But the company’s focus on cash distributions to shareholders, and the fact that its oil and gas production is lower now than immediately after Exxon bought Mobil back in 1999, certainly look like evidence that it has given up on long-term revenue growth. Exxon is the world’s largest listed energy group, and like all big international oil companies it is facing structural challenges that make it difficult for it to grow. Stability while throwing off a lot of cash may be the best they can do. Critical strategic question Rex Tillerson, now in his tenth year as chief executive, faces a critical strategic question. Does Exxon accept that fate, curbing capital spending and returning cash to investors whenever possible? Or does it attempt to break out by making a large acquisition ? The decline in Exxon’s number of shares outstanding has been dramatic. In 1999, the newly merged company […]