Wednesday, June 8, 2011

Reuters: Exxon buys two Marcellus companies for $1.7 billion

NEW YORK/HOUSTON | Wed Jun 8, 2011 6:59pm EDT
NEW YORK/HOUSTON (Reuters) - Exxon Mobil Corp (XOM.N) said it bought privately held natural gas company Phillips Resources and related company TWP Inc for $1.69 billion last week, picking up about 317,000 acres for exploration in the Marcellus shale basin.
The action highlights the importance Exxon is placing on natural gas assets after spending about $30 billion last year to buy natural gas company XTO Energy, adding one of the leading developers of shale gas and a resource base of 45 trillion cubic feet of gas equivalent.
Exxon has shelled out billions to build up its exposure to so-called "unconventional resources", formations like oil and gas shales that require more advanced technology for extraction.

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