U.S. Petrochemical Production, Exports to Expand, says ExxonMobil Chemical President

New investment -- including a world-scale ethylene steam cracker
proposed by ExxonMobil -- is expanding the U.S. petrochemical industry′s
position as a global producer, Steve Pryor, president of ExxonMobil
Chemical Company, said in a speech at the IHS CERAWeek 2013 conference
today.

'For the first time in more than a decade, major capacity additions have
been announced that convert ethane, a natural gas liquid, to ethylene,
the largest petrochemical building block,? Pryor said. He estimated the
announced additions are equivalent to six to eight new world-scale steam
crackers.

'While all announced projects may not materialize, the U.S. industry is
clearly poised to expand its position as a leading petrochemical
producer. With 85 percent of global demand growth projected to occur in
emerging markets, this is great news for U.S. exports,? Pryor said.

'ExxonMobil, as the largest U.S. chemical manufacturer and natural gas
producer, is developing a unique project that builds on our proven
integration model,? Pryor said. 'It will be sustained over the ups and
downs of the business cycle by advantages in integration, scale and
premium products.?

ExxonMobil Chemical has filed permit applications for a
multibillion-dollar expansion at its Baytown, Texas, site, already the
country′s largest integrated refining-chemical producing site. The
project will convert ethylene from a new world-scale steam cracker to
premium polyethylene products to serve growing markets around the world.
Feedstock and energy supplies will be coordinated with ExxonMobil′s
upstream business.

'The project will be a win-win for ExxonMobil and Texas, a pro-business
state which has attracted more ExxonMobil investment than anywhere in
the country, and where we are the state′s largest taxpayer,? Pryor said.

The benefits for the Greater Houston area are significant and will grow
if the project receives the necessary permits and proceeds to the
construction phase. Pryor estimated that the project would provide
10,000 jobs at the peak of construction. The proposed project would also
have a multiplier effect and create an additional 3,800 other jobs in
the area and increase regional economic activity by $870 million per
year, he added.

Pryor said, 'Just five years ago, American chemical production was in
steady decline due largely to the rising price of natural gas. The U.S.
was on the verge of becoming a net chemical importer. Growing supplies
of shale gas and gas liquids have changed all that. North American
chemical manufacturers now have a major cost advantage over competitors
around the world that rely on more expensive, oil-based feedstocks. This
has boosted profitability and enabled the industry to regain its
position as America′s largest exporter.?

Statements relating to future plans, projections, events or conditions
are forward-looking statements. Actual results, including project plans,
costs, timing, capacities, and economic impacts, could differ materially
due to factors including: changes in oil or gas prices or other market
or economic conditions affecting the oil, gas and petrochemical
industries, including the scope and duration of economic recessions;
changes in law or government regulation, including tax and environmental
requirements; the outcome of commercial negotiations; 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 2012 Form 10-K. We assume no
duty to update these statements as of any future date. The term
'project? as used in this release does not necessarily have the same
meaning as under SEC Rule 13q-1 relating to government payment reporting.

To see the full remarks, visit:http://www.exxonmobil.com/Corporate/news_speeches_20130305_sdp.aspx

About ExxonMobil Chemical

ExxonMobil Chemical is one of the world′s premier petrochemical
companies with manufacturing, technology, and marketing operations
around the world. The company delivers a broad portfolio of products and
solutions efficiently and responsibly, with a commitment to create
outstanding customer and shareholder value. ExxonMobil Chemical endorses
the principles of sustainable development, including the need to balance
economic growth, social development and environmental considerations.

To learn more, visit www.exxonmobilchemical.com.

ExxonMobil Chemical

Margaret Ross, 281-870-6607