ExxonMobil has signalled a significant shift in strategy with a deal to pay $31bn in stock for XTO Energy, which will give the world’s biggest publicly listed oil company a large position in domestic natural gas. Analysts said ExxonMobil had paid a relatively high price for XTO’s reserves, many of which lie in US shale deposits. The deal, which includes a further $10bn in XTO debt, gives Exxon an increased foothold in gas reserves and greater access to a cleaner-burning alternative to coal.

This entry was posted by Gwen Robinson on Tuesday, December 15th, 2009 at 5:35 and is featured in The 6am Cut London (15 Dec 2009) . Tagged with ExxonMobil, XTO Energy. Edit this entry.