As the largest oil company in the world not owned by a state, Exxon has had to work in “underexplored regions with higher risk, but higher reward potential,” as Mr. Tillerson, 64, said at a shareholder meeting last year.
After Mr. Tillerson’s nomination was floated by Mr. Trump, Reince Priebus, who will be the White House chief of staff, echoed a saying coined in a speech by former Vice President Dick Cheney: “The good Lord didn’t see fit to put oil and gas only where there are democratically elected regimes friendly to the United States.”
In 2011, Mr. Tillerson engineered a multibillion dollar joint venture with the Russian state-owned oil company Rosneft. Exxon received the right to look for oil in the Black and Kara Seas alongside Rosneft, in return for giving the Russian company minority stakes in Exxon projects in Texas, the Gulf of Mexico and elsewhere.
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