ExxonMobil Announces 2016 Capital Spending Plan At Investor Conference

Shares of

were trading higher by more than 0.50 percent on Wednesday as the company hosted an

to discuss its spending outlook. Exxon said that it expects to spend $23 billion in 2016, representing a decrease of 25 percent from 2015's level. The company noted that it continues to "selectively advance" its investment portfolio and seek out attractive longer-term opportunities. Exxon added it is on track to start up to 10 new Upstream projects in 2016 and 2017, adding 450,000 oil-equivalent barrels per day of working-interest production capacity. In addition, the company's Downstream and Chemical businesses have the scale and integration across refining, lubricants and chemicals to maximize product value while driving operating efficiency. "We remain steadfast in our mission to create superior long-term shareholder value," Rex W. Tillerson, chairman and chief executive officer said. "We have the financial flexibility to pursue attractive opportunities and can adjust our investment program based on market demand fundamentals." "We are focused on maximizing benefits across the energy value chain," Tillerson added. The company captures unique value from its diverse, high-quality resource base from exploration, development and production all the way through to the fuels, lubricants and petrochemical products used by consumers.