ExxonMobil Bucks Trend of the Times, Says 'We're Still Hiring'


Rex W. Tillerson, CEO of ExxonMobil
(Click to Enlarge)

According to a report from the Associated Press, ExxonMobil's Chairman and CEO, Rex W. Tillerson told reporters at the inaguration of the Qatargas 2 LNG plant yesterday that the oil supermajor will not reduce its staff or trim its investment in response to a stagnant economy. ExxonMobil's head emphasized that his company intends to set its sights on future commitments rather than let its gears rust amid a slowing demand in the energy sector.

Tillerson said ExxonMobil plans to open its hefty wallet and shell out up to $129 billion -- the amount of which "spans across the entire scope" of the Irving-based business -- on new projects over the next five years.

"Our business plans are developed with a very long view in mind," Tillerson said. "So the fact that we're in a temporary economic downturn -- and it will be temporary; it will turn -- really does not affect our business plans at all."

The AP noted that ExxonMobil's capital budget was expected to top out at $29 billion in 2009, an increase from the $26.1 billion tagged last year. Tillerson reported that spending levels would likely remain between $25 and $30 billion through 2013.

Having filled its coffers to the brim during last year's crude-price boom, the Texas oil major has cushioned itself to withstand the recession that has led to dramatic adjustments in E&P budgets along a worldwide gamut of oil companies and oilfield service sectors.

An upbeat Tillerson also denied any plans to cut back on ExxonMobil's employment levels in the short-term, and said to the contrary, "We're still hiring."


 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Executive Assistant
Expertise: Secretarial or Administrative
Location: Denver, CO
 
Senior HR Generalist
Expertise: HR - General
Location: Houston, TX
 
Billing Manager
Expertise: Accounting
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.86/BBL 0.73%
Light Crude Oil : $52.64/BBL 0.51%
Natural Gas : $3.42/MMBtu 0.00%
Updated in last 24 hours