Exxon Mobil plans 20 new projects |
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Wed, 07 Mar 2007 16:09
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HOUSTON (AP) - Exxon Mobil Corp., the world's largest publicly traded oil company, said Wednesday it plans to begin more than 20 new global projects in the next three years, investments expected to add 1 million oil-equivalent barrels a day to its volumes.The Irvin, Texas-based company said its project inventory at the end of 2006 has the potential to develop 4 billion oil-equivalent barrels.'Market and geopolitical forces continue to shape the environment in which we operate,' Rex Tillerson, Exxon Mobil's chairman and chief executive, told analysts during a presentation at the New York Stock Exchange. 'Our view of what it takes to be successful in this industry has not changed. It requires consistency, integrity, discipline, reliability and ingenuity.'Tillerson touted the company's return on investment, noting Exxon Mobil led the industry in 2006 with return on capital employed of 32 percent, 50 percent higher than its competitors.Last month, Exxon Mobil posted the largest annual profit by a U.S. company -- $39.5 billion -- although its earnings for the last quarter of 2006 declined 4 percent.The record annual earnings followed a year of extraordinarily high energy prices as crude oil topped $78 a barrel in the summer -- driving up average gasoline prices in the United States to more than $3 a gallon. Prices retreated later in the year.The fourth-quarter decline reflected lower profits from Exxon's refining and marketing operations and a sharp dropoff in natural gas prices.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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