Filed under: Energy, Company News, Technology, Exxon Mobil

Exxon Mobil (XOM) will buy XTO Energy (XTO) in an all-stock deal worth $31 billion as the oil giant moved aggressively Monday to capitalize on the growing supply of natural gas at home. The deal could signal a new rush to own natural gas assets by major integrated producers, and perhaps the start of a significant consolidation in the energy industry.

"Exxon is the group leader and it sets the trend. I would expect more acquisitions in the next three to six months," said Fadel Gheit, senior energy analyst for Oppenheimer. "Who that will be is the $64,000 question."

Continue reading Exxon Mobil will buy natural-gas producer XTO Energy for $31 billion

Exxon Mobil will buy natural-gas producer XTO Energy for $31 billion originally appeared on DailyFinance on Mon, 14 Dec 2009 09:40:00 EST. Please see our terms for use of feeds.

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