As natural gas prices plunged this year to the lowest levels in a decade, major producers took exploration operations offline. Companies such as Chesapeake Energy Corp., ConocoPhillips and Encana Corp. decided to wait on producing more natural gas until prices rebound.
Not so for Exxon Mobil. Earlier this year, America's biggest natural gas producer was mum about whether it would cut back on natural gas exploration and production.
David Rosenthal, Exxon's vice president for investor relations, was asked again on Thursday about the company's plans for natural gas. Analysts noted that Exxon Mobil produced less natural gas in the quarter and asked how many rigs are still looking for gas, instead of crude and other hydrocarbon "liquids."
Question: What kind of deposits are Exxon's rigs drilling for in North America?
Answer: "The majority of those rigs are working on liquids and liquids rich plays, and that obviously would be a continuation of the trend that you have seen over the last few quarters," Rosenthal said.