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ExxonMobil to spend more to reverse output decline

March 6, 2013 14:31
US oil giant ExxonMobil Wednesday outlined a massive capital spending program to boost production growth over the next five years in a bid to reverse recent output declines. Exxon, delivering its annual analyst presentation at the New York Stock Exchange, said it would spend an average $38 billion per year in the 2013-2017 period, up $1 billion from the prior year's forecast. Exxon ended 2012 with oil and gas output of 4.24 million barrels a day, down 5.9 percent from 2011 and nearly double the decline Exxon had projected a year ago.

ExxonMobil to boost capital spending, output

March 6, 2013 10:46
US oil giant ExxonMobil Wednesday outlined a massive capital spending program that it projected would lead to annual output increases of two to three percent between 2013 and 2017. Exxon, delivering its annual analyst presentation at the New York Stock Exchange, said it would spend an average $38 billion per year over the five-year period, up from the $37 billion forecast at last year's meeting. Exxon projected the capital plan would boost its output from 4.2 million barrels a day of oil-equivalent in 2012 to 4.8 million barrels a day in 2017.

ExxonMobil profits rise on refining, chemicals

February 1, 2013 13:45
US oil giant ExxonMobil Friday reported higher fourth-quarter profits on better results in its refining and chemical divisions, which offset a drop in oil and gas production. The US's largest oil company said net income for the fourth quarter came in at a $9.95 billion, up 6 percent from the year-earlier period of $9.4 billion. Exxon's annual 2012 profit came in at $44.9 billion, up 9.3 percent from last year, and the company's highest profit since 2008. But the results underscored anew the challenge the oil giant faces growing its oil output.

ExxonMobil profits rise on refining, chemicals

February 1, 2013 10:45
US oil giant ExxonMobil Friday reported higher fourth-quarter profits on better results in its refining and chemical divisions, which offset a drop in oil and gas production. The US's largest oil company said net income for the fourth quarter came in at a $9.95 billion, up 6 percent from the year-earlier period of $9.4 billion. The results overcame a five percent decline in Exxon's oil-equivalent production compared with the year-earlier period.
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