Exxon Mobil - XTO Energy - Part II

Another part of the Outlook for Energy: A View to 2030, released by Exxon Mobil a week before the XTO Energy deal really bothers me.

"ExxonMobil technologies have unlocked vast new resources of natural gas that previously were trapped in dense rock formations, as well as other types of so-called “unconventional” natural gas. These technologies have resulted in a significant upswing in U.S. natural gas production, and may have similar applications in other parts of the world."

How about this instead:

"Exxon Mobil sat around and watched smaller companies enter these new plays and drill circles around us because we thought that they were too risky, and that North America was too mature an area to be bothered with."

or

"We had the technology to unlock these unconventional shale resources, but didn't have the balls to use it on a large scale, and sat around and bought back stock instead. Now we have to pay up for these resources."

Full Publication