Key questions and answers from the fourth quarter earnings call conducted by Exxon Mobil Corp. on February 1, 2008

Douglas T. Terreson (Morgan Stanley): Provide an update on productivity programs or initiatives that might be in place or emerging in E&P and also the result that you have to achieve if these plans are in place?

Henry H Hubble: If you look at the E&P area in particular, one of the areas of the biggest ramp-up in cost has been in drill rigs and those costs can be reduced by drilling faster, bringing those wells more productively is a big driver. We have spent over $4 billion a year in drilling alone.

The multi-zone stimulation technology that we have in the Piceance's Basin helps us lower cost and improve productivity of those operations. What we have delivered in self help things and OpEx, brought forward, is about $1 billion a year.

Mark Flannery (Credit Suisse): What would happen to your expectations of 2008 production, let's say, if oil average $90 for 2008 versus averaging $70 for 2008?

Henry H Hubble: What you see in the PSC impacts and these net interest reductions, basically is a reflection of a significant acceleration in value that we have captured associated with these projects.

The higher prices have improved the economics, but they reduce the number of barrels. We have just over 20% of our production under PSC-type terms. Not all of those PSCs are the same, they can have different, terms and characteristics, including the extent to which volumes change over time.

Most of those the effects that we have seen have occurred in Africa and then the PSC reductions and net interest reductions, basically reflect us moving through investment return thresholds at those specific developments. These occur at different times during the year, it depends on the price, and performance of the projects.

Nicole Decker (Bear Stearns): Are you seeing any changes in terms of the pace at which projects are able to move forward in Angola and comment on where you are on Kizomba D?

Henry H Hubble: We really have not seen anything roll through. As you see in the Kizomba C developments, they moved ahead first schedule. And the Kizomba A satellites are moving ahead as we expect.

So we can not point anything that would say there is change associated with that. And we have had very good relations; those projects have performed very well both in terms of being able to bring them in on-schedule and at our costs.

Paul Sankey (Deutsche Bank Securities): Go through your asset sales stripping out upstream, downstream?

Henry H Hubble: The Downstream was about $450 million associated with the Downstream divestments. None of those large on their own, both mostly in Europe and in our marketing operations.

But it is part of our normal process that we go through possibly looking at what the market is willing to pay for things and we are constantly high-grading and basically reflects our ongoing activity.

Paul Sankey (Deutsche Bank Securities): So you have nothing in Chemicals and acquisitions?

Henry H Hubble: We have nothing on that one.

Katherine Lucas (J P Morgan): On Qatar, it seems like some contractors are announcing charges related to some overruns. Are these negotiated settlements that would translate into higher project completion costs for Exxon or are things moving along there as you had originally anticipated?

Henry H Hubble: Things are moving ahead, basically per schedule and we have had no changes to our assessment in terms of the costs associated with those. Our schedule is as per original schedule, we anticipate start-up of Qatar gas to Train 4 in 2008, also the RasGas Train 6 is scheduled for start-up in 2008. And then Qatar gas 2, Train 5 projected in 2009 and RasGas Train 7 in 2009.

Katherine Lucas (J P Morgan): Can you give us an update on the timing on the first well in Brazil?

Henry H Hubble: We expect to do it in the second half of this year.