Exxon Mobil’s $41bn deal to acquire XTO Energy, the US natural gas producer, is the biggest energy deal of the year. It provides a decisive answer the question of whether Exxon needed a big strategic move to sustain its growth.
For Exxon, long the most sceptical of all big oil companies about climate change, the deal marks something of a U-turn. For just as last week’s round of bidding for Iraqi oilfields showed companies betting against a decisive outcome in the climate talks at Copenhagen, Exxon’s move for XTO is in part a play on the likelihood that that the US will make further moves to curb greenhouse gases.


