Exxon: $29 Billion Capex Budget Could Vary Depending On Opportunities

Exxon Mobil Corp. (XOM) said Thursday its $29 billion capital expenditure budget for 2009 could change, depending on opportunities, and that it has seen declines in materials and vendors costs.

"That $29 billion figure is not a cap," said David Rosenthal, Exxon Mobil vice president of investors relations. "But if new opportunities present we are fortunate to have the financial flexibility and organizational capability to take those projects on."

Rosenthal, speaking to analysts on a conference call, said Exxon Mobil is looking for opportunities and that it has already seen some decline in vendor rates and material prices flowing through the company's operating expenses.

The Irving, Texas company on Thursday reported a 58% drop in first-quarter profits on sharply lower oil and natural gas prices and the slowdown in the global economy, slightly missing Wall Street expectations.

-By Isabel Ordonez, Dow Jones Newswires; 713-547-9207; isabel.ordonez.com

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