Rex Tillerson
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"Rex W. Tillerson" is an American businessman and is the chairman, president, and Chief executive officer/CEO of ExxonMobil/Exxon Mobil Corporation. Under Tillerson's leadership Exxon acquired XTO Energy. Exxon has tied with Apple Inc. and Google to be one of the top three largest public companies by market value.

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This represents the 12th consecutive year of greater than 100 percent reserves replacement.

Projects still require years to develop, cost billions of dollars to bring on stream and operate for decades.

This is an industry that lives in cycles. The price environment we're in today is not sustainable.

You have to put a question mark around just how long the global economy can live at $60 a barrel.

We invest our shareholders' money wisely, in projects that remain attractive over the long term.

We need U.S. energy companies that have the scale and financial strength to make investments, undertake the risk and develop the new technologies.

With respect to the committee's specific question -- whether mergers and acquisitions in our industry have contributed to higher prices at the pump -- the answer is no.

Our industry remains massive and very much a long-term, capital-intensive business.

We need companies that have the scale to compete.