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4-Traders Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

Delayed Quote. Delayed  - 02/08 11:42:31 am
80.375 USD   +0.37%
02/07 Prolonged oil slump sparks second wave of cuts to 2016 budgets
02/07 As Big Oil shrinks, boards plot different paths out of crisis
02/05 Oil falls in volatile trade ahead of key oil producer meeting
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Exxon Mobil Corporation : Exxon Mobil Stock Buyback to Reach $5 Billion

02/01/2013 | 11:05am US/Eastern

HOUSTON--Exxon Mobil Corp. (XOM) will buy back $5 billion worth of shares in the first quarter of 2013, a company executive said Friday.

Exxon's head for investor relations David Rosenthal in an earnings call added that the world's largest publicly traded company had seen its 2012 production end up 2.7% below outlook, hurt by operational-performance issues in combination with the effect of higher oil prices and with more efficient capital spending in Iraq.

Mr. Rosenthal also said the Kearl oilsands project in Alberta is expected to start in the first quarter of 2013. The project had been expected to start by the end of 2012, but weather has played a role. "It has just been brutally cold up there," he said.

The executive also added that the company had seen "encouraging results" in its Argentina drilling program, although well testing was ongoing.

Write to Angel Gonzalez at angel.gonzalez@dowjones.com

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