Exxon Mobil Corp. (NYSE: XOM) plans to continue its pursuit of operating synergies that allowed it to capture another $800 million of savings in 2001. It also remains committed to technology as a means to achieve additional improvements across its operations, its chairman said last week.

“Our industry is cyclical. It always will be. The key to success is discipline. We don’t get euphoric at the top of the commodity price cycle, nor do we get pessimistic at the bottom. We will continue to conduct our business in a straightforward fashion. Our results demonstrate the success of our strategy. We are staying the course,” Lee R. Raymond declared at the Irving, Texas, multinational oil company’s annual briefing for analysts in Houston. The presentation also was broadcast over the Internet.

Analysts found no surprises in the presentations by Raymond or the other Exxon Mobil officials, Executive Vice President Harry J. Longwell and Senior Vice Presidents Rex W. Tillerson and Edward G. Galante. “Overall, the meeting provided further confirmation of the premium assets, return on capital employed and opportunities available to Exxon Mobil,” observed Matthew Warburton of UBS Warburg LLC in New York. But he retained his hold rating for the company’s common stock because these positive factors already are reflected in its premium to other major oil company equities. Warburton did increase his price target for the stock marginally to $41.50 from $40, however.

http://www.allbusiness.com/business-planning/921423-1.html