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Gold/Mining/Energy : Exxon Mobil (XOM)

XOM 119.76

+1.3%

3:59 PM EST

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To: opalapril who started this subject	8/1/2000 3:31:03 PM
From: Sully-	Read Replies (1) of 585

Exxon Mobil's Raymond on Savings From Mobil Purchase: Comment 8/1/00 11:49:00 AM Source: Bloomberg News URL: cnetinvestor.com Princeton, New Jersey, Aug. 1 (Bloomberg) -- The following are comments by Exxon Mobil Corp. Chairman and Chief Executive Lee R. Raymond on financial news network CNBC about additional savings that could be realized from Exxon's acquisition of Mobil. ''We indicated today that we would save $4.6 billion. The first estimate we had was $2.8 billion. What you see reflected now are ideas that have come from our people throughout the world. The estimate is related to being more effective in what we're doing, not to reducing people or operating costs.'' ''This is a business that you need to be large in to be competitive in the long haul. We didn't do this (acquire Mobil) to become bigger. We were trying to find an opportunity to compete more effectively. You have to have a broader portfolio to choose options and manage risks more effectively.'' ''The big opportunities are off the west coast of Africa; we've been very active in Nigeria and Angola. In the last two years, we've had 18 large discoveries there. We're very active off the east coast of Canada and in the Gulf of Mexico, along with the Caspian Sea. There really isn't a large exploration play in the world that doesn't involve Exxon Mobil.'' On the company's share price: ''We've always performed in the sense of providing steady long-term growth, with little volatility in earnings. In the second quarter, we had the highest earnings of any corporation in the world. We think Exxon Mobil will return to its historical share performance with the S&P and should be attractive to shareholders then.'' (CNBC 8/1) For the CNBC Web site, see {CNBC }.

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