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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: elmatador who wrote (181674)	12/12/2013 12:54:48 PM
From: JimisJim	4 Recommendations of 206131

EDIT: XOM is talking their book... when they acquired XTO, they became very gassy... right afterward, the ng boom in N. Am. began and ng prices tanked... a lot of people don't realize just how much the XTO acquisition changed the fundamental biz of XOM... they thought they were buying valuable resources in the ground -- and a LOT of it... instead they ended up with a huge amount of their reserves/resources in the ground being gas that was suddenly worth less than $2 (now up slightly to $4, but well below prices when they spent $41 billion to acquire XTO). They began lobbying congress heavily about ng with mixed success... then they pretended to ignore their ng and concentrated on their liquids and oily assets, hoping ng would recover soon and they could begin profiting from the XTO acquisition. They don't like to talk about it, but this is likely what Tillerson will be remembered for -- turning XOM into a major gas producer. They desperately want ng demand to increase by orders of magnitude and began talking dirty about coal. Go figure. breakingenergy.com timing-was-off-for-xto-deal-says-exxon-ceo

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