Exxon Mobil to lower capital expenditures
Exxon Mobil expects to increase its daily production to the equivalent of 4.3m barrels a day by 2017 as it starts up 16 major oil and natural gas projects, the company said on Wednesday.
Dow Jones I.A.
37,986.40
04:30 15/10/20
Exxon Mobil Corp.
$119.88
11:10 19/04/24
Prospect Japan Fund Ltd.
$1.30
15:24 27/07/17
In 2015 the oil exploration and production outfit’s outlays on capital expenditures are set to decrease by 12% to $34bn. Over the following two years capex is expected to average less than that level.
Exxon attributed the decline to the fact that the above mentioned projects are due to come on-stream, as well as to new measures to optimise its development plans.
The company’s chairman and chief executive, Rex Tilerson, said: “Exxon Mobil has a deep and diverse portfolio of opportunities around the world and a total resource base of more than 92bn oil-equivalent barrels. We have unparalleled flexibility to select and invest in only the most attractive development projects.”
He was speaking at the company’s annual analyst meeting at the New York Stock Exchange.
For 2014 the firm’s replacement ratio – a measure of an oil company’s newly found proved reserves as a percentage of production - hit 104%.
Exxon Mobil’s Downstream and Chemical businesses remained resilient in the lower commodity price environment and continue to generate solid cash-flow, the comapny added.
As of 15:07 shares in Exxon Mobil were lower by 0.14% to $87.50.