ExxonMobil Corp. has no plans to change its approach to deepwater natural gas and oil drilling in the Gulf of Mexico (GOM) or anywhere else, despite the ongoing offshore tragedy, Chairman Rex Tillerson told shareholders Wednesday in Dallas.

Tillerson reminded the audience at the annual meeting that safe and successful drilling offshore has been done for years with few incidents.

“There have been more than 14,000 deepwater wells drilled, the vast majority of them successfully,” he said. The size of the BP plc oil spill isn’t surprising, he said, considering the risks related to drilling, but until the incident is investigated fully, it’s too early to know how the industry will be affected.

“Most of the knowledgeable policymakers recognize the importance of the Outer Continental Shelf and the deep waters,” Tillerson said.

The oil spill has not altered long-term plans, but like its drilling peers, some of ExxonMobil’s GOM plans are on hold until the Department of Interior lifts a drilling permit moratorium. The moratorium now is affecting ExxonMobil’s deepwater Hadrian well, Tillerson said.

“We are awaiting for further guidance when we might be able to proceed on that well,” he said.

The oil major also is on “high alert” for any safety problems at its offshore drilling sites, he added.

“We’ve drilled over 260 deepwater wells and have been able to do that safely,” Tillerson said of ExxonMobil’s worldwide program. “Our plan is not to have an incident.” ExxonMobil has participated in around 35 wells in the GOM. The company’s drilling plans are developed “to anticipate risk at every step of the operation.”

To assist BP in its oil spill response, ExxonMobil has provided people and equipment, he noted. BP CEO “Tony Hayward and I have spoken; primarily it was around on how we can help…We’re trying to help where they want us to help.”

Asked what he thought of the latest plan, to use a top kill procedure to stem the flow of oil from the Macondo deepwater well, Tillerson said, “The top kill procedure is one that we would say is the appropriate thing to try” (see related story).

The biggest challenge ahead for the industry will be to regain the trust of the public and regulators, said Tillerson.

The ExxonMobil chief cautioned regulators and lawmakers to pause before they make drastic policy changes to oil and gas drilling.

“They need to recognize that there have been very effective procedures in place,” he said. Deepwater gas and oil resources are “clearly important” and needed to meet global energy demand.

ExxonMobil is “eager to support” regulatory and legislative efforts to prevent future spills and other incidents. The offshore oil spill, he said, “reminds us of the need to be ever vigilant” to prevent accidents.

Tillerson also commented on ExxonMobil’s pending acquisition of XTO Energy Inc., a deal expected to be completed within a month. The transaction is “not a deliberate shift to gas,” he told shareholders.

“We’re all about the long term,” said Tillerson, in response to a question from a shareholder. “If you look at the last 10 years on reserve replacement, it has been fairly balanced.”

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