Exxon Chief Predicts $160 Oil Amid Texas Relocation Vote

ExxonMobil shareholders have approved a plan to relocate the company's legal home from New Jersey to Texas, a decision announced alongside a stark warning from a senior executive that crude oil prices could surge to $160 per barrel. Speaking at the Bernstein Conference in New York, Senior Vice President Neil Chapman stated that dwindling global inventories are approaching "unheard of" lows, which will likely force prices upward in the coming weeks [1].

Key takeaways

• Exxon shareholders voted to move the company's legal domicile from New Jersey to Texas [1].
• Senior Vice President Neil Chapman warned that crude oil prices could reach $160 per barrel as inventories bottom out [1].
• CEO Darren Woods stated Texas offers a strong regulatory environment and is a better fit for the company [1].
• Current price stability is attributed to the release of strategic petroleum reserves, a factor Chapman says cannot last indefinitely [1].

Inventory depletion driving price fears

Chapman warned that commercial inventories for crude oil and refined products like gasoline, diesel, and jet fuel have run down significantly. He noted that while prices have remained in a range of $90 to $110 recently, this stability is largely due to Western nations releasing strategic petroleum reserves to offset supply shortages [1]. According to Chapman, this mitigation strategy is temporary, and once inventories hit critically low levels, the