Exxon increasing oil patch investment

Exxon Mobil is upping its investment ante this year to $29 billion despite the recession and oil prices that fell to 2004 levels after reaching unprecedented highs last year.
Rex Tillerson, Exxon’s chairman and CEO, told analysts at the New York Stock Exchange this morning that the company aims to increase capital spending from its record $26 billion last year. That’s within the company’s goal of $25 billion to $30 billion per year through 2013.
Many other oil majors have already announced plans to maintain or reduce spending this year .
“Exxon Mobil’s business is strong, and so is our commitment to investing through this business cycle,” Tillerson said. “Our plans are largely unaffected by recent prices.”
The company also announced that its reserve replacement in 2008 reached 103 percent.
Also, Mark Albers, senior vice president, told analysts that the company expects production this year to be in the range of 4 million barrels of oil equivalent per day, with annual growth of 2 percent to 3 percent in the next five years.
–Kristen Hays