Exxon Mobil intends to increase capital spending by 25% to a record $25 billion in ‘08, explains Dylan Ratigan, and it plans to maintain those levels for the next several years.
Chief Executive Rex Tillerson, speaking at the company's annual meeting with analysts in New York, said the money will go toward the start-up of 19 major new oil and gas projects.
Who benefits from new exploration for oil reserves?
I think the money goes right into the service sector, explains Pete Najarian. Check out Baker Hughes (BHI), Schlumberger (SLB), or Halliburton (HAL).
And, if you want to take it a step further look at AK Steel (AKS) and US Steel (X). They supply the metal and steel needed by the service sector.
I also like Alpha Natural Resources (ANR) for coal and Bucyrus International (BUCY) for machinery, Najarian adds.
Or check out the Oil Services HLDRS (OIH), says Karen Finerman.
Nucor (NUE) is my trade, says Guy Adami.