Rex Tillerson

ExxonMobil Holds Annual Shareholder Meeting In Dallas

US natural gas markets surprised ExxonMobil by overperforming on output and underperforming on price, pushing back the expected payoff from the company’s $41 billion deal to buy gas producer XTO Energy. ExxonMobil’s acquisition of XTO, completed in June 2010, proved somewhat ill-timed. It saddled the major with a major North American natural gas producer almost… Keep reading →

Exxon Mobile CEO and Chairman Rex Tiller

ExxonMobil Chief Executive Rex Tillerson acknowledged the risks posed by climate change at the company’s annual meeting on May 29, but he stressed that the real-world consequences of rising atmospheric carbon dioxide levels remain unknown. “We view climate change as a serious issue, it does present serious risk,” Tillerson told shareholders. But he cast doubt… Keep reading →

ExxonMobil disclosed a steeper-than-expected 11% drop-off in first-quarter profits on Thursday as the energy heavyweight was hurt by its chemical and exploration and production divisions. Shares of the world’s largest publicly traded energy company retreated more than 1% in the wake of the earnings miss.Irving, Tex.-based Exxon said it earned $9.45 billion, or $2 a share, last quarter, compared with a profit of $10.65 billion, or $2.14 a share, a year earlier. Analysts had been calling for more robust EPS of $2.09. Revenue jumped 8.8% to $124.05 billion, but that also trailed forecasts from Wall Street, which expected $124.76 billion. “First quarter results reflect our ongoing focus on developing and delivering energy needed to support job creation and economic growth,” CEO Rex Tillerson said in a statement.

ExxonMobil Chairman and CEO Rex Tillerson

ExxonMobil, one of the world’s largest energy companies by operational size and market capitalization, is reaching into its wallet in a big way. Exxon sees significant global energy demand growth – even with the considerable efficiency gains that many expect – and is solidifying its position as a major global supplier of the both the raw commodities and finished products that will fuel global consumption. Keep reading →