Lack Of Immediate Earnings From XTO Energy Not A Problem For Exxon (XTO, XOM)

Exxon Mobil (NYSE: XOM) does not hope to pull in earnings from its proposed $27 billion bid for XTO Energy (NYSE: XTO) for a couple of years, said the company’s chief executive Rick Tillerson.

Reuters reported Tillerson as saying, “We expected the first couple of years to be pretty sloppy" at the International Energy Forum. He also said he is unconcerned by the current oil market volatility, given the company’s history of investing in the distant future.

Exxon is currently working on acquiring the Jubilee fields in Ghana from Kosmos Energy for $4 billion. Kosmos holds 30.875% in Jubilee's West Cape Three Points block.