Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
ExxonMobil Plans More Than 20 Project Start-Ups Through 2009 Adding to Industry's Largest Global Resource Base
NEW YORK--(BUSINESS WIRE)--March 7, 2007--Exxon Mobil Corporation (NYSE:XOM) Chairman and CEO Rex Tillerson
told analysts today at the New York Stock Exchange that the company
expects to start up more than 20 new global projects in the next three
years that, at peak, are expected to add 1 million oil equivalent
barrels per day to ExxonMobil's base volumes. The project inventory at
year-end 2006 is expected to develop 24 billion oil-equivalent barrels
net to ExxonMobil.
Tillerson noted that ExxonMobil's financial strength,
technological expertise, and superior resource base allow it to meet
the challenges of today's increasing demand for energy while
delivering industry-leading returns.
"Market and geopolitical forces continue to shape the environment
in which we operate," said Tillerson. "Our view of what it takes to be
successful in this industry has not changed. It requires consistency,
integrity, discipline, reliability and ingenuity. ExxonMobil has these
qualities in abundance."
"Our focus on proprietary research delivers competitive advantage.
It creates resource opportunities through cost-effective solutions in
challenging environments and allows us to develop innovative products
and new and improved manufacturing processes in the Downstream and
Chemical businesses," Tillerson said. "We continue to prudently invest
more in technology than our competitors. In 2006, we spent more than
$700 million and have invested more than $3 billion since 2002. This
consistent level of investment demonstrates our commitment to invest
in technology development for the long term."
Delivering Superior Results
When it comes to delivering superior return on investments,
Tillerson pointed out that ExxonMobil led the industry in 2006 with
return on capital employed (ROCE) of 32 percent. "We continued our
superior performance with a 5-year average ROCE of 24 percent and have
increased the gap between ourselves and competition," said Tillerson.
"Our 2006 ROCE was 50 percent higher than our competitors."
Investing in People
"Delivering a high level of performance requires outstanding
people," Tillerson said. "We need people who are bright, creative and
unafraid to embrace change, people who excel in international business
environments and who value the diversity of talents and abilities that
exist throughout our corporation and in our partners around the
This is the fifth year that ExxonMobil has made an annual
presentation to analysts at the New York Stock Exchange.
CAUTIONARY STATEMENT: Expectations and business plans in this
release are forward-looking statements. Actual future results,
including resource recoveries and project plans and schedules, 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 under the heading "Risk Factors in Item 1A of
ExxonMobil's most recent Form 10-K and posted on our website
(www.exxonmobil.com). References to volumes of oil and gas in this
release include quantities that are not yet classified as proved
reserves but that we believe will be produced in the future. See the
"Frequently Used Terms" posted in the Investor Information section of
our website for more information on our definition of "resource base"
and calculation of ROCE.