During the Bernstein Conference in New York, ExxonMobil's Senior Vice President Neil Chapman warned that energy prices could surge dramatically, potentially reaching $160 per barrel due to critically low crude oil inventories. Chapman emphasized that the current low prices are a result of strategic petroleum reserves being released by various countries, which is not sustainable. He highlighted that commercial inventories of petroleum products have been depleting, suggesting that prices will inevitably rise once inventory levels hit a critical low. This warning coincided with ExxonMobil's announcement that shareholders approved the company's plan to transition its legal home from New Jersey to Texas, a move that the CEO, Darren Woods, stated aligns better with the company's operational base and regulatory environment. The company has a significant presence in Texas, with 75% of its U.S. workforce located there, reflecting a long-standing commitment to the state since relocating its headquarters in 1989.