XTO Energy
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Formerly called
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Cross Timbers Oil Company |
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| Subsidiary | |
| Industry | Oil and gas industry |
| Founded | Fort Worth, Texas (1986) |
| Founder | Bob R. Simpson, Steve Palko, Jon Brumley |
| Headquarters | Fort Worth, Texas, United States |
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Number of locations
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Arkansas, Colorado, Kansas, Louisiana, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia, Wyoming, Western Canada |
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Key people
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Randy Cleveland (President) |
| Products |
Petroleum Natural gas |
| Parent | Exxon Mobil Corporation |
| Website | www |
XTO Energy Inc. is an energy company, principally operating in the United States, specializing in the drilling and production 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.
The acquisition of XTO Energy in 2010 made ExxonMobil the largest producer of natural gas in the U.S. Since then, XTO Energy's resource portfolio has tripled through several acquisitions. The company owns interests in approximately 40,000 active oil and natural gas sites across North America.
XTO Energy 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. The company specializes in developing shale gas via unconventional means like hydraulic fracturing and horizontal drilling.
XTO Energy owns interests in approximately 40,000 active oil and natural gas sites across North America, with locations in 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 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 Energy was ranked 5th on Fortune’s “100 Fastest Growing Companies” list.
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Wikipedia