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ExxonMobil more than doubles Marcellus holdings
06/20/2011
An ExxonMobil Corp. subsidiary's $1.69 billion acquisition of two private companies with Marcellus shale assets deepens the major's commitment to unconventional resource development.The deal to acquire Phillips Resources Inc., Warrendale, Pa., and its natural gas exploration affiliate, TWP Inc., more than doubles ExxonMobil's Marcellus shale position in the increasingly active northern Appalachian basin.Phillips Resources and TWP have a combined 317,000 net acres in the Marcellus in southwestern Pennsylvania. Their combined yearend 2010 proved reserves were 228 bcf of gas, and they currently produce about 50 MMcfd net of gas.Phillips Resources owns or operates more than 4,000 producing ga...
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