With $41 billion XTO buyout, Rex Tillerson maps a path energy companies will likely follow in the decade to come.
HOUSTON — ExxonMobil‘s $41 billion buyout of XTO Energy caught the oilpatch off guard Monday morning. Over the weekend all eyes were on Iraq, where numerous international oil companies secured contracts to develop the world’s biggest untapped oil fields.
ExxonMobil ( XOM – news – people ), looking for avenues of growth, already has a tentative $25 billion deal to develop the first phase of the giant West Qurna field. But don’t expect the company to show interest in additional Iraqi acreage. In this most recent round, “We just decided not to bid,” Richard C. Vierbuchen, president of Exxon Mobil Upstream Ventures (West) Ltd., told The Associated Press over the weekend.
Iraq could someday produce more oil than Saudi Arabia; it’s natural that Exxon wants to be there.
The first thing to consider when seeking funds for your non-profit is that angel investors are not venture capitalists. Venture capitalists consist of a group of individuals that lend money and want to see a good return on that investment in five to ten years. Venture capitalists usually want a stake in your business as well until the debt is paid in full.
President Obama announced yesterday that he is currently working with Congressional leaders on a new economic stimulus package that will include tax cuts and new spending. Many of the initiatives outlined include incentives for businesses to create jobs, construction spending for roads and other infrastructure projects, and weatherizing rebates for homeowners. Consideration of the proposed legislation will not occur until early next year. As reported today in The New York Times: