NEW YORK—Exxon Mobile bought out XTO Energy for $41 billion Monday in an all-stock purchase that created a ripple affect showing positive gains in all mid and small cap stocks.
Exxon Mobile joined Visa Inc. as one of the two leading companies in money flow for trading on Monday.
“We are pleased that ExxonMobil and XTO have reached this agreement,” stated Rex W. Tillerson, chief executive officer and chairman of Exxon Mobil in a recent press release.
XTO is known in the market as one of the primary companies for finding unique gases in the U.S. suitable for generating power as well as shale oil. Exxon’s purchase has not only increased trading involved with energy companies, it also earned them the top spot on the “Buying On Weakness” list posted by the Wall Street Journal which marks what enterprises reduce their stock price while having an increase in capital.
“XTO is a leading U.S. unconventional natural gas producer, with an outstanding resource base, strong technical expertise and highly skilled employees. XTO’s strengths, together with ExxonMobil’s advanced R&D and operational capabilities, global scale and financial capacity, should enable development of additional supplies of unconventional oil and gas resources, benefiting consumers both here in the United States and around the world,” said Tillerson.
With Exxon Mobile having a very strong presence in the global economic market many stock holders and traders are anticipating that the deal will help all companies associated with energy production. With Exxon Mobile boosting their business with natural gases it could create a scenario where the U.S. increases their output of natural gases, which would reduce our dependency on foreign oil.
Exxon Mobile joined Visa Inc. as one of the two leading companies in money flow for trading on Monday.
“We are pleased that ExxonMobil and XTO have reached this agreement,” stated Rex W. Tillerson, chief executive officer and chairman of Exxon Mobil in a recent press release.
XTO is known in the market as one of the primary companies for finding unique gases in the U.S. suitable for generating power as well as shale oil. Exxon’s purchase has not only increased trading involved with energy companies, it also earned them the top spot on the “Buying On Weakness” list posted by the Wall Street Journal which marks what enterprises reduce their stock price while having an increase in capital.
“XTO is a leading U.S. unconventional natural gas producer, with an outstanding resource base, strong technical expertise and highly skilled employees. XTO’s strengths, together with ExxonMobil’s advanced R&D and operational capabilities, global scale and financial capacity, should enable development of additional supplies of unconventional oil and gas resources, benefiting consumers both here in the United States and around the world,” said Tillerson.
With Exxon Mobile having a very strong presence in the global economic market many stock holders and traders are anticipating that the deal will help all companies associated with energy production. With Exxon Mobile boosting their business with natural gases it could create a scenario where the U.S. increases their output of natural gases, which would reduce our dependency on foreign oil.
