text: Another analogy can be drawn with the U.S. exploration and production sector, which did very well to develop lots of natural-gas reserves. But the resulting oversupply has damaged the economics of the business. Value is accruing instead to those who transport and use the fuel. Increasingly, the likes of Exxon Mobil are muscling in. These bigger companies are willing and able to absorb the near-term pain of low prices in anticipation of a coming age of gas.