Exxon Mobil Corporation Announces Estimated First Quarter 2011 Results

Exxon Mobil Corporation (NYSE:XOM):

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

'ExxonMobil′s earnings reflect continued leadership in operational
performance during a period of strong commodity prices.Earnings
were $10.7 billion, up 69% from the first quarter of 2010, reflecting
higher crude oil and natural gas realizations, increased refining
margins and record Chemical performance.

'In the first quarter, capital and exploration expenditures were $7.8
billion, up 14% from last year, as we continue with plans to invest
between $33 billion and $37 billion per year over the next five years to
develop new energy supplies to meet future demand growth.

'Oil-equivalent production was more than 10% higher than 2010, driven
by our world-class assets in Qatar and our growing unconventional gas
production.

'The Corporation returned over $7 billion to shareholders in the
first quarter through dividends and share purchases to reduce shares
outstanding.?

FIRST QUARTER HIGHLIGHTS

• 
  Earnings were $10,650 million, an increase of 69% or $4,350 million
  from the first quarter of 2010.
  
• 
  Earnings per share were $2.14, an increase of 61%.
  
• 
  Capital and exploration expenditures were $7.8 billion, up 14% from
  the first quarter of 2010.
  
• 
  Oil-equivalent production increased more than 10% from the first
  quarter of 2010. Excluding the impacts of entitlement volumes, OPEC
  quota effects and divestments, production was up 12%.
  
• 
  Cash flow from operations and asset sales was $18.2 billion, including
  asset sales of $1.3 billion.
  
• 
  Share purchases to reduce shares outstanding were $5 billion.
  
• 
  Dividends per share of $0.44 increased by 5% compared to the first
  quarter of 2010.
  
• 
  Milestone production was reached in the redevelopment of Iraq's West
  Qurna 1 field by exceeding the 10% improvement target. Current
  production is about 320,000 barrels per day (gross).
  
• 
  The Marine Well Containment Company, of which ExxonMobil was a
  founding member, completed an initial well containment response system
  that is available to provide rapid containment response capabilities
  in the event of a potential future underwater well control incident in
  the deepwater Gulf of Mexico.
  
• 
  The Shanghai Technology Center was officially opened and will play a
  critical role in supporting the strong growth of ExxonMobil′s Chemical
  business in Asia.
  

First Quarter 2011 vs. First Quarter 2010

Upstream earnings were $8,675  million, up $2,861 million from the first
quarter of 2010. Higher crude oil and natural gas realizations increased
earnings by nearly $2.6 billion. Production mix and volume effects
decreased earnings by $160 million, while asset management activity and
lower expenses increased earnings by $470 million.

On an oil-equivalent basis, production increased over 10% from the first
quarter of 2010. Excluding the impacts of entitlement volumes, OPEC
quota effects and divestments, production was up 12%.

Liquids production totaled 2,399  kbd (thousands of barrels per day),
down 15 kbd from the first quarter of 2010. Excluding the impacts of
entitlement volumes, OPEC quota effects and divestments, liquids
production was up 2%, as increased production in Qatar and the U.S. more
than offset field decline.

First quarter natural gas production was 14,525  mcfd (millions of cubic
feet per day), up 2,836 mcfd from 2010, driven by additional U.S.
unconventional gas volumes and project ramp-ups in Qatar.

Earnings from U.S. Upstream operations were $1,279  million, $188  million
higher than the first quarter of 2010. Non-U.S. Upstream earnings were
$7,396 million, up $2,673  million from last year.

Downstream earnings of $1,099  million were up $1,062  million from the
first quarter of 2010. Higher industry refining margins, partly offset
by lower marketing margins, increased earnings by $470  million. Positive
volume and mix effects increased earnings by $350 million, while all
other items, mainly favorable foreign exchange impacts, increased
earnings by $240 million. Petroleum product sales of 6,267  kbd were
72  kbd higher than last year's first quarter.

Earnings from the U.S. Downstream were $694  million, up $754  million
from the first quarter of 2010. Non-U.S. Downstream earnings of
$405  million were $308  million higher than last year.

Record Chemical earnings of $1,516  million were $267  million higher than
the first quarter of 2010. Improved margins increased earnings by $470
million, while other items, including the absence of asset management
gains from 2010, decreased earnings by $200 million. First quarter prime
product sales of 6,322  kt (thousands of metric tons) were 166  kt lower
than the prior year.

Corporate and financing expenses were $640  million, down $160  million
from the first quarter of 2010 due to the absence of last year′s tax
charge related to the U.S. health care legislation.

During the first quarter of 2011, Exxon Mobil Corporation purchased 69
million shares of its common stock for the treasury at a gross cost of
$5.7 billion. These purchases included $5  billion to reduce the number
of shares outstanding, with the balance used to offset shares issued in
conjunction with the company's benefit plans and programs. Share
purchases to reduce shares outstanding are currently anticipated to
equal $5 billion in the second quarter of 2011. Purchases may be made in
both the open market and through negotiated transactions, and may be
increased, decreased or discontinued at any time without prior notice.

Estimates of key financial and operating data follow.

ExxonMobil will discuss financial and operating results and other
matters on a webcast at 10 a.m. Central time on April 28, 2011.To
listen to the event live or in archive, go to our website at exxonmobil.com.

Cautionary statement

Statements in this release relating to future plans, projections,
events or conditions are forward-looking statements.Actual
results, including project plans, costs, timing, and capacities; capital
and exploration expenditures; and share purchase levels, could differ
materially due to factors including: changes in long-term oil or gas
prices or other market or economic conditions affecting the oil and gas
industry; unforeseen technical difficulties; political events or
disturbances; reservoir performance; the outcome of commercial
negotiations; wars and acts of terrorism or sabotage; changes in
technical or operating conditions; and other factors discussed under the
heading 'Factors Affecting Future Results' in the 'investors? section of
our website and in Item 1A of ExxonMobil's 2010 Form  10-K. We assume no
duty to update these statements as of any future date. References to
quantities of oil or natural gas may include amounts that we believe
will ultimately be produced, but that are not yet classified as 'proved
reserves? under SEC definitions.

Frequently used terms

Consistent with previous practice, this press release includes both
earnings excluding special items and earnings per share excluding
special items.Both are non-GAAP financial measures and are
included to help facilitate comparisons of base business performance
across periods.Reconciliation to net income attributable to
ExxonMobil is shown in Attachment II.The release also includes
cash flow from operations and asset sales.Because of the regular
nature of our asset management and divestment program, we believe it is
useful for investors to consider sales proceeds together with cash
provided by operating activities when evaluating cash available for
investment in the business and financing activities. A reconciliation to
net cash provided by operating activities is shown in Attachment II.Further
information on ExxonMobil's frequently used financial and operating
measures and other terms is contained under the heading 'Frequently Used
Terms' available through the 'investors? section of our website at
exxonmobil.com.

Reference to Earnings

References to total corporate earnings mean net income attributable
to ExxonMobil (U.S. GAAP) from the income statement.Unless
otherwise indicated, references to earnings, special items, earnings
excluding special items, Upstream, Downstream, Chemical and Corporate
and Financing segment earnings, and earnings per share are ExxonMobil's
share after excluding amounts attributable to noncontrolling interests.

ExxonMobil

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