Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
Financial Strength and Long-Term Investment Strategy Builds Value for ExxonMobil InvestorsMillions of Shareholders Benefit from ExxonMobil's Disciplined Approach and Consistent Performance
DALLAS--(BUSINESS WIRE)--May. 27, 2009--
Exxon Mobil Corporation's (NYSE:XOM) financial strength and
industry-leading performance continues to provide shareholders with
superior value while delivering energy to fuel economic growth and
protecting the environment, the corporation said today at its Annual
Meeting of Shareholders.
"Despite the volatile economic times, ExxonMobil remains committed to
investing in integrated solutions to the energy challenge," said Rex W.
Tillerson, chairman and chief executive officer.
"Our disciplined and consistent performance enables us to invest through
the economic cycle and develop new energy supplies while working to
improve efficiency and reduce greenhouse gas emissions."
Tillerson said the company's record performance in 2008 has benefited
millions of shareholders who hold ExxonMobil shares either directly or
indirectly through their pension, insurance and mutual funds. Over the
past five years, the corporation's dividends and share-buyback programs
have put approximately $150 billion into the hands of millions of
Tillerson outlined some of the major achievements for 2008, including:
Start-ups at eight major oil and gas production projects, which at
their peak are expected to add the net equivalent of 260,000 barrels
per day to the company's production.
Replacement of more than 100 percent of the company's production
through proved reserves additions for the 15th consecutive year.
Continued growth of exploration acreage, which has increased by about
40 percent since 2003.
Generation of a return on average capital employed of 34 percent,
significantly higher than the closest competitor.
During his remarks to shareholders Tillerson outlined the challenge of
meeting growing energy demand while reducing greenhouse emissions.
"No single energy source available today solves the dual challenge of
meeting growing energy needs while reducing emissions and no single
energy source will solve it tomorrow," Tillerson said. "For now and the
foreseeable future, an integrated set of solutions is required — ranging
from producing hydrocarbons more effectively, to using them more
efficiently, to improving existing alternatives and developing policies
that encourage long-term planning and investments."
"ExxonMobil is strong, resilient, and well positioned for the future,
with plans to invest between $125 and $150 billion in new energy
projects over the next five years alone," said Tillerson. "Our
commitment to developing advanced technology, our industry-leading
operational and project-management capabilities and exceptional
employees continue to position the company as the world leader in the
petroleum industry and a partner of choice for resource owners around
Between 2008 and 2015, to offset normal field declines and depletion,
ExxonMobil expects to add approximately 1.5 million oil-equivalent
barrels per day of new capacity through new projects - equivalent to
almost 40 percent of current production. In all, ExxonMobil's
industry-leading portfolio of more than 100 projects is expected to
support development of more than 24 billion oil-equivalent barrels of
Exxon Mobil Corporation
Globally, Exxon Mobil Corporation is the world's largest publicly quoted
oil and gas company and the world's largest corporation in terms of
market capitalization. Worldwide the company and its subsidiaries
produce approximately 4 million oil-equivalent barrels of energy
resources every day from some 1600 fields and operate or market products
on 6 continents. Exxon Mobil Corporation is also the world's largest
non-government marketer of natural gas and in our global downstream
business the company has interests in 38 refineries in 21 countries and
over 32,000 service stations world-wide.
CAUTIONARY STATEMENT: Projections, expectations and business plans in
this release are forward-looking statements. Actual future results,
including capital expenditures; production rates; project plans,
schedules, and outcomes; and demand growth could differ materially due
to changes in market conditions affecting the oil and gas industry or
long-term oil and gas price levels; political or regulatory
developments; reservoir performance; timely completion of development
projects; technical or operating factors; and other factors discussed in
Item 1A of ExxonMobil's most recent Form 10-K and posted in the
Investors section of our website (www.exxonmobil.com).
The term "reserves," as used in this release, includes proven reserves
from oil sands operations in Canada which are currently reported
separately as mining operations in our SEC reports. Reserves referenced
in this release also represent the combined total from both consolidated
subsidiaries and our interest in equity companies. See the "Frequently
Used Terms" posted in the Investors section of our website for more
information on proved reserves and our calculation of return on average
Source: Exxon Mobil Corporation
Exxon Mobil Corporation
Rob Young, 972-444-1108