Today I was in New York attending ExxonMobil’s annual meeting with analysts at the New York Stock Exchange.
Each year, we take this opportunity to review our previous year’s performance and preview upcoming projects for analysts interested in evaluating the financial and strategic standing of our company.
But a lot of the information shared during this meeting is of importance to everyone, not just analysts. That’s because economic recovery and growth, both here in the U.S. and around the world, is going to depend on the delivery of new supplies of energy to fuel transportation, factories, homes, businesses and more.
In fact, global energy demand is expected to increase by 35 percent by 2030, compared to 2005 levels, due to rapidly growing economies, rising standards of living, and greater prosperity in countries around the globe.
The only way to meet this growing demand is by making substantial investments in energy projects – totaling billions of dollars – throughout the business cycle. This last point is important. We’re going to see highs and lows in the economy, and market conditions can change day by day. But our industry is built upon forecasts that span decades, not years, which means our investments must be made for the long-term.
As the materials from today’s analyst meeting show, ExxonMobil is making those long-term investments. For example:
• ExxonMobil invested a record $32.2 billion in energy projects in the U.S. and around the world in 2010, bringing our total capex investments to more than $126 billion during the last five years.
• We anticipate an investment profile of approximately $34 billion in 2011 and a range of $33 billion to $37 billion per year through the year 2015.
• Eleven major upstream project start-ups are planned between 2011 and 2013, which will help expand the global pool of energy supplies to meet growing needs.