By Angel Gonzalez HOUSTON--Exxon Mobil Corp. (XOM) is producing about 32,000 barrels of oil equivalent from the Bakken Shale, doubling its output from when it entered the area, an executive said Thursday. "We have moved into a development phase" in the shale located in North Dakota, Montana and Canada, Exxon Vice President of investor relations David Rosenthal said in an earnings call. Mr. Rosenthal said that the Texas-based oil giant's oil and gas production is "slightly ahead of plan," benefitting from the early start-up of offshore oil operations in West Africa. The executive added that chemicals in the second quarter saw weak demand in Europe, which led to a decrease in earnings of about $100 million versus the same period last year. Despite economic uncertainty in Europe, the U.S. and China, which has put downward pressure in oil prices, Exxon Mobil isn't changing its approach to share buybacks, although it will closely watch the evolution of the world economy, Mr. Rosenthal said. The company will buy $5 billion of its own shares during the third quarter. Write to Angel Gonzalez at angel.gonzalez@dowjones.com Order free Annual Report for Exxon Mobil Corporation Visit http://djnweurope.ar.wilink.com/?ticker=US30231G1022 or call +44 (0)208 391 6028 Subscribe to WSJ: http://online.wsj.com?mod=djnwires
