Loews, XTO Buy Dominion's Onshore Oil, Gas Business |
| Bloomberg - Jun 4, 2007 |
Loew's Corp., the holding company owned by New York's Tisch family, and XTO Energy Inc. agreed to buy most of Dominion Resources Inc.'s onshore oil and gas exploration business for about $6.5 billion.
The sale includes reserves equal to about 3.5 trillion cubic feet of gas, Richmond, Virginia-based Dominion said in a statement. Dominion, the second-largest U.S. utility owner, put its exploration business up for sale in November to raise cash for debt reduction and share buybacks.
Loews, a holding company already in the oil and gas business as majority owner of Diamond Offshore Drilling Inc., will pay $4 billion for Dominion's operations in west Texas, Michigan and Alabama, the companies said. Oil and gas producer XTO, based in Fort Worth, is buying deposits in Utah, New Mexico, southern Colorado and Louisiana, for about $2.5 billion.
Read Full Article from Bloomberg
- Posted: 2007-06-04 10:34:22
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