Exxon Mobil Corp J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Exxon Mobil Corp J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

Exxon Mobil Corp Overweight

XOM, XOM US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$136.90

Oil & Gas Exploration & Production

We hosted XOM’s Vice President, Treasurer and IR, Jim Chapman for a fireside Arun Jayaram AC

chat at the J.P. Morgan’s Natural Resources Conference today. (1-212) 622-8541

arun.jayaram@jpmchase.com

• Net Takeaway: Slightly Positive. Pankaj Bhatter, CFA

• Macro implications from recent Middle East conflict: Jim framed the (1-212)pankaj.bhatter@jpmchase.com622-3795

oil-market outlook across three horizons, prefacing that XOM does not J.P. Morgan Securities LLC

allocate capital based on near or medium-term prices. In the near term, he

characterized the market as very tight given depleted commercial stocks,

the seasonal step-up of 0.5 - 1 MMBo/d of summer demand, and dislocated

trade routes. Over the medium term, he noted that inventory replenishment

will keep the market tight for at least several quarters alongside the restart

of impacted production. Long term, he does not expect a lasting Middle

East geopolitical risk premium but anticipates structural shifts including

infrastructure builds to reduce dependence on SoH, supply diversification,

LNG development in higher-cost regions like Alaska, and a more dynamic,

larger inventory-buffer for products.

• Capital allocation update following the increase in commodity

prices. The management team's capital allocation commentary is notably

disciplined, with no indication of a pro-cyclical pivot despite the recent

increase in commodity prices. Jim emphasized that XOM does not make

investment decisions based on calling a specific S/D balance, but instead