27-05-09 Development of natural gas projects from shale formations worldwide boasts a "bright future" and supermajor ExxonMobil hopes to participate in that growth through key positions it is building in Canada, the Marcellus Shale of the US, Eastern Europe and Germany, ExxonMobil CEO Rex Tillerson said.
Addressing reporters after the company's annual meeting, Tillerson said he still considers shale play asset acquisition opportunities "pricey," but called shale acreage an "expanding part" of ExxonMobil's acquisition strategy.

"The technology has come a long way," he said. "In terms of shale gas there is a pretty bright future."
He said the company has built what he described as a "significant position" in Canada's Horn River Basin, the Marcellus Shale of the central US and in Germany.
"Now we have to make a decision on whether a large-scale development in those basins will be attractive," Tillerson said.

Regarding additional shale options, Tillerson said: "Where we can get in at a low cost of entry, that is our strategy."
He said ExxonMobil prefers to acquire positions and hold them for some time while assessing the opportunities.
"We try to go in under the radar early and hold, as opposed to buying positions," Tillerson said. He added: "ExxonMobil is not in a position where it has to do anything."

Tillerson's comments followed a relatively subdued annual meeting in which shareholders followed the company's recommendations with votes to reject 11 potentially controversial shareholder proposals seeking reforms on issues ranging from executive compensation to climate change and a strategy for increased development of renewable fuels. The closest vote of 41.4 % approval came on a proposal that would have allowed shareholders to vote on an advisory resolution for ratification of executive compensation.
Another proposal giving certain shareholders the authority to call special meetings garnered 40.8 % approval.

Some 29 % of ExxonMobil's shareholders voted to authorize a resolution requiring the company to adopt quantitative goals for reducing total greenhouse gas emissions and issue a report by September on plans to reach those goals. And, 27.3 % of the company's shareholders voted to approve a resolution that would have required the company to adopt a policy for renewable energy research, development and sourcing with a report back to investors next year.
Tillerson told shareholders that ExxonMobil considers climate change issues to be a "complex area of scientific study."

He also repeated his previously stated view that fossil fuel development will remain a cornerstone of world energy supply for "the foreseeable future."
Tillerson noted that the company has active research under way in many energy areas, but will continue to focus on development of oil and gas resources as part of its "obligation" to provide energy to the world.