Chevron to Buy Shale-Gas Owner Atlas Energy for $3.2 Billion

dipsydoodle

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Tue Nov-09-10 12:44 PM
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Chevron to Buy Shale-Gas Owner Atlas Energy for $3.2 Billion

Source: Bloomberg News

Chevron Corp., the second-largest U.S. oil company, agreed to buy Atlas Energy Inc. for $3.2 billion, giving it access to the natural gas-rich Marcellus Shale formation in Pennsylvania.

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The Marcellus Shale stretches from Pennsylvania into New York, West Virginia and Ohio and may hold 262 trillion cubic feet of natural gas, making it the largest known U.S. gas field, according to Energy Department estimates. Marcellus gas has averaged 11 percent more than the benchmark price over the past year, because wells are closer to East Coast population centers.

Read more: http://www.bloomberg.com/news/2010-11-09/chevron-agrees-to-buy-appalachian-explorer-atlas-energy-for-3-2-billion.html

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pam4water

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Tue Nov-09-10 03:30 PM
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1. More flaming tape water for Pennsylvania :(

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