Company Pegs Capital Spending at $20 Billion
By GRAINNE MCCARTHY
March 7, 2007 6:36 p.m.
NEW YORK — A hefty speculative premium in the price of oil — driven by concerns over the reliability of global supply — still remains, Exxon Mobil Corp.’s chief executive said. The company, meanwhile, plans to spend $20 billion annually on capital investments.
“With the price today and over the last years, what the market is saying is they’re uncomfortable with the reliability of supply,” CEO Rex Tillerson said in an interview with Dow Jones Newswires and The Wall Street Journal. “That premium seems to be in the $15-20 dollar range.”
Mr. Tillerson also said that Exxon is prepared to walk away from its oil project in Venezuela’s Orinoco river basin if it fails to reach agreement with the government on the transfer of ownership. “It will be a function of, can we shift ownership to a value proposition that works for us?” he said, “If not, everything else is moot because we won’t be staying, we’ll be leaving.” read more
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