ExxonMobil Chairman and CEO Rex Tillerson has reportedly said that he was confident with the company’s ability to withstand the sharp drop in oil prices. The Brent has fallen around 38% percent since June 2014, has prompted concern that some shale oil production will become unprofitable, and may lead to problems for some players in the sector.
ExxonMobil is heavily invested in the shale sector. “All the investment decisions we take have been tested across a range of pricing that accommodates these kinds of price swings,” he was quoted in the media as saying. “You ensure that you can invest and be successful at the bottom of the cycle.”
“We test across a range that’s all the way down to $40, and up to $120.”