Exxon Dives Deep Into High-Risk Exploration

Hardly known as a wildcatter, Exxon Mobil Corp. is searching for oil in most of the world’s regions where high-risk exploration is under way, even as other big oil companies are being more selective and cutting capital spending.

So far, though, Exxon has little to show from its exploration campaign and needs to make large discoveries soon to justify the increased spending.
Exxon has “tried to put a tiger in the exploration hat,” said Neil Mc Mahon, a Sanford C. Bernstein & Co. analyst. But it has “only pulled out a fluffy bunny so far.

Wall Street Journal