ExxonMobil Signs Framework Agreement for Australian Gas Resources

    Business Editors/Energy Editors

    IRVING, Texas--(BUSINESS WIRE)--April 5, 2005--Exxon Mobil Corporation (NYSE:XOM) announced today that its wholly owned subsidiaries, Mobil Exploration and Producing Australia Pty Ltd and Mobil Australia Resources Company Pty Limited, have signed a Framework Agreement with ChevronTexaco and Shell subsidiaries resulting in a new ownership structure for the Gorgon project and the Greater Gorgon gas resource offshore Western Australia.
    This agreement will provide access to 11 gas fields in the Greater Gorgon area, including Gorgon and Jansz, containing estimated total recoverable resources in excess of 40 trillion cubic feet (tcf) of natural gas. These resources will supply the Gorgon project and will help ensure that these fields can be developed in the most technically and economically efficient manner. It will also increase the marketability of the Gorgon project due to the availability of increased gas resources.
    Under the Framework Agreement, the new ownership structure of the Gorgon project will be: ChevronTexaco (operator) 50 percent, ExxonMobil 25 percent and Shell 25 percent. (Ownership details of the individual licenses are provided in the attached table).
    The government permitting and approvals process for the Gorgon development is on track and the front-end engineering and design (FEED) phase is expected to begin this year.
    The Gorgon Joint Venture is currently progressing environmental and permitting approval processes for the LNG and domestic gas project facilities on Barrow Island.
    "Marketing activities for the Gorgon project are well advanced. This represents another significant gas development opportunity for ExxonMobil and an important milestone along the path towards successful development of the Gorgon LNG project -- a project that stands to make a major contribution to the Australian and Western Australian economies," said Mark Nolan, chairman of ExxonMobil Australia.

    CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including resource recoveries and project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; the outcome of commercial negotiations; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" included in Item 1 of ExxonMobil's most recent Form 10-K and posted on our website (www.exxonmobil.com). References to the "gas resources," "estimated total recoverable resources" include quantities that are not yet classified as proved reserves but that we believe will be produced in the future.

Greater Gorgon Ownership

Equity per License/Facility Owner Framework Agreement ---------------------------- -------------------- ------------------- Barrow Island - Gorgon ChevronTexaco 50% Project Infrastructure (operator) ExxonMobil 25% Shell 25% ---------------------------- -------------------- ------------------- WA-2R, WA-3R, WA-4R, WA-5R, ChevronTexaco 50% WA-14R (operator) ExxonMobil 25% Shell 25% ---------------------------- -------------------- ------------------- WA-15R, WA-19R, WA-20R, ChevronTexaco 50% WA-21R (operator) ExxonMobil 25% Shell 25% ---------------------------- -------------------- ------------------- WA-18R ChevronTexaco 50% ExxonMobil 25% (operator) Shell 25% ---------------------------- -------------------- -------------------

    Note: ExxonMobil, ChevronTexaco and Shell are also participants in Greater Gorgon titles WA-22R, WA-23R, WA-24R, WA-25R, WA-26R. BP is also a participant in these titles but is not a party to the framework agreement.

--30--MJR/da*

CONTACT: ExxonMobil, Houston Bob Davis, 713-656-7544 or ExxonMobil, Australia Tony Cudmore, 61-3-9270-3825

KEYWORD: TEXAS AUSTRALIA INTERNATIONAL ASIA PACIFIC Finance INDUSTRY KEYWORD: OIL/GAS ENERGY MARKETING AGREEMENTS SOURCE: Exxon Mobil Corporation

Copyright Business Wire 2005