capital investments to meet future energy needs

We are working hard to bring more oil and gas to market to meet growing energy needs. Long-term solutions to enable reliable, affordable energy must include massive investment into finding new supplies of oil and gas and efficiently producing and using energy.

• In 2007, our capital investments in a range of energy activities — including exploration and the expansion of production and refining capacity — were $21 billion and we estimate that they will average over $25 billion annually in the next five years (2008-2012).
• From 2008-2010, we expect to start up 19 new projects which, at peak, would collectively add more than 725,000 oil-equivalent barrels per day to ExxonMobil's production.
• In the past 25 years (1983-2007), our capital and exploration expenditures of over $355 billion exceeded our earnings over the period.

 

• From 2003-2007, ExxonMobil invested $89 billion on six continents (and about $25 billion in North America) to search for new supplies, build new production facilities, expand refining capacity and deploy new environmentally sound technologies.
• We depend on high earnings during the "up" cycle of our commodities-based business to sustain investment levels over the long-term, including the "down" cycles.
• Currently, many of the best opportunities for developing additional domestic oil and gas resources are placed "off limits" by government policies.