Will Exxon Mobil Claw Its Way Back?
T = Trends for a Stock’s Movement
Exxon Mobil is a manufacturer and marketer of commodity petrochemicals like olefins, aromatics, polyethylene, and polypropylene plastics, as well as a range of specialty products. The company has a number of divisions and affiliates with names that include ExxonMobil, Exxon, Esso, and Mobil, which operate or market products in the United States and other countries. Exxon Mobil’s principal business is energy, involving the exploration for and production of crude oil and natural gas; manufacture of petroleum products; and transportation and sale of crude oil, natural gas, and petroleum products.
Exxon Mobil expects oil and natural gas production to be flat this year as overall spending falls 6 percent to about $39.8 billion. For 2014, oil and gas production is expected to be 4 million barrels oil equivalent per day (boed), little changed from last year, a figure that reflects lower spending and the divestiture of some assets, Exxon said. Growth is expected to pick up from 2015 to 2017, when production is expected to grow 2 percent to 3 percent as major projects add an additional 1 million boed. In recent years, Exxon and other large oil companies have invested record amounts on exploration and production projects that are required to boost profitable oil and gas output. Last year, Exxon spent $42.5 billion, an amount the Irving, Texas company describes as a peak. This year, Exxon said it expects to bring 10 major projects into production, most of them targeting more profitable crude oil or other liquids. “This is going to be a big year,” Mark Albers, Exxon senior vice president told investors.