Exxon to Teach Russians to Frack in Exchange for Arctic Oil

August 31, 2011

Exxon to Teach Russians to Frack in Exchange for Arctic Oil.

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Exxon Mobil’s profit sapped by natural gas – MarketWatch

July 29, 2011

Exxon Mobil’s profit sapped by natural gas – MarketWatch.

July 28, 2011, 12:36 p.m. EDT

Exxon Mobil’s profit sapped by natural gas

Reliance on lower-priced natural gas hurts quarterly results

By Steve Gelsi, MarketWatch

NEW YORK (MarketWatch) — Before its purchase of so-called unconventional gas producer XTO Energy in 2010, Exxon Mobil Corp.’s oil-equivalent production grew at an anemic single-digit percentage rate.

In the first full quarter after it closed on the XTO deal in June 2010, Exxon Mobil XOM -1.57%  registered a 20% increase in production.

While the Irving, Texas-based oil major granted Wall Street’s wish for greater fossil-fuel output, most of the increase came from natural gas tapped via the XTO business and its liquid natural-gas facilities in Qatar.

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