Exxon Mobile Corp (NYSE:XOM) has announced that it will purchase XTO Energy, Inc. in an all stock transaction for a value of $30 billion, excluding debt. Exxon will gain a major foothold in the newest North American discoveries through the purchase. The company will issue 0.7098 common share for each XTO share to represent a premium of 25% over XTO’s closing price on Friday.
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Exxon Mobile Corporation explores for, and produces crude oil and natural gas, manufactures petroleum products and transports and sells its products. The company also hold interests in electric power generation facilities. The company’s affiliates sold its MagTex refined products pipeline system in Texas to Sunoco Logistics Partners LP in November 2008.
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