Exxon Mobil CEO: Gulf Spill Hasn't Changed Co's Long-Term Plans

Exxon Mobil Corp. (XOM) Chief Executive Rex Tillerson said Wednesday that the Gulf of Mexico oil spill has not changed his view on prospects for offshore drilling in the U.S., or the company's long-term plans.

"Most of the knowledgeable policy makers recognize the importance of the Outer Continental Shelf and the deep waters," Tillerson said at a news conference after the company's annual shareholders meeting. "We want to withhold judgment until they have completed a full investigation [into the causes of the spill]."

Although the spill has not altered the company's long-term plans, one of its wells--the Hadrian located in the deep waters of the Gulf of Mexico--has been delayed after the U.S. Minerals Management Service issued a moratorium on new drilling permits in the wake of the Deepwater Horizon incident.

"We are awaiting for further guidance when we might be able to proceed on that well," Tillerson said.

The Irving, Texas-based company and largest U.S. oil company by market value is on "high alert" for any safety problems at its offshore wells, he added.

"We've drilled over 260 deep-water wells [worldwide] and have been able to do that safely," he said. "Our plan is not to have an incident."

Exxon Mobil Corp. has provided its own people and equipment to BP PLC (BP) in an effort to help the U.K. oil giant as it tries to stop the spill, according to Tillerson. "Tony Hayward [BP CEO] and I have spoken, primarily it was around on how we can help."

Tillerson said he didn't want to give the impression that Exxon Mobil Corp. has loaned hundreds of people to BP because "we're trying to help where they want us to help."

Tillerson and other Exxon Mobil Corp. employees have had conversations with the White House and other government officials, he said. In those conversations, Exxon Mobil Corp. employees have explained some of the basics of drilling techniques, dispersants and flow rates.

On Wednesday, the U.S. government approved BP's plan to stop the spill by using heavy drilling fluids in an operation known as "top kill," according to a statement released by oil spill response coordinators.

"The top kill procedure is one that we would say is the appropriate thing to try," Tillerson said.

-By Susan Daker, Dow Jones Newswires; 713-547-9208; [e-mail]