Exxon Mobil CEO: Gulf Spill Hasn't Changed Co's Long-Term Plans
May 26 2010 - 2:37PM
Dow Jones News
Exxon Mobil Corp. (XOM) Chief Executive Rex Tillerson said
Wednesday that the Gulf of Mexico oil spill has not changed his
view on prospects for offshore drilling in the U.S., or the
company's long-term plans.
"Most of the knowledgeable policy makers recognize the
importance of the Outer Continental Shelf and the deep waters,"
Tillerson said at a news conference after the company's annual
shareholders meeting. "We want to withhold judgment until they have
completed a full investigation [into the causes of the spill]."
Although the spill has not altered the company's long-term
plans, one of its wells--the Hadrian located in the deep waters of
the Gulf of Mexico--has been delayed after the U.S. Minerals
Management Service issued a moratorium on new drilling permits in
the wake of the Deepwater Horizon incident.
"We are awaiting for further guidance when we might be able to
proceed on that well," Tillerson said.
The Irving, Texas-based company and largest U.S. oil company by
market value is on "high alert" for any safety problems at its
offshore wells, he added.
"We've drilled over 260 deep-water wells [worldwide] and have
been able to do that safely," he said. "Our plan is not to have an
incident."
Exxon Mobil Corp. has provided its own people and equipment to
BP PLC (BP) in an effort to help the U.K. oil giant as it tries to
stop the spill, according to Tillerson. "Tony Hayward [BP CEO] and
I have spoken, primarily it was around on how we can help."
Tillerson said he didn't want to give the impression that Exxon
Mobil Corp. has loaned hundreds of people to BP because "we're
trying to help where they want us to help."
Tillerson and other Exxon Mobil Corp. employees have had
conversations with the White House and other government officials,
he said. In those conversations, Exxon Mobil Corp. employees have
explained some of the basics of drilling techniques, dispersants
and flow rates.
On Wednesday, the U.S. government approved BP's plan to stop the
spill by using heavy drilling fluids in an operation known as "top
kill," according to a statement released by oil spill response
coordinators.
"The top kill procedure is one that we would say is the
appropriate thing to try," Tillerson said.
-By Susan Daker, Dow Jones Newswires; 713-547-9208;
susan.daker@dowjones.com
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