Exxon Mobil Chairman and CEO Rex Tillerson managed to deflect an attack on his position as chairman of the massive oil company. The push was spearheaded by descendants of the Rockefeller family but only secured around 40 percent of shareholder votes.

John D. Rockefeller was the founder of Exxon Mobil predecessor Standard Oil and his descendants still have a significant influence on the company. What they essentially wanted to accomplish was a change in Exxon policies which would have seen the company focus on cleaner sources of energy. This long-term investment should be made right now, when the company's profits are strong.

Instead, after the Wednesday shareholders meeting, Exxon Mobil Chairman and CEO Rex Tillerson has said that the company will continue to spend the bulk of its profits on finding and producing new supplies of crude oil and natural gas. Tillerson said that at least until 2030 the large majority of energy supplies will still come from fossil fuels, whether environmentalists like it or not.

Tillerson also pointed out that the strong 40 percent support for the changes to his job configuration and the company's policies on renewable energy sources means that Exxon needs to do a better job in communicating with its shareholders.

Meanwhile, Exxon continues its share buyback and is piling up massive amounts of shares. According to Form 10-K filed this year with the United States Securities and Exchange Commission, Exxon Mobil had 2.367 billion shares held in treasury, for which it paid $113 billion over the last 10 years, at the end of last year. At current share prices they are worth $237 billion. The enormous capital stored in these shares could be used for a buyout of a rival oil company when the time is right.