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exxon mobil to buy xto

  1. 35 Posts.
    Thought the following news might be a good read ...

    EXXON Mobil will buy XTO Energy in an all-stock $US31 billion ($34bn) deal, dramatically boosting the oil giant's presence in natural gas.

    Exxon is paying a 25 per cent premium over XTO's Friday closing stock price. The deal also includes the assumption of $US10 billion in debt.

    XTO is a major player in extracting natural gas from unconventional places, such as shale rock. The deal gives Exxon the largest "unconventional" portfolio in the industry, Exxon said.

    But Exxon chief executive Rex Tillerson said that the takeover doesn't mean the oil giant is strategically shifting away from crude.


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