Some investors are concerned the energy giant?s production volumes have retreated since the merger, and analysts warn big oil companies must work harder than ever to find enough new resources to fuel future growth.
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ExxonMobil to Cut $1 Billion
Company gives positive outlook despite massive cut...
US major ExxonMobil will reduce spending this year by an additional $1 billion as the world?s biggest publicly traded oil company seeks to increase efficiency and boost profit.
During the company?s annual presentation to analysts in New York, chairman and chief executive Lee Raymond said Exxon has realised $10bn in cost savings since the 1999 merger of Exxon and Mobil. The company realised $1.2bn of savings last year, contributing to a record annual profit.
Some investors are concerned the energy giant?s production volumes have retreated since the merger, and analysts warn big oil companies must work harder than ever to find enough new resources to fuel future growth.
Still, ExxonMobil at the meeting reaffirmed its forecast for average annual oil and gas production growth of 3%. This year, the company sees a 4%-5% increase in liquids output but essentially flat natural gas growth.
Some investors are concerned the energy giant?s production volumes have retreated since the merger, and analysts warn big oil companies must work harder than ever to find enough new resources to fuel future growth.
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