ExxonMobil to invest $128-148 billion over next five years
ExxonMobil delivered industry-leading results in 2009 during a volatile and challenging industry environment and is well positioned for future growth across a range of market conditions, the company said in its annual presentation to investment analysts at the New York Stock Exchange.
"Our portfolio of opportunities is healthy and geographically diverse, our global functional organization remains a competitive advantage, we are steadfast in our disciplined approach to our business and technology leadership continues to be our defining characteristic"
"Each of our three business segments, Upstream, Downstream and Chemical, outpaced our competitors," said Rex W. Tillerson, chairman and chief executive officer.
"We manage each of our business lines for the long term. A disciplined approach to investing through the business cycle has established a long record of responsible stewardship of our shareholders' money."
In 2009, ExxonMobil reported earnings of $19.3 billion and generated cash flow of $28.4 billion. This provided the company with important flexibility to fund business plans and generate strong returns for shareholders through its annual dividend, which has increased by 57% over the past five years, and a share purchase program, which has increased per-share ownership by 26% over the same period.
ExxonMobil's return on capital employed, a key indicator of disciplined decision making and financial performance, was 16%, more than 50% higher than its nearest competitor.
Tillerson said ExxonMobil is well positioned for future growth.
"Our portfolio of opportunities is healthy and geographically diverse, our global functional organization remains a competitive advantage, we are steadfast in our disciplined approach to our business and technology leadership continues to be our defining characteristic," he said.
Tillerson said ExxonMobil's capital spending plans are largely unaffected by the current global recession.
"We are executing a large inventory of projects and many others are under development. Actual spending in a given year will vary depending on the pace and the progress of each project. However, we are anticipating an investment profile of approximately $28 billion in 2010 and a range of $25 billion to $30 billion per year on average through the year 2014."
03/11/2010