Fat Cat Exxon Primed to Deal

Behemoth stood still when oil hit record highs, now has $40B for buying spree
By Jim O'Neill,  Newser Staff
Posted Jan 12, 2009 10:22 AM CST
Fat Cat Exxon Primed to Deal
Exxon Mobil CEO Rex Tillerson could target rival Royal Dutch Shell.   (AP Photo)

(Newser) – Flush with cash after resisting costly acquisitions while oil prices hit record highs, Exxon Mobil could be ready for a shopping spree that could alter the face of the world’s energy supply, reports the Wall Street Journal. The company has nearly $37 billion in reserves and could target another oil company, like Shell, and “change the industry structure forever,” say analysts.

story continues below

Exxon was largely unharmed, unlike some competitors, by the retreat in oil prices. It’s been involved in an aggressive share buyback program that further solidified its balance sheet, and despite the global financial crunch, it remains in a strong position to move on an industry that’s otherwise struggling. It could even strike a deal with a country, like Brazil, looking to develop new finds. (Read more Exxon Mobil stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.