ExxonMobil to invest at record levels

– ExxonMobil has announced plans for capital spending of more than $ 125 billion over the next five years to help meet growing world energy demand. “We will invest record amounts to develop new technology, bring on new upstream projects, increase our base refining capacity and grow our chemical business,” Chairman and CEO Rex Tillerson told analysts at the New York Stock Exchange. “With our technology advantage and an industry-leading portfolio of 119 projects that are expected to support development of more than 24 billion oil-equivalent barrels of energy, ExxonMobil will continue to be an industry leader in bringing new supplies to the market.” From 2008 to 2010 alone, Tillerson said, the company expects to participate in the start up of 19 new projects which, at peak, would collectively add more than 725,000 oil-equivalent barrels per day to ExxonMobil’s production. He said ExxonMobil’s commitment to developing advanced technology, its industry-leading operational and project management capabilities and exceptional employees would continue to place the company as the partner of choice for resource owners around the world. ExxonMobil expects to start up several liquefied natural gas (LNG) projects over the next three years, covering production, transportation and distribution. Using ExxonMobil proprietary technology, the company will commission four of the world’s largest gas liquefaction facilities, and new ships which can carry 80 percent more LNG than conventional ships. ExxonMobil’s advances in LNG technology are contributing to the development of an international natural gas market. “We will almost double our production of LNG over the next three years, providing greater supplies of this clean-burning energy source for power generation and for industrial and domestic use,” said Tillerson.