ExxonMobil announced that the company will not cut its investments in oil and gas exploration as well as its production despite the current plunge in crude oil prices. Mark W. Albers, senior vice-president of ExxonMobil, said that the investment decision is based on a cycle of many decades on what the price range may be; he also stated that the swift climb and descent of energy prices are but part of the energy industry’s cyclical nature, and that the company’s business model is based on thorough and practical long-term planning thereby allowing them to efficiently weather the ups and downs of the business cycle. Furthermore, Albers is positive that there will be an increasing global energy demand in the longer term.
The Exxon Mobil Corporation, or ExxonMobil, is an American oil and gas company that was formed through the merger of Exxon and Mobil. At $501.17 billion as of April 18, 2008, ExxonMobil is the world’s largest publicly held corporation by market capitalization. ExxonMobil is also the world’s largest company based on revenues of $404.5 billion for the 2007 fiscal year. Based in Irving, Texas, ExxonMobil banks on technology and innovation in delivering energy to the world; it is involved in the exploration, production, transport and sale of crude oil and natural gas, as well as the production, sale, and transportation of petroleum products.
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New York Times article collection about ExxonMobil.