XTO Energy

From Wikipedia, the free encyclopedia
Jump to: navigation, search
"XTO" redirects here. For the airport in Queensland, Australia, see Taroom Airport.
XTO Energy
Type Private
Industry Oil and gas industry
Founded 1985 (1985)
Founders Bob R. Simpson
Headquarters Fort Worth, Texas, United States
Area served North America
Key people Randy Cleveland(President)[1]
Products Petroleum
Natural gas
Revenue Increase $ 7.692 billion (2008)
Operating income Increase $ 3.508 billion (2008)
Net income Increase $ 1.912 billion (2008)
Total assets Increase $ 38.254 billion (2008)
Total equity Increase $ 17.347 billion (2008)
Employees 2,361 (2008)[2]
Parent ExxonMobil
Website www.xtoenergy.com

XTO Energy is an American Fortune 500 energy producing company. In 2010, the company became a subsidiary of ExxonMobil. Its primary products are oil and natural gas. It is based in Downtown Fort Worth, Texas.[3] Its current CEO is Keith Hutton.

History[edit]

XTO Energy is headquartered in Downtown Fort Worth, with additional offices located adjacent to the Stockyards Fort Worth Stockyards.

The company was founded in 1985 as Cross Timbers Oil Company. It changed its name in 2001.

In 2007, it paid Dominion Resources US$2.5 billion for 1 trillion cubic feet (28×10^9 m3) of oil and gas reserves in the Rocky Mountains, Texas and southern Louisiana,[4]

In 2008, XTO acquired Hunt Petroleum Corporation for $4.2 billion.[5] 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 $41 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.[1]

References[edit]

  1. ^ a b "ExxonMobil and XTO complete merger". Upstream Online (NHST Media Group). 2010-06-25. Retrieved 2010-06-27. 
  2. ^ Profile for XTO Energy - Yahoo! Finance
  3. ^ "Contact Us." XTO Energy. Retrieved on December 8, 2009.
  4. ^ Mufson, Steven, "Dominion sells more of its oil and gas assets", Washington Post (June 5, 2007) p D04
  5. ^ "XTO Energy to buy private firm Hunt Petroleum for $4.2B in cash/stock". Forbes. June 10, 2008. Archived from the original on 2011-02-14. Retrieved 2009-08-14. 

External links[edit]