Exxon Will Stay Robust Despite Downturn: CEO
Assistant News Editor, CNBC.com
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.
“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.