Exxon Cautious After Admitting XTO Misstep

摘要

Exxon Mobil is still on the lookout for acquisition opportunities but is keen to avoid paying too much for assets, the oil giant’s CEO told investors, after admitting that it overpaid on its $36 billion takeover of XTO Energy. While the company has been an active buyer in the past year, snapping up assets in the Permian Basin, offshore Mozambique and in Papua New Guinea for about $11 billion total, many believe that the biggest of Big Oil majors needs to bring more low-cost liquids opportunities into its portfolio (OD Jan.18’17).