Losing Our Shirts on Natural Gas

So it's official - Exxon is not happy with dirt cheap natural gas (LINK):

On Wednesday Exxon Chief Executive Rex Tillerson broke from the previous company line that it wasn't being hurt by natural gas prices, admitting that the Irving, Texas-based firm is among those hurting from the price slump. 

"We are all losing our shirts today." Mr. Tillerson said in a talk before the Council on Foreign Relations in New York. "We're making no money. It's all in the red."

Concerned about Shale Gas?

Check out shale gas heavy weight Chesapeake Energy's August 2010 Investor Presentation.

They want to sloooooow down drilling until gas prices reach $6/MMBTU and they are looking for more liquids.

(See page 6 of the presentation)

That puts the shale gas threat in perspective. $6/MMBTU gas sounds like a market for AK gas really does exist.