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Old 12-14-2009, 10:14 AM
 
4,775 posts, read 8,835,591 times
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This is horrible news for Fort Worth Exxon has just purchase XTO energy for 40 billion dollars. This one of Fort Worth most prestigous companies. Think of how many jobs that will be loss and transfered. XTO did a lot for the revitalization of the downtown region of Fort Worth. This move now gives Exxon the abilty to now manipulate natural gas and oil.

Exxon Mobil to buy XTO Energy in big U.S. gas bet - Yahoo! News (http://news.yahoo.com/s/nm/20091214/bs_nm/us_xto_exxon - broken link)
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Old 12-14-2009, 10:19 AM
 
Location: Willowbend/Houston
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I dont know how many jobs will be lost, but given that Exxon's HQ is right next door in Irving, I cant imagine too many jobs will be transfered out of North Texas.
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Old 12-14-2009, 10:27 AM
 
4,775 posts, read 8,835,591 times
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Quote:
Originally Posted by LAnative10 View Post
I dont know how many jobs will be lost, but given that Exxon's HQ is right next door in Irving, I cant imagine too many jobs will be transfered out of North Texas.
Research the partnership the city of Fort Worth had with XTO. No way in hell Exxon will have the same partnership. I don't care if it is next door this is a huge loss for the city of Fort Worth. I guess that also puts the breaks on the rumored 60+ story tower in downtown Fort Worth. So sad we will never have a skyline. That was our last hope.
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Old 12-14-2009, 10:35 AM
 
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I worked for Mobil and my father worked for Mobil for 32 years. Exxon-Mobil is just not the same company as far as camaraderie and corporate/social/civic responsibility. However, I still own a good amount of stock so I am all for it doing well (it's down almost $25 from the high).
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Old 12-14-2009, 11:42 AM
 
341 posts, read 1,018,549 times
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David Rosenthal, Exxon Mobil’s vice president of investor relations, told investment analysts today that the deal would result in it creating “a premier upstream organization to be based in Fort Worth.”
Exxon Mobil to buy XTO Energy in $41 billion deal | Top Stories | Star-Telegram.com (http://www.star-telegram.com/804/story/1828492.html - broken link)
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Interesting statemen by the Exxon PR guy ? For ever it seems Exxon has had the heart and soul of its company, that is it's upstream operations which is of course the heart and soul of any O&G company, down in Houston but maybe they'll move more of those operations to FTW to be combined with the XTO upstream operation located there ? And the biggest prize of all in symbolic terms would be headquarters moving from Irving, where it's been for 'bout 20 years since moving from NJ, to FTW ? You never know FTW might come out ahead on this deal ?
But the really big story here is the signal by the worlds biggest energy company than Natural Gas in NORTH AMERICA is where the future is.
Will the idiots in Washington wake up to this or keep letting than ding bat Pelosi in Cal keep sending them off in the wrong direction in energy policy ?
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Old 12-14-2009, 02:58 PM
hsw
 
2,144 posts, read 7,160,089 times
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Put things back in perspective

Valuable cos. are owned by shareholders (largely mutual funds, pension funds, etc) who want cos. to earn lots of money and spend it efficiently, hiring and keeping talented employees to make even more money and placing offices/operations in the most cost-effective places on planet (but places where talented workers want to reside)

Exxon is world's most valuable co.; is HQd in a nondescript ?4-story office campus in Irving with about 400 workers....and offices/ops all over globe

Most of world's most valuable and powerful cos. also are based in low-lying, anonymous, suburban office campuses, not trophy towers in some downtown....look at images of HQs of Apple, Google, Intel, Cisco, Chevron, IBM, etc etc

Many of XTO's senior execs are fairly wealthy guys....and like their counterparts in energy, tech or finance industries, often prefer mundane, low-lying offices....even the billionaire families that dominate FtWorth have rather modest offices and homes

Trophy towers are for lawyers and bean-counters who usually have very little personal net worth, but great views from their offices....
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