Exxon Mobil Corporation (NYSE:XOM), Expects to Start Up 16 Major Oil And Natural Gas Projects During the Next Three Years!

Exxon Mobil Corporation (NYSE:XOM), climbed 0.21% and is now trading at $85.82.

Through BUSINESS WIRE, Exxon Mobil Corporation (XOM), anticipates to start up 16 major oil and natural gas projects during the next three years and is on track to raise daily production to 4.3 million oil-equivalent barrels by 2017, Rex W. Tillerson, chairman and chief executive officer, said recently.

In 2015, ExxonMobil anticipates to raise production volumes 2 percent to 4.1 million oil-equivalent barrels per day, driven by 7 percent liquids growth. The volume increase is supported by the ramp up of several projects accomplished in 2014 and the expected startup of seven new major developments in 2015, comprising Hadrian South in the Gulf of Mexico, expansion of the Kearl project in Canada, Banyu Urip in Indonesia and deepwater extension projects at Erha in Nigeria and Kizomba in Angola.

ExxonMobil has a deep and diverse portfolio of opportunities around the world and a total resource base of more than 92 billion oil-equivalent barrels,” Tillerson said. “We have unparalleled flexibility to select and spend in only the most attractive development projects.”

ExxonMobil anticipates capital spending of about $34 billion in 2015 – 12 percent less than in 2014 – as it keeps on to bring major projects online. Annual capital and exploration expenditures are anticipated to average less than $34 billion in 2016 and 2017.

During the meeting, ExxonMobil reviewed its leading performance in 2014. Highlights comprise:

ExxonMobil distributed $23.6 billion to shareholders in the form of dividends and share repurchases, for a total cash distribution yield of 5.4 percent.

Return on average capital employed was 16.2 percent – more than 5 percentage points higher than its nearest competitor. During the past five years, return on capital employed averaged 21 percent, also about 5 percentage points above its nearest competitor.

Upstream profitability of $19.47 per barrel led competitors and raised by $1.44 per barrel contrast to 2013.

ExxonMobil replaced 104 percent of production by adding proved oil and gas reserves totaling 1.5 billion oil-equivalent barrels, marking the 21st-successsive year the reserves replacement exceeded 100 percent.

Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products.

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