Exxon Mobil (XOM) To Boost Capital Spending

Exxon Mobil Corporation (NYSE: XOM), the world’s largest publicly traded oil company, said on Thursday that it plans to increase capital spending by 3% to $28 billion in 2010.

The company expects capital spending to range between $25 billion and $30 billion a year on average through 2014. The company had capital expenditure of $27.1 billion in 2009. The move by the company comes at a time when its rivals are cutting capital expenditures to match declining use of oil and gas products.

Rex W. Tillerson, chairman and CEO of Exxon Mobil, said, “We are executing a large inventory of projects and many others are under development.”

Shares of Exxon Mobil Corporation were down by 0.12% to $67.14 at 1.18 p.m. on Thursday in New York.