Exxon executive says projects are progressing

As Exxon waits for new energy projects to deliver, executive says they're on schedule

Associated Press

A top executive of Exxon Mobil Corp. says that big new international oil and gas projects are coming along, although a key program in Canada is taking longer than the company expected.

The comments were made Thursday by David Rosenthal, Exxon's vice president of investor relations, on a conference call with analysts after the company reported third-quarter financial results.

Production at Exxon has slowed in some recent quarters, although it grew 1.5 percent in the third quarter. The company has laid out a growth plan that includes developments in Canada, Russia, the Middle East and West Africa that are expected to increase production of oil and gas in the next few years.

Q. What's the status of your major projects?

ROSENTHAL: "Some things are doing a little better than we were expecting this year, and that has more than offset a little slower ramp-up in Kearl," a mining-type operation to extract energy from oil sands in Alberta.

"We are starting to see the kind of turnaround that we talked about" at a meeting with analysts early this year. "We are starting to deliver on the commitments that we've made and the projects that we've talked about ... as we look forward into 2014, our major projects are on schedule, on budget."

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