Related Articles
Forward article link
Share PDF with colleagues

ExxonMobil will only consider M&A if it adds value says CEO

The market for upstream acquisitions is good with low asset values but chief executive Rex Tillerson said the company's criteria was unchanged

ExxonMobil will keep an eye on the market for upstream acquisitions at this time of low asset values but its criteria have not changed, its chief executive Rex Tillerson told the Oil & Money conference in London 7 October. “We are looking for quality assets in terms of people and resources, where we can add value,” he said. Apart from the Anglo-Dutch major Shell bidding for UK BG, there has been little acquisition activity, compared with the price crash at the end of the 90s. It takes a buyer or a seller “a while to sort out the value of a business,” Tillerson said. Owning midstream assets would only be important to ExxonMobil if that would improve the security of its supply, he said.

Also in this section
Saudi Arabia pushes ahead with IPO
22 March 2017
The state firm is making the right noises about its privatisation, but the clock is ticking and market fundamentals could still shift
An M&A lifeline in the North Sea
15 March 2017
Assets that cut tax bills could be a blessing for UKCS operators looking for a bargain
Depth, breadth and data
15 March 2017
Fresh from the merger with Baker Hughes, GE Oil & Gas boss tells Petroleum Economist about his firm's plans for digital analysis, cost-cutting and recovery