In light of the supply and demand issues and the sharp decline in oil prices, this is very, very interesting:
ExxonMobil Chief Executive Rex Tillerson said Thursday the company expects to spend a record $37 billion on capital projects this year, almost 9% more than it has previously said it was planning to invest.
Link here.
ExxonMobil's acquisition last year of natural-gas producer XTO Energy for $25 billion was a "recognition of how significant the unconventional resources are going to be," Tillerson said. Exxon Mobil expects unconventional resources, such as shale oil and gas, to increase five-fold in the next five years.
The head of ExxonMobil said the global economy is likely to continue growing but at a slower pace than previously anticipated. "We are going to continue, I'm afraid, to be in a fairly sluggish economic environment in this country," Tillerson said. "Globally, the economy is probably not going to perform quite as robust as we have expected because the U.S. and Europe are a big piece of that regardless of how well China does."
For newbies, XTO is in the Bakken.
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