ExxonMobil Announces Antwerp Refinery Investment of More Than $1 Billion

  ExxonMobil Announces Antwerp Refinery Investment of More Than $1 Billion

  *Construction of new delayed coker unit follows other significant
    investments totaling more than $2 billion in less than a decade
  *New unit will convert heavy, higher sulfur residual oil into products such
    as diesel
  *Significant long-term investment made despite a challenging industry
    environment in Europe

Business Wire

ANTWERP, Belgium -- July 2, 2014

ExxonMobil affiliate Esso Belgium, a division of ExxonMobil Petroleum &
Chemical B.V.B.A., announced today it plans to install a new delayed coker
unit at its Antwerp refinery to convert heavy, higher sulfur residual oils
into transportation fuels products such as marine gasoil and diesel fuel. The
new unit will expand the refinery’s ability to help meet energy needs
throughout northwest Europe, despite a challenging industry environment.

ExxonMobil Refinery Antwerp (Photo: Business Wire)

ExxonMobil Refinery Antwerp (Photo: Business Wire)

“Our investments at this refinery, totaling more than $2 billion in less than
a decade, will contribute to meeting the demand for fuels and finished
products from our customers in Europe,” said Jerry Wascom, incoming president
of ExxonMobil Refining & Supply Company. “This new unit, along with the
recently completed 130 megawatt cogeneration unit and diesel hydrotreater at
the Antwerp complex, reaffirms ExxonMobil as a leader in the European and
global energy markets.”

Despite extremely low margins and industry-wide losses in Europe, due
primarily to excess refining capacity, ExxonMobil is investing for the long
term in its strategic Antwerp refinery.The investment addresses an industry
shortfall in capability to convert fuel oil to products such as diesel.

This project demonstrates ExxonMobil’s long-term view and disciplined approach
toward business investments, and is the first of several being evaluated to
further strengthen strategic refineries in Europe to more successfully face
the challenging industry environment.ExxonMobil’s annual Outlook for Energy
projects that Europe’s demand for diesel fuel will remain high in the coming
decades for trucking and other commercial transportation.

“In addition to enhancing ExxonMobil’s strongly performing Antwerp facility,
the new delayed coker unit will further strengthen ExxonMobil’s integrated
downstream and chemical portfolio in northwest Europe to better compete in the
challenging global industry environment,” said Stephen Hart, regional director
of ExxonMobil Refining & Supply Company. “This investment will add to our
product slate at the Antwerp refinery and deliver much needed cleaner diesel
to our European customers.”

About ExxonMobil Refining & Supply

ExxonMobil Refining & Supply and its stewarded affiliates operate a global
network of reliable and efficient manufacturing plants, transportation systems
and distribution centers that provide a range of fuels, lubricants and other
high-value products and feedstocks to our customers around the world.

About Antwerp Refinery

Esso Belgium, a division of ExxonMobil Petroleum & Chemical B.V.B.A., Antwerp
refinery has a production capacity of approximately 320,000 barrels per day
and has been in operation since 1953.

CAUTIONARY STATEMENT: Statements of future events or conditions in this
release are forward-looking statements. Actual future results, including
project plans, schedules, costs, and capacities could differ materially due to
changes in market conditions affecting the oil and gas industry or long-term
price levels for oil, gas and refined products; political or regulatory
developments, including changes in environmental laws; the occurrence and
duration of economic recessions; the actions of competitors; technical or
operating factors; and other factors discussed under the heading "Factors
Affecting Future Results" in the Investor Information section of our website
(www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. The term
"project" as used in this release does not necessarily have the same meaning
as under any government payment transparency reporting rules.

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