Reply #5: Exxon Mobil plans over 50 major new oil, gas projects

[ozymandius]

NEW YORK — Exxon Mobil Corp. plans to start up more than 50 major oil and gas producing projects around the globe over the next four years and bring on as many new barrels as a major OPEC producer, company executives said today.

At a time when the oil industry is coming under increasing fire from critics angered by high energy costs, the world's largest publicly traded oil company plans to spend about $15 billion annually through the end of the decade to bring new oil and gas reserves onstream.

"Our industry remains massive and very much a long-term, capital-intensive business," Rex Tillerson, Exxon's new chief executive officer said today in his first presentation to Wall Street analysts.

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http://www.chron.com/disp/story.mpl/business/3709780.html