Newfield buying Marcellus Shale gas holdings from EOG

摘要

Washington-Newfield Exploration is doubling down on the Marcellus Shale with a $405 mil- lion purchase of 50,000 acres in Bradford County, Pennsylvania, from EOG Resources in a deal that analysts say serves the strategic aims of both Houston-based companies. "This transaction doubles our footprint in the Marcellus and adds core acreage with attractive drilling opportunities," said Newfield CEO Lee Boothby. "It will complement our port- folio of oil assets and provide us with greater flexibility in future commodity price cycles."