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The company was started by Bob R. Simpson, Steve Palko and Jon Brumley with US$35 million raised by former Goldman Sachs co-chairman Robert Rubin. Initially, the company purchased and developed long-lived oil and gas production properties. The company went public in 1993.
In 1986, three Southland Royalty Company executives – Steve Palko, Bob Simpson and Jon Brumley – found themselves suddenly out of work after a hostile takeover by Meridian Oil and Gas.
The predecessor to XTO Energy, Cross Timbers Oil Company, was founded by three friends--Jon Brumley, Bob R. Simpson, and Steve Palko--former executives of Southland Royalty Company who lost their positions following a hostile takeover.
Nov 21, 2022 · It began in 1986 as Cross Timbers Oil Company with Simpson, Jon Brumley and Steve Palko. It eventually changed its name to XTO Energy, became a leader in the growth of shale energy and unconventional resource development.
In 1986, Steve Palko, Bob Simpson and Jon Brumley founded Cross Timbers Oil Co., later renamed XTO Energy, which was sold to Exxon Mobil for $41 billion in stock and debt assumption in June 2010.
Jun 29, 2009 · In 1986, three of us, including Steve Palko, retired vice chairman and president, and Jon Brumley, who is currently the chairman of the board for Encore Acquisition Co., started XTO.
Mar 26, 2007 · The company was founded in 1986 by Steve Palko, Jon Brumley, and Bob Simpson. Brumley left in 1996; Palko left in 2005. This is how Simpson described his company's founding in a 1999 interview...
