XTO Energy to Buy Hunt Petroleum for $4.2 Billion

Purchase price is $4.2 billion

XTO Energy Inc. on June 19 said it would buy privately held Hunt Petroleum Corp. as well as other entities for a total purchase price of $4.186 billion.

The deal gives XTO a company founded by the late HL Hunt, the oil tycoon considered for years the richest man in America. Under the terms of the agreement, XTO Energy will pay 2.6 billion dollars in cash and 23.5 million shares of XTO common stock, XTO Energy said. The stock is valued at $1.6 billion, or $67.50 a share, slightly below its June 9 closing price of $67.72 .

The Fort Worth, Texas-based company said the deal would add 197 million cubic feet (5.58 million cubic meters) of natural gas, 8,500 barrels of oil and 2,300 barrels of natural gas liquids to its production base.

Copyright Agence France-Presse, 2008

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