Exxon to Boost Output a Million Barrels a Day

Exxon Mobil Corp. said it plans on boosting oil output a million barrels a day as the world’s No. 1 oil company begins a three-year strategy to take on 20 new projects thanks to the windfall profits earned in 2006.

Exxon Mobil chief executive Rex Tillerson said the company plans on spending $20 billion per year to boost production by 1 million barrels per day. Tillerson’s sitting on close to $40 billion in cash from earnings last year alone and Exxon is going to spend the money to boost its production rate.

The Irving, Texas-based oil giant says its project inventory at the end of 2006 has the potential to develop 24 billion oil-equivalent barrels. A far cry from the 4.2 billion oil-equivalent barrels Exxon actually produced last year.

Axcessnews