ExxonMobil with affiliate XTO will soon learn that shale plays are great for increasing production and booking reserves but at the end of the day there are no profits. Hate to see a great dividend paying company switch from conventional to unconventional plays as there will be no money left to pay dividends in the future. All your 4.0 GPA graduates you hired over the years can’t figure this out.
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Work in Permian here, they’ve never made a profit yet nor will they, they lost over a billion last year, poorly run company.
Shale = ponzi
Over the last 5 years large number of young (many freshly graduates) scientists were hired to come up with a way to make new products. So far result: zero. These kids should be guided, but management has no vision-zilch. Huge waste of time and money. Because of coming electric cars in few years gasoline use will be gone, motor oil gone - but no new products yet.