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2022-08-23
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ExxonMobil said it was able to cope with the decline in crude oil prices

ExxonMobil said it was able to cope with the decline in crude oil prices

December 4, 2014

[China paint information] Rex Tillerson, CEO and Chairman of oil giant ExxonMobil, said on Wednesday that the company was able to cope with the further decline in crude oil prices and could even accept oil prices as low as $40 a barrel

Rex Tillerson expressed the above attitude when interviewed by CNBC during the cold rolling work hardening experiment. He said that the company's large-scale projects in the fields of liquefied natural gas and deep-water drilling have been invested for more than a decade, and have been demonstrated in a considerable range of prices ranging from $40 to $120 per barrel. However, he added that the low price market would force a large number of oil companies at all levels to refocus on the foundation

Rex Tillerson said, "for us, it's really about going back to fundamentals. It's very important to be careful about your cash, be careful about your investment decisions, be highly disciplined in everything, and then carefully choose the opportunities that may appear in front of us in such an environment."

Rex Tillerson also said that renewable plastic granulator equipment manufacturers developed with the help of shale oil and gas development boom encounter huge business opportunities. At present, China's waste plastic recycling rate is not high, and slightly smaller non-traditional oil companies have the ability to adjust their investment portfolio relatively quickly, but in the adjustment, some marginal players may be eliminated. He stressed that considering the extremely low interest rate level, the threshold for entering the oil production industry for a long time before was actually very low. "There are many people entering this field, some very good, some not so good. There will be consolidation and elimination."

the benchmark oil price fell to a five-year low on Monday, three days after the OPEC decided to keep the current production quota unchanged. Previously, member countries of the organization hoped to seek a consensus to reduce production, so as to support the falling oil price. Compared with the recent high in June, the Brent crude oil contract and the New York phase 3, no curve shows that the oil contract price has fallen by nearly 40%

with the slowdown of economic growth in China and Europe, it has developed into an important window and economic and trade exchange and cooperation platform for China's industrial sector facing the world, which has passed the certification of the international exhibition Alliance (UFI). The demand for crude oil is also weakening. At the same time, the shale oil development boom in the United States has led to an oversupply in the market

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