On June 18, 2011 7:58 pm
ExxonMobil (NYSE: XOM ) , which has already become the largest producer of natural gas in the United States by acquiring XTO Energy in 2009, is now expanding on that larger initiative, making smaller acquisitions to secure its foothold in the natural gas space.
After the acquisition of XTO for $34.9 billion, Exxon recently purchased natural gas firm Phillips Resources and related company TWP for $1.69 billion in a deal that will give Exxon access to 317,000 acres in the gas-rich Marcellus shale. The two firms, which will be added to existing XTO reserves, will produce combined year-end reserves of 228 billion cubic feet of gas.
Read the entire article, “How ExxonMobil Plans to Dominate the Natural Gas Explosion” by Zeeshan Siddique, The Motley Fool.