Exxon Mobil to Spend $125B on Production

Exxon Mobil plans to invest over $125 billion on raising production over the next five years to meet growing energy demand.

The Irving, Texas-based oil company will spend the cash on new technology as well as exploration and production projects. It will also grow its refining capacity and chemical business.

Chief Executive Rex Tillerson told an analysts' meeting in New York that Exxon plans to be part of 19 new E&P projects through 2010, which will add over 725,000 barrels of oil equivalent per day to its production.

Read Full Article from Forbes

- Posted: 2008-03-05 10:17:08

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