Exxon said Thursday that it will boost spending this year on new and existing projects even though global energy demand is still restrained.
The world's largest publicly traded oil company intends to boost capital spending by 3 percent to about $28 billion. Spending should range between $25 billion and $30 billion a year on average through 2014.
"We are executing a large inventory of projects and many others are under development," said Rex W. Tillerson, chairman and CEO of Exxon Mobil Corp.
Tillerson spoke during a meeting with analysts in New York.
Many of Exxon's rivals have cut spending to match declining use of oil, gasoline and other products.
In 2009, Exxon's capital expenditures totaled $27.1 billion.
Exxon's earnings fell by more than half last year to $19.3 billion, the lowest total in seven years, as its refining business struggled with a plunge in global fuel consumption.
The company, which is based in Irving, Texas, is expanding its natural gas operations. It plans to buy XTO Energy in a deal that was worth about $29 billion when it was announced.
XTO is a major holder of natural gas assets in the U.S. Exxon would become a major player in what is expected to be a robust market for the cleaner-burning fuel.
Shares of Exxon rose 4 cents to $67.26 in midday trading.
