ExxonMobil Corp. (NYSE: XOM) and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company's former chairman and CEO awaits confirmation as U.S. secretary of state.
If his appointment is confirmed, the value of more than 2 million deferred ExxonMobil shares (worth about $182 million at closing on Jan. 3) that Tillerson would have received over the next 10 years will be transferred to an independently managed trust, the company said in a statement.
The share awards will be canceled and Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over the next three years, and other benefits, ExxonMobil said.
Separately, Tillerson also committed to the State Department that, if confirmed, he would sell the more than 600,000 ExxonMobil shares he currently owns, the company said.
ExxonMobil said last month its president, Darren Woods, will become CEO and chairman in January following the retirement of Tillerson.
Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans about his ties to Russia.
ExxonMobil stock has gained 6.5% since election results of Nov. 8 up to close on Jan. 3 of $90.89.
Recommended Reading
Help Wanted (Badly): Attracting Workers to Energy is Becoming Difficult
2024-03-27 - Attracting workers to the energy industry is becoming a difficult job, despite forecasted growth in the industry.
Stena Evolution Upgrade Planned for Sparta Ops
2024-03-27 - The seventh-gen drillship will be upgraded with a 20,000-psi equipment package starting in 2026.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
E&P Highlights: March 25, 2024
2024-03-25 - Here’s a roundup of the latest E&P headlines, including a FEED planned for Venus and new contract awards.
TotalEnergies Restarts Gas Production at Tyra Hub in Danish North Sea
2024-03-22 - TotalEnergies said the Tyra hub will produce 5.7 MMcm of gas and 22,000 bbl/d of condensate.