History
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 (28×109 m3) 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.
Read more about this topic: XTO Energy
Famous quotes containing the word history:
“It’s nice to be a part of history but people should get it right. I may not be perfect, but I’m bloody close.”
—John Lydon (formerly Johnny Rotten)
“A country grows in history not only because of the heroism of its troops on the field of battle, it grows also when it turns to justice and to right for the conservation of its interests.”
—Aristide Briand (1862–1932)
“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
—Ralph Waldo Emerson (1803–1882)