ExxonMobil to hike hydrocarbon production by 1.5m bbl/day by 2015

11 March 2010 23:28  [Source: ICIS news]

NEW YORK (ICIS news)--US energy major ExxonMobil expects to boost oil and natural gas production by an additional 1.5m bbl/day of oil equivalent by 2015, the company said on Thursday.

Global energy demand, slowed by the downturn, will return, increasing by 35% to 2030 from 2005, the company said.

Fossil fuels will continue to provide roughly 80% of energy, with the majority of demand coming from nations that do not belong to the Organisation for Economic Co-operation and Development (OECD), it said.

“Longer term economic growth will drive recovery in demand, but we don’t know when,” said Rex Tillerson, chairman and CEO of ExxonMobil, at the company's 2010 Analyst Meeting at the New York Stock Exchange.

But the company “remains well positioned to meet … long-term energy demand”, he said.

In 2009, ExxonMobil produced 3.9m bbl/day of oil equivalents.

Current refinery throughput is 5.4m bbl/day, with 6.3m bbl/day of refining capacity.

The company projected that the global energy mix will remain relatively stable to 2030, with the exception of natural gas surpassing coal as a favoured choice of energy generation.

Despite earnings dropping to $19.3bn (€14.1bn) in 2009 from about $45bn in 2008, ExxonMobil is planning $28bn in capital expenditures in 2010, Tillerson said.

There have been over $110bn worth of capital investments over the past five years, he added.

Total capital investment will be in the range of $25bn-30bn/year through 2014, with exploration and production to increase; and refining and marketing spending to stay flat.

($1 = €0.73)

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By: Ivan Lerner
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