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Exxon Mobil ignoring economic 'noise'

March 6, 2009 at 11:26 AM   |   Comments

IRVING, Texas, March 6 (UPI) -- U.S.-based supermajor Exxon Mobil reported plans to maintain aggressive investment strategies despite the global recession and declining energy prices.

"We are really making no adjustments to our business strategy," said Rex Tillerson, Exxon Mobil's chief executive.

Tillerson told a group of analysts his company plans to invest some $29 billion in 2009, with annual investments of more than $25 billion each year for the next five years, the Financial Times reports.

The announcement comes as the global recession reaches new lows and the United States contemplates bank nationalization amid soaring unemployment rates while crude oil prices stagnate at $40 per barrel, down more than $100 from July highs.

Tillerson said a long-term investment strategy stretching into the next three decades will put the company, the largest publicly traded company and the largest of the six supermajors, in a position to weather the economic storm.

"We believe it is important to ignore the noise,'' he said, adding oil and gas are "indispensable" commodities.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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