XTO Energy
{{#badges: CoalSwarm}} XTO Energy is a subsidiary of ExxonMobil. Its primary products are oil and natural gas from unconventional sources such as shale. It is based in Downtown Fort Worth, Texas.[1]
Contents
History
The company was founded in 1985 as Cross Timbers Oil Company. It went public in 1993 on the NYSE (under ticker XTO). The company changed its name in 2001 to XTO Energy Inc.[2]
In 2007, it paid Dominion Resources US$2.5 billion for of oil and gas reserves in the Rocky Mountains, Texas and southern Louisiana.[3]
In 2008 XTO acquired Hunt Petroleum Corporation for $4.2 billion.[4]
At the end of the second quarter of 2009 XTO Energy became the largest producer of natural gas in the United States.[5]
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 would be named XTO Energy Incorporated and focused on global development and production of unconventional resources.[5]
The ExxonMobil buyout included XTO’s rights to 47,000 acres of a lucrative section of the Marcellus shale. It was reported that the purchase of XTO could be nullified if Congress made hydraulic fracturing illegal, according to language in the contract, which stipulated that the $31 billion deal could be terminated if Congress found the practice unlawful. Rep. Ed Markey, D-Mass., chairman of the energy and environment subcommittee of the Energy and Commerce Committee, said that he planned hearings in the next year to examine industry practices, including "some of these unconventional extraction techniques." But the practice has continued.[6]
Organizational affiliations
XTO is a funder of Energy in Depth (EID), a pro-oil-and-gas drilling industry front group formed by the American Petroleum Institute, the Independent Petroleum Association of America (IPAA) and dozens of additional industry organizations for the purpose of denouncing legislation proposed by Colorado U.S. Rep. Diana DeGette to regulate underground hydraulic fracturing fluids.[7]
The group is also funded by the El Paso Corporation, Occidental Petroleum, BP, Anadarko, Marathon, EnCana, Chevron, Talisman, Shell, API, the Independent Petroleum Association of America, Halliburton, Schlumberger and the Ohio Oil and Gas Association.[8]
Committees
XTO is a member of the Marcellus Shale Committee, which represents itself as a committee of citizens concerned about the negative consequences of natural gas drilling across the northeastern U.S., but is more accurately an industry front group for oil and gas companies created in 2008. The Marcellus Shale Committee asserts that its goal is to promote "the responsible development of natural gas from the Marcellus Shale geological formation in Pennsylvania and the enhancement of the Commonwealth's economy that can be realized by this clean-burning energy source."[9]
Personnel
- Keith Hutton, CEO
Contact details
Articles and Resources
Related SourceWatch resources
Profiles and campaigns
External Articles
References
- ↑ "Contact Us." XTO Energy. Retrieved on December 8, 2009.
- ↑ "About XTO" XTO Energy Website, accessed March 2012.
- ↑ Mufson, Steven, "Dominion sells more of its oil and gas assets", Washington Post (June 5, 2007) p D04
- ↑ "XTO Energy to buy private firm Hunt Petroleum for $4.2B in cash/stock", Forbes (June 10, 2008). Retrieved on 2009-08-14.
- ↑ 5.0 5.1 "ExxonMobil and XTO complete merger", NHST Media Group (2010-06-25). Retrieved on 2010-06-27.
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<ref>tag; name "upstream250610" defined multiple times with different content - ↑ [1] "Local economies look for boost from natural gas exploration in region’s Marcellus shale," Adam Voster, Ocean Times Herald, December 22, 2009
- ↑ Alexandra Kougentakis, Brad Johnson What The Frack? Gas Industry’s Multimillion-Dollar Campaign Demonizes Hydraulic Fracturing Bill, Think Progress; The Wonk Room. June 12, 2009
- ↑ Barry Russell, Independent Petroleum Association of America President and CEO Hydraulic Fracturing Under Attack, memo/newsletter to IPAA members, June 5, 2009
- ↑ "About the Marcellus Shale Committee", Marcellus Shale Committee, accessed November 2009.