By KERA News & Wire Services
Dallas, TX –
Exxon Mobil today announced it will acquire Fort Worth-based XTO Energy in an all-stock transaction valued at $31 billion.
Irving-based Exxon has moved quickly to pick up valuable natural gas fields and now it is snapping up XTO, which claims about 45 trillion cubic feet of natural gas.
The world's largest publicly traded oil company will issue 0.7098 common shares for each common share of XTO, representing a 25 percent premium to XTO stockholders.
Exxon will also assume $10 billion in XTO debt.
Copter suspected as Iran-bound grounded in N Texas
Federal agents have grounded a helicopter they suspect was earmarked for shipment to Iran.
The $8 million aircraft sits in a Bell Helicopter hangar in Arlington while agents investigate the circumstances surrounding the helicopter. The Dallas Morning News reports two other U.S.-made helicopters have made it to Iran.
The News reports that at least one of the aircraft is equipped with night vision and autopilot technology subject to strict U.S. restrictions.
The United States has imposed a trade embargo on Iran since 1995, but foreign companies linked to the United States can still use legal loopholes to sell U.S.-made goods legally to nations under U.S. export bans.
The Italian company Tiber Aviation bought three Bell 412 helicopters from the Mexican company Helivan last year for about $22 million.
Gay mayor-elect: Victory shows Houston's diversity
The day after Houston voters chose Annise Parker to become the city's first openly gay mayor, she did as she had throughout a contentious, hard-fought campaign: She focused on the brick-and-mortar realities of running the country's fourth largest city.
Parker told a news conference Sunday about her transition team, her plans to change the running of the Houston Police Department and the financial constraints the city faces.
Then the 53-year-old mayor-elect reflected on the significance of the election, which made Houston the largest U.S. city to elect an openly gay mayor. She called it "a historic election for my community" and said it might change some perceptions of the city.
Parker began her political career as a gay activist and rose through the ranks of local politics to serve first on city council, then as city controller. She defeated former city attorney Gene Locke, 61, with 53.6 percent of the vote Saturday in a race that had a turnout of only 16.5 percent. Locke had hoped to become the city's second black mayor.