Acquisitions & Divestitures

So much for joint ventures. The popular transaction method for buying into U.S. unconventional gas plays this past year was loudly trumped when ExxonMobil Corp. announced it would buy Fort Worth, Texas-based XTO Energy Inc., one of the top gas producers in the U.S. with positions in all the major shale plays as well as tight gas. The $41-billion deal could be the harbinger that changes the landscape of U.S. natural gas players.

In an all-stock transaction reflecting a 25% stock-price premium, ExxonMobil is gaining 45 trillion cubic feet of ...