Announced in March of 2015, oil titan ExxonMobil plans to cut its capital budget by approximately 12% in the next year, with further reductions over the next two years. Current spending is at USD$38.5 billion, but the company intends on further lowering this figure in fiscal year 2015 to at least USD$34 billion. Despite these cuts, Exxon said they will increase their output of oil-equivalent barrels, delivering 4.3 billion barrels per day in 2017. Although the overall United States rig count is decreasing, crude oil production continues to climb higher. In a statement released to news outlets, the company’s CEO – Rex W. Tillerson – attributes the increase to savings in raw materials, service, and construction costs. Capital expenditures for the company peaked two years ago in 2013 at USD$42.5 billion.
Also announced was ExxonMobil’s plans to begin sixteen major oil and natural gas ventures within the next three years. In 2015, production volume will increase due to the implementation of seven new projects located worldwide – in the Hadrian South (Gulf of Mexico), Kearl (Canada), Banyu Urip (Indonesia), and the expansion of deepwater sites in Erha (Nigeria) and Kizomba (Angola). In 2016 and 2017, ExxonMobil intends to accelerate production at their sites in Gorgon Jansz (Australia), Hebron (Canada), Upper Zakum (United Arab Emirates), and Odoptu (Russia).
Founded in 1999, ExxonMobil Corporation is the largest of the big oil super-majors with four primary business divisions: Upstream (hydrocarbon resources), Chemical (petrochemical manufacturing), Downstream (refinery), and Natural Gas & Power. The company’s Downstream and Chemical operations are currently ~75% integrated for greater economy of scale production.
Additional announcements include the company’s review of 2014 performance. For fiscal year 2014, the company distributed a total cash dividend of 5.4% (USD$23.6 billion) to shareholders. Return on average capital equaled 16.2%. The company’s profitability for its Upstream division totaled USD$19.47 per barrel (an increase of USD$1.44). Finally, reserves replacement of production amounted to 104% (1.5 billion oil-equivalent barrels of oil and gas reserves).
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