The Outlook for Energy:

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1 The Outlook for Energy: A View to 2040 Ken Golden February 3, 2016 The Outlook for Energy includes Exxon Mobil Corporation s internal estimates and forecasts of energy demand, supply, and trends through 2040 based upon internal data and analyses as well as publicly available information from external sources including the International Energy Agency. Work on the report was conducted throughout This presentation includes forward looking statements. Actual future conditions and results (including energy demand, energy supply, the relative mix of energy across sources, economic sectors and geographic regions, imports and exports of energy) could differ materially due to changes in economic conditions, technology, the development of new supply sources, political events, demographic changes, and other factors discussed herein and under the heading Factors Affecting Future Results in the Investors section of our website at This material is not to be used or reproduced without the permission of Exxon Mobil Corporation. All rights reserved. 1

2 Global Trends Continue to Evolve 125% Growth from 2014 Level Percent GDP 100% 75% 50% 25% Demand Population 0% Carbon Emissions 2

3 Key Energy Outlook Themes Energy is fundamental to standards of living. Developing nations lead gains in GDP and living standards. Economics and policies impact the fuel mix. Oil remains the world s primary fuel through Naturalgas grows more thanany otherenergy source. Technology has the highest potential and greatest uncertainty. 3

4 Energy is fundamental to standards of living. 4

5 Energy Fuels Human Development U.N. Human Development Index 2013 Index 1.00 Norway Germany United States 0.75 Brazil Bangladesh India China 0.50 Nigeria Congo Source: United Nations, ExxonMobil estimates Energy Use per Capita (Thousand BTU/person/day) 5

6 The energy equation People living standards energy needs 6

7 The energy equation 7gallons/day U.S. daily usage or 27,000 cell phone batteries 7

8 The energy equation U.S. daily usage 7gallons/day World daily usage 1.7gallons/day 8

9 The energy equation 7 billion people 1.7 gallons per person 12 billion gallons per day 9

10 Developing nations lead ingdp growth andliving standard improvements. 10

11 Global GDP Shifts Toward Developing Nations 2014 OECD* Rest of World Key Growth India China Mexico Brazil Nigeria Egypt Turkey Iran Saudi Arabia India Thailand China Indonesia South Africa $72 Trillion (2010$) *Mexico and Turkey included in Key Growth countries 11

12 Global GDP Shifts Toward Developing Nations OECD* Rest of World Key Growth India China 2.0% per year 3.4% 3.5% 5.5% 5.0% $72 Trillion (2010$) ~$150 Trillion (2010$) *Mexico and Turkey included in Key Growth countries 12

13 Middle Class and Urbanization Increase Global Middle Class Billion People 5 Urbanization Percent Rest of World Key Growth 75 OECD* Turkey China Indonesia 3 2 China 50 India 1 India 25 OECD* 0 '14 ' Source: The Brookings Institution *Mexico and Turkey included in Key Growth countries Source: United Nations 13

14 Demand Growth From Developing Nations Energy Demand Quadrillion BTUs Rest of World Key Growth 400 India China 200 OECD* *Mexico and Turkey included in Key Growth countries 14

15 Economicsandpolicies impact the fuel mix. 15

16 Children cannot study in the dark. Girls and women cannot learn or be productive when they spend hours a day collecting firewood. Businesses and economies cannot grow without power. Secretary-General Ban Ki-moon United Nations Foundation 16

17 Every country finds itself at a different point in the development journey. Therefore, the pace and rhythm of their emissions reductions and investments in adaptation will vary. President Jim Yong Kim World Bank Group 17

18 We believe the risks of climate change are serious and warrant thoughtful action. Rex Tillerson, CEO Exxon Mobil Corporation 18

19 CO 2 Policy Assumptions Vary by Region 2040 CO 2 Proxy Cost < 10 $/ton ~ 20 $/ton ~ 35 $/ton ~ 80 $/ton 19

20 CO Energy 2 Emissions Mix Shifts Plateau to Lower-Carbon Fuels Global Energy Mix Percent Energy-Related CO 2 Emissions by Region Billion Tonnes 100% Biomass 40 Renewables 75% Nuclear 30 Rest of World Gas Key Growth 50% 20 India Coal China 25% 10 Oil OECD* 0% *Mexico and Turkey included in Key Growth countries 20

21 The only reason I m optimistic about this problem is because of innovation. Bill Gates The Atlantic, Nov

22 Oil remains the world s primary fuel through

23 Transportation and Chemicals Drive Growth Liquids Demand by Sector MBDOE Chemical 0 Transportation Industrial Res/Comm Electricity Generation 23

24 Transportation Demand Sector Demand MBDOE 75 Rail 50 Marine Aviation Commercial Heavy Duty 25 Light Duty

25 Global Fuel Economy Standards (2008) Policy in Place Standards Policy Evolving 25

26 Global Fuel Economy Standards (2014) Policy in Place Standards Policy Evolving 26

27 Global Vehicle Fleet By Type Million Cars 2000 Internal Combustion Engine Electric 1500 Elec/Plug-in/Fuel Cell Hybrid Natural Gas & LPG Diesel Gasoline Lower Cost Convenience Improving Efficiency Natural Gas & LPG Hybrid Public Transport High Efficiency High Cost Range/Charging Limit Hydrogen Fuel Cell '10 '15 '20 '25 '30 '35 '40 27

28 Liquids Production By Region MBDOE 120 By Type MBDOE Other NonOPEC Russia North America OPEC OPEC Non-OPEC NGLs Tight Oil Deepwater Oil Sands Other Conventional Crude and Condensate 28

29 Natural gas grows more than any other energy source. 29

30 Gas Demand Grows in All Sectors Gas Demand by Sector BCFD Electricity Generation Industrial Res/Comm Transportation 30

31 Electricity Demand Continues to Surge By Sector Thousand TWh Electricity Demand by Region Thousand TWh Transportation 8 China 20 Res/Comm 6 4 Key Growth United States Europe OECD 10 Industrial 2 India

32 Fuel for Electricity Transitions Electricity Delivered by Type Thousand TWh Other Renewables Wind & Solar 20 Nuclear Gas 10 0 OECD '00 '10 '20 '30 '40 Coal Oil 32

33 Natural Gas Supply By Production Type BCFD 600 By Delivery Type BCFD 600 LNG 400 Unconventional 400 Pipeline Conventional Net Local Production

34 Technology has the highest potential and greatest uncertainty. 34

35 Technology Helps Us Do More With Less Global Average Energy Intensity Thousand BTUs per dollar GDP (2010$)

36 Technology Contributes to the Fuel Mix Global Mix of Fuels 100% 75% Other Renewables Nuclear Hydro Unconventional Gas Gas 50% Deepwater, Oil Sands, Tight Oil Oil 25% Coal 0% Biomass Source: Smil, Energy Transitions ( ) 36

37 Global Demand 2040 By Fuel Quadrillion BTUs % Average Growth / Yr % 0.9% % % 2.9% 4.8% 1.3% 0 Oil Gas Coal Biomass Nuclear Solar / Wind / Biofuels Hydro / Geo 37

38 For more information, visit exxonmobil.com/energyoutlook or download the ExxonMobil app 38

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