Newfield Grows Asset Position in Marcellus Via Purchase from EOG

摘要

Newfield Exploration has struck a $405 million deal that is set to more than double its footprint in the burgeoning Marcellus Shale play in the northeastern US. The Houston-based producer is purchasing 50,000 net acres from EOG Resources in northeast Pennsylvania. The move will grow Newfield's Marcellus Shale acreage position from roughly 35,000 to 85,000 net acres, add around 400 gross well locations and bring 1.5 trillion to 2 trillion cubic feet of equivalent in net, unrisked reserve potential. The deal comes just a week after US major Chevron scooped up Marcellus producer Atlas Energy for $4.3 billion (NGW Nov. 15,p10).