CEO says Exxon ready for acquisitions, investing in business

AP News
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Posted: Mar 02, 2016 12:02 PM

DALLAS (AP) — Exxon is interested in acquisitions while oil prices are low, but CEO Rex Tillerson says sellers have unrealistic price expectations.

Tillerson said Wednesday that Exxon Mobil Corp. is in financial position to pursue acquisitions or change its spending plans depending on what happens to the oil market.

Earlier this week Exxon raised $12 billion from a bond sale, increasing speculation that it could seek to scoop up competitors.

Tillerson says some companies have lost value because of heavy borrowing but haven't adjusted the value they put on their companies, making acquisitions harder.

Tillerson also says oil prices could still fall because of overproduction. He is talking at Exxon's annual meeting with investors in New York.