Wednesday, April 8, 2009
"Capitalizing on recent years of soaring oil prices and conservative investment, Exxon Mobil Corp. said it will boost spending on energy exploration and production by 11% to $29 billion this year, even as many of its rivals are cutting costs. ... Exxon's spending this year will come in toward the top of the $25 billion to $30 billion the company had said it would spend each year through 2013", Russell Gold at the WSJ, 6 March 2009.
This makes sense to me. Exxon's exploration and development dollars go a lot further than they did nine months ago.