Exxon Mobil Corp. shares future plans

November 4, 2004 by  


 Exxon Mobil Corp. President Rex Tillerson on Wednesday told financial analysts the company is outpacing its competition with a combination of financial strength, operational synergies and industry-leading technology 

Tillerson, who earlier this year was named president of the corporation and a director of the board, cited more than $11 billion net in new, potential world-class projects, including a Qatar gas to liquids plant, a Qatar ethane cracker, the Jose (Venezuela) chemical project and the Fujian (China) refining, chemicals and marketing joint venture, all announced in 2004.

Dallas-based ExxonMobil (NYSE: XOM) spends more than $600 million a year on proprietary technology, the company said.


“The rapid growth of our liquefied natural gas production in Qatar is a great example of the benefits of partnering with ExxonMobil,” Tillerson said during remarks at the Merrill Lynch Conference held at the St. Regis hotel in New York City.

ExxonMobil recently announced a fully integrated project in China with the Fujian refining, chemicals and fuels marketing joint venture.

“Some of our competitors have chosen to take a piecemeal approach to China, investing in only one part of the downstream supply chain,” Tillerson said. “We believe our integrated approach is a more robust model for the long term and will ultimately be more successful given its significant competitive advantages.”

Tillerson told shareholders that in the third quarter of this year, the company increased its share repurchase program by $1 billion a quarter to $2.5 billion per quarter net of any anti-dilution purchases. The company has had dividend increases of 9 percent and 8 percent, respectively, over the last two years.


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