ExxonMobil Gets a New President, Rex Tillerson Successor?
ExxonMobil is an important energy company–one of the most important worldwide. ExxonMobil is the largest publicly-traded oil and gas company in the world (by market capitalization). It’s an American company. And it has a meaningful presence in the Marcellus/Utica region via its wholly-owned subsidiary XTO Energy, which it purchased in 2010 for $35 billion. ExxonMobil is the largest natural gas producer in the United States–and has been for years. So when a major change is made at the top of the company, it’s big news–for everyone. Last Friday ExxonMobil announced they have a new president. No, Rex Tillerson isn’t going anywhere (for now). Tillerson will remain as CEO of ExxonMobil. However, Darren Woods will take on the role of president. Woods was also appointed to the Board of Directors last week–meaning Woods (50 years old) is the obvious successor to Tillerson when Tillerson (63 years old) decides to retire. The succession plan is now in place. Here’s a bit more about Woods and where he comes from…
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We’ve written about the concept of a “virtual pipeline” a couple of times before, in October (see
Pennsylvania Attorney General Kathleen Kane, who has been indicted on numerous felony charges and likely to be forced from office any day now, filed a lawsuit yesterday against Chesapeake Energy in Bradford County Court over the issue of shorting landowners out of royalties. What every story we’ve seen (thus far) misses is this: The lawsuit also names Williams as participating in the scheme to defraud landowners out of royalty payments. So this is not just a Chesapeake story, it’s a Williams story too. Landowner groups are “hailing” the decision, jumping up and down with glee. Let us throw a little cold water on your face. Note to landowners and the groups that represent them: When you (metaphorically) crawl into bed with Kathleen Kane, you’re crawling into bed with a rattlesnake. Sooner or later she’s going to turn on you too. Mark it down. It’s in her nature. With that disclaimer in place, we’ll break down the news for you, and show you a copy of the lawsuit Kane’s office filed yesterday…