Exxon’s Tillerson Bets Gas, Not Oil, Is Key to Growth

Exxon Mobil Corp., which pumps more oil than every member of OPEC except Saudi Arabia, Iran and Iraq, is counting on natural gas to provide the bulk of its future growth.

Exxon, the world’s second-largest company, plans to start 12 new gas and crude projects in the next two years, Mark Albers, a senior vice president at the Irving, Texas-based company, told analysts today in New York. Capital spending on wells, floating platforms, gas-export plants and refineries will rise 3.4 percent this year to $28 billion.

Chief Executive Officer Rex Tillerson is counting on a $28.8 billion acquisition of Fort Worth, Texas-based gas producer XTO Energy Inc. as well as new gas developments from the South Pacific to the Celtic Sea to counter a 6.7 percent drop in output in the past five years.

Read Full Article from BusinessWeek

- Posted: 2010-03-11 10:48:40

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