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| Exxon Mobil to buy XTO Energy |
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| Monday, December 14, 2009 |
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Reuters
reports that Exxon Mobil Corp will buy XTO Energy Inc for
about $30 billion in stock. With the buy, Exxon gains
a major foothold in the newest energy discoveries as it bets on natural gas
expanding its share of the world's largest energy market. The bid spurred expectation
of a wave of consolidation in the energy industry
as cash-rich companies such as Exxon move to snap up smaller players with
attractive assets. The deal, which is subject to XTO shareholder approval,
would be Exxon's biggest since it purchased Mobil Corp in 1999, and the eighth
largest ever in the energy and power sector. The deal is valued at $41 billion,
including about $10 billion in XTO debt. XTO, based in Fort
Worth, Texas, is one of the leading developers of unconventional
resources including shale oil and gas or gas
trapped in sands with low permeability that require advanced drilling
techniques to recover. These resources have emerged as a potentially huge new
resource play in North America, and their development has so far been dominated
by independent U.S. exploration and production companies. But now, big oil
companies like Exxon are starting to look for reserves around the world.
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