Exxon to spend $185B over 5 years to find oil, gas
NEW YORK (AP) - March 8, 2012 (WPVI) -- Exxon says it will spend about $185 billion over the next five years to find new sources of oil and natural gas.
The world's largest publicly traded oil and gas company announced Thursday that it will expand its global search for resources to meet growing world demand. Exxon CEO Rex Tillerson says the investment, about $37 billion a year, is needed to expand the supply of traditional fuels like oil and gas while also advancing new energy sources.
Exxon Mobil Corp., Chevron Corp., BP and Royal Dutch Shell all produced less crude last year than in the prior year. In Exxon's case, the flow of oil slowed down as its fields aged and international production agreements limited the amount of oil it could sell.
exxon mobil, gas prices, business/finance
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