XTO Energy - History

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 (28×10^9 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:

    Classes struggle, some classes triumph, others are eliminated. Such is history; such is the history of civilization for thousands of years.
    Mao Zedong (1893–1976)

    I believe that history has shape, order, and meaning; that exceptional men, as much as economic forces, produce change; and that passé abstractions like beauty, nobility, and greatness have a shifting but continuing validity.
    Camille Paglia (b. 1947)