6 Mar 2014
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ExxonMobil Slated for Record-setting Year
posted by Unknown @ 10:09 0 Comments
“These projects exemplify our focus on maintaining a diversified portfolio and highlight our ability to grow profitable volumes,” says Tillerson. “We are adding new volumes that improve our profitability mix with higher liquids and liquids linked natural gas volumes. We're also driving increased unit profitability through better fiscal terms and reducing low-margin barrel production.”
Even with the ten new projects, capital spending for America ’s
largest producer will be down from 2013. The company projects capital spending
will drop to $39.8 billion in 2014 from $42.5 billion the year prior.
“We have financial flexibility to pursue potential strategic
opportunities and maintain a disciplined and selective approach to capital that
ensures any new investment will contribute to robust cash flow growth,” says
Tillerson.
2014 a big year
Among those new projects will be an LNG venture in Papua
New Guinea and even the largest O&G
platform in the world to be constructed in Russia . The company has big expansion plans in both Canada
and in the Gulf of Mexico as well.
On top of that, ExxonMobil says it will be expanding its
markets in Australia ,
Indonesia , Canada ,
Nigeria and the
United States
as well. The company estimates the sum
total of these projects will add as much as 1 mmbopd by the year 2017.
“We have a balanced and diversified portfolio that gives us
a fundamental competitive advantage,” says Tillerson. “Resource and geographic
diversity across the portfolio enables us to mitigate risks in a dynamic market
environment and maximize profitability through changing business cycles.”
Downstream and chemical
ExxonMobil says it will continue adding strength to both the
downstream and chemical segments of its business. At the same time, the company will be
bolstering its midstream capabilities.
This will help facilitate getting its product to market.
“In the Downstream and Chemical segments, we are
diversifying feedstocks through our flexible and integrated system,
continuously pursuing operating efficiencies and maximizing sales of
higher-margin lubes, diesel and chemical products,” says Tillerson.
Company announces 103 percent reserves replacement
Earlier, ExxonMobil announced it had replaced 103 percent of
2013 production. It did this by adding
proven O&G reserves totaling 1.6 bpoe.
“Our industry-leading record of long-term reserves
replacement demonstrates the success of our global strategy to identify,
evaluate, pursue and capture high-quality opportunities,” says Tillerson. “The
size and diversity of ExxonMobil's global resource base, the largest held by an
international oil company, provide us with unequaled investment flexibility to
profitably develop new supplies of energy to meet future demand.”
Proved reserves for 2013 total 25.2 bpoe. Of that, 53 percent were liquids. That’s up by 2 percent in 2012.
This makes 20 years in a row now that the company has
replaced greater than 100 percent of its production. Replacement of liquids came in at 104 percent
while natural gas was even better at 141 percent.
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by Philip Loyd, Brown Editor
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by Philip Loyd, Brown Editor
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