Exxon Mobil Corporation Announces Estimated Record 2007 Results

Exxon Mobil Corporation (NYSE:XOM):

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Fourth Quarter Twelve Months
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2007 2006 % 2007 2006 %
------- ------ --- ------ ------ --
Net Income
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$ Millions 11,660 10,250 14 40,610 39,500 3
$ Per Common Share
Assuming Dilution 2.13 1.76 21 7.28 6.62 10

Special Items
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$ Millions 0 410 0 410

Earnings Excluding Special Items
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$ Millions 11,660 9,840 18 40,610 39,090 4
$ Per Common Share
Assuming Dilution 2.13 1.69 26 7.28 6.55 11

Capital and Exploration
Expenditures - $ Millions 6,151 5,069 20,853 19,855
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EXXONMOBIL´S CHAIRMAN REX W. TILLERSON COMMENTED:

"ExxonMobil´s full year 2007 net income and earnings excluding
special items were a record $40,610 million ($7.28 per share),
reflecting strong results in all business segments.

"We continued to supply crude oil and natural gas volumes to meet
the world´s energy needs through disciplined development and operation
of our globally diverse resource base. Capital and exploration project
spending increased to $20,853 million in 2007, up 5% from 2006. Our
long-term investment program, in projects often far from major
consuming nations, continued to provide resources essential to the
increasingly interdependent global energy supply network. Operations
reliability in our global Downstream and Chemical businesses continued
to supply the important products consumers require around the world.

"The Corporation distributed a total of $35.6 billion to
shareholders in 2007 through dividends and share purchases to reduce
shares outstanding, up $3.0 billion from 2006.

"ExxonMobil´s fourth quarter earnings excluding special items were
a record $11,660 million, up 18% from the fourth quarter of 2006.
Higher crude oil and natural gas realizations and gains on asset sales
were partly offset by lower chemical margins."

FOURTH QUARTER HIGHLIGHTS

-- Net income was a record $11,660 million, up 14% from the
fourth quarter of 2006. Fourth quarter 2006 net income
included a special tax-related benefit of $410 million.

-- Cash flow from operations and asset sales was approximately
$13.1 billion, including asset sales of $1.8 billion.

-- Spending on capital and exploration projects was $6.2 billion,
up 21% from the fourth quarter of 2006.

-- Excluding the Venezuela expropriation, divestments, OPEC quota
effects and price and spend impacts on volumes, production on
an oil-equivalent basis increased nearly 3%.

-- The Marimba North project, located more than 90 miles off the
coast of Angola in approximately 3,900 feet of water, started
production ahead of schedule and within budget. The project is
the first tie-back development to the Kizomba A
infrastructure, and is designed to develop 80 million barrels
of oil (gross) and is expected to have peak production
capacity of about 40,000 barrels of oil per day (gross).

-- ExxonMobil Chemical and ExxonMobil´s Japanese affiliate, Tonen
Chemical, introduced new battery separator film technologies
that are expected to significantly enhance the safety, power
and reliability of lithium-ion batteries for use in hybrid and
electric vehicles.

Fourth Quarter 2007 vs. Fourth Quarter 2006

Upstream earnings were $8,204 million, up $1,984 million from the
fourth quarter of 2006 primarily reflecting higher crude oil
realizations and higher gains on asset sales partly offset by tax
items and lower liquid volumes.

On an oil-equivalent basis, production increased nearly 1% from
the fourth quarter of 2006. Excluding the Venezuela expropriation,
divestments, OPEC quota effects and price and spend impacts on
volumes, production was up nearly 3%.

Liquids production of 2,517 kbd (thousands of barrels per day) was
161 kbd lower. Excluding the Venezuela expropriation, divestments,
OPEC quota effects and price and spend impacts on volumes, liquids
production was down 3%. Mature field decline and PSC net interest
reductions were partly offset by increased production from projects in
Russia and West Africa.

Fourth quarter natural gas production was 10,414 mcfd (millions of
cubic feet per day), up 1,113 mcfd, or 12%, from 2006. Higher European
demand and increased volume from projects in Qatar and the North Sea
were partly offset by mature field decline.

Earnings from U.S. Upstream operations were $1,275 million,
$223 million higher than the fourth quarter of 2006. Non-U.S. Upstream
earnings were $6,929 million, up $1,761 million from 2006.

Downstream earnings of $2,267 million were $307 million higher
than the fourth quarter of 2006. Gains on asset sales were about $450
million higher, and a LIFO inventory gain of approximately $250
million was consistent with 2006 LIFO inventory results. Fourth
quarter 2007 earnings also reflected improved refinery operations
partly offset by lower U.S. refining margins. Petroleum product sales
of 7,125 kbd were 322 kbd lower than last year´s fourth quarter,
mainly reflecting asset sales.

U.S. Downstream earnings were $622 million, down $323 million from
the fourth quarter of 2006. Non-U.S. Downstream earnings of
$1,645 million were $630 million higher and included the impact of
higher gains on asset sales.

Chemical earnings of $1,112 million were $130 million lower than
the fourth quarter of 2006, mainly due to lower margins and lower LIFO
inventory effects partly offset by higher sales volumes. Prime product
sales of 7,049 kt (thousands of metric tons) in the fourth quarter of
2007 were up 222 kt from the prior year.

Corporate and financing earnings excluding special items were
$77 million, down $341 million, mainly due to tax items.

During the fourth quarter of 2007, Exxon Mobil Corporation
purchased 88 million shares of its common stock for the treasury at a
gross cost of $7.9 billion. These purchases included $7.0 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. Shares outstanding were reduced from 5,464 million at
the end of the third quarter to 5,382 million at the end of the fourth
quarter. 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.

Full Year 2007 vs. Full Year 2006

Net income of $40,610 million ($7.28 per share) was a record and
increased $1,110 million from 2006. Net income for 2006 included a
special item of $410 million for a tax-related benefit in the
corporate and financing segment. Excluding this impact, 2007 earnings
increased by $1,520 million.

FULL YEAR HIGHLIGHTS

-- Earnings excluding special items were a record $40,610
million, up 4%, reflecting record performance across all
business segments.

-- Earnings per share excluding special items increased 11% to
$7.28, reflecting strong business results and the continued
reduction in the number of shares outstanding.

-- Net income was up 3% from 2006, which included a special item
of $410 million for a tax-related benefit. Net income for 2007
did not include any special items.

-- Cash flow from operations and asset sales was approximately
$56.2 billion, including $4.2 billion from asset sales.

-- The Corporation distributed a total of $35.6 billion to
shareholders in 2007 through dividends and share purchases to
reduce shares outstanding, an increase of $3.0 billion versus
2006.

-- Dividends per share of $1.37 increased 7%.

-- Capital and exploration expenditures were $20.9 billion, an
increase of 5% versus 2006.

-- Excluding the Venezuela expropriation, divestments, OPEC quota
effects and price and spend impacts on volumes, production on
an oil-equivalent basis increased nearly 1%.

Upstream earnings were a record $26,497 million, an increase of
$267 million from 2006 due to higher crude oil realizations and
favorable sales mix effects, mostly offset by higher operating
expenses, net unfavorable tax items and lower natural gas
realizations.

On an oil-equivalent basis, production decreased 1% from last
year. Excluding the Venezuela expropriation, divestments, OPEC quota
effects and price and spend impacts on volumes, production was up
nearly 1%.

Liquids production of 2,616 kbd decreased 65 kbd from 2006.
Excluding the Venezuela expropriation, divestments, OPEC quota effects
and price and spend impacts on volumes, liquids production was flat.
Mature field decline and PSC net interest reductions were offset by
higher production from projects in Russia and West Africa.

Natural gas production of 9,384 mcfd increased 50 mcfd from 2006.
Higher volumes from projects in Qatar and the North Sea were mostly
offset by mature field decline.

Earnings from U.S. Upstream operations in 2007 were
$4,870 million, a decrease of $298 million. Earnings outside the U.S.
were $21,627 million, $565 million higher than 2006.

Downstream earnings were a record $9,573 million, up
$1,119 million from 2006, reflecting higher gains on asset sales and
improved refinery operations partly offset by lower refining margins.
Petroleum product sales of 7,099 kbd decreased from 7,247 kbd in 2006.

U.S. Downstream earnings were $4,120 million, down $130 million.
Non-U.S. Downstream earnings were $5,453 million, $1,249 million
higher than last year.

Chemical earnings were a record $4,563 million, up $181 million
from 2006, driven by higher sales volumes and favorable foreign
exchange effects partly offset by weaker margins. Prime product sales
were 27,480 kt, up 130 kt from 2006.

Corporate and financing expenses excluding special items were
$23 million and were comparable to 2006.

In 2007, Exxon Mobil Corporation purchased 386 million shares of
its common stock for the treasury at a gross cost of $31.8 billion.
These purchases included $28.0 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. Shares
outstanding were reduced from 5,729 million at the end of 2006 to
5,382 million at the end of 2007, a decrease of 6.1%.

ExxonMobil will discuss financial and operating results and other
matters on a webcast at 10 a.m. Central time on February 1, 2008. To
listen to the event live or in archive, go to our website at
"exxonmobil.com."

Statements in this release relating to future plans, projections,
events or conditions are forward-looking statements. Actual results,
including project plans and related expenditures, resource recoveries,
timing and capacities, could differ materially due to changes in
long-term oil or gas prices or other market conditions affecting the
oil and gas industry; political events or disturbances; reservoir
performance; the outcome of commercial negotiations; potential
liability resulting from pending or future litigation; wars and acts
of terrorism or sabotage; changes in technical or operating
conditions; and other factors discussed under the heading "Factors
Affecting Future Results" on our website and in Item 1A of
ExxonMobil´s 2006 Form 10-K. We assume no duty to update these
statements as of any future date.

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. A reconciliation to net income 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 is
contained on pages 32 and 33 in the 2006 Form 10-K and is also
available through the Investor Information section of our website at
"exxonmobil.com."