A Review of the Nigerian Energy Industry

Exxon sees yearly spending lower at $38bn

03 March 2013 – Exxon Mobil expects annual capital expenditures of about $38-billion over the next several years, a figure that is 4.5% lower than 2012 spending, according to a regulatory filing.

Moderating crude oil prices and low gas prices are prompting many exploration and production companies to hold the line on spending in 2013 following several years of robust growth.

Exxon’s spending last year also included about $3-billion in spending on acquisitions, it said earlier this month.

Exxon said its expects spending to be about $38-billion “for the next several years”, below the $39.8-billion it spent in 2012, the world’s largest oil company said in its annual filing with the US Securities and Exchange Commission.

The Irving, Texas company is expected to provide details about its planned investments when it holds a meeting with analysts in New York on March 6.

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