Exxon Mobil chief says oil giant to invest $129 billion over 5 years, not adjusting staffing
ADAM SCHRECK |AP Business Writer10:28 AM EDT, April 6, 2009
RAS LAFFAN, Qatar (AP) — The head of Exxon Mobil Corp. said Monday the company is not planning to shrink its staff or cut back on investment because of the global economic downturn.
Chairman and Chief Executive Rex Tillerson said the world's largest publicly traded oil company expects to spend $129 billion on new projects over the next five years.
That figure "spans across the entire scope" of the Irving, Texas-based company's business, including oil and gas exploration as well as refining, he said.
"Our business plans are developed with a very long view in mind," Tillerson said after the inauguration of a liquefied natural gas plant in the Persian Gulf state of Qatar. "So the fact that we're in a temporary economic downturn — and it will be temporary; it will turn — really does not affect our business plans at all."
