Exxon Mobil (XOM) announced that the company is purchasing Phillips Resources and TWP Inc., two private oil and gas companies, with significant operation sin the Marcellus Shale. The company is paying $1.69 billion.
Exxon Mobil said that the two companies had 317,000 net acres under lease in southwestern Pennsylvania that are prospective for the Marcellus Shale. The company plans to combine the operations of these companies into its XTO Energy subsidiary.
Phillips Resources also owns Phillips Drilling Company, which provides contract drilling services in Pennsylvania.
This is what Phillips Resources reported under the operations section of its web site:
- Gross production volumes of 21 Bcf with reserves of 390 Bcf (as of 12-31-2009)
- Current gross production volumes of over 80,000 MCFe per day including approximately 25,000 MCFe/day from Marcellus Shale wells
Here is a map of its operations in Pennsylvania.
