Thursday, March 08, 2012
Exxon plans to spend $150 billion over the next five years to find more oil and natural gas to meet rising demands.
In a statement issued ahead of a presentation at the New York Stock Exchange, CEO Rex Tillerson said huge investments are needed to expand the supply of traditional fuels like oil and gas while also advancing new energy sources. Exxon, the world's largest publicly traded energy company, expects global energy demand to increase 30 percent by 2040, compared with 2010 levels.
Including investments in its refining and chemicals business, Exxon will boost its capital budget by 29 percent from 2012 to 2016 to $185 billion, or about $37 billion a year.
Read more at The Statesman Journal.