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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

Chronicle:

EXXON LOWERS SPENDING
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

EXXON LOWERS SPENDING
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

EXXON LOWERS SPENDING
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

EXXON LOWERS SPENDING
2018, October, 17, 09:50:00

NORWAY'S DEFENCE

BLOOMBERG - The wealth fund’s initial case had focused on limiting Norway’s exposure to a drop in oil prices, given its status as western Europe’s biggest petroleum producer. When the proposal was first made last year, it rocked markets, and drew responses from a number of major investors.

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