ExxonMobil wins largest offshore Co2 storage site in the United States

Spring, Texas – Exxon Mobil Corporation (NYSE: XOM) has signed the largest offshore carbon dioxide (CO2) storage lease in the United States with the Texas General Land Office (GLO). The more than 271,000-acre site complements the onshore CO2 storage portfolio that ExxonMobil is developing and further cements the U.S. Gulf Coast as a leader in carbon capture and storage (CCS).

“This is another sign of our commitment to CCS and the progress we have been able to make,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. “With our growing list of customers ready to deploy CCS, we will generate substantial emissions reductions along the Gulf Coast through a comprehensive solution including capture, transportation and storage, capabilities that make us an undisputed leader.

Terms of the agreement will directly benefit the Texas Permanent School Fund. This will improve the education of Texas children, while reducing emissions and promoting community development in neighboring areas.

“As steward of 13 million acres of energy-rich state lands, I am proud to partner with ExxonMobil to use state lands for innovative solutions that can help ensure future energy production. Energy independence is essential to ensuring our state and country remain economic leaders around the world,” said Commissioner Buckingham. “As a mother, I have long said that educating our children is the most important thing we do, and I am thrilled that the revenue from this lease will benefit our great state as well as our Texas schoolchildren .”

Offshore acreage provides much-needed storage space for CO2 emissions, with the vast potential of the Gulf of Mexico playing a key role in achieving the company's net zero emissions goals. ExxonMobil operates the largest CO2 pipeline network in the United States and is well positioned to leverage its extensive infrastructure and storage space to provide an end-to-end solution.

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About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet the changing needs of society.

The company's core businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that make modern life easier, including energy, chemicals, lubricants and low-emission technologies. ExxonMobil holds a leading resource portfolio and is one of the world's largest integrated fuels, lubricants and chemicals companies. ExxonMobil also owns and operates the largest CO2 gas pipeline network in the United States. In 2021, ExxonMobil announced plans to reduce Scope 1 and 2 greenhouse gas emissions for 2030 for operated assets, compared to 2016 levels. The plans aim to reduce intensity by 20% to 30%. greenhouse gases at the company level; a 40-50% reduction in the greenhouse gas intensity of upstream operations; a 70-80% reduction in company-wide methane intensity; and a 60-70% reduction in flaring intensity company-wide.

Through technological advancements and the support of clear and consistent government policies, ExxonMobil aims to achieve net zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com and Advancing Climate Solutions from ExxonMobil.

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Cautionary Note: Statements of future events, investments or results contained in this release are forward-looking statements. Actual future results, including project plans, timing, capabilities and costs, could vary depending on the implementation of government frameworks and permitting for carbon capture and storage and other technologies to be implemented. low emissions; timely completion of construction projects; commercial and consumer interest in emissions reduction opportunities; changes in plans or objectives before final funding decisions or project start-up; unforeseen technical or operational difficulties; and other market factors, including changes in supply and demand and other market factors affecting future prices of oil, gas and petrochemical products; and other factors discussed in this release and in Section 1A. Risk Factors in ExxonMobil's Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available on the Investors page of ExxonMobil's website at exxonmobil.com. Any forward-looking statement speaks only as of the date of this press release and ExxonMobil undertakes no obligation to update any forward-looking statement.

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