Exxon Mobil Corporation Announces Estimated Second Quarter 2011 Results

Exxon Mobil Corporation (NYSE:XOM):

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

'ExxonMobil recorded strong results during the second quarter of
2011, while investing at a record level of over $10 billion to develop
new supplies of energy to meet growing world demand.

'Second quarter earnings of $10.7 billion were up 41% from the second
quarter of 2010, reflecting higher crude oil and natural gas
realizations, improved Downstream results and continued strength in
Chemicals. First half 2011 earnings of $21.3 billion increased 54% over
the first half of 2010.

'In the second quarter, capital and exploration expenditures were a
record $10.3 billion, up 58% from the second quarter of 2010.

'Oil-equivalent production increased by 10% over the second quarter
of 2010, driven by our world-class assets in Qatar and our growing
unconventional gas portfolio.

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

SECOND QUARTER HIGHLIGHTS

• 
  Earnings were $10,680 million, an increase of 41% or $3,120 million
  from the second quarter of 2010.
  
• 
  Earnings per share were $2.18, an increase of 36%.
  
• 
  Capital and exploration expenditures were a record $10.3 billion, up
  58% from the second quarter of 2010.
  
• 
  Oil-equivalent production increased 10% from the second quarter of
  2010. Excluding the impacts of entitlement volumes, OPEC quota effects
  and divestments, production was up over 12%.
  
• 
  Cash flow from operations and asset sales was $14.4 billion, including
  asset sales of $1.5 billion.
  
• 
  Share purchases to reduce shares outstanding were $5 billion.
  
• 
  Dividends per share of $0.47 increased by 7% compared to the second
  quarter of 2010.
  
• 
  Announced two major oil discoveries and a gas discovery in the
  deepwater Gulf of Mexico after drilling the company's first
  post-moratorium deepwater exploration well.
  
• 
  Concluded the acquisitions of two Phillips companies, nearly doubling
  our Marcellus acreage footprint to more than 700,000 net acres.
  

Second Quarter 2011 vs. Second Quarter 2010

Upstream earnings were $8,541  million, up $3,205 million from the second
quarter of 2010. Higher liquids and natural gas realizations increased
earnings by $3.6 billion. Production mix and volume effects decreased
earnings by $480 million.

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

Liquids production totaled 2,351  kbd (thousands of barrels per day), up
26 kbd from the second quarter of 2010. Excluding the impacts of
entitlement volumes, OPEC quota effects and divestments, liquids
production was up 4%, as increased production in Qatar, the U.S. and
Iraq more than offset field decline.

Second quarter natural gas production was 12,267  mcfd (millions of cubic
feet per day), up 2,242 mcfd from the second quarter of 2010, driven by
additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

Earnings from U.S. Upstream operations were $1,449  million, $584  million
higher than the second quarter of 2010. Non-U.S. Upstream earnings were
$7,092 million, up $2,621  million from last year.

Downstream earnings of $1,356  million were up $136  million from the
second quarter of 2010. Margins increased earnings by $60 million.
Positive volume and mix effects increased earnings by $150 million,
while all other items decreased earnings by $70 million. Petroleum
product sales of 6,331  kbd were 27  kbd higher than last year's second
quarter.

Earnings from the U.S. Downstream were $734  million, up $294  million
from the second quarter of 2010. Non-U.S. Downstream earnings of
$622  million were $158  million lower than last year.

Chemical earnings of $1,321  million were $47  million lower than the
second quarter of 2010. Improved margins increased earnings by $120
million, while lower sales volumes decreased earnings by $90 million.
Other items, mainly unfavorable tax effects, decreased earnings by $80
million. Second quarter prime product sales of 6,181  kt (thousands of
metric tons) were 315  kt lower than last year's second quarter.

Corporate and financing expenses were $538  million, up $174  million from
the second quarter of 2010 due to the absence of favorable 2010 tax
items.

During the second quarter of 2011, Exxon Mobil Corporation purchased 67
million shares of its common stock for the treasury at a gross cost of
$5.5 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 third 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.

First Half 2011 vs. First Half 2010

Earnings of $21,330  million increased $7,470 million from 2010. Earnings
per share increased 47% to $4.32.

FIRST HALF HIGHLIGHTS

• 
  Earnings were $21,330 million, up 54%.
  
• 
  Earnings per share increased 47% to $4.32.
  
• 
  Oil-equivalent production was up 10% from 2010. Excluding the impacts
  of entitlement volumes, OPEC quota effects and divestments, production
  was up 12%.
  
• 
  Cash flow from operations and asset sales was $32.6 billion, including
  asset sales of $2.8 billion.
  
• 
  The Corporation distributed over $14 billion to shareholders in the
  first half of 2011 through dividends and share purchases to reduce
  shares outstanding.
  
• 
  Capital and exploration expenditures were a record $18.1 billion, up
  35% from the first half of 2010.
  

Upstream earnings were $17,216  million, up $6,066 million from 2010.
Higher crude oil and natural gas realizations increased earnings by
$6.2  billion. Production mix and volume effects decreased earnings by
$710 million, while all other items, mainly gains from asset sales,
increased earnings by $600 million.

On an oil-equivalent basis, production was up 10% compared to the same
period in 2010. Excluding the impacts of entitlement volumes, OPEC quota
effects and divestments, production was up 12%.

Liquids production of 2,375  kbd increased 5 kbd compared with 2010.
Excluding the impacts of entitlement volumes, OPEC quota effects and
divestments, liquids production was up 3%, as higher volumes from Qatar
and the U.S. more than offset field decline.

Natural gas production of 13,390  mcfd increased 2,538  mcfd from 2010,
driven by additional U.S. unconventional gas volumes and project
ramp-ups in Qatar.

Earnings from U.S. Upstream operations for 2011 were $2,728  million, an
increase of $772  million. Earnings outside the U.S. were
$14,488  million, up $5,294  million.

Downstream earnings of $2,455  million increased $1,198 million from
2010. Margins increased earnings by $510 million. Positive volume and
mix effects increased earnings by $520 million, while all other items,
mainly favorable foreign exchange effects, increased earnings by $170
million. Petroleum product sales of 6,299  kbd increased 49  kbd from 2010.

U.S. Downstream earnings were $1,428  million, up $1,048  million from
2010. Non-U.S. Downstream earnings were $1,027 million, $150  million
higher than last year.

Chemical earnings of $2,837  million were $220  million higher than 2010.
Stronger margins increased earnings by $470 million, while lower volumes
decreased earnings by $60 million. Other items, including unfavorable
tax effects and higher maintenance expenses, decreased earnings by $190
million. Prime product sales of 12,503  kt were down 481  kt from 2010.

Corporate and financing expenses were $1,178  million, up $14 million
from 2010.

Gross share purchases through the first half of 2011 were $11.2 billion,
reducing shares outstanding by 136 million shares.

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 July 28, 2011.To
listen to the event live or in archive, go to our website at exxonmobil.com.

Cautionary statement

Statements 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

Media Relations, 972-444-1107