Jan. 8 (Bloomberg) -- Exxon Mobil Corp. seeks more than added reserves with its takeover of XTO Energy Inc. The biggest U.S. oil company also intends to prevent a repeat of exploration flops such as a Hungarian well that struck more water than gas.
Last month’s agreement to buy Fort Worth, Texas-based XTO for $30 billion, Exxon’s largest takeover since its 1999 purchase of Mobil Corp., provides growth potential to a company that’s failing on four in 10 exploration wells, analysts say. Those setbacks culminated in the Nov. 2 abandonment of a $75 million effort to crack open a natural-gas field in Hungary.
Read the full article at Bloomberg.com
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