xto energy

xto energy

Exxon Mobil said Monday that he agreed with XTO Energy, a producer of gas, buying 31 billion dollars in stock and the assumption of 10 billion dollars in debt, the largest energy company merger in years.

Under the agreement, XTO will pay Exxon shareholders, 7098 ordinary shares for each of their XTO shares, or about $ 51.69 based on Friday closing prices. The agreement, which benefit from low gas prices represent a premium of 25 percent XTO shares.

The acquisition would be the same as Exxon bilioner approximately 45 cubic feet of natural gas in the U.S., in a bet that demand will continue to rise. XTO, founded in 1986, is the largest domestic producer of natural gas.

"XTO is a leading American unconventional gas producer, with an excellent resource, strong technical expertise and highly skilled workforce," Rex Tillerson, Exxon's CEO, said in a statement.

Exxon Deal speculation among analysts asked about what natural gas producers can be established for subsequent sales, with companies like Devon Energy is now seen as potential takeover targets.

Exxon said that after closing the transaction, expected in the second quarter of next year, XTO would hold as an upstream business unit to develop natural gas from unconventional sources like shale rock. The company remains in XTO's headquarters in Fort Worth, Tex.