You will see the bottom should be in here. It's almost a perfect line on the daily. Plus the MACD and Sto's indicate the lowest levels in a long long time. The arbitrage trade is holding this down. It's 10 points below CVX and all the integrateds are screaming today. XOM will have a lot of ground to make up fast.
Plenty of good news regarding Natrual gas for Exxon .... They will control a large % of the nations natural gas, and the big utilities are ditching plans for CO2 scrubbers on old coal fired plants, and making gas fired electric plants instead. US has 90 year supply of natural gas assuming 23TCF/year is used, and we have EUR reserves of approx 1,800 TCF. As Daniel Yergin stated, the shale natural gas play is 'revolutionary'.
Exxon has been involved in the fractured reservoir/horizontal drilling technology since the early 1990's. It was shelved for a few years, but the people who worked on it are still there at Exxon. Regards