Exxon Mobil Tillerson Bets Gas, Not Oil, Is Key to Growth – OPEC

Category Business | Thursday, March 11th, 2010

March 11 (Bloomberg) — Exxon Mobil Corp., which pumps more oil than every member of OPEC except Saudi Arabia, Iran and Iraq, is counting on natural gas to provide the bulk of its future growth.

Exxon, the world’s second-largest company, plans to start 12 new gas and crude projects in the next two years, Mark Albers, a senior vice president at the Irving, Texas-based company, told analysts today in New York. Capital spending on wells, floating platforms, gas-export plants and refineries will rise 3.4 percent this year to $28 billion.

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