ExxonMobil shells out for Marcellus duo
The supermajor paid $1.69 billion for the companies both based in Pennsylvania
US SUPERMAJOR ExxonMobil bought two independent natural gas companies based in the Marcellus Shale play for $1.69 billion, both based in Pennsylvania, on 2 June. The two companies have proved shale gas reserves of 228 billion cubic feet (cf) and produce around 50 million cf/d. The deal gives ExxonMobil access to around 317,000 acres in the Marcellus Shale play, which stretches across several eastern US states including New York, Pennsylvania and West Virginia.
Earlier this year, chief executive Rex Tillerson outlined plans that will see the company potentially double its unconventional oil and gas production over the next decade. Last year, ExxonMobil bought XTO Energy for $30bn, adding around 45 trillion cf of natural gas resources to its reserves base.