Saturday, June 26, 2010

ExxonMobil Closes XTO Natural Gas Deal

FORT WORTH, Texas — ExxonMobil Corp. said Friday that it has completed its $30 billion acquisition of XTO Energy Inc.
Shareholders of XTO, major holder of natural gas assets, approved the sale Friday at a special meeting. Each share of XTO was converted into the right to receive 0.7098 shares of ExxonMobil common stock.
ExxonMobil said XTO, which will keep its name, will be headquartered in Fort Worth, Texas. All of XTO's 3,300 employees will be transferred to the new entity.
The oil giant announced plans to buy XTO in December, a move that positions it to capitalize on the growing supply of domestic natural gas. XTO has a resource base of natural gas equivalent to 45 trillion cubic feet, and has holdings of shale gas, coal bed methane, shale oil and conventional oil.
ExxonMobil shares closed down 97 cents, or 1.6 percent, to $59.10.

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