Exxon buys two Marcellus companies

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Exxon Mobil Corp has confirmed news that it is privately holding natural gas company Phillips Resources and its related company TWP Inc for $1.69 billion; ina business deal sealed last week.

This action highlights the importance Exxon has placed on natural gas assets after spending close to $30 billion (in the year 2010) to buy XTO Energy, the natural gas company.

Rex Tillerson, Exxons Chief Executive in a shareholders meeting said, the company is positioned to double the USs unconventional production over the next decade with an inventory of approximately 50,000 drillable well locations. He added that Exxon has a long term view of the market and is betting that power generation in developing countries will cause an increased demand for the cleaner burning fuel in the coming years.

Exxon is the largest natural gas producer in the US

Source: REUTERS

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