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Follow on Google News | Regal Group International: Chevron Corp. gets a slice of Marcellus Shale – buys Atlas Energy.Chevron has agreed to acquire U.S. natural gas producer Atlas Energy for $3.2 billion excluding debt, giving the oil giant a stake in the rapidly growing Marcellus shale field.
Under the terms of the deal shareholders will receive $38.25 in cash as well as units of an Atlas pipeline affiliate, for a total of $43.34 per share, 37% up on the November 8 closing price, the Moon Township, Pennsylvania- According to the two firms the deal is worth $4.3 billion including assumed debt and if completed would be the third-biggest deal for the San Ramon, California based Chevron and it’s largest since its acquisition of Unocal Corp. in 2006. George L Kirkland, vice chairman at Chevron told Regal Group International that Atlas offered “one of the premier acreage positions in the prolific Marcellus” field. “The high quality resource, competitive cost structure in the Marcellus, strong growth potential of the asset base and its proximity to premier natural gas markets make this targeted acquisition a compelling investment for Chevron,” Kirkland said. The Marcellus fields stretch from Pennsylvania into New York, West Virginia and Ohio and are estimated to hold around 262 trillion cubic feet of natural gas, sufficient to meet total U.S. requirements for a decade. # # # Regal Group International is a full service commodity trading advisory offering services to traders ranging from the beginner, with no experience in the markets at all, to the advanced trader who is looking for an avenue to place fast efficient orders. End
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