Flush with cash from high oil and gas profits andbetter-than-expected merger savings, ExxonMobil Corp. will buy backas much as $671.6 million in debt next month, the company saidyesterday.

In the past year, the energy giant has paid down at least $6billion in debt, and has cut its total debt to about $10 billion.Its record-setting second quarter showed ExxonMobil’s earnings tobe $4.15 billion, with a lot of the earnings attributed to theExxon – Mobil merger last year.

ExxonMobil, headquartered in the Dallas suburb of Irving, TX, wasformed when Exxon Corp. bought Mobil Corp. for $85.2 billion. CEO LeeRaymond said last week that merger-related savings would add $1.6billion to net income this year, $1.9 billion in 2001 and $3 billionin 2002 (see Daily GPI, Aug. 2).

©Copyright 2000 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.