Exxon Raises Stake In Shale With $1.6B Bakken Buy

Law360, New York (September 20, 2012, 7:38 PM EDT) -- Exxon Mobil Corp. is making a big bet on U.S. shale, announcing Thursday that it will trade $1.6 billion in cash and two operating oil fields to Denbury Resources Inc. for all of the smaller Texas company's Bakken shale holdings.

The deal increases Exxon's Bakken assets by 50 percent, to nearly 600,000 acres, according to a statement from the oil and gas behemoth. Under the terms of the sale, Exxon's U.S.-based enhanced recovery specialist, XTO Energy, picks up a 100 percent interest in 196,000 acres in...
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