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Exxon stresses diversity in future growth agenda

March 6, 2014 at 8:16 AM
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NEW YORK, March 6 (UPI) -- Exxon Mobil Corp. Chairman Rex Tillerson said a diverse portfolio is a central part of his company's production agenda for 2014.

Tillerson said the company plans to start production from 10 separate projects this year, adding approximately 300,000 net barrels of oil equivalent per day to its portfolio.

Exxon singled out a liquefied natural gas project in Papua New Guinea, gas developments in Russia, projects in the Gulf of Mexico and oil sands operations in Canada as among the major programs scheduled for this year.

"These projects exemplify our focus on maintaining a diversified portfolio and highlight our ability to grow profitable volumes," he said in a statement Wednesday.

Combined, projects on the books for Exxon should add 1 million net oil equivalent barrels per day to its portfolio by 2017, he said.

Tillerson said the company has a "disciplined" approach to spending, which will decline more than 6 percent from 2013 levels to $39.8 billion this year.

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