Exxon Will Stay Robust Despite Downturn: CEO

Tuesday, 5 Jun 2012 | 8:36 AM ET

Exxon Mobil will continue to be robust and will maintain record levels of investment, valued at $27 billion in 2011, in the next couple of years despite the downturn in global oil demand and fluctuations in prices, Rex Tillerson, CEO of Exxon Mobil, told CNBC on Tuesday.

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“We’ll continue to be able to fund all our investment programs, certainly we have no expectations of any long-term impacts,” Tillerson told CNBC exclusively at the 25th World Gas Conference in Kuala Lumpur.

“We have seen the effect of a sluggish economy on energy demand, and that’s a sluggish demand in the face of a well-supplied market,” he said.

Tillerson added that although it was expected that prices would correct to the general decrease in demand — a trend particularly seen in the price of crude oil, which fell to a 16-month low on Monday — what that meant for Exxon Mobil's future “was very hard to say.”

“In terms of business planning, we do that with a view that we cannot predict what prices will be, we certainly have little influence upon them so our businesses are built to operate across a very widely fluctuating set of market conditions,” he said.


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