XTO Energy
From Wikimarcellus
Fort Worth, Texas-based XTO Energy (NYSE: XTO) is a domestic natural gas production company that has grown primarily through acquisition of properties from other drillers. In December, 2009 it was announced that Exxon Mobil Corp had acquired XTO in an all stock deal.
XTO paid $600 million for the right to drill on 142,000 Marcellus shale acres formerly owned by Linn Energy. At the time it had been the highest amount ever paid for Marcellus shale drilling rights, and the deal closed on July 1, 2008.
In September, 2008, XTO was reported to have leased land for drilling in eastern Broome and western Delaware counties of New York.
In November, 2008 there was a report that the company had leased land at the Indiana County Airport from the Indiana, Pennsylvania County Commissioners, and it had plans to driil three wells there.
A report in December, 2008 indicated that XTO had leased land near the Village of Deposit, located approximately 30 miles east of Binghamton, New York, along the West Branch of the Delaware River, on the border of Broome and Delaware Counties in southern New York. It consists of 46,000 acres leased for $110 million. This area has easy access to the nearby Millennium Pipeline.
July, 2009 found XTO having made lump sum payments totaling more than $110 million for drilling rights to landowners in and around the Town of Sanford located in Broome County, NY east of Binghampton and near the Pennsylvania border. In another acquisition, XTO leased the 225 acre Kathi Albrecht farm also located near Sanford.
In December, 2009 it was announced that Exxon had acquired XTO Energy in an all stock buy-out valued at $41 billion. The transaction was expected to close in the second quarter of 2010.
- Bob R. Simpson is Chairman and CEO of XTO Energy.
- Tom Metarko is a geologist and spokesman for XTO.
- Ian Kephart is an Operations Engineer.
