Exxon To Boost Crude Production By Spending $100 Million A Day (XOM)

Exxon Mobil XOM, the world's largest company by market value, plans to spend the princely sum of $100 million each day on new oil wells and natural gas plants.

Bloomberg reported today that Exxon has $34 billion in its budget for capital projects in 2011, a 5.6 percent increase from last year. At an analyst meeting in New York, CEO Rex Tillerson said that the budget will range from $33 billion to $37 billion through 2015.

Tillerson went on to say that Exxon has eleven new projects scheduled to begin pumping oil or gas between now and 2013. “We are executing a large inventory of high-quality projects,” Tillerson said today. “Actual spending in a given year will vary depending on the pace and the progress of each project.”

Exxon's prospects range from Greenland to Vietnam. From now till 2016, the company has said that around 80 percent of production will consist of crude oil.