NEW YORK: Exxon Mobil Corp said on Wednesday it plans to open its wallet and boost spending for several years to restore flagging oil and gas production, but its shares fell as investors were disappointed that the oil company would not tighten spending and send more money back to shareholders.
Woods told the company's annual meeting for securities analysts that global demand is rising for oil and gas, and that the declining output of existing wells must be replaced.Exxon has laid out aggressive development plans to reverse a dip in production. The company has posted lower output in nine of the last 10 quarters, and has placed one of its biggest bets on shale oil from the Permian Basin in Texas and New Mexico.
Exxon also responded to investor calls for it to trim some of holdings, saying it would divest US$15 billion in holdings over the next three years. Analysts and investors have pressured Exxon to be more open and transparent, and Woods opened Wednesday’s analyst meeting by saying he had spent “quite a bit of time engaging with our shareholders,” in the last year. He said the company was releasing more information than it has historically.
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