Exxon to Spend $100 Million a Day to Drill for Oil, Gas
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Exxon Mobil Corp., the world’s biggest company by market value, plans to spend about $100 million a day for the next half decade as it drills previously unreachable oil and natural gas deposits.
Exxon has budgeted $34 billion for capital projects this year, a 5.6 percent increase from 2010, and as much as $37 billion annually through 2015, Chief Executive Officer Rex Tillerson said today at an analyst meeting in New York. Exxon expects to boost oil and gas production by as much as 4 percent this year, the company said. Eleven new projects are scheduled to begin pumping oil or gas between now and 2013.