Exxon CEO: XTO Deal Is 'Not A Deliberate Shift To Gas'
26 Maggio 2010 - 7:04PM
Dow Jones News
Exxon Mobil Corp.'s (XOM) recent deal to acquire XTO Energy Inc
(XTO) is "not a deliberate shift to gas," Chief Executive Rex
Tillerson told shareholders Wednesday.
Exxon agreed to buy XTO, a pioneer in the drilling for
unconventional natural gas, last December for $31 billion.
"We're all about the long term. If you look at the last 10 years
or reserve replacement, it has been fairly balanced," Tillerson
said in response to a shareholder question about whether or not the
company's future reserve replacements would tilt toward natural
gas.
Exxon is looking for oil in places like Iraq and the deep sea,
which should boost its oil reserve replacement, Tillerson said
during the annual meeting.
-By Susan Daker, Dow Jones Newswires; 713-547-9208;
susan.daker@dowjones.com
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