ExxonMobil's Financial Strength, Strategy Build Value for Investors
Exxon Mobil Corporation's financial strength and industry-leading performance continues to provide shareholders with superior value while delivering energy to fuel economic growth and protecting the environment, the corporation said today at its Annual Meeting of Shareholders.
"Despite the volatile economic times, ExxonMobil remains committed to investing in integrated solutions to the energy challenge," said Rex W. Tillerson, chairman and chief executive officer.
"Our disciplined and consistent performance enables us to invest through the economic cycle and develop new energy supplies while working to improve efficiency and reduce greenhouse gas emissions."
Tillerson said the company's record performance in 2008 has benefited millions of shareholders who hold ExxonMobil shares either directly or indirectly through their pension, insurance and mutual funds. Over the past five years, the corporation's dividends and share-buyback programs have put approximately $150 billion into the hands of millions of shareholders.
Tillerson outlined some of the major achievements for 2008, including:
- Start-ups at eight major oil and gas production projects, which at their peak are expected to add the net equivalent of 260,000 barrels per day to the company's production.
- Replacement of more than 100 percent of the company's production through proved reserves additions for the 15th consecutive year.
- Continued growth of exploration acreage, which has increased by about 40 percent since 2003.
- Generation of a return on average capital employed of 34 percent, significantly higher than the closest competitor.
During his remarks to shareholders Tillerson outlined the challenge of meeting growing energy demand while reducing greenhouse emissions.
“No single energy source available today solves the dual challenge of meeting growing energy needs while reducing emissions and no single energy source will solve it tomorrow," Tillerson said. "For now and the foreseeable future, an integrated set of solutions is required -- ranging from producing hydrocarbons more effectively, to using them more efficiently, to improving existing alternatives and developing policies that encourage long-term planning and investments."
"ExxonMobil is strong, resilient, and well positioned for the future, with plans to invest between $125 and $150 billion in new energy projects over the next five years alone," said Tillerson. "Our commitment to developing advanced technology, our industry-leading operational and project-management capabilities and exceptional employees continue to position the company as the world leader in the petroleum industry and a partner of choice for resource owners around the world."
Between 2008 and 2015, to offset normal field declines and depletion, ExxonMobil expects to add approximately 1.5 million oil-equivalent barrels per day of new capacity through new projects -- equivalent to almost 40 percent of current production. In all, ExxonMobil's industry-leading portfolio of more than 100 projects is expected to support development of more than 24 billion oil-equivalent barrels of energy.
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