Exxon Mobil Corp Profile
Exxon Mobil Corporation (ExxonMobil) sells crude oil, natural gas, and petroleum and chemical products.
Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. The company's principal business involves exploration for, and production of, crude oil and natural 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 carbon capture and storage, hydrogen, lower-emission fuels, and lithium. Affiliates of ExxonMobil conduct extensive research programs in the support of these businesses.
ExxonMobil has a long-standing commitment to the development of proprietary technology. The company has a wide array of research programs designed to meet the needs identified in each of the company's businesses. ExxonMobil held over 8 thousand active patents worldwide at the end of 2023.
Syncrude Operations
Syncrude is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil. Imperial Oil Limited is the owner of a 25 percent interest in the joint venture. ExxonMobil has a 69.6 percent interest in Imperial Oil Limited. In 2023, the company's share of net production of synthetic crude oil was about 67 thousand barrels per day and share of net acreage was about 55 thousand acres in the Athabasca oil sands deposit.
Kearl Operations
Kearl is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract the crude bitumen. Imperial Oil Limited holds a 70.96 percent interest in the joint venture and ExxonMobil Canada Properties holds the other 29.04 percent. ExxonMobil has a 69.6 percent interest in Imperial Oil Limited and a 100 percent interest in ExxonMobil Canada Properties. Kearl is consisted of six oil sands leases covering about 49 thousand acres in the Athabasca oil sands deposit.
Kearl is located approximately 40 miles north of Fort McMurray, Alberta, Canada. Bitumen is extracted from oil sands and processed through bitumen extraction and froth treatment trains. The product, a blend of bitumen and diluent, is shipped to the company's refineries and to other third parties. Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation by pipeline and rail. During 2023, average net production at Kearl was about 249 thousand barrels per day.
Principal Ongoing Activities
The United States
Net acreage totaled 9.3 million acres as of December 31, 2023, of which 0.2 million acres were offshore. ExxonMobil was active in areas onshore and offshore in the lower 48 states and in Alaska. Development activities continued on the Golden Pass LNG export project.
During the year, a total of 446.9 net exploratory and development wells were completed in the inland lower 48 states. Development activities focused on liquids-rich opportunities in the onshore U.S., primarily in the Permian Basin of West Texas and New Mexico. In addition, ExxonMobil closed on the sale of its interest in the Aera Energy joint venture and acquired Denbury Inc. (Denbury), which includes Gulf Coast and Rocky Mountain oil and natural gas operations.
Net acreage in the Gulf of Mexico totaled 0.1 million acres as of December 31, 2023.
Canada / Other Americas
Canada
Oil and Gas Operations: Net acreage totaled 3.9 million acres as of December 31, 2023, of which 2.1 million acres were offshore.
In Situ Bitumen Operations: Net acreage totaled 0.5 million onshore acres as of December 31, 2023.
Argentina
Net acreage totaled 2.9 million acres as of December 31, 2023, of which 2.6 million acres were offshore.
Brazil
Net acreage totaled 2.6 million offshore acres as of December 31, 2023. Development activities continued on the Bacalhau Phase 1 project.
Guyana
Net acreage totaled 4.6 million offshore acres as of December 31, 2023. The Payara development commenced operations with the Prosperity floating production, storage and offloading vessel, and development activities continued on the Yellowtail project. The Uaru project was funded in 2023.
Europe
Germany
Net acreage totaled 1.4 million onshore acres as of December 31, 2023.
The Netherlands
Net interest in licenses totaled 1.3 million acres as of December 31, 2023, of which 0.3 million acres were offshore. Groningen gas production ceased on October 1, 2023, at the Dutch government's instruction. In case of severe cold weather conditions, the Dutch government could mandate the re-start of gas production.
The United Kingdom
Net interest in licenses totaled 0.1 million offshore acres as of December 31, 2023.
Africa
Angola
Net acreage totaled 3 million acres as of December 31, 2023, of which 2.9 million acres were offshore.
Equatorial Guinea
Net acreage totaled 0.1 million offshore acres as of December 31, 2023. ExxonMobil is actively taking steps to exit its operations in the country.
Mozambique
Net acreage totaled 0.1 million offshore acres as of December 31, 2023. In 2023, 0.6 million net offshore acres were relinquished outside of 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.
Nigeria
Net acreage totaled 0.9 million offshore acres as of December 31, 2023.
Asia
Azerbaijan
Net acreage totaled 7 thousand offshore acres as of December 31, 2023.
Indonesia
Net acreage totaled 0.1 million onshore acres as of December 31, 2023.
Iraq
Net acreage totaled 25 thousand onshore acres as of December 31, 2023. In 2023, ExxonMobil completed a partial sale of 10 percent participating interest and in early 2024 closed on the sale of its remaining interest resulting in a full exit from the country.
Kazakhstan
Net acreage totaled 0.3 million acres as of December 31, 2023, of which 0.2 million acres were offshore. Development activities continued on the Tengiz Expansion project.
Malaysia
Net interests in production sharing contracts covered 0.2 million offshore acres as of December 31, 2023.
Qatar
Through joint ventures with QatarEnergy, net acreage totaled 80 thousand offshore acres as of December 31, 2023. ExxonMobil participated in 52.3 million metric tons per year gross liquefied natural gas capacity and 3.4 billion cubic feet per day of flowing gas capacity at year-end. Development activities continued on the North Field East project and North Field Production Sustainment projects.
Thailand
Net acreage in concessions totaled 16 thousand onshore acres as of December 31, 2023.
The United Arab Emirates
Net acreage in the Abu Dhabi offshore Upper Zakum oil concession was 81 thousand acres as of December 31, 2023. Development activities continued on the Upper Zakum 1 MBD Sustainment project.
Australia / Oceania
Australia
Net acreage totaled 1.2 million offshore acres and nine thousand onshore acres as of December 31, 2023.
The co-venturer-operated Gorgon Jansz liquefied natural gas (LNG) development consists of a subsea infrastructure for offshore production and transportation of the gas, a 15.6 million metric tons per year LNG facility, and a 280 million cubic feet per day domestic gas plant located on Barrow Island, Western Australia. During the year, development activities continued on the Gorgon Stage 2 project and Jansz Io Compression project.
Papua New Guinea
Net acreage totaled 2.1 million onshore acres as of December 31, 2023. The Papua New Guinea (PNG) liquefied natural gas (LNG) integrated development includes gas production and processing facilities in the PNG Highlands, onshore and offshore pipelines; and a 6.9 million metric tons per year LNG facility near Port Moresby.
Worldwide Exploration
Exploration activities were under way in several countries in which ExxonMobil has no established production operations and thus are not included above. Net acreage totaled 18.5 million acres as of December 31, 2023.
Delivery Commitments
ExxonMobil sells crude oil and natural gas from its producing operations under a variety of contractual obligations, some of which may specify the delivery of a fixed and determinable quantity for periods longer than one year. ExxonMobil also enters into natural gas sales contracts where the source of the natural gas used to fulfill the contract can be a combination of the company's own production and the spot market. Worldwide, the company is contractually committed to deliver approximately 78 million barrels of oil and 2.5 trillion cubic feet of natural gas for the period from 2024 through 2026.
History
Exxon Mobil Corporation was founded in 1870. The company was incorporated in the state of New Jersey in 1882.
