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Article: Exxon Mobil sees no need for changing proven business model.
- Article from:
- Natural Gas Week
- Article date:
- March 15, 2004
- Author:
CopyrightCOPYRIGHT 2004 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Five years after completing its merger, Exxon Mobil sees no need to reinvent the business model that has consistently delivered the industry's highest financial returns, despite complaints from some analysts that the supermajor is over-capitalized and will continue to experience problems with upstream growth.
Addressing the investment community at its annual strategy session in New York, Chairman and CEO Lee Raymond said Wednesday that Exxon Mobil is one of the few success stories from the merger boom in the late 1990s, noting that the company has earned $75 billion in net profits and generated $123 billion in cash since the 1999 merger.
"Our business ...
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