Exxon CEO Darren Woods Steps Out Of Tillerson's Shadow
Style Magazine Newswire | 3/6/2017, 10:30 a.m.
Exxon
HOUSTON - Darren Woods, the new CEO of Exxon Mobil, is a veteran of the more cautious refining side of the oil business who’s likely to focus relentlessly on controlling costs.
Woods may take a more hesitant approach to dealmaking than his predecessor, Rex Tillerson, who hailed from the more swashbuckling exploration side and famously did business with Russian President Vladimir Putin.
It’s unclear whether Woods will be any more successful than Tillerson in achieving peace with environmental critics. The early signals are mixed.
Woods was little known outside the company even after emerging as Tillerson’s heir apparent. Two months after taking over, Woods is making his first public rounds, meeting with investors last week and speaking Monday at a major energy conference in Houston.
Woods, 52, joined Exxon in 1992 and has spent most of his career in chemicals and refining, the so-called downstream part of the business.
“There is a different psychology in downstream than there is in oil and gas wildcatting,” said Cowen analyst Sam Margolin. “Downstream is very much about managing costs and trying to get the most out of the least effort.”
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