Home / 2009's winners and losers in the oil industry

2009's winners and losers in the oil industry

by Kevin Baxter on Dec 22, 2009

1 Comment

The Iraqi oil auctions. (Getty Images)

ExxonMobil

It speaks volumes about the current state of US supermajor ExxonMobil when it feels it is in a healthy enough financial position to walk away from the Iraq oil auctions when the financial terms don’t suit.

After posting profits of US$45.22 billion on revenues of $425.70 billion in 2008, Rex Tillerson, ExxonMobil’s CEO, said earlier this year that the current financial climate is not going to affect any of the company’s investment plans or force any redundancies.

Tillerson also said that the company had a budget of $129 billion to invest in exploration, production and refining in both oil and gas over the next five years.

With numerous joint ventures in the Middle East including the Qatargas 2 project as well as a number of high profile downstream and refining projects in Saudi Arabia it seems that 2009 is business as usual for the US hydrocarbons giant.

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FEATURED COMMENT

I'm not sure the NOCs are out of the woods yet! Nice feature though

1 Comments

Readers' Comments

Nick (Jul 14, 2009)
Dubai
United Arab Emirates

NOCs
I'm not sure the NOCs are out of the woods yet! Nice feature though

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