ExxonMobil, the world’s biggest publicly listed oil company, said Thursday that it would continue investing at “record levels’’, despite the economic downturn and plunging oil and gas prices that have reduced spending by some competitors.

Exxon will invest $29bn this year, maintaining plans to invest between $25bn and $30bn annually over the next five years. Cutbacks by some partners on shared projects could affect these plans, but they are its best estimates.