XTO Energy

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XTO Energy
TypePrivate
IndustryOil and gas industry
Founded1985 (1985)
Founder(s)Bob R. Simpson
HeadquartersFort Worth, Texas, United States
Area servedNorth America
Key peopleRandy Cleveland(President)[1]
ProductsPetroleum
Natural gas
RevenueIncrease $ 7.692 billion (2008)
Operating incomeIncrease $ 3.508 billion (2008)
Net incomeIncrease $ 1.912 billion (2008)
Total assetsIncrease $ 38.254 billion (2008)
Total equityIncrease $ 17.347 billion (2008)
Employees2,361 (2008)[2]
ParentExxonMobil
Websitewww.xtoenergy.com
 
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"XTO" redirects here. For the airport in Queensland, Australia, see Taroom Airport.
XTO Energy
TypePrivate
IndustryOil and gas industry
Founded1985 (1985)
Founder(s)Bob R. Simpson
HeadquartersFort Worth, Texas, United States
Area servedNorth America
Key peopleRandy Cleveland(President)[1]
ProductsPetroleum
Natural gas
RevenueIncrease $ 7.692 billion (2008)
Operating incomeIncrease $ 3.508 billion (2008)
Net incomeIncrease $ 1.912 billion (2008)
Total assetsIncrease $ 38.254 billion (2008)
Total equityIncrease $ 17.347 billion (2008)
Employees2,361 (2008)[2]
ParentExxonMobil
Websitewww.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]

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