Rex Tillerson Quotations

We need companies that have the scale to compete.

Simply put, it works. The Exxon Mobil culture is something that a lot of people would like to understand better. I'm not really going to help them understand it, because it's the source of our competitive advantage.

Natural gas obviously brings with it a number of quality-of-life environmental benefits because it is a relatively clean-burning fuel. It has a CO2 footprint, but it has no particulates. It has none of the other emissions elements that are of concern to public health that other forms of power-generation fuels do have: coal, fuel oil, others.

I don't think people should look for much to be different. It's a culture that started many, many years ago. It's a culture familiar to me since I joined the company, now almost 32 years ago.

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.

Our industry remains massive and very much a long-term, capital-intensive business.

We invest our shareholders' money wisely, in projects that remain attractive over the long term.

We need U.S. energy companies that have the scale and financial strength to make investments, undertake the risk and develop the new technologies.

We are patient, and we are not opportunity constrained.

We are investing heavily in conventional oil and natural gas, which is the business we are in. We are not in those other businesses.

What we support is continued efforts to understand the problem better. We need to work harder on articulating our views, and we're going to try to do better at that in the future.

This represents the 12th consecutive year of greater than 100 percent reserves replacement.

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. Most people have difficulty coming to grips with the sheer enormity of energy consumption.

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.

Exxon Mobil today accounts for a smaller global market share than Exxon and Mobil did together eight years ago.

With respect to the committee's specific question -- whether mergers and acquisitions in our industry have contributed to higher prices at the pump -- the answer is no.

You have to put a question mark around just how long the global economy can live at $60 a barrel.

Projects still require years to develop, cost billions of dollars to bring on stream and operate for decades.

This is an industry that lives in cycles. The price environment we're in today is not sustainable.

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.

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.'

In our view, ROCE (return on capital employed) continues to be the best overall measure of financial performance given the long-term capital -intensive nature of our industry. I would be cautious of anyone who tries to de-emphasize it. Some seem to have focused on other metrics to guide what they view to be in the best interest of their shareholders.

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.

Changes to weather patterns that move crop production areas around - we'll adapt to that. It's an engineering problem, and it has engineering solutions.

By practically every measure, 2005 was an outstanding year.

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.