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IRVING, Texas -- Exxon Mobil Corp. president Rex Tillerson told financial analysts in New York that ExxonMobil is outpacing its competition with a combination of financial strength, operational synergies and industry-leading technology.
Tillerson, who earlier this year was named president of the corporation and a director of the board, cited investments of more than $11 billion in new potential world-class projects, including a Qatar gas to liquids plant, a Qatar ethane cracker, the Jose (Venezuela) Chemical Project and the Fujian (China) Refining, Chemicals and Marketing Joint Venture, all announced in 2004.
ExxonMobil spends more than $600 million a year on proprietary technology, more than any of its competitors.
"It will come as no surprise we believe our technology offers many advantages vs. that of our competitors," said Tillerson. "The rapid growth of our liquefied natural gas (LNG) production in Qatar is a great example of the benefits of partnering with ExxonMobil. We've leveraged our technology to redefine LNG scale -- we set a new benchmark in February this year with the start-up of the 4.7 million ton per year Rasgas-3 project in Qatar; we'll raise the bar again in 2008, with the planned start-up of a 7.8 million ton per year plant in Qatar. We're also planning to build the largest LNG tankers the industry has ever seen, 250,000 cubic meters vs. the 150,000 cubic meter ships in service today."
In discussing ExxonMobil's financial strength and flexibility, Tillerson said, "This is a well-established record of performance and good for anyone who chooses to partner with us." The company, he noted, has the financial stability to take on the world's toughest energy challenges.
Directly addressing shareholders, Tillerson said in the third quarter of this year, the company increased its share repurchase program by $1 billion per quarter to $2.5 billion per quarter net of any anti-dilution purchases. Dividend increases of 9 percent and 8 percent, respectively, over the last two years have continued the company's record of paying a dividend every year for more than 100 years with increases for the past 22 straight years.