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.
Apple has surpassed Irving-based Exxon Mobil as the most valuable company in the United States.
Exxon says higher oil prices and refining margins boosted its second-quarter profits 41 percent, the highest profit for the company since 2008.
Exxon Mobil rode higher oil prices to a $30 billion profit last year. But shareholders on Wednesday are likely to ask pointed questions about its push into natural gas.
Exxon says it earned nearly $11 billion, which will likely land it in the center of the national debate over high gasoline prices.
A federal judge will hear arguments Friday on whether Irving-based Exxon Mobil Corp. owes another $100 million to remove oil remaining from the 1989 Exxon Valdez tanker spill.
The largest U.S. oil refinery released 8 million pounds of illegal pollution in the last five years, violating federal air pollution laws thousands of times, according to a lawsuit against Irving-based ExxonMobil.
Exxon Mobil said Thursday that income jumped 55 percent in the third quarter on higher oil prices and increased production.