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XTO Energy Inc. is an American company that specializes in extracting unconventional oil and natural gas through the processes of hydraulic fracturing and horizontal drilling. The company was founded in Fort Worth, Texas in 1986. XTO Energy Inc. was involved mainly in the production, handling, shipping and development of natural gas and unconventional oil. They focus on the processing of shale gas, which they are able to convert into a more useful form.
XTO Energy Inc. became a subsidiary of ExxonMobil Corporation in 2010. This acquisition by ExxonMobil allowed them to become the biggest producer of natural gas in the United States. After ExxonMobil, XTO made more business deals that increased their resource portfolio.
Originally named Cross Timbers Oil Company, XTO Energy Inc. was founded by Steve Palko, Bob R. Simpson and Jon Brumley. With the $35 million that was raised by Robert Rubin, former Goldman Sachs co-chairman, the three started the business by purchasing and developing oil and gas assets.
The company started with only eight employees that worked in a small Fort Worth office. At present, XTO is now operating the business with almost 5,000 workers. Four years after Simpson, Palko and Brumley started the company, XTO was able to open new offices in Midland and Oklahoma City. The operation grew fast, and they were able to add more field offices in Elk City, Oklahoma and Texas.
It was June 2001 when Cross Timbers Oil Company decided to finally change its name to XTO Energy Inc. This change in the company name reflected its remarkable growth and the new focus on natural gas instead of oil. The letters “XTO” came from the company’s stock ticker symbol.
Their continued development led to more success in the industry. This awarded them fifth place in Fortune Magazine’s “100 Fastest Growing Companies” in 2002. After a year, the Fort Worth Chamber of Commerce gave the company the Spirit of Enterprise Award for its amazing community and charity projects.
In 2009, ExxonMobil Corporation acquired XTO Energy Inc. through a merger deal for $36 billion. This deal made the company the largest producer of natural gas in the United States. The deal was completed in 2010.
XTO focuses on the production and development of unconventional oil and natural gas by using reliable and efficient technology. The following methods make these resources become commercially viable.
This type of drilling method is used to significantly increase oil and gas gathering. A well is drilled downwards until it reaches a gas or oil reservoir, then the direction of the well becomes horizontal to become parallel with the oil or gas basin. In horizontal drilling, the production of resources can increase by as much as 20 percent as compared to its vertical counterpart. This is what XTO did to maximize their efficiency in gathering these natural resources.
Also called fracking, the hydraulic fracturing method breaks the rock layer by applying water, sand and chemicals at a very high pressure. The well also has a horizontal drilling formation.
The mixture of water, sand and chemicals at high pressure causes the rock layer to form fissures. These fissures are then kept open by the sand particles in the mixture for the oil to escape the well and rise up the surface.
The technology used by XTO Energy Inc. to harvest precious natural resources is efficient. The natural gas and oil, when converted to a more usable form, gives a reliable and powerful source of energy. The reduced CO2 emissions when processed for commercial use can answer many of the world’s problems regarding the environment.
From a small office in Fort Worth, Texas, XTO Energy Inc. has grown immensely. The company not only operates in the United States, but also in Western Canada. Their business significantly boomed through the efforts of their leaders, which allowed them to have influences and shares on around 40,000 oil and natural gas wells in the United States. XTO also supports in the operations of unconventional oil development programs in Argentina.
Here is the full list of sites where XTO Energy Inc. operates:
XTO Energy Inc. is not only remarkable in terms of their success in business, but also the way they value the people around them. The company is known to provide significant assistance to charities, schools and other entities that are in need.
In 2008, the company provided support to the Navarro College’s program for petroleum technology. After a year, XTO collaborated with Habitat for Humanity in order to build new homes in Fort Worth. XTO did not stop there. In 2010, both XTO and ExxonMobil gave five million dollars to Colorado State University to finance studies regarding the effects of gas and oil drilling on wildlife. This funding gave way to 20 individual studies.
XTO Energy Inc. still continues to provide help to educational institutions. In 2013, the company granted $100,000 to Butler County Community College to fund a center for petroleum technology training. Also in the same year, XTO gave a $200,000 donation to the American Red Cross to help the communities in Colorado affected by natural disasters.
In 2014, XTO added another college to their list. The Westmoreland County Community College in Pittsburgh received a $25,000 donation from the company to help students of Petroleum Industrial Processing Operations Technology with their tuition, travel expenses and equipment purchases. In the same year, the company gave 21 Navajo blankets to the Farmington Museum located in New Mexico. The blankets have an estimated value of $175,000.
2015 became another supportive year for XTO when they donated $5 million to the North Dakota Housing Incentive Fund. This financial assistance helped materialize the low-cost apartments where teachers and emergency personnel can be accommodated.
810 Houston St.
Fort Worth, TX 76102