ExxonMobil Welcomes Transparency Initiative

ExxonMobil today congratulated the Extractive Industries Transparency

Initiative on the launch of its Business Implementation Guide, an

important step in the progress of transparency and good governance in

natural resource development.
"Revenue transparency and accountability in

our industry´s relationships with host

governments are critically important," said

Rich Kruger, president of ExxonMobil Production Company. "ExxonMobil

supports transparency and is committed to honest and ethical behavior."
Kruger commented at an industry event to launch the guide, attended by

Dr. Peter Eigen, founder of Transparency International and chairman of

the Extractive Industries Transparency Initiative, a global coalition

for transparency in the extractive industries.
Business and non-governmental organizations and a coalition of

companies, including ExxonMobil, developed the guide under the

leadership of the EITI Secretariat.
Dr. Eigen invited Rex W. Tillerson, chairman and chief executive of

Exxon Mobil Corporation (NYSE:XOM), to co-author the guide´s

forward in recognition of the significant contributions by ExxonMobil to

EITI since it was announced by former British Prime Minister Tony Blair

in September 2002.
Kruger said the guide will assist international companies in conveying

expectations and appropriate roles to affiliates around the world

relating to the reporting of payments to governments for a country´s

natural resources.
"The primary purpose of EITI is to provide

more information on government revenues to help ensure they´re

used to benefit citizens of the country," said

Kruger. "But just as important is the culture

of accountability that is created when governments, companies

non-governmental organizations, international financial institutions and

investor groups work together to improve disclosure and transparency."
According to EITI, 3.5 billion people live in countries rich in oil, gas

and minerals, which, if developed with good governance, can generate

revenues to foster growth and reduce poverty.
ExxonMobil helped advise the UK´s Department for International

Development regarding EITI implementation and was elected to the EITI

board in 2006 by the 15 international oil companies providing financial

support to EITI.
ExxonMobil supports the Group of Eight (G-8) Transparency Initiative and

the United Nations Convention Against Corruption and has played a

leadership role in enhancing revenue transparency in countries in which

the company has significant investments, including Chad, Azerbaijan

Kazakhstan, Nigeria and Equatorial Guinea.