The 64-year-old veteran oil executive has no government or diplomatic experience. The pick would put to rest weeks-long speculation of who would earn the post as the U.S.'s top diplomat. Tillerson would be fourth in line to the presidency.

One of ExxonMobil's and Russia's biggest deals fell victim to the sanctions imposed by the Obama administration in reaction to Russia invading Crimea in 2014. That deal would have reportedly been worth $500 billion.

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