The given reaction represents the formation of $\mathrm{H}_2 \mathrm{O}$, and the $\mathrm{X}_2$ represents the enthalpy of formation of $\mathrm{H}_2 \mathrm{O}$. The enthalpy of formation is the heat evolved or absorbed when one mole of substance is formed from its constituent atoms.
Related Theory
A negative enthalpy change represents an exothermic change where energy is released from the reaction, a positive enthalpy change represents an endothermic reaction where energy is taken in from the surroundings.