Oil giant ExxonMobil is looking to take advantage of the oil price crash to acquire other petroleum companies, but will wait for the right opportunity, chief executive Rex Tillerson has disclosed.
Tillerson alluded to the company’s history of big takeovers during oil busts, as when Exxon acquired Mobil in 1999, a deal which saw an expansion of Exxon’s presence in key oil producers such as Kazakstan and Nigeria. A 2009 acquisition of XTO Energy significantly boosted its holdings in US shale.
Analysts at an ExxonMobil investor day expressed surprise that, given the current market conditions, the company had not made a big acquisition to boost its portfolio of oil and gas plays.
As US prices have fallen from more than $100 a barrel in July 2014 to the current $34 a barrel, many smaller oil producers have seen profits dry up and face problems paying debts.
