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Chevron Acquired Marcellus Shale Acreage

Source: www.gulfoilandgas.com 5/4/2011, Location: North America

Chevron Corporation has announced that it has agreed to acquire oil and gas assets, primarily 228,000 net leasehold acres, in the Marcellus Shale from Chief Oil & Gas LLC and Tug Hill, Inc. Terms of the transaction, which is expected to close before the end of the second quarter, were not disclosed.

George Kirkland, vice chairman, Chevron Corporation, said, "This opportunity is aligned with our strategy to acquire early-in-life assets with long-term organic growth potential. Over the last year, Chevron has acquired nearly five million net acres of shale gas assets in the United States, Canada, Poland and Romania."

"This expansion of our shale gas portfolio gives us additional high-quality resources with strong growth potential, as well as proximity to and synergy with existing operations," said Gary Luquette, president of Chevron North America Exploration and Production Company.

The acreage, which is principally located in southern Pennsylvania, will give Chevron an estimated five trillion cubic feet of additional natural gas resource in its Marcellus Shale operations.

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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