Shale Gas Development is an American Success Story, says XTO President
Industry supports over one million U.S. jobs and generates billions
in government revenues
Shale gas development, an activity that scarcely existed 10 years ago,
is a U.S. success story that supports more than one million American
jobs and generates billions of dollars in government revenues, Jack
Williams, president of XTO Energy, a subsidiary of Exxon
Mobil Corporation (NYSE:XOM), said today.
In a speech at the Shale Gas Insight Conference in Philadelphia, PA,
Williams said that as a result of American innovation, the country has
emerged as the clear global leader in shale development as the demand
for natural gas continues to grow.
'Wherever we look, we see energy development creating multiplier effects
that ripple through the U.S. economy,? Williams said. 'The World
Economic Forum estimated that oil and gas production accounted for nine
percent of all new U.S. jobs last year. A significant part of that
growth is coming from shale development.?
In Pennsylvania, Marcellus Shale development generated $11 billion in
value-added economic impact in 2010, while supporting 140,000 jobs and
contributing $1 billion in state and local tax revenue, he said.
Nationwide, shale gas development is expected to support 1.5 million
jobs, and contribute nearly $200 billion to GDP by 2015. Those benefits
are expected to double by 2035.
Industry, government ? and a willing public ? must take the right steps
to ensure the United States remains a leader in shale development, so
that U.S. citizens and communities can enjoy the full economic benefits
of this energy advancement, Williams said.
He said the industry must work to improve public confidence in shale
development through transparency and education efforts to increase
knowledge of industry standards and practices that protect water and air
quality.
ExxonMobil has been active in communication and transparency efforts,
which include disclosing hydraulic fracturing fluids components,
development and publication of operational guidelines to protect air
quality and water management and support for a university-based training
initiative for state regulators and policymakers.
Policymakers can do their part to support the industry′s growth and
development by maintaining a stable, transparent and fact-based
regulatory environment that encourages investment, he said.
Williams said that because of the size of the shale gas resource, the
United States will be able to export liquefied natural gas (LNG), which
will increase domestic benefits.
'Just as we do with exports of grain, cars and other American products,
exporting LNG can create economic value that would not have existed
otherwise,? Williams said. 'LNG exports could encourage increased
domestic gas production, which would, in turn, support the creation of
more American jobs.?
About ExxonMobil
ExxonMobil,
the largest publicly traded international oil and gas company, uses
technology and innovation to help meet the world′s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is the
largest refiner and marketer of petroleum products, and its chemical
company is one of the largest in the world. Follow ExxonMobil on Twitter
at www.twitter.com/exxonmobil.
About XTO Energy
XTO Energy, a subsidiary of ExxonMobil, is a leading natural gas and oil
producer in the U.S. with expertise in developing tight gas, shale gas,
coal bed methane and unconventional oil resources. XTO has operations in
all major U.S. producing regions. XTO has a reputation for efficient
resource development, environmental stewardship and community
involvement.
ExxonMobil
Media Relations, 972-444-1107
