No spending spree, Exxon Mobil boss proclaims

DALLAS – Despite high gasoline prices and a recent decline in production, Exxon Mobil Corp. doesn’t plan to speed up investment in new exploration or build new U.S. refineries, Chairman and CEO Lee R. Raymond said Wednesday.

Raymond said Exxon, the world’s largest publicly traded oil company, would continue its cautious approach to investment because new exploration is costly and long-term energy prices are uncertain. He said the Irving, Texas-based company’s production would pick up later this year as new wells begin pumping oil and gas.

The CEO made the comments to reporters after Exxon’s annual shareholders meeting. Investors sided with management and rejected eight shareholder resolutions dealing with social, environmental and corporate-governance issues.

Resolutions calling for an explicit ban on discriminating against gays and for a report on Exxon’s plans to comply with limits on greenhouse gas emissions both drew nearly 30 percent support.