Deals
Tillerson Says He ‘Probably Paid Too Much’ for XTO Energy as Exxon CEO
- Gas deal struck at top of the price cycle, ex-Exxon CEO says
- Tillerson ‘proud’ of purchase for its expertise in shale
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Rex Tillerson has some regrets about Exxon Mobil Corp.’s $31 billion purchase of XTO Energy Inc.
“We probably paid too much," Tillerson, who served as chief executive officer of the company during the deal, said Wednesday at a conference in Houston sponsored by KPMG LLP. "At the time we were looking at gas prices, I think the general consensus was we’d stay around $5, maybe $6. Of course, it never saw those numbers again."