XTO Energy
Encyclopedia
XTO Energy is an American Fortune 500
energy producing company. Its primary products are oil
and natural gas
. It is based in Downtown
Fort Worth, Texas
. Its current CEO is Keith Hutton.
In 2007, it paid Dominion Resources
US$2.5 billion for 1 Tcuft of oil and gas reserves in the Rocky Mountains, Texas and southern Louisiana,
In 2008 XTO acquired Hunt Petroleum Corporation
for $4.2 billion.
At the end of the second quarter of 2009 XTO Energy became the largest producer of natural gas in the United States.
In 2009, XTO entered into an agreement with ExxonMobil
to be acquired for $31 billion in stock. The deal was approved by XTO's shareholders on June 25, 2010. As a subsidiary of ExxonMobil, the company will be named XTO Energy Incorporated and it will focus on global development and production of unconventional resources.
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
energy producing company. Its primary products are oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
and natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
. It is based in Downtown
Downtown Fort Worth
Downtown Fort Worth is the central business district of Fort Worth, Texas, United States.* Sundance Square - Fort Worth's downtown has is an 8 block entertainment district for the city. The Square has brick-pavers, sidewalk cafes, and landscaping which set it apart...
Fort Worth, Texas
Fort Worth, Texas
Fort Worth is the 16th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, just southeast of the Texas Panhandle, the city is a cultural gateway into the American West and covers nearly in Tarrant, Parker, Denton, and...
. Its current CEO is Keith Hutton.
History
The company was founded in 1985 as Cross Timbers Oil Company. It changed its name in 2001.In 2007, it paid Dominion Resources
Dominion Resources
Dominion Resources Inc. , commonly referred to as Dominion, is a power and energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia and North Carolina and supplies natural gas to parts of West Virginia, Ohio, Pennsylvania, and eastern North Carolina...
US$2.5 billion for 1 Tcuft of oil and gas reserves in the Rocky Mountains, Texas and southern Louisiana,
In 2008 XTO acquired Hunt Petroleum Corporation
Hunt Petroleum
Hunt Petroleum Corporation was an oil and gas exploration and production company formed in 1950. The company was originally called Petrol Production Co. and was later renamed Hunt Petroleum Corporation. The company was a Delaware corporation owned 52.84% by the Margaret Hunt Trust Estate and...
for $4.2 billion.
At the end of the second quarter of 2009 XTO Energy became the largest producer of natural gas in the United States.
In 2009, XTO entered into an agreement with ExxonMobil
ExxonMobil
Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...
to be acquired for $31 billion in stock. The deal was approved by XTO's shareholders on June 25, 2010. As a subsidiary of ExxonMobil, the company will be named XTO Energy Incorporated and it will focus on global development and production of unconventional resources.