Tags: Exxon | CEO | Investments | oil

Exxon CEO Tillerson: Global Economic Downturn Won't Curb Our Investments

By Anthony Sokol   |   Tuesday, 05 Jun 2012 01:01 PM

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

“We’ll continue to be able to fund all our investment programs," he said.

"Certainly we have no expectations of any long-term impacts. 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.”

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.

Bloomberg Business Week reported that Exxon Mobil and Royal Dutch Shell believe a U.S.-led transformation of the natural-gas market will boost the global economy even as oil becomes more expensive.

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