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2014-02-26 16:38:00

EXXON LOWERS SPENDING

EXXON LOWERS SPENDING

 

Exxon Lowers Capital Projects Spending by 13% to $37 Billion

Exxon Mobil Corp., the world's largest oil company by market value, lowered spending on new wells, offshore platforms and fuel plants by 13 percent after boosting reserves to a record last year.

Capital expenditures will average about $37 billion annually this year and for the next several years, compared with $42.5 billion in 2013, Irving, Texas-based Exxon said in a U.S. Securities and Exchange Commission filing yesterday.

Exxon plans to spend $6 billion this year on projects to reduce emissions linked to climate change and air, water and soil pollution, according to the filing. That level of expenditure would be even with 2013 and will continue at that rate next year.

Exxon increased the proportion of its reserves made up of oil to the highest in a decade in 2013 as shale-drilling expertise acquired in the $35 billion XTO Energy deal was mobilized to find crude, it said on Feb. 21.

Exxon shares have outperformed oil in the past year, advancing 8.2 percent compared with a 2.8 percent decline for Brent crude futures that are benchmarks for more than half the world’s petroleum.

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Tags: EXXON

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EXXON LOWERS SPENDING
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

EXXON LOWERS SPENDING
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

EXXON LOWERS SPENDING
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

EXXON LOWERS SPENDING
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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