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Mar 11, 2010 12:11 PM

Exxon plans to spend more, despite lower oil demand

Exxon says it will boost spending this year on new and existing projects even though demand for energy is still restrained in many parts of the globe.

The world's largest publicly traded oil company intends to boost capital spending by 3 percent to about $28 billion. Spending should range between $25 billion and $30 billion a year on average through 2014.

"We are executing a large inventory of projects and many others are under development," said Rex W. Tillerson, chairman and CEO of Exxon Mobil Corp. Tillerson spoke during Exxon's analyst meeting in New York. Many of Exxon's rivals have cut spending to match declining use of oil, gasoline and other products.
In 2009, Exxon's capital expenditures totaled $27.1 billion.

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