UPDATE: Exxon Mobil To Spend $25 Billion-$30 Billion Per Year Through 2014
2010年3月12日 - 6:13AM
Dow Jones News
Exxon Mobil Corp. (XOM) will continue investing aggressively in
years ahead in an effort to boost its hydrocarbons production.
ExxonMobil, the largest U.S. oil company by market value, said
at its annual analyst meeting in New York that it expects to boost
its capital spending 3.3% to $28 billion in 2010 and that it would
spend $25 to $30 billion per year through 2014.
The bulk of the company's capital budget would go toward
developing dozens of major projects around the world. Exxon Mobil's
production is expected to increase 3% to 4% this year from the 3.93
million barrels of oil-equivalent per day it produced in 2009. Its
output would increase 2% to 3% annually through 2013.
Exxon Mobil's continued aggressive investment shows the company
is still unflinchingly optimistic about the long-term demand for
oil and natural gas. Exxon was one of a handful of international
oil companies that didn't cut its spending last year after energy
prices collapsed in the wake of the recession.
"Our spending will vary depending on the pace of the projects,
but we anticipate spending $28 billion this year," said Chief
Executive Rex Tillerson.
Exxon Mobil didn't disclose details about how much the pending
acquisition of U.S. natural gas producer XTO Energy Inc. (XTO)
could lift its output forecast, but analysts from UBS have said it
could boost the company's production by 13% this year. The company,
based in Irving, Texas, confirmed that the $31 billion transaction,
announced last December, is expected to close in the second
quarter.
Massive liquefied natural gas projects in Qatar, Australia and
Papua New Guinea and oil sands operations in Canada are seen as the
main drivers of Exxon Mobil's growth in the next two years. Exxon
plans to start production at 12 major projects between 2010 and
2012. The company said that it has completed an initial production
test at the West Qurna-1 field in Iraq.
The company also announced plans to explore the Eagle Ford shale
gas formation in South Texas this year and in 2011 as part of a
program focused on "high-potential opportunities." BP PLC (BP)
recently struck a deal with a Texas-based independent company for
acreage in the same area.
The company has also acquired acreage in the Marcellus Shale in
the Northeast U.S.
Asked about the future of natural gas for transportation fuel,
Tillerson said it's not a "viable" option due to the logistic
challenges it poses for consumers.
Exxon Mobil, the largest global refiner, said demand for
gasoline is expected to increase in the future but that current
conditions for the refining and marketing business remain
challenging.
Speaking to reporters after the meeting, Tillerson said the
business relationship with national oil companies hasn't changed
substantially after oil prices rebounded but that it's evident that
countries like China and India have become more aggressive in
trying to secure resources abroad.
Exxon Mobil shares recently were down eight cents at $67.14.
-By Isabel Ordonez; Dow Jones Newswires; 713.547.9207;
Isabel.ordonez@dowjones.com
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