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Exxon Lagging BP Following $35 Billion XTO Natural-Gas Gamble

Exxon Mobil Corp., the largest U.S. natural-gas producer since its acquisition of XTO Energy Inc. last year, is slowing drilling in Texas gas fields amid a supply glut that slashed prices for the fuel.

Chief Executive Officer Rex Tillerson may be pressed at tomorrow’s annual meeting in Dallas to show that the $34.9 billion XTO purchase -- Exxon’s largest transaction since he became CEO in January 2006 -- hasn’t been a bust, said Manuj Nikhanj of Ross Smith Energy Group Ltd.