Exxon Mobil sets capital budget for 2011 at US$34 bln, a 5.6% increase from 2010 level

Exxon Mobil set its capital budget for 2011 at US$34 bln, which represents a 5.6% increase from the 2010 level. The company also intends to invest US$33-37 bln annually through 2015, significantly higher than its previous target range of US$25-30 bln pa through 2014. The increased capex guidance is suggestive of its intent to expand production level through its major projects. These include the oilsands venture in Canada, natural-gas in the U.S. and the Middle East, as well as oil exploration overseas. 80% of its forthcoming production is expected to be crude oil over the next five years.
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