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Exxon Mobil unit extends tender offer to buy units in Hugoton Royalty Trust from SNL Energy Finance Daily Exxon Mobil unit extends tender offer to buy units in Hugoton Royalty TrustByline: Dyna Mariel Bade Exxon Mobil Corp. subsidiary XTO Energy Inc. extended its tender offer to purchase all the outstanding units of beneficial interest in Hugoton Royalty Trust at 20 cents per unit. Hugoton Royalty Trust operates as an express trust, holding 80% net profits interests in certain natural gas producing properties of XTO Energy in Kansas, Oklahoma and Wyoming. The trust was created to collect and distribute to unit holders monthly net profits income related to the net profits interests it holds. The tender offer is now set to expire at 5 p.m. ET on May 12, unless further extended or terminated, according to an April 29 news release. XTO Energy said the offer was extended to give unit holders more time to transmit documentation and give instructions to their brokers, given the impacts of the coronavirus pandemic. As of April 28, 5,854,525 units, or about 14.6% of the outstanding units, have been validly tendered. XTO Energy is a U.S.-focused oil and gas producer that develops tight gas, shale gas and unconventional oil resources. |
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