Exxon to spend $150B over 5 years to find oil, gas

[surfingslovak]

Exxon said Thursday that it will spend about $150 billion over the next five years to find more oil and natural gas to meet an expected increase in global energy demand.
In a statement issued ahead of a presentation at the New York Stock Exchange, CEO Rex Tillerson said huge investments are needed to expand the supply of traditional fuels like oil and gas while also advancing new energy sources. Exxon, the world's largest publicly traded energy company, expects global energy demand to increase 30 percent by 2040, compared with 2010 levels.

http://finance.yahoo.com/news/exxon-spend-150b-over-5-150835021.html" onclick="window.open(this.href);return false;

 

[travisty]

All that money just so we can stay in the decline of the hubbard curve. If only they'd invest in batteries or space exploration!

A must watch set of 8 videos about gas consumption and the exponential function. Video 5 discusses gas consumption specifically.
http://www.youtube.com/watch?v=F-QA2rkpBSY&feature=results_main&playnext=1&list=PL3AD5F326452AA3C3

 

[Nubo]

Sunshine seems less expensive to find, maybe?

 

[adric22]

If my math is right, they could take that $150 billion and actually buy approx 4,285,000 Leafs (without any government assistance)

Just imagine how much that would lower our dependence on oil.

 

[smkettner]

How much do solar panels cost to install in the desert?
Even 10% of that money would be huge and guaranteed to make power.
Oil exploration is far from guaranteed to produce oil.

 

[LakeLeaf]

Exxon doesn't seem to have any particular expertise in solar energy.

Exxon is "the world's largest publicly traded international oil and gas company, providing energy that helps underpin growing economies and improve living standards around the world."

Besides oil and gas they, according to their website, have focus areas in algae biofuels, thin films for Lithium Ion battery technologies, synthetic motor oils, hydrogen fuel cells, and plastic - weight reducing - auto parts.

 

[Herm]

I hope exxon finds that oil or getting food and clean water will become difficult... at least you guys with solar panels and Leafs will be able to go forage for food.

 

[DaveEV]

How much do solar panels cost to install in the desert?
Even 10% of that money would be huge and guaranteed to make power.

About $2.50-3.50 watt without any tax credits or rebates (and you can be sure that Exxon will be getting credits on those exploration costs unless Obama can convince congress to repeal them).

Let's say it costs $3/watt - that would enough money to build a 1 GW PV plant.

Personally, I'd rather see roof tops covered with PV before utility scale PV plants. There's a lot of unused roof tops out there - and rooftop PV also reduces AC load on the building. Covering parking lots would be nice but having to build structures to hold the panels is expensive.

 

[evnow]

Exxon, the world's largest publicly traded energy company...

That is the key.

Oil companies stocks are coupled with the assets they own i.e. oil & gas reserves. Every year the reseaves go down by the amount of oil/ gas produced. So, unless they can keep on replenishing that reserve through exploration, their stock price drops.

Now you know why Exxons of this world have no option but to keep exploring in the hope of finding more oil/gas.

 

[TRONZ]

... and rolling the price of that exploration into the cost of their fuel. Its all good as long as you can pass the costs through to Americans.