Exxon's Post-Tillerson Fortunes Closer to Home as New CEO Pivots
- Pursuing oil in South America, U.S. rather than Asia, Africa
- Market rout erased billions as 19% of reserves now uneconomic
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Exxon Mobil Corp. is pinning its fortunes closer to home as new CEO Darren Woods veers from the oil titan’s longtime focus on Asian and African riches.
After a two-year pricing rout erased 19 percent of Exxon’s untapped crude by making it unprofitable to extract, Woods faces a tough task in sustaining the company’s output. His ability to replenish the portfolio will rely heavily on regions the driller long avoided: the U.S. Great Plains and Latin America.