XTO Energy
| 125px | |
| Type | Subsidiary |
|---|---|
| Industry | Oil & Gas |
| Founded | 1985 |
| Founder(s) | Bob R. Simpson |
| Headquarters | Fort Worth, Texas, US |
| Area served | North America |
| Key people |
Jack Williams (President) Keith A. Hutton (Executive Vice President)[1] |
| Products | Oil & Natural gas |
| Revenue |
 $ 7.692 billion (2008) |
| Operating income |
$ 3.508 billion (2008) |
| Net income |
$ 1.912 billion (2008) |
| Total assets |
$ 38.254 billion (2008) |
| Total equity |
$ 17.347 billion (2008) |
| Employees | 2,361 (2008)[2] |
| Parent | ExxonMobil |
| Website | XTOEnergy.com |
XTO Energy is an American Fortune 500 energy producing company. Its primary products are oil and natural gas. It is based in Downtown Fort Worth, Texas.[3] Its current CEO is Keith Hutton.
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 (28×109 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 $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.[1]
Environmental record
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XTO Energy has agreed to pay $139,000 to settle pollution violations on its two Cook Inlet oil production platforms and its onshore processing plant near Nikiski. The U.S. Environmental Protection Agency said that XTO violated the federal Clean Water Act on twenty-four different occasions.[6] The violations did not involve oil spills, but the XTO platforms exceeded pollutant limits. Considering the amount of platforms and the amount of engines that are used at XTO Energy, the amount of emission released in the air will not exceed 26 tons.[7] The platform that consists of the most emissions is that of Platform C. Platform C consists of two gas-fired turbines, five gas-fired IC engines, six diesel-fired IC engines, and a gas-fired flare.[7] They currently are a partner in the Natural Gas STAR Program which is a voluntary greenhouse gas emission reduction program for the upstream oil and gas industry.[8]
References
- ↑ 1.0 1.1 "ExxonMobil and XTO complete merger". Upstream Online (NHST Media Group). 2010-06-25. http://www.upstreamonline.com/live/article218921.ece. Retrieved 2010-06-27.
- ↑ Profile for XTO Energy - Yahoo! Finance
- ↑ "Contact Us." XTO Energy. Retrieved on December 8, 2009.
- ↑ 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. http://www.forbes.com/feeds/afx/2008/06/10/afx5100025.html. Retrieved 2009-08-14.
- ↑ Goliath
- ↑ 7.0 7.1 Online Public Notice
- ↑ Edgar
External links
