Exxon Mobil CEO Rex Tillerson Cries NIMBY and Sues the Frackers

Rex Tillerson is the chairman, president, and CEO of Exxon Mobil Corporation. Under Tillerson’s leadership Exxon acquired XTO Energy, making Exxon the biggest natural gas producer in the U.S.

Go ahead, look it up.  I’ll wait.  And here is some “About” text from the XTO web site you can confirm:

XTO Energy Inc. was founded in 1986 in Fort Worth, Texas.

Safely and responsibly extracting natural gas from U.S. shale and other tight formations is our principal business. We also produce crude oil and natural gas liquids in the United States.

We’re the nation’s largest holder of natural gas reserves, and we have one of the highest drilling success rates in the industry.

We operate throughout the United States, from the Great Plains to Appalachia. You’ll find us in places such as Montana and Pennsylvania, Utah and Louisiana, and Texas and Ohio. We own interests in approximately 40,000 producing oil and natural gas wells across the country.

XTO Energy Inc. and Exxon Mobil Corporation merged in 2010.

In March 2013, Rex and his wife, in conjunction with five other well-to-do neighboring couples from Bartonville, Texas, filed a lawsuit.  According to petition No. 2012-30982-211 filed in the district court of Denton County, Texas, Rex and Renda live on their Bartonville ranch, named Bar RR Ranches, LLC, which has a fair market value in excess of $5 million.

Whom are they suing?  The defendants are the “BARTONVILLE WATER SUPPLY CORPORATION; ITS GENERAL MANAGER AND ITS BOARD OF DIRECTORS.”

Why? The plaintiffs wish to enjoin the water company from building a 750,000 gallon water tower that “will loom over the Plaintiffs properties at a height of 160 feet – the equivalent of a 16 story building.” And furthermore, the plaintiffs claim the water company intends to “sell water to oil and gas explorers for fracing shale formations leading to traffic with heavy trucks on FM 407, creating a noise nuisance and traffic hazards.”

We certainly are sympathetic to the Tillersons’ and their neighbors’ fears, honest American citizens, Texans moreover, with ordinary sensibilities wishing to simply live their lives in peace, quite, and good health in their own homes/ranches. Or as they most eloquently put it: Continue reading

Shale Gas Economics Expert Deborah Rogers: 4 Appearances

Deborah Rogers, a Shale Gas Economist, will speak at four upcoming appearances in the Finger Lakes this March.  She will discuss her insights into the Gas Drilling Industry in a presentation entitled “In Their Own Words: Examining Shale Gas Hype”.  Subjects covered will include the Industry’s ponzi scheme behavior with land acquisition and drilling leases as well as its questionable profitability in actual market conditions. She is unique in her professional credentials as an economist and financial adviser as well as her first hand interaction with the Gas Companies in the heart of the Texas drilling region.  There will be a Q&A session during which many aspects of the economics of hydrofracking will be discussed.

Admission is free.  These appearances are sponsored by Coalition to Protect New York, Hector Clean Waters, Gas Free Seneca and Committee to Preserve The Finger Lakes.

Finger Lakes Appearances

  • Wednesday March 21 6:30 PM
    Albright Auditorium, Hobart and William Smith Colleges
    20 St. Clair Streeet, Geneva, NY
  • Thursday March 22 7:00 PM
    Watkins Glen Elementary School Auditorium
    612 S. Decatur Street, Watkins Glen, NY
  • Friday March 23 7:00 PM
    Groton High School Auditorium
    400 Peru Road, Groton, NY
  • Saturday March 24 7:00 PM
    Penn Yan Middle School Auditorium
    515 Liberty Street Penn Yan, NY

About Deborah Rogers

Deborah Rogers began her financial career in London working in Investment Banking, Continue reading