ExxonMobil has leading positions in nearly all the major exploration and production areas in the world and in the newest opportunities, including the Gulf of Mexico, offshore West Africa and the Caspian Sea. Exxon Mobil Corporation's upstream business is organized into five global companies: Exploration, Development, Production, Gas Marketing, and Research.

The Company is the world's largest non-government producer and reserves holder. ExxonMobil's portfolio consists of discovered oil and gas resources of 70 billion oil-equivalent barrels, activities in some 50 countries and a leading acreage position in the world's most promising exploration areas. Many new high-potential opportunities are located in deepwater areas (i.e, in excess of 1,350 feet of water). ExxonMobil currently has interests and commitments in nearly 800 deepwater blocks totaling over 95 million gross acres.

Exxon Mobil is the world's largest non-governmental marketer of equity natural gas, the largest global refiner, manufacturer of lube basestocks, and supplier and marketer of petroleum products, and one of the world's leading manufacturers of a wide range of petrochemicals and specialty chemical products.

Worldwide ExxonMobil employs over 100,000 people.

Production and reserves

Oil-equivalent production in the fourth quarter of 2020 was 3.7 million barrels per day, consistent with the third quarter of 2020. Excluding entitlement effects, divestments, and government mandates, liquids production increased 5 percent, while natural gas volumes increased 2 percent.

At the end of 2019,  ExxonMobil's proved reserves totaled about 22 billion oil-equivalent barrels, comprised of 65 percent oil and 35 percent natural gas.

CapEx

In 2021, ExxonMobil will prioritize near-term capital spending on advantaged assets with the highest potential future value, including developments in Guyana and the U.S. Permian Basin, targeted exploration in Brazil and Chemicals projects to grow high-value performance products. 

Capital and exploration investments of $16-$19 billion in 2021; $20 billion to $25 billion annually to 2025 are planned.

Upstream growth plans

• In Guyana, the estimated gross recoverable resource from the Stabroek Block increased to more than 8 billion oil-equivalent barrels, in part as a result of six additional discoveries made in 2019 and 2020. ExxonMobil and its partners started production of oil at the Liza field in December 2019, less than five years after the first discovery of hydrocarbons and years ahead of industry average. Production in Guyana is expected to reach more than 750,000 gross barrels of oil per day by 2025.
• In the Permian Basin, production volumes increased and remain on track to exceed 1 million oil equivalent barrels per day by 2024. A capital-efficient development approach is being applied at scale, differentiating ExxonMobil from its competition. The process, known as cube development, accesses multiple shale layers simultaneously, saving money, maximizing value of resources and reducing surface footprint. The company emphasized it is evaluating the pace of near-term development activities in response to market conditions, and can do so while preserving value. Permian well cost and performance continues to improve and future growth will be supported by integrated infrastructure capacity expansions at the company’s Gulf Coast refineries and petrochemical operations.
• ExxonMobil holds the leading acreage position in Brazil among international oil companies and added more than 450,000 acres in 2019, for a total of 2.5 million net acres. The company has plans to increase exploration activity in 2021, and Phase 1 of the Bacalhau field development is progressing on schedule.
• ExxonMobil reported strong performance from its low-cost liquefied natural gas (LNG) operations in Papua New Guinea, and the company continues to work with the governments in Papua New Guinea and Mozambique to advance new projects to support long-term demand growth.

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