Unlocks significant value for ExxonMobil and Pioneer shareholders
• Combination transforms ExxonMobil’s Upstream portfolio
— Creates industry-leading undeveloped high-quality, high-return U.S. unconventional inventory with plans to reach ~2 Moebd of Permian
production by 2027
— Increases short-cycle capital flexibility and lower cost-of-supply production in the United States
• Combination enables even greater U.S. energy security by bringing the best technologies, operating excellence, and financial capability to
an important source of domestic supply, benefitting the American economy and its consumers
• Pioneer’s Permian inventory and basin knowledge combined with ExxonMobil’s proprietary technologies and expertise expected to
generate double-digit returns by recovering more resource, more efficiently and with a lower environmental impact
— Unique opportunity to create value by combining Pioneer’s large, contiguous, high-quality undeveloped Midland acreage with
ExxonMobil’s demonstrated industry-leading Permian resource development
— Unlocks significant capital and operating synergies
— By combining both companies’ operational best practices and infrastructure, we will reduce our collective environmental footprint and
accelerate Pioneer’s net-zero plan from 2050 to 2035
• Opportunity to maximize Permian value across ExxonMobil’s full integrated value chain
• Transaction leverages strong value of ExxonMobil’s equity currency; balance sheet strength and Pioneer’s incremental free cash flow
provide ability to further enhance shareholder returns post-closing
4
Combination transforms ExxonMobil’s Upstream portfolio
• Adds 856,000 net acres in Midland Basin to ExxonMobil’s
570,000 net acres in the Delaware and Midland Basins
• Combined resource to exceed 16 Boeb
• More than doubles ExxonMobil’s Permian production to
1.3 Moebd, based on 2023 volumes
• Combined production reaches ~2 Moebd in 2027
• Greater than 75% liquids
Creates industry-leading undeveloped high-quality, high-return U.S. unconventional inventory

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