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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