Fracking failing so far in China and Europe shale, Exxon CEO says.

Bloomberg: “Some shale formations in Europe and China are impervious to drilling techniques that opened vast reserves of natural gas and oil from Texas to Pennsylvania, said Rex Tillerson, Exxon Mobil Corp. (XOM)’s chief executive officer. New methods and tools will need to be invented to tap many of the shale fields that energy companies and governments expect eventually to yield a bonanza of fuel, Tillerson said during a meeting with analysts in New York today.”