ExxonMobil concludes Ellora takeover
EXXON NOW BIG PLAYER IN THE HAYNESVILLE SHALE PROJECTS.
Of DOW JONES NEWSWIRES
HOUSTON (Dow Jones)--Exxon Mobil Corp. (XOM) said Thursday it completed the acquisition of oil-and-gas company Ellora Energy in the third quarter, a transaction aimed at boosting the oil giant position in the Haynesville shales in Texas and Louisiana.
This acquisition of Ellora, based in Boulder, Colo., increased Exxon's position in the area by 46,000 acres and added production and pipeline capacity, said David Rosenthal, Exxon Mobil's vice president of investors relations, who was speaking during a conference call.
Ellora Energy announced in July it sold the company for $695 million in cash to an undisclosed buyer.
Exxon, the largest U.S. oil company by market value, said the purchase was part of a series of steps it has taken to increase the efficiency of its June acquisition of natural gas producer XTO Energy, which sharply boosted Exxon shale properties in the continental U.S., including the Haynesville shale.
As part of this process, Exxon said that a team of XTO employees shared best practices to optimize the company's evaluation and development planning activities in Canada, Indonesia and Germany. "Overall, we are very pleased with how the XTO integration is proceeding and the potential benefits we see over the long-term," Rosenthal said.
Separately, the company said it's on track to spend $30 billion to $31 billion this year, including the budget from XTO Energy. Exxon also said that its Kearl Oil Sands Project in Canada is on schedule to start operations by the end of 2012.
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Replies to This Discussion
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Permalink Reply by adubu on
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should help with more money budet to drill more in Shelby County Texas in the Shale bossier and haynesville
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Permalink Reply by little ole 1st grade teacher on
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Do you think that Exxon might pick up some of its expired leases and buy leases again from those leases that they did not renew (XTO leases). I'm thinking maybe they didn't want old leases on the books/or new leases in the process of being purchased when the acquisition of Ellora came about.
Do you think this is a possibility? I guess I'm hoping that leasing will pickup again in Shelby County once the economy picks up.
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Permalink Reply by Parkdota on
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Here's a good article with regards to Exxon's feel for natgas.
http://green.blogs.nytimes.com/2010/10/30/betting-big-on-natural-ga...
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Permalink Reply by DrWAVeSport Cd1 on
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Hats Off To GHS for: "The Silence Of The Shale" It is not often The Wall Street Journal gets scooped!
"The Silence Of The Shale"..."We didn't crack the case in July, but not everyone was stalled by the tight-lipped company. Kudos to the commentators on gohaynesvilleshale.com..."
http://blogs.wsj.com/privateequity/2010/10/28/the-silence-of-the-shale
DrWAVeSportCd1 11/12/2010
(If previously posted...please excuse)
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Permalink Reply by Jack Blake on
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That is cool. GO HAYNESVILLE SHALE ROCKS cried Jack Blake!!!!!!!!!!
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