There has been massive interest growing around the Marcellus Shale. Not only the Marcellus Shale, but shale natural gas in general. With everyone trying to get in on the boom, some of the most well known energy companies are no different. David Lee Smith has put together a list of some of the major energy companies planning on gaining some serious acreage in the Marcellus Shale.
…the ever-active Chevron (NYSE: CVX ) to curtail its geographic spread and frenetic operational pace.
Last week, the second-largest of the U.S.-based integrated oil and gas companies — behind only ExxonMobil (NYSE: XOM ) — continued to expand its presence in the Pennsylvania portion of the Marcellus shale, which spreads across much of the northeastern U.S. With the acquisition of 228,000 acres from Dallas-based Chief Oil & Gas and Tug Hill Inc., a Fort Worth investment firm, the company has added to the 622,000 acres in Pennsylvania that it recently gained with its February purchase of Atlas Energy.
While terms of its latest purchase weren’t disclosed, Chevron will probably ante up about $1.6 billion for the acreage, or within striking distance of half the amount it paid for Atlas. Nevertheless, Chevron is still lagging behind Exxon, which last June paid $41 billion (including debt) for unconventional gas leader XTO Energy, a transaction that instantaneously catapulted the biggest member of Big Oil into a leadership among U.S. gas producers.
At the same time, Chevron continues to maintain a global repertoire of high-level oil and gas activities. For instance, it is the leader — with Exxon and Royal Dutch Shell (NYSE: RDS-B ) — in the development of Australia’s massive Gorgon LNG project. It also intends to spend $4 billion, along with Statoil (NYSE: STO ) , on its Big Foot project in the deepwater Gulf of Mexico. Further, it has another $7.5 billion budgeted for its Jack and St. Malo fields in the Gulf…
Clearly, these large energy companies are making big moves to get their piece of the shale boom pie. And in all reality, why wouldn’t they? These shale plays could be vital to the U.S. energy industry down the road. Watch these shale plays closely, they could greatly impact your stock choices. Read up on more shale information in our previous article, “Shale Plays Put Natural Gas in the Spotlight.”
Reported by David Lee Smith, Read the entire article here.
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