User:Heatherer/XTO Energy

XTO Energy Inc. is an American energy company specializing in the drilling of unconventional oil and natural gas assets, typically from shale rock through a process known as hydraulic fracturing. It is a subsidiary of Exxon Mobil Corporation.

Corporate overview
XTO is an energy producer based in Fort Worth, Texas which has operated as a subsidiary of ExxonMobil since 2010. It is involved with the production, processing, transportation, and development of oil and natural gas resources and reserves. The company specializes in developing shale gas via unconventional means like hydraulic fracturing and horizontal drilling.

XTO owns interests in approximately 40,000 active oil and natural gas sites across North America, with locations in Alaska, Arkansas, Colorado, Kansas, Louisiana, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia, Wyoming and Western Canada. Randy Cleveland serves as the company's president. XTO ranked as the largest U.S. natural gas producer in 2010 when it merged with ExxonMobil, at which point ExxonMobil became the largest producer of natural gas in the U.S.

Early history
XTO Energy was founded in 1986, and was initially called Cross Timbers Oil Company. The company was started by Bob R. Simpson, Steve Palko and Jon Brumley with US$35 million raised by former Goldman Sachs co-chairman Robert Rubin. Initially, the company purchased and developed long-lived oil and gas production properties. The company went public in 1993.

In 1996, Bob R. Simpson, one of the company's founders, became Chairman and Chief Executive Officer. Simpson received his undergraduate and master's degrees in finance from Baylor University. After Simpson took over, the company changed its strategy, from an even split of oil production and natural gas to focusing more heavily on natural gas. In June 2001, the company changed its name from Cross Timbers Oil Company to XTO Energy Inc., to reflect the company's new focus on natural gas rather than oil. "XTO" was chosen as it was the company's stock ticker symbol. The company continued to grow through the acquisition and development of oil and natural gas properties, and in 2002 XTO was ranked 5th on Fortune’s “100 Fastest Growing Companies” list.

ExxonMobil purchase
On December 14, 2009, ExxonMobil agreed to acquire XTO Energy Inc. through a merger. At the time of the acquisition, ExxonMobil was the world's largest publicly traded oil company and XTO was the largest natural gas producer in the United States, with more than 3,000 employees and revenue of $7.9 billion in the previous year. ExxonMobil acquired XTO in a deal valued at $36 billion, involving the issuance of 416 million shares of stock and assuming the company's $11 billion in debt. The deal increased ExxonMobil's U.S. natural gas production to 3.68 billion cubic feet per day, making it the largest producer in the U.S. The purchase by ExxonMobil was the largest by the company since the deal that created ExxonMobil in 1999. The acquisition was finalized in June 2010.

2011 - present
In June 2011, ExxonMobil acquired two natural gas companies in Pennsylvania—Phillips Resources Inc. and TWP Inc.—for $1.69 billion. After the acquisition, both companies were managed by XTO. The acquisition added about 317,000 acres in Marcellus Shale to ExxonMobil's portfolio. In August of the same year, ExxonMobil leveraged XTO's expertise in a trade with Russian oil company Rosneft in a deal worth $3.2 billion, giving ExxonMobil access to oil and gas opportunities in the Russian Arctic.

In September 2012, ExxonMobil and XTO signed a land exchange agreement with Denbury Onshore LLC, acquiring 196,000 acres in the Bakken Shale in North Dakota and Montana. In exchange for the acreage, Denbury Onshore received $1.6 billion in cash and operating interests in Hartzog Draw Field in Wyoming and Webster Field in Texas.

In July 2013, XTO agreed with the U.S. Environmental Protection Agency to pay a $100,000 fine for a November 2010 water spill at a Pennsylvania water recycling operation. In September 2013, the Pennsylvania Attorney General filed criminal charges against XTO, stemming from this incident. In October 2013, the federal Office of Natural Resources Revenue issued a $648,000 civil penalty against XTO for not providing data regarding a federal lease in Kansas. XTO has stated that it did provide the required records, but that the process was time consuming. As of 2013, XTO Energy had requested a hearing on the matter.

During 2013, XTO expanded its production in the Appalachian region of the U.S. by nearly 30%.

In February 2014, XTO agreed to let American Energy–Utica LLC buy into 30,000 acres of its holdings in the Utica Shale located in the Harrison, Jefferson and Belmont counties of Ohio. That same month, a deal between Endeavor Energy Resources and ExxonMobil expanded properties managed by XTO in the Permian Basin to over 1.5 million acres. XTO further expanded its holdings in the Permian Basin in May 2014 when it acquired 26,000 acres from LINN Energy. XTO traded a portion of its interest in the Hugoton gas field in Kansas and Oklahoma for the acres, which increased its position to a total of 300,000 net acres in the Midland Basin. In September 2014, ExxonMobil further expanded its holdings in the Permian Basin managed by XTO, acquiring 17,800 acres from LINN Energy.

, the size of XTO's resource portfolio had tripled since it was acquired by ExxonMobil in 2010.

Charitable contributions
In 2008, XTO began supporting Navarro College’s petroleum technology certificate program. Since 2009, XTO has partnered with Habitat for Humanity to build homes in Fort Worth. In 2010, XTO and ExxonMobil gave a $5 million grant to Colorado State University to fund studies on the impact of oil and gas drilling on wildlife. The grant resulted in 20 research projects.

In April 2013, XTO gave $100,000 to Butler County Community College. The funds helped establish a petroleum technology training center. Also in 2013, XTO donated $200,000 to the American Red Cross to support efforts to help Colorado communities with natural disaster protection and recovery.

In April 2014, XTO donated $25,000 in the form of grants to Westmoreland County Community College in Pittsburgh to help students enrolled in the Petroleum Industrial Processing Operations Technology program offset tuition and travel costs, as well as purchase equipment for the school. Also in 2014, XTO donated 21 historic Navajo blankets to the Farmington Museum in New Mexico; the blankets were valued at $175,000.