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Thursday, December 12, 2013

Exxon says energy reforms 'very good' for Mexico, (NYSE: XOM)

Opening Mexico's oil sector to foreign investors would be "very good" for the country's people and a "win-win" for all involved, an Exxon Mobil Corp executive said on Thursday. Mexico's Congress on Thursday passed a landmark reform to let private investors into the country's ailing energy sector, the biggest shake up of the state-run industry in 75 years.On the "opening of Mexico's markets, to put it bluntly, we believe that would be very good for the people of Mexico," William Colton, the company's vice president of corporate strategic planning, told reporters on a webcast before Mexico's lower house gave final approval to the reform."We think that would be a win-win if ever there was one," he said.Experts have said the world's leading oil companies will need to see final investment terms and new regulations before deciding whether to do business in the country.

Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM traded higher by 1.16% or $1.09/share to $95.35. In the past year, the shares have traded as low as $84.70 and as high as $96.25. On average, 12419900 shares of XOM exchange hands on a given day and today's volume is recorded at 9000049.