Taz at least to Exxon’s CEO talking of Exxon’s investment in XTO Energy.
And Exxon, the oil & gas major usually gets these things right. Remember it takes up to 30 years to develop a major oil or gas field.
Temasek doesn’t have such a long-term horizon. Remember its “long-term” investment in Merrill Lynch?Lasted slightly more than a yr, and it cut loss, juz as the market was turning, and top hedgies were buying into BoA (buyer of ML).
At least GIC, listened to MM’s views on the other two “long-term” banking investments. It held on, making money on Citi and is still sitting on a big loss in UBS.
Reminder: Temasek is into shale gas http://atans1.wordpress.com/2010/06/16/temasek-vindication-of-its-big-bet-on-shale-gas/?preview=true&preview_id=2257&preview_nonce=a690e9153c)