Market Overview

ExxonMobil Starts Up New Ethane Cracker in Baytown, Texas

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  • New 1.5 million ton-per-year cracker to supply company's expanded
    plastics plant in Mont Belvieu
  • Together, projects represent company's largest chemical investment in
    the U.S. to date
  • Have created thousands of jobs and will energize regional economy

ExxonMobil
said today that operations have commenced at its new 1.5 million
ton-per-year ethane cracker at the company's integrated Baytown chemical
and refining complex.

The new cracker, part of ExxonMobil's Growing
the Gulf initiative
, will provide ethylene feedstock to new
performance polyethylene lines at the company's Mont Belvieu plastics
plant, which began production in the fall of 2017. The Mont Belvieu
plant is one of the largest polyethylene plants in the world, with
manufacturing capacity of about 1.3 million tons per year.

"Our new ethane cracker will help us meet the growing global demand for
high performance plastic products that deliver key sustainability
benefits such as lighter packaging weight, lower energy consumption and
reduced emissions, further enhancing our competitiveness worldwide,"
said John Verity, president of ExxonMobil Chemical Company. "The
abundance of domestically produced oil and natural gas has reduced
energy costs and created new sources of feedstock for U.S. Gulf refining
and chemical manufacturing while creating jobs and expanding economic
activity in the area."

Together, the Baytown ethane cracker and Mont Belvieu plant represent
ExxonMobil's largest chemical investment in the U.S. to date. Operations
associated with the Baytown and Mont Belvieu projects are expected to
increase regional economic activity by roughly $870 million per year and
generate more than $90 million per year in local tax revenues. The two
projects have created more than 10,000 construction jobs, 4,000 jobs in
nearby communities and 350 permanent positions.

ExxonMobil is strategically investing in new refining and
chemical-manufacturing projects in the U.S. Gulf Coast region to expand
its manufacturing and export capacity. The company's more than $20
billion Growing the Gulf expansion program consists of major chemical,
refining, lubricant and liquefied natural gas projects at proposed new
and existing facilities along the Texas and Louisiana coasts.
Investments began in 2013 and are expected to continue through at least
2022.

With the increase in chemical manufacturing and the industry's need for
more skilled workers, ExxonMobil has contributed more than $2 million
over the last five years to the Community College Petrochemical
Initiative, a training program offered by nine Houston-area community
colleges to provide technical skills to high school graduates, returning
military veterans and others.

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world's growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is one of the largest refiners and marketers of petroleum
products, and its chemical company is one of the largest in the world.
For more information, visit www.exxonmobil.com
or follow us on Twitter at www.twitter.com/exxonmobil.

Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and future investment
plans, schedules, capacities, production volumes, emission reductions,
job creation and community impact could differ materially due to changes
in market conditions affecting the oil, gas and petrochemical industries
or long-term price levels for oil, gas, refined products and
petrochemicals; political or regulatory developments, including the
granting of required permits and any changes in environmental laws; the
occurrence and duration of economic recessions; the actions of
competitors; technical or operating factors; the outcome of commercial
negotiations; and other factors discussed under the heading "Factors
Affecting Future Results" in the Investors section of our website (www.exxonmobil.com)
and in Item 1A of our most recent Form 10-K.

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