Market Overview

ExxonMobil, Qatar Petroleum to Proceed with Golden Pass LNG Export Project

  • $10+ billion investment will create thousands of jobs, provide
    reliable LNG supply to global markets
  • Project to have a capacity of around 16 million tons per year of
    liquefied natural gas (LNG)
  • Exports expected to commence in 2024

and partner Qatar Petroleum said today they have made a final investment
decision to proceed with development of the Golden
Pass LNG export project
located in Sabine Pass, Texas. Construction
will begin in the first quarter of 2019 and the facility is expected to
start up in 2024.

"Golden Pass will provide an increased, reliable, long-term supply of
liquefied natural gas to global gas markets, stimulate local growth and
create thousands of jobs," said Darren Woods, chairman and chief
executive officer of Exxon Mobil Corporation (NYSE:XOM). "The extensive
experience of ExxonMobil and Qatar Petroleum provides the expertise,
resources and financial strength needed to construct and operate an
integrated liquefaction and export facility in the United States."

The $10+ billion liquefaction project will have capacity to produce
around 16 million tons of LNG per year. It is expected to create about
9,000 jobs over the five-year construction period and more than 200
permanent jobs during operations. Preliminary estimates by an
independent study indicate the project could generate up to $31 billion
in U.S. economic gains and more than $4.6 billion in direct federal,
state and local tax revenues over the life of the project.

Golden Pass is part of ExxonMobil's plans to invest more than $50
billion over the next five years to build and expand manufacturing
facilities in the U.S. This includes the Growing
the Gulf initiative
, which will create about 45,000 jobs in America.

Working interests in the Golden Pass LNG export project are 70 percent
Qatar Petroleum and 30 percent ExxonMobil. This project builds upon the
successful international relationship between ExxonMobil and Qatar
Petroleum, with Qatar Petroleum joining ExxonMobil in exploration and
development activities in Argentina, Brazil and Mozambique.

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.
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Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans, timing, costs,
capacities and economic impacts could differ materially due to changes
in market conditions affecting the oil and gas industries or long-term
price levels for oil and gas; political and regulatory developments
including changes in environmental laws and regulations and obtaining
necessary permits and approvals; the ability to implement operating and
management plans as intended including timely completion of construction
projects; the actions of competitors; the occurrence and duration of
economic recessions; the outcome of commercial negotiations; and other
factors discussed in this release and under the heading "Factors
Affecting Future Results" on the Investors page of ExxonMobil's website

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