Tuesday, December 15, 2009
Exxon to Buy XTO Energy
Exxon Mobil has struck a deal to buy XTO Energy, America's second largest gas producer, in an all stock deal valued at $31 billion. Exxon will also be assuming XTO's $10 billion debt as part of the deal. This will be the biggest oil/gas deal in four years. By buying XTO, Exxon will be able to expand into the shale gas field, which is developing quickly.