XTO Energy Inc. 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. Consideration in the transaction included about $2.6 billion in cash and 23.5 million shares of XTO common stock.
"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," stated 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."
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