Exxon to Spend $100 Million a Day to Drill for Oil, Gas

Bloomberg reports that Exxon Mobil Corp. (NYSE:XOM) intends to spend approximately $100 million a day for the next half decade as the company drills previously unreachable oil and natural gas deposits.

The market news is quoted as saying:

Exxon has budgeted $34 billion for capital projects this year, a 5.6 percent increase from 2010, and as much as $37 billion annually through 2015, Chief Executive Officer Rex Tillerson said today at an analyst meeting in New York.

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