Exxon buys 317,000 acres in the Marcellus Shale Region of Pennsylvania
In the beginning of June Exxon Mobile corp., which is the largest U.S. natural-gas producer, paid $1.69 billion for two closely held energy explorer companies, Phillips Resources Inc., and TWP Inc. in Pennsylvania. Exxon now holds shale-gas reserves in Pennsylvania and neighboring states.
This latest buy in to the Marcellus Shale in Pennsylvania by big industry shows industry confidence in hydraulic- fracturing "fracking" to free gas unleashing new supplies in natural gas in the U.S.
Shale formations have the potential to more than double the world's gas reserves, the U.S. Energy Information Agency said in an April 5 assessment.
The U.S. has an estimated 827 trillion cubic feet of shale gas and it may account for 47 percent of the nation's production of the fuel by 2035, the agency said.
Pennsylvania is a big player in this shale gas explosion.