Exxon Mobil Corp’s (NYSE: XOM) subsidiary XTO Energy Inc said on Friday that it has purchased more than $16.8 million in debt securities from its creditors.
The company said that the offer to purchase 6.25% and 7.5% senior notes had expired on August 6th at 5:00 PM. The company offered 101% on the principal amount of the securities plus all accrued and unpaid interest. XTO Energy bought back the debt with its cash on hand and money that it borrowed from parent company Exxon Mobil. XTO became a wholly owned subsidiary of ExxonMobil on June 25.
Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. It also has interests in electric power generation facilities. The Company has several divisions and hundreds of affiliates with names that include ExxonMobil, Exxon, Esso or Mobil. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and other countries of the world. Their principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. At December 31, 2009, approximately 7.5 billion oil-equivalent barrels (GOEB) of the Company’s reserves were classified as proved undeveloped, which represented 33% of the 23 GOEB reported in proved reserves.
Shares of XOM traded down 0.53% on Friday ending the week at $59.91.
