Exxon, XTO Say Fracking Regs Would Threaten Merger

By Elaine Meyer

Law360, New York (January 20, 2010, 7:16 PM ET) -- The CEOs of Exxon Mobil Corp. and XTO Energy Inc. told lawmakers Wednesday that proposed federal regulations over a controversial drilling process would stymie the companies’ planned $41 billion merger.

At a hearing on the proposed deal before the U.S. House of Representatives’ Energy and Commerce Committee, Exxon CEO Rex Tillerson and XTO’s Bob Simpson sought to assure members of Congress that the process known as hydraulic fracturing was safe.

Exxon made waves days after it announced its acquisition of XTO in December when it said...
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