Regional Overview (continued)

South America

ExxonMobil has a growing portfolio of exploration and producing interests in South America, with significant new production on stream in 1999.

BRAZIL

ExxonMobil acquired interests in eight blocks offshore Brazil in 1999, covering over 25 million acres in water depths from 250 to almost 10,000 feet. With these acreage additions, ExxonMobil holds the largest and most diverse portfolio of exploration opportunities of any foreign oil company operating in the country. Individual blocks are located in the prolific Campos deepwater play, in the Espirito Santos and Santos basins, and the frontier Amazon mouth and Pelotas basins.

Current activities are focused on acquisition and processing of extensive three-dimensional and two-dimensional seismic programs, additional geoscience studies, and preparation for drilling. Plans call for drilling to begin in 2000, with increased activity in 2001. ExxonMobil is continuing to evaluate additional high-quality opportunities for potential acquisition.

TRINIDAD

ExxonMobil holds a 100-percent interest in two attractive blocks in deep water off the east coast of Trinidad. Blocks 25b and 26, totaling 639 thousand acres, are located in water depths ranging from 2,500 to 4,300 feet. The company has conducted seismic acquisition on these blocks, and drilling will start in 2000.

VENEZUELA

Production started up at the Cerro Negro field (ExxonMobil interest 41.7 percent) in 1999. Current production is 60 thousand barrels of oil per day, with production expected to expand when the coker facility in Jose, Venezuela, is completed in 2001. The coker will upgrade the crude oil from 8.5-degree API gravity crude in the field to 16.5-degree API gravity crude. Most of the crude will then be shipped to the company's Chalmette, Louisiana, refinery (ExxonMobil interest 50 percent) for final processing.

ExxonMobil also has a 25-percent interest in the Quiamare-LaCeiba block in eastern Venezuela and a 50-percent interest in the 445-thousand-acre LaCeiba block on the southeastern shore of Lake Maracaibo.

Commercialization activities also continued for the Norte de Paria gas resource offshore eastern Venezuela.

OTHER SOUTH AMERICA INTERESTS

Guyana – In 1999, ExxonMobil acquired a 100-percent interest in the Stabroek block, offshore Guyana. The block covers 14.8 million acres in water depths from 600 to 10,000 feet.

Argentina – ExxonMobil holds a 51-percent interest in the Chihuidos block, which contains the Sierra Chata gas field, located in the Neuquen Basin in Central Argentina. ExxonMobil also holds a 23-percent interest in the Aguarague field in northwest Argentina.

Natural gas is marketed to a variety of local distribution companies, industrial users, and power generation companies in Argentina and Chile primarily under long-term agreements.

Bolivia – ExxonMobil currently holds a 17-percent interest in the Tarija Oeste block in southern Bolivia and has an option to increase its interest.