Exxon Mobil Corp.'s (XOM) recent deal to acquire XTO Energy Inc (XTO) is "not a deliberate shift to gas," Chief Executive Rex Tillerson told shareholders Wednesday.

Exxon agreed to buy XTO, a pioneer in the drilling for unconventional natural gas, last December for $31 billion.

"We're all about the long term. If you look at the last 10 years or reserve replacement, it has been fairly balanced," Tillerson said in response to a shareholder question about whether or not the company's future reserve replacements would tilt toward natural gas.

Exxon is looking for oil in places like Iraq and the deep sea, which should boost its oil reserve replacement, Tillerson said during the annual meeting.

-By Susan Daker, Dow Jones Newswires; 713-547-9208; susan.daker@dowjones.com
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