Most of the major players including Chesapeake, Cabot Oil and Gas(COG_) and Southwestern Energy(SWN_) are scheduled to report in the second half of February. One factor for investors need to weigh as more E&Ps talk about production shut-ins is whether or not a rally in the price of shares, and the price of natural gas, is merited with the heavy influence that heavyweight Exxon Mobil now has over the U.S. natural gas market. Butler, the Stephens analyst, said that Exxon's "discipline" could be a reason to stay interested in these beaten down stocks: "I think Exxon could be there to pick up the pieces, and it's something to keep an eye on, and a reason to stay interested in gas stocks, even though I wouldn't make a bullish call on gas prices." Exxon or Chevon may make opportunistic acquisitions of stressed smaller companies that their long-term outlook and balance sheets can support. In the end, though, that would circle back around to the deal that led to the current natural gas market conundrum: "We might not be in the same situation if XTO was still independent," Youngberg said.