ExxonMobil Anticipated Lower prices since 2013

Top management had been planning for lower oil prices since 2013. Recently ExxonMobil CEO Rex Tillerson said at the company's Analyst Day meeting that "people should get used to the idea that oil prices could remain low for a while." At the 2013 Analyst Day meeting management announced that total capital expenditures would peak in 2013, and spending would decline to 2017, acknowledging that it had been a little overzealous on budgeting new projects.