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CEO Rex Tillerson on Energy Innovation and Investment

Notes from the McCombs Alumni Network’s 8th Annual Alumni Business Conference on February 8, 2012.

Rex Tillerson, Chairman and CEO of Exxon MobilRex Tillerson, Chairman and Chief Executive Officer, Exxon Mobil Corporation

“If we are not careful this will become known as the Land of a Thousand Nos.”

Speech Preview Notes:

Innovation creates new opportunity. This has never been more evident than in today’s energy industry, where technological breakthroughs have led to a revolution in domestic unconventional resource development, which in turn has created thousands of new jobs, millions in government revenue and billions in economic growth. Thanks to innovation, an energy transformation is now underway in North America, the dimensions of which are still unfolding. We are breaking new ground in the safe and responsible production of oil sands, shale gas, tight oil and ultra deep water.

To sustain such innovation at the breakneck pace the world needs, the International Energy Agency estimates industry will need to invest $25 trillion by 2030. As you know, successful investment requires long-term vision and discipline as well as a secure and stable environment. For such long-term investment strategies to work, business and government must each know and fulfill their duties. The duty of government is to facilitate the safe and responsible development of energy within the context of a level playing field.

This new era of abundance has made it possible for the United States to meet our nation’s needs for energy and become something we have not been in decades – a major energy exporter. We must work together to build energy policies that strengthen markets, encourage free trade, promote the rule of law and provide a sound and stable policy environment to support the investments that enable continued innovation and improvement. If we can deepen our emerging energy consensus, we will develop the diversity of sources and security of supplies that a growing and more prosperous world needs.

Tillerson’s Remarks on Technology Innovation and Investment:

Rex Tillerson began with a remark sure to please the audience of UT school of business alums. “It’s always a pleasure to get back to the Forty Acres,” he says. “Most of the places I go aren’t this pleasant.”

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