Exxon Mobil expects production to decline by one percent this year. Over the next five years, however, the company expects production to rise by two or three percent per year.
Exxon says fourth-quarter earnings rose 6 percent to $9.95 billion with help from higher profit margins in its refining business.
Apple shares are plunging after the company reported quarterly results that point to growth slowing after five blowout years.
Exxon Mobil is raising the salary of CEO Rex Tillerson by 6 percent, to $2.72 million, on January 1. The oil giant said that Tillerson will also get a $4.59 million bonus.
Exxon Mobil said that principal financial officer Donald Humphreys, who is also a senior vice president, plans to retire on February 1 after 36 years with the oil company.
Exxon Mobil said that its profit fell 7 percent in the third quarter as it produced less oil and gas and fetched lower prices. The oil company said that net income totaled $9.57 billion.
Exxon Mobil CEO Rex Tillerson says that fears about climate change, drilling, and energy dependence are overblown.
Exxon Mobil’s CEO had a good year in 2011 — compensation valued at $25.2 million. Shareholders did as well, and they’re supporting the oil giant’s pay program.
Exxon Mobil gave its top executive a 17 percent increase in compensation last year, as the oil giant posted one of its most profitable years on record.
The ship, which caused the worst oil tanker spill in American history, has changed names and owners four times since the accident in 1989.
Exxon said that it will spend about $185 billion over the next five years to find more oil and natural gas to meet an expected increase in energy demand.
Exxon Mobil’s fourth-quarter profit rose 2 percent as higher oil prices offset a drop in production. Revenue rose 15.6 percent to $121.6 billion.