CEO Says Exxon Mobil Won’t Use Spending Spree to Boost Production

Despite high gasoline prices and a recent decline in production, Exxon Mobil Corp. doesn’t plan to speed up investment in new exploration or build new U.S. refineries, Chairman and Chief Executive Lee R. Raymond said Wednesday.

Raymond said Exxon, the world’s largest publicly traded oil company, would continue its cautious approach to investment because new exploration is costly and long-term energy prices are uncertain.

Raymond added that the Irving, Texas-based company’s production would pick up later this year as new wells begin pumping oil and gas.
AP via MyWestTexas.com