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XOM Retains Spending Plans
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ShareExxon Mobil Corp. (XOM) said today that it will stand by its planned capital spending range as it aims to invest between $25 billion and $30 billion annually over the next 5 years.
The oil producer's latest move comes as a surprise considering the current economic climate as well as the volatile oil prices that has declined over 70% since last summer.
Exxon Mobil expects capital spending to reach $29 billion in the current year. In 2008, the company’s capital spending stood at $26 billion.
A month earlier, the Texas-based Exxon Mobil broke its own record for a U.S. company, by posting a profit of $45.2 billion for 2008.
Shares of the Zacks #3 Rank ("Hold") stock are down more than 4% today.
Read the full analyst report on XOM
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