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XTO Energy history
XTO Energy company history timeline
XTO Energy was founded in 1986, and was initially called Cross Timbers Oil Company.
Cross Timbers was incorporated in 1990, and six limited partnerships and two corporations were rolled into it.
By 1990, the company opened new offices in Midland and Oklahoma City, and field offices in Elk City, Oklahoma, and Perryton, Texas.
To satisfy both parties, management in 1991 formed Cross Timbers Royalty Trust, which received a portion of the profits made on the company's properties.
At this point, Cross Timbers had about 40 million barrels of oil reserves and in 1992 generated $92 million in revenues and net income of $7.1 million.
Determination is central to the Company’s core values – so Cross Timbers’ failed attempt at an earlier initial public offering only made success sweeter in 1993.
XTO was also named “Best Managed E&P Company” by Forbes and ranked fourth-best performing on the NYSE since its IPO in 1993.
In less than two years Cross Timbers reached its $250 million goal, capped by the 1995 $123 million acquisition of 375 wells from Santa Fe Minerals located in the Hugoton Field of Kansas and Oklahoma.
In 1995 the company's assets were divided half oil and half gas, but Simpson now opted to change that ratio to two-thirds natural gas, which he hoped would generate higher profits, due in large part to the lower costs of handling the commodity compared to oil.
Also in 1997 Cross Timbers spent $39 million to acquire properties in Oklahoma, Kansas, and Texas.
Cross Timbers also defied conventional wisdom in 1999 when it decided to cut its dividend 75 percent, to just a penny a share, in order to address its high debt.
The deal increased ExxonMobil's United States natural gas production to 3.68 billion cubic feet per day, making it the largest producer in the United States The purchase by ExxonMobil was the largest by the company since the deal that created ExxonMobil in 1999.
In 2000 revenues ballooned to more than $600 million, and net income more than doubled, totaling $115.2 million.
By 2000, domestic production for natural gas had remained relatively flat for 10 years.
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.
Results in 2001 were even more spectacular, with revenues improving to $839 million and net income to nearly $250 million.
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.
XTO and its employees made headlines in 2008, with $11.2 billion in acquisitions.
On December 14, 2009, ExxonMobil agreed to acquire XTO Energy Inc. through a merger.
XTO became the largest natural gas producer in the United States, with 5.4 percent of all footage drilled in the country in 2009.
The acquisition was finalized in June 2010.
In June 2011, ExxonMobil acquired two natural gas companies in Pennsylvania—Phillips Resources Inc. and TWP Inc.—for $1.69 billion.
In 2011, a new operating division was created at XTO – the Appalachia Division.
In September 2012, ExxonMobil and XTO Energy signed a land exchange agreement with Denbury Onshore LLC, acquiring 196,000 acres in the Bakken Shale in North Dakota and Montana.
During 2013, XTO Energy expanded its production in the Appalachian region of the United States by nearly 30%.
With almost all of the new United States power plants planning to rely on natural gas, leading to an expected 40 percent increase in demand by 2015, XTO with its considerable gas reserves, as well as demonstrated expertise, was well positioned for many more years of solid growth.
XTO began leading the activity for ExxonMobil Exploration Argentina's five-well pilot project in the Vaca Muerta formation in 2015.
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XTO Energy competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Chesapeake Energy | 1989 | $11.7B | 1,300 | 37 |
| The Williams Companies | 1908 | $10.5B | 5,425 | 221 |
| Dynegy | 1984 | $4.8B | 2,489 | - |
| Devon Energy | 1971 | $15.9B | 1,400 | 62 |
| Enterprise Products Partners | 1968 | $56.2B | 7,000 | 59 |
| Andeavor | 1968 | $35.0B | 14,300 | - |
| Valero Energy | 1980 | $129.9B | 10,015 | 57 |
| Chevron | 1879 | $146.5B | 44,679 | 372 |
| Energy Transfer Solutions | 2003 | $8.5M | 75 | 5 |
| Spectra Energy | 1999 | $4.9B | 5,700 | - |
XTO Energy history FAQs
Zippia gives an in-depth look into the details of XTO Energy, including salaries, political affiliations, employee data, and more, in order to inform job seekers about XTO Energy. The employee data is based on information from people who have self-reported their past or current employments at XTO Energy. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by XTO Energy. The data presented on this page does not represent the view of XTO Energy and its employees or that of Zippia.
XTO Energy may also be known as or be related to Cross Timbers Oil Company, Montex Drilling Co, XTO Energy, XTO Energy Inc, XTO Energy, Inc. and Xto Energy.