Tuesday, October 21, 2008

Exxon chief says capital spending still on track

From Bloomberg News (LINK)

Exxon Mobil Chief Executive Officer Rex Tillerson said the company’s capital spending program hasn’t been scaled back by the drop in crude-oil prices. “Nothing that we had in our plans has been affected by this change in prices,” Tillerson told reporters today at an American Petroleum Institute meeting in Scottsdale, Arizona.
ConocoPhillips and Chevron will announce capital spending plans later this year.

This is good news for the Point Thomson project which will eventually produce gas for the Alaska Gas Pipeline. Point Thomson holds nearly one-fourth of the North Slope's 35 trillion cubic feet of known reserves (Link to Point Thomson Lawsuit story).

We look forward to some positive indication from ConocoPhillips and BP - builders of the Denali gas pipeline.

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