014)James R.Chapman54Vice President,Tax and Treasurer(since November 28,2022)Dominion Energy,Inc.(prior to November 28,2022):Executive Vice President,Chief Financial Officer and T
333、reasurer(January 2019-November 2022)Len M.Fox60Vice President and Controller(since March 1,2021,following a special assignment)Assistant Treasurer,Exxon Mobil Corporation(February 1,2020-December 31,2020)Vice President,Chemical Business Services and Treasurer(June 1,2015-January 31,2020)Jon M.Gibbs52President of ExxonMobil Global Projects Company(since April 1,2021)Senior Vice President,Global Pro