Seeking Alpha

Exxon CEO joins lawsuit against tower that would provide water for fracking

  • Not in my backyard: Exxon Mobil (XOM) CEO Rex Tillerson has joined a lawsuit filed by his neighbors to block construction of a water tower, saying it is illegal and would create noise and traffic hazards partly because it would provide water for use in fracking - a core part of his company's business.
  • While wearing his oil company CEO hat, Tillerson has railed against fracking critics, saying "dysfunctional regulation is holding back the American economic recovery, growth and global competitiveness."
  • While Tillerson’s name is on the lawsuit, a lawyer representing him says his concern is about the devaluation of his property, not fracking specifically.
Comments (23)
  • Hypocrisy so thick, it's finger licking good.
    21 Feb, 06:32 PM Reply Like
  • And this is the guy running the largest publicly traded energy company???? Do as I say but not what I do.
    21 Feb, 06:34 PM Reply Like
  • Makes sense.
    21 Feb, 06:39 PM Reply Like
  • I think he should have let his neighbors handle this one.
    21 Feb, 06:54 PM Reply Like
  • I love (XOM) as a stock to hold, but have never cared for Rex. I hope the water tower goes up, and he can go suck eggs. ;)
    21 Feb, 06:54 PM Reply Like
  • Why doesn't Rex just retire to the horse ranch so Exxon can get back on track?!
    21 Feb, 07:00 PM Reply Like
  • It's ok in your backyard, just not his. Peasants.
    21 Feb, 07:05 PM Reply Like
  • That is hilarious if it wasn't so ludicrous.
    21 Feb, 07:18 PM Reply Like


    But YOURS is okay.
    21 Feb, 08:02 PM Reply Like
  • Kinda hard to see how this tracks with his fiduciary responsibilities to his shareholders. Or is it possible I'm missing something? Nice head of hair, though. Nicely coiffed. Better than Jeff Immelt's.
    21 Feb, 08:04 PM Reply Like
  • A little Dippity Doo will do ya'...
    21 Feb, 08:07 PM Reply Like
  • wow how much "value" on the property did he stand to lose? dude's worth hundreds of millions i'm guessing?
    21 Feb, 08:36 PM Reply Like
  • Not wanting to defend him or anyone else; but, it may very well be that he is opposed to the tower due to property values as stated. That having been said. If Exxon wanted to put a water tower in my back yard for fracking purposes, Mr Tillerson would not give a rats rump! And, might even say bad things about lme!
    22 Feb, 09:52 AM Reply Like
  • The hypocrisy still stands because they have long denied that fracking damages property in any way including diminishing it's value. If they now acknowledge fracking damages property values they are leaving themselves open to a MASSIVE class action suit.
    22 Feb, 06:55 PM Reply Like
  • A win in court might save him $.5M in property devaluation (assuming he lives in a $5M mansion), but cost him and our company $50M in PR image damage.... not a very judicious move on his part. I would hope he would be a better steward of our stockholders money! As CEO of a company that has worldwide brand recognition, he must realize that he cannot separate his business life from his personal life...just ask Tiger Woods!
    22 Feb, 10:14 AM Reply Like
  • Wait for the class actions from the millions of property owners who have been affected by the property value loss he has just admitted occurs near fracking sites... $50 million is going to seem like chump change.
    22 Feb, 06:56 PM Reply Like
  • Then maybe they can run their cars and heat their homes on dreams and wishes...
    22 Feb, 07:37 PM Reply Like
  • How stupid of him. If only he had said "I just want my life back".
    22 Feb, 09:44 PM Reply Like
  • Seems like people are just being immature, I'm sure if the tower was for municipal water supply he would fight it just the same. It really has nothing to do with fracking and people that fight fracking aren't fighting towers they are fighting water quality issues. It's just somewhat ironic and he is rich so bring the hate.
    23 Feb, 01:46 AM Reply Like
  • In his neck of the woods they will soon be fighting for water equality as the entire area is & has been on water rationing for over a year.
    23 Feb, 11:16 AM Reply Like
  • Be fun to see when he can light his faucet water on fire.
    24 Feb, 07:11 AM Reply Like
  • This is not to uncommon in oilfield areas where there is no fracking. Drilling can lower the pressure and stop natural seeps. I have seen water with gas in wells only 200 feet deep and know of one case where a man smoking a cig was blown off his toilet. The methane came from a land fill . cant blame xom for that.
    24 Feb, 07:36 AM Reply Like
  • T rex may not be the sharpest knife. I have talked to xom people I knew from the south Texas area and he did not have a pot to fill with water nor a window to throw it out of, even up until the late 80's. I have made far less than most xom hands but learned how to live within my means and save. Whenever I heard of an xom hand crying about their money woes I just laughed.


    T Rex should be smart enough to never let his name get onto any lawsuit especially oil related. If he just had to get involved he should have gotten involved on a professional level or bought the lease out and sit on it.


    He could move anywhere he has money now. I have always been happy when something lowered my appraised value. It gave me something to fight with when I went down to the cad. T rex aint that smart.
    24 Feb, 07:52 AM Reply Like
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