As A Frenzied Wall Street Buys Shale Equity Offering At A Record Pace, Exxon’s CEO Has A Stark Warning
by Tyler Durden
ZeroHedge.com
03/02/2016
Investors have pumped a whopping $9.2 billion in new equity into energy companies year to date, the most since Bloomberg records began in 1999. The euphoria won’t last, and the equity issuance window is already closing: confirmation of this comes from none other than Exxon CEO Rex Tillerson who moments ago said that the “wave of oil equity issuances is destroying value”, adding that “global economic conditions are not inspiring”, that “demand won’t solve it quickly” and that “we’re still oversupplying the market.”
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