Deals
Exxon to Buy Gas Explorer InterOil for Up to $3.6 Billion
- Deal could be Exxon’s biggest since purchase of XTO in 2010
- Company to process Papua New Guinea gas in its existing plant
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Exxon Mobil Corp. agreed to acquire natural gas explorer InterOil Corp. for as much as $3.6 billion to add discoveries in Papua New Guinea that will feed the buyer’s existing export plant.
Exxon will use its own stock and cash to pay between $45 and $71.87 per share of InterOil, depending on how much gas InterOil’s Elk-Antelope field holds, Irving, Texas-based Exxon said in a statement on Thursday. With the range of potential payouts valuing the agreement at as much $3.6 billion, it may represent Exxon’s biggest acquisition since the $35 billion purchase of U.S. shale explorer XTO Energy in 2010.