Exxon Mobil (XOM) commented on the company’s development plans in the Utica Shale in 2012. The company picked up acreage here through the acquisition of Phillips Resources in June 2011, and has also been leasing acreage on its own.
“Exxon Mobil is also actively exploring several other early stage liquids-rich play in the United States, including the Utica Shale play in eastern Ohio and western Pennsylvania. Our position in the Utica stems from our recently completed acquisition of the Phillips companies and represents incremental upside to the Phillips acquisition, which was focused on the Marcellus. The Phillips acquisition included 45,000 net acres prospective for the Utica in Ohio, and we have increased our position now to over 75,000 net acres. We anticipate drilling our first Utica well in early 2012.”