Exxon to Buy Gas Company XTO Energy for $31B

All-stock deal will bolster Exxon's natural gas profile
By Kevin Spak,  Newser Staff
Posted Dec 14, 2009 10:00 AM CST
In this July 26, 2006 file photo, an Exxon sign glows at an Exxon station in Richmond, Va.   (AP Photo/Steve Helber, file)

(Newser) – Exxon Mobil has agreed to buy natural gas powerhouse XTO Energy for $31 billion in stock. Exxon’s been long rumored to be in the market for a natural gas company, hoping to take advantage of currently low prices, the Wall Street Journal reports. In XTO it’s nabbed a fast-growing, focused company. Its production jumped 23% in the third quarter, meaning earnings fell just 4% despite lagging prices. Exxon hasn't had a major acquisition since the merger with Mobil a decade ago.

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