"The deal, which is subject to XTO shareholder approval and expected to close in the second quarter, would be Exxon's biggest since it purchased Mobil Corp in 1999"

Good call Longterm - as the timing for the XTO deal looks like it will be too late to have any impact on Exxon's decision on Phase 2 (- unless XTO's expertise is somehow available to Exxon before the end of February which would be doubtful). Regards Paul