"A great American success story." That's how Bob R. Simpson, chairman of the board and founder of XTO Energy Inc., described his company during today's congressional hearing--but the phrase also can be applied to the recent boom in U.S. natural gas production.
Testifying before the House Subcommittee on Energy and Environment, Simpson said advanced drilling technologies have led to a sharp increase in the production of natural gas from hard-rock formations such as the Barnett and Marcellus Shales, and gas producers "may have only scratched the surface."
Both Simpson and Rex Tillerson, chairman and CEO of ExxonMobil, said the United States now has about 100 years worth of natural gas at today's consumption rates.
Today's hearing was held to examine the proposed merger of XTO with ExxonMobil... more »
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