ExxonMobil invests in Singapore integrated complex to upgrade product slate to higher-value lube base stocks, distillates

• The expansion project uses proprietary technologies to increase yields of higher-value products
• Integrated downstream and chemical investment enhances site competitiveness
• Construction to begin in second half of 2019, startup anticipated in 2023

SINGAPORE. April 2019 – ExxonMobil said today that it has made a final investment decision on a multi-billion dollar expansion of its integrated manufacturing complex in Singapore to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates.

The expansion project is part of the company’s plan to further enhance the competitiveness of the Singapore facility, which includes the world’s only steam cracker capable of cracking crude oil. The project, which leverages proprietary technologies, integration and scale, will significantly increase site downstream and chemical earnings potential. Engineering, procurement and construction activities have begun, and startup is anticipated in 2023.

“The demand for high-quality fuels and lubricants will increase as the global economy expands,” said Bryan Milton, president of ExxonMobil Fuels & Lubricants Company. “By using a combination of proprietary catalyst and process technologies, we will increase the site’s competitiveness and help meet growing demand for high-performance lubricants and cleaner fuels.”

The investment will add 20,000 barrels per day of ExxonMobil Group II base stocks capacity, which includes EHC™ 50 and EHC™ 120 grades, in addition to a new high-viscosity Group II base stock to meet increasing demand in the Asia-Pacific region.

“The project also applies new chemicals technologies and leverages integration across the crude cracker and refining complex to further enhance the competitiveness of crude cracking,” said Karen McKee, president of ExxonMobil Chemical Company.

The expansion will add the capacity to increase production of cleaner fuels with lower-sulfur content by 48,000 barrels per day, including high-quality ExxonMobil Marine fuels to enable customers to meet the International Maritime Organization’s 0.50 percent sulfur requirement.

The project represents the latest and most significant in a series of recent ExxonMobil investments in base stock production. Recent ExxonMobil EHC™ Group II base stock investments include a 2015 expansion in Singapore and the startup of a world-scale, enhanced hydrocracker unit in Rotterdam in 2018.

The decision to expand our operations in Singapore helps to further establish ExxonMobil as a regional leader in producing innovative products that help customers improve fuel economy and reduce emissions,” said Gan Seow Kee, chairman and managing director of ExxonMobil Asia Pacific Pte Ltd. “This is the latest in a series of major investments in Singapore and builds on our commitment to enhance our growth and competitiveness in the Asia Pacific region.”

Engineering, procurement and construction contracts have been awarded to Técnicas Reunidas for the new process units, and Wood Group for interconnecting pipelines and supporting infrastructure facilities. As part of the project, ExxonMobil is working on a long-term commercial agreement with Linde to upgrade residue from the site to hydrogen and synthesis gas.

About ExxonMobil in Singapore

ExxonMobil is one of Singapore’s largest foreign manufacturing investors with over S$25 billion in fixed assets investments. The Singapore affiliate, ExxonMobil Asia Pacific Pte Ltd, (EMAPPL) has manufacturing facilities that include refinery operations in Jurong and a world-scale petrochemical plant on Jurong Island. EMAPPL has a network of service stations under the Esso brand and is a supplier of cylinder cooking gas. EMAPPL also serves the commercial market with its industrial, aviation and marine fuels and lubricants. ExxonMobil and EMAPPL contribute to programs in Singapore to support sustainability through support for arts and education, the community and the environment. For more information, visit www.exxonmobil.com.sg or follow us on Twitter www.twitter.com/exxonmobil_sg.

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter twitter.com/exxonmobil.

Cautionary Statement: Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, timing, costs, and production; future earnings potential; integration benefits; efficiencies and competitiveness; and the impact of technology could differ materially due to factors including: changes in oil, gas or petrochemical prices or other market or economic conditions affecting the oil, gas and petrochemical industries, including the scope and duration of economic recessions; timely implementation of project plans; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; actions of competitors; future demand growth; 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 2016 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 any government payment transparency reporting requirements.