ExxonMobil plans more than 20 project startups

Exxon Mobil Corp. 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. At peak, the new fields are expected to add 1 MMboe/d to ExxonMobil's base volumes.

Offshore staff

NEW YORK -- Exxon Mobil Corp. 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. At peak, the new fields are expected to add 1 MMboe/d to ExxonMobil's base volumes.

The project inventory at year-end 2006 is expected to develop 4 Bboe net to ExxonMobil.

"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, noting that ExxonMobil invests more in technology than its 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."

3/7/2007

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