The world's largest energy company, ExxonMobil Corporation said that it will invest over $125 billion in new projects over the next five years. Exxon said its project spending would increase to “record levels” as it continues to develop more oil and gas fields to meet a growing global demand for energy. “We will invest record amounts to develop new technology, bring on new upstream projects, increase our base refining capacity and grow our chemical business,” ExxonMobil's chief executive Rex Tillerson said. Exxon will oversee 119 projects in support of the development of over 24 billion oil-equivalent barrels of energy, Tillerson said. The company will also increase its growing liquefied natural gas (LNG) business through the construction of new facilities and ships to carry increased LNG loads. “We will almost double our production of LNG over the next three years, providing greater supplies of this clean-burning energy source for power generation and for industrial and domestic use,” Tillerson said. ExxonMobil's CEO said the company would seek to ensure that shareholders see generous returns from the increased spending.
