Exxon Mobil Corp(NYSE:XOM), said its annual capital spending could rise to as much as $37 billion, evidence the world's largest publicly traded oil company is confident that crude demand is returning with economic growth.
Exxon's annual capital spending will range from $33 billion to $37 billion during the next several years, up from $32.2 billion last year, the company said on Friday in its annual filing with the U.S. Securities and Exchange Commission.
Exxon will likely provide more detail about its planned spending increase at an analyst meeting next month, but many other oil companies, encouraged by prolonged high crude prices have raised capital expenditures.
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