Exxon Mobil Corporation Announces 2004 Reserves Replacement

Exxon Mobil Corporation Chairman Lee Raymond said, "Thisrepresents the eleventh consecutive year of greater than 100% reservereplacement, demonstrating the outstanding capability of our Upstreamorganization and the Corporation's commitment to long-term growth. Theannual reporting of proved reserves is the product of ourlong-standing processes within the Corporation, which ensureconsistency and management accountability with respect to all reservebookings. Proved reserve additions and revisions follow a rigorous andstructured management review process stewarded by a team ofexperienced reserve experts with global responsibilities."

Consistent with our significant commitment and growingparticipation with Qatar Petroleum in the development of liquefiednatural gas from Qatar's North Field, proved reserve additions inQatar totaled 1.7 billion oil-equivalent barrels. ExxonMobil'scommitment of capital to this growing LNG business, which isunderpinned by our confidence in the demand for gas and the liquidityof our targeted gas markets, has been the subject of several pressannouncements during 2004. Proved additions were also made in WestAfrica from developments in Nigeria, Equatorial Guinea and Angola andfrom new developments and established operations in Europe and theCaspian region. These proved reserve additions reflect developmentswith substantial funding commitments as well as revisions to existingfields following additional drilling, reservoir performance data andevaluation, or study activities. Asset sales reduced proved reservesby 0.2 billion oil-equivalent barrels.

Production totaled 1.6 billion oil-equivalent barrels in 2004.Liquids production was 935 million barrels, and gas production totaled3.9 trillion cubic feet.

With 22.2 billion barrels of proved oil and gas reserves atyear-end 2004, ExxonMobil's reserve life at current production ratesis approximately 14 years. Approximately 63 percent of our provedreserves are already developed.

Based on SEC guidance, ExxonMobil is also stating for the firsttime its results to reflect impacts to the proved reserve baseutilizing Dec. 31 liquids and natural gas prices. However, the use ofprices from a single date is not relevant to the investment decisionsmade by the Corporation, and annual variations in reserves based onsuch year-end prices are not of consequence in how the business isactually managed. The overall impact of using single-day, year-endprices on 2004 results was to reduce proved oil and gas reserves by0.5 billion oil-equivalent barrels. The use of the single-day,year-end pricing methodology resulted in a total proved reserveaddition of 1.3 billion oil-equivalent barrels in 2004. On this basis,the Corporation's reserve replacement ratio, including the effects ofyear-end prices and property sales, was 83 percent.

The most significant single impact of employing Dec. 31 pricesoccurred for the Cold Lake field (heavy oil-bitumen steam project inCanada), where approximately 0.5 billion barrels were removed from theproved category while still remaining part of our total resource base.Prices for Cold Lake were strong for most of 2004. However, on the dayof Dec. 31, 2004, prices were unusually low due to seasonallydepressed asphalt sales and industry upgrader problems in WesternCanada. Prices quickly rebounded from Dec. 31, and through January2005, returned to levels that have restored the reserves to the provedcategory.

For total resources, ExxonMobil added 2.9 billion netoil-equivalent barrels from new fields in 2004 to the industry'slargest resource base. Additions to the resource base werecharacterized by geographically diverse and high quality discoveriesfrom drilling and acquisition of discovered-but-undeveloped resources.The Corporation's total oil and gas resource base of nearly 73 billionoil-equivalent barrels includes proved reserves and other discoveredresources that will likely be developed. These estimates assume thecompany's long term oil and gas pricing outlook.

Key 2004 resource-base additions were associated with successfulexploration drilling campaigns in Angola, Nigeria, Kazakhstan, Canadaand the United States as well as significant resource increasesunderpinning new liquefied natural gas developments in Qatar.

CAUTIONARY NOTE: The terms "resources" and "resource base"includes quantities of discovered oil and gas that are not yetclassified as proved reserves but that we believe will likely bedeveloped in the future. The term "reserves," as used in this release,includes proved reserves from Syncrude tar sands operations in Canadawhich are treated as mining operations in our SEC reports. The provedreserves in this release are the combined total from both consolidatedsubsidiaries and equity companies. The Corporation operates itsbusiness with the same views of equity company reserves as it has forreserves from consolidated subsidiaries.