Replies to This Discussion

Permalink Reply by Kassi on October 9, 2008 at 13:16

My understanding is that Exxon Mobile is currently selling all of their domestic, on shore lease holds. They sold everything they had in the Barnett shale to Chesapeake not too long ago.

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landownerPermalink Reply by Tom Bennett on October 9, 2008 at 14:15

Kassi; Do you know why?

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Oil & Gas ProPermalink Reply by Grillin' - MmmMmm on October 10, 2008 at 2:31

Kassi: Exxon IS NOT selling all of their domestic on shore lease hold! Far from it. They are still very active players in many onshore basins in the U.S. They sold their interests in the Barnett, and it was not a very big piece of business. They are very big players in the Piceance Basin in the Rockies as well as the Greater Green River Basin. They also hold large amounts of reserves in the Permian Basin, the MidContinent and Gulf Coast. So no, they are not exiting onshore domestic.

In fact, the scuttle butt here in the trenches is that XOM is primed to make a very large acquisition here in the U.S. It could be almost any of the independents and/or non-super majors. This current market bloodbath is just what they've been waiting for. When blood runs in the streets, the smart money gets to work and XOM is smart money. They and Buffet will be making a killing!

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Permalink Reply by Snake Stewart on October 9, 2008 at 15:03

I wasnt aware they were a big onshore player on the Barnett.

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landownerPermalink Reply by insomniacnla on October 10, 2008 at 2:14

"Exxon Mobil Corp, the world's biggest energy company, abandoned the second-largest U. S. natural-gas region after a supply glut slashed the value of the furnace fuel by almost half in the past three months. Exxon sold its stakes in gas fields and a pipeline in Texas Barnett Shale yesterday..." 10-2-08

The article stated that the gas fields and pipeline was ultimately sold to Chesapeake.

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landownerPermalink Reply by Bill G on October 10, 2008 at 4:17

You hold HK you are taking a huge huge huge risk........CHK is a little less risky and if you buy it rite you could probably make some money off of it. If you dont have the money to loose you better not be investing in any of these exploration companies at a time like this. Look for stocks that pay strong Div. Not unrealistic strong because that should automatically tell you that something is wrong but say 2-6% Div.
HK....Sell...
CHK...HOLD or sell

CHK is just about to be lower than HK....

Chk is 13B in debt.....they are sinking in the market rite now!

DONE!

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landownerPermalink Reply by Tom Bennett on October 10, 2008 at 4:37

CHK is down to $12.70 per share now! Down over $5.00 today!

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landownerPermalink Reply by Bill G on October 10, 2008 at 4:43

I wouldnt jump in it yet.......it could go down like AIG, GM, Wa Mu, etc......its going down!!!!!!

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landownerPermalink Reply by Tom Bennett on October 10, 2008 at 4:45

Sad but true! Natural Gas is down to $ 6.69, but on the brighter side ... it can't stay that low with winter around the corner.

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landownerPermalink Reply by Bill G on October 10, 2008 at 4:53

Gas prices are not the main factor effecting these stocks!!!! ITS THE CREDIT ISSUE!!!!! I have been screaming this for two weeks!!!!! "No one is going to lend these guys money to drill holes at 3-5million dollars a pop....and lease land for rediculous amounts when:

1) Big banks are crumbling to there knees
2) Approaching a World Recession
3) NO MONEY and the people that have money didnt get it by lending to high risk co. Like CHK, HK, XTO

Note that warren buffet put 3B in GE and 5B in Goldmen....cause these companies have an ok debt to equity ratio.....CHK DONT...HIK DONT...

ITs a bad deal! Look for them to be sold in the 4th qter....

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landownerPermalink Reply by Tom Bennett on October 10, 2008 at 5:01

Who do you think will buy them XOM, Conoco or BP? BP and XOM have bought and sold dealings with CHK in the last 45 days. I don't know about Conoco.

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landownerPermalink Reply by Tom Bennett on October 10, 2008 at 5:05

Also I've been thinking about this ... they have already spent the bonus money, which for the most part is higher than drilling, so they almost have to drill to protect their investment. Even with a worldwide recession they must have energy. Without it there will be a real meltdown.

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