By Ben Geman - 06/27/12 04:36 PM EDT
Tillerson also said the company is making “no money” on its U.S. natural gas production because prices are too low, according to press accounts of his remarks.
Natural gas prices dropped to 10-year lows earlier this year amid booming U.S. production but have rebounded lately.
Tillerson said prices dropped below the cost of producing the fuel. "The cost of supply is not $2.50 [per million British thermal units]. We are all losing our shirts today," he said, according to Reuters.
Reuters notes that U.S. natural gas prices have risen over 50 percent since April's lows. Prices approached $3 in trading Wednesday.
Exxon has made major investments in U.S. natural gas, purchasing XTO Energy in a $41 billion deal in 2010.