Exxon Mobil Corp.'s presentation to Wall Street oil analysts and investors recently was nearly as notable for what executives didn't say as for what they did. The nation's largest multinational oil company reported that benefits from the merger of Exxon and Mobil have been significantly greater than expected. Projected near-term synergies of $4.6 billion before taxes were 65% higher than originally projected and have grown by 20% from the numbers announced last December, said Lee Raymond, the company's chairman. "We are confident that the target capital productivity improvement of at least three ROCE [return on capital employed] points above Exxon's historic industry-leading levels can be achieved, with many of the initiatives to deliver this improvement already under way." Raymond did not announce an increase in E&P outlays, however. That differentiates the company not just from independents but also from BP, which raised its three-year upstream budget 13.5% this summer. "The quality of our upstream portfolio sets us apart from our competitors," Raymond said. "Its breadth and depth has made us profitable in the past, keeps us profitable now and assures that we will be profitable in the future." -Nick Snow

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