American - Businessman | March 23, 1952 -
We're only going to invest our shareholders' money where we think they can get the kind of returns they expected when they invested their money with Exxon Mobil.
Rex Tillerson
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When coal came into the picture, it took about 50 or 60 years to displace timber. Then crude oil was found, and it took 60, 70 years, and then natural gas. So it takes 100 years or more for some new breakthrough in energy to become the dominant source.
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We recognize that greenhouse gas emissions are one of the factors affecting climate change.
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Volunteering is a way to quickly become part of your new community, make connections, and start to feel at home. That doesn't just benefit the individual. It benefits the company, too.
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Experience tells us that a good foundation is critical for success in the Arctic and elsewhere. ExxonMobil's Sakhalin-1 project with Rosneft is an example where we have put this experience to work.
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By the year 2040, the world's population is likely to increase by about 2 billion people, with also projected economic output will be up about 130 percent versus the year 2010.
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If you ask the average person on the street about U.S. energy and U.S. oil in particular, our situation, most Americans would say, 'Oh, we're energy poor; we don't have enough oil; we don't have enough natural gas.'
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In conventional oil and natural gas production, you always produce a lot of formation water, and it's crummy water. It's real salty. It's got heavy metals in it. It's got bad stuff in it.
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There are still hundreds of millions, billions of people living in abject poverty around the world. They need electricity. They need electricity they can count on, that they can afford. They need fuel to cook their food on that's not animal dung.
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You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel.
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Valdez was a devastating experience for our corporation. What emerged from that was a commitment to develop a systematic approach to managing risk in advance.
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None of us live in a zero-risk world.
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