Breaking: XTO to buy Hunt Petroleum
by Kevin BuchananIt’s just energy news day, isn’t it? The Wall Street Journal is reporting that Fort Worth’s own XTO Energy will be purchasing Hunt Petroleum:
Natural-gas producer XTO Energy Inc. has agreed to acquire closely held Hunt Petroleum Corp. for $4.19 billion in cash and stock, a deal that may help put to rest a Hunt family feud.
The purchase price consists of $2.6 billion in cash and 23.5 million shares of XTO common stock valued at approximately $1.6 billion, or $67.50 a share.
Here’s more on the family feud mentioned above that the deal may settle:
The Hunt sale signals the end of the line for the 80-year-old company, created by H.L. Hunt, who died in 1974 and was once considered the world’s richest man. His nephew, octogenarian Tom Hunt, was H.L. Hunt’s right-hand man and has been the company’s chairman.
But the family has been engulfed in a battle over several billion dollars in trust assets. After H.L. Hunt’s oldest daughter died last year, her heirs began battling over the inheritance, with one of her grandsons suing almost the entire family. He accuses his relatives of conspiring to plunder the family trusts and defraud the Internal Revenue Service.
With the pace of growth and acquisitions XTO is in right now, we might be seeing them building a brand-new building in downtown to go with their restored historic properties sooner than we thought.
Tags: business, downtown, energy, gas drilling, Hunt, petroleum, XTO
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2 Comments, Comments or Pings
John Peter Smith
Nice to see a Cowtown company buying up a dallas firm for a change.
Jun 10th, 2008
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