ExxonMobil has signalled a major strategy shift with a $41bn deal to buy XTO Energy, which will give the world's biggest publicly listed oil company a large position in domestic natural gas.
Analysts said the cash-rich company paid a relatively high price for XTO gas reserves, many of which lie in US shale deposits. The deal gives Exxon an increased foothold in difficult-to-tap gas reserves and greater access to a cleaner-burning alternative to coal.
“What they are signalling with this acquisition is that they understand the importance of gas,'' said Amy Myers Jaffe, energy expert at the James A Baker Institute for Public Policy. “It's the fuel of the future.''
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