ExxonMobil to invest $150 billion in 6 Years

While many smaller oil and gas producers slash spending, the world's largest publicly traded oil company, ExxonMobil yesterday announced its plan to use its massive profits from recent years to invest in new projects globally.

"The global economy is currently experiencing a downturn, but at ExxonMobil we are focused on the long term," Rex Tillerson, chairman and the CEO of Exxon Mobil told at the annual briefing for investment analysts at the New York Stock Exchange.

Rex Tillerson, chairman and CEO, ExxonMobil The oil and gas giant has unveiled ambitious investment plans for the future amounting to $150 billion in the coming six years with an annual outlay of $25 billion to $30 billion on exploration and capital projects to meet the long term global energy demand.

"Exxon Mobil's strong financial position, resulting from the strength of our business portfolio and our prudent approach to risk management and investment, enable us to develop new oil and gas projects, increase our production of higher value refined products, and grow our chemical business,'' Tillerson said.

The company plans to start nine new projects during the current year with a total capacity of 485,000 bpd oil equivalent (which includes natural gas), to attain a production level of 4 million bpd oil equivalent.

The world's second largest company and the largest in the petroleum sector ExxonMobil made record profits of $45 billion last year. However, the output was lowest since Exxon took over Mobil in 1999 and the company is on the look out for new reserves. A capital expenditure of $29 billion is planned for the current year.