Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on June 28, 2012
Exxon Says Losing Money on Natural Gas
Even energy titan Exxon Mobil Corp. is showing signs of strain from low natural-gas prices.
On Wednesday Exxon Chief Executive Rex Tillerson broke from the previous company line that it wasn’t being hurt by natural gas prices, admitting that the Irving, Texas-based firm is among those hurting from the price slump.
“We are all losing our shirts today.” Mr. Tillerson said in a talk before the Council on Foreign Relations in New York. “We’re making no money. It’s all in the red.”
His comments mark a departure from remarks made earlier this year on how lower natural-gas prices hadn’t…
One Comment on "Exxon Says Losing Money on Natural Gas"
BillT on Thu, 28th Jun 2012 4:09 am
Really? And it took this long for them to realize that fact? Or just this long to admit it. We are in the middle of a natural gas bubble. It is destroying the little companies and investors right and left. (no pun intended.) When it is over, the supply will have fallen back to normal, whatever that is in today’s world.