Summary Box: Exxon Mobil expects to spend $28B in 2010 as rivals pull back amid soft demand
By APThursday, March 11, 2010
Summary Box: Exxon Mobil forecast $28B spending
FOLLOW THE MONEY: Exxon Mobil Corp. will increase its capital spending by 3 percent to $28 billion this year despite weak global demand for energy. It forecast capital spending between $25 billion and $30 billion a year on average through 2014.
ENERGY DEMAND: Exxon believes global energy demand will grow nearly 35 percent by 2030 with fossil fuels remaining the dominant source, although natural gas will outpace coal.
THE RIVALS: Many of Exxon Mobil’s rivals have cut spending to match declining use of oil, gasoline and other products.
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