Market Overview

ExxonMobil Proceeds with Argentina Expansion Project in Vaca Muerta Basin

  • Project to complete 90 wells, a central production facility and export
  • First phase peak production to reach 55,000 oil-equivalent barrels per
    day in five years

said today it is proceeding with a long-term oil development in
Argentina's Bajo del Choique-La Invernada block. The project is expected
to produce up to 55,000 oil-equivalent barrels per day within five years
and will include 90 wells, a central production facility and export
infrastructure connected to the Oldeval pipeline and refineries.

"We are encouraged by the excellent results of our Neuquén pilot project
and look forward to increased production through this significant
expansion," said Staale Gjervik, senior vice president of unconventional
at ExxonMobil. "The reforms implemented by the federal and provincial
governments have been critically important to enabling the development
of the Vaca Muerta basin as one of the country's main energy resources."

If the expansion is successful, ExxonMobil could invest in a second
phase, which would produce up to 75,000 oil-equivalent barrels per day.
Timing of the second phase depends on initial project performance and
business and market conditions, among other factors.

"ExxonMobil has been an active player in the Neuquén basin since 2010
and in Argentina for more than 100 years," said Daniel De Nigris,
ExxonMobil's lead country manager. "We will continue to work closely
with the government and our partners and will use our expertise and
capabilities to bring jobs and other benefits to local communities."

In 2015, the Neuquén provincial government granted ExxonMobil a 35-year
concession in Vaca Muerta for the Bajo del Choique-La Invernada block.
ExxonMobil began an exploration pilot program the following year and now
has three producing wells, and three additional wells moving into
production. A production facility, gas pipeline and oil terminal have
been in operation since 2017 and were recently connected to the Pacific
Gas pipeline by a 16-inch pipeline.

Bajo del Choique-La Invernada is a 99,000-acre block, located about 58
miles northwest of Añelo and 114 miles northwest of Neuquén city.
ExxonMobil Exploration Argentina is operator and holds 90 percent
interest in partnership with Gas y Petróleo del Neuquén, which holds 10
percent interest. ExxonMobil Exploration Argentina is leading its
unconventional operations in the Neuquén basin under a joint venture
agreement with Qatar Petroleum, which has 30 percent interest in
ExxonMobil's upstream affiliates in Argentina.

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 the largest refiner and marketer of petroleum products,
and its chemical company is one of the largest in the world. For more
information, visit
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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, schedules, and costs,
production rates, and resource recoveries could differ materially due to
changes in market conditions affecting the oil and gas industry or
long-term oil and gas price levels; political or regulatory developments
including obtaining necessary regulatory permits; reservoir performance;
the outcome of future exploration and development efforts and timely
completion of development projects, including the ability to scale pilot
projects on an economically attractive basis; technical or operating
factors; the outcome of commercial negotiations; actions of competitors;
and other factors cited under the caption "Factors Affecting Future
Results" on the Investors page of our website at
References to "oil-equivalent barrels" and similar terms in this release
include quantities that are not yet classified as proved reserves under
SEC rules but that are expected to be ultimately recoverable. The term
"project" in this release may refer to a variety of activities and does
not necessarily have the same meaning as in any government payment
transparency reports.

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