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Hunt Petroleum acquisition completed by XTO
XTO Energy Inc. of Fort Worth has completed its previously announced merger of privately-held Hunt Petroleum Corporation and other associated entities into a wholly-owned subsidiary for approximately $4.2 billion.
Finalization of the deal was announced Wednesday morning.
Consideration in the transaction included about $2.6 billion in cash and 23.5 million shares of XTO common stock. Hunt Petroleum is part of the legacy of H.L. Hunt who was instrumental in developing the East Texas Oil Field in the 1930s.
“We have now closed our purchase of this legacy franchise of quality long-lived properties. As we have stated, these assets substantially overlap XTO’s positions in our Eastern Region and our team already recognizes tremendous upside potential for development,” said Bob R. Simpson, chairman and chief executive officer.
“With our expansive acquisition program now complete, the company’s efforts are focused on accelerating drilling activity and volume growth with strong financial returns secured by our robust hedging program.”
XTO Energy Inc. is a domestic natural gas producer engaged in the acquisition, exploitation and development of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas - including East Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana, Mississippi, Montana, North Dakota, Pennsylvania and West Virginia.
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