New York, Aug 2: Exxon Mobil Corp., the No. 1 U.S. oil company, on Tuesday sharply lifted the savings it expects from the blockbuster deal that created the company by merging oil and gas giants Exxon Corp. and Mobil Corp.The company also said, without providing specifics, that its board approved a share repurchase programme.
In a meeting with investors here, Exxon Mobil chairman and chief executive Lee Raymond said measures to combine Exxon and Mobil were moving ahead at a faster clip that he had expected when the $80 billion deal was approved by antitrust regulators late lastyear.
"The bottom line is that we are nearly done" Raymond said, adding that savings would be some 65 percent higher than originally planned. Indeed, he said annual savings from the merger would eventually rise to $4.6 billion before taxes, up from a previous estimate of $3.8 billion and an initial estimate of about $2.8 billion. Shares of Exxon Mobil were up 1/2 at 80-1/2 on the New York Stock Exchange in trading Tuesday, little changed from a year ago despite its rosy profits.
-- (Reuters)
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