ExxonMobil Positioned for Growth
NEW YORK -- At its annual presentation to investment analysts at the New York Stock Exchange, ExxonMobil executives shared the company's 2009 results during a challenging year. The company also revealed plans for the upcoming year.
"Each of our three business segments, Upstream, Downstream and Chemical, outpaced our competitors," Rex W. Tillerson, chairman and chief executive officer, said in a statement. "We manage each of our business lines for the long term."
In 2009, ExxonMobil reported earnings of $19.3 billion.
"Our portfolio of opportunities is healthy and geographically diverse, our global functional organization remains a competitive advantage, we are steadfast in our disciplined approach to our business and technology leadership continues to be our defining characteristic," Tillerson added. "Our financial flexibility positions us for many outstanding future opportunities … ExxonMobil is uniquely positioned for the future."
As for expenditures in 2010, Tillerson said there is "a large inventory of projects and many others are under development." While actual spending will vary, the company anticipates an investment of approximately $28 billion in 2010, and a range of $25 billion to $30 billion per year on average through the year 2014.
Other 2009 highlights noted during the meeting included progress in the company's two U.S. refineries and one in Europe, to invest more than $1 billion to increase the supply of lower-sulfur diesel.
In 2010, ExxonMobil plans to progress its biofuels program and its alliance with the biotech company Synthetic Genomics Inc. to research and develop next-generation biofuels from photosynthetic algae, the company stated.
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"Each of our three business segments, Upstream, Downstream and Chemical, outpaced our competitors," Rex W. Tillerson, chairman and chief executive officer, said in a statement. "We manage each of our business lines for the long term."
In 2009, ExxonMobil reported earnings of $19.3 billion.
"Our portfolio of opportunities is healthy and geographically diverse, our global functional organization remains a competitive advantage, we are steadfast in our disciplined approach to our business and technology leadership continues to be our defining characteristic," Tillerson added. "Our financial flexibility positions us for many outstanding future opportunities … ExxonMobil is uniquely positioned for the future."
As for expenditures in 2010, Tillerson said there is "a large inventory of projects and many others are under development." While actual spending will vary, the company anticipates an investment of approximately $28 billion in 2010, and a range of $25 billion to $30 billion per year on average through the year 2014.
Other 2009 highlights noted during the meeting included progress in the company's two U.S. refineries and one in Europe, to invest more than $1 billion to increase the supply of lower-sulfur diesel.
In 2010, ExxonMobil plans to progress its biofuels program and its alliance with the biotech company Synthetic Genomics Inc. to research and develop next-generation biofuels from photosynthetic algae, the company stated.
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