Rex Tillerson: ExxonMobil to Invest $129B in Five Years

Press enter to search
Close search
Open Menu

Rex Tillerson: ExxonMobil to Invest $129B in Five Years

IRVING, Texas -- Exxon Mobil Corp. Chairman and Chief Executive Rex Tillerson said the major energy firm is not planning to shrink its staff or cut back on investment due to the global economic downturn, and expects to spend $129 billion on new projects over the next five years, the Associated Press reported.

The figure "spans across the entire scope" of the company's business, including oil and gas exploration as well as refining, he said earlier this week after the inauguration of a liquefied natural gas plant in Qatar.

"Our business plans are developed with a very long view in mind," Tillerson said. "So the fact that we're in a temporary economic downturn—and it will be temporary, it will turn—really does not affect our business plans at all."

Exxon Mobil's capital spending would hit $29 billion this year, up from the $26.1 billion it spent in 2008, he said last month. At that time, he said spending levels would likely stay in the $25 billion to $30 billion range through 2013, according to the report.

Tillerson also appeared to rule out layoffs in the interim.

"In terms of our employment levels, no change," he said Monday. "We're still hiring."

High oil prices and a cash-conserving strategy have left Exxon better positioned to weather the recession than other U.S. companies and industry peers, the AP reported.

Related News:

-- ExxonMobil Personal Card Offers Opportunity to Win