Well the news on Monday was that Exxon bought out XTO for a balance sheet stock deal. That’s curious since Exxon had a pretty good cash position. No wonder their share holders are ticked. If memory serves me, that was about what these guys paid for Mobil – I’ll check that.
Well, last I checked XTO had something like 50,000 acres here, but they were not that successful getting completions. Wonder what Exxon will do? Tie all that acreage in with theirs – that would make something close to 400,000 acres in the Piceance. You know – we were hearing rumors of an Exxon take over from over two years ago – things keep moving along, don’t they.
Anyway, Bob retired well – estimates of his share in this deal are reported to be $180 mil just to make the deal and his stock is now valued something like $350 million. Nice retirement deal Bob – I heard of a private boat down in Florida that will be shortly coming on the market – needs a new owner – that golfer is also retiring.