This XTO - Exxon merger is turning out to be anything but "off topic".

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Question to Rex: What do they have that you don't?

Rex: As David highlighted in the slides, and as you all hae noted we have been securing a portfolio of unconventional opportunities globally. And he highlighted those in the slides. [Hungary was one of them]. And we are very...we like the position we've got.

These are some very large areas that now require appraisal and ulimately require an organization to develop those the most efficiently and profitable way possible. And obviously we could have, over time, built an organization piece by piece to do that. And that would have taken us some time to do.

Theres a lot more but the pdf is protected so I can't copy and paste from it:

http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=6652654&format=PDF