ChevronChevron (CVX) will buy Atlas Energy (ATN) for $3.2 billion cash and $1.1 billion of assumed net debt. Acquiring Atlas will give Chevron a greater presence in the Pennsylvania's Marcellus Shale natural-gas deposits.

"This acquisition is the right opportunity for Chevron," said George L. Kirkland, Chevron vice chairman. "We are acquiring a company that has one of the premier acreage positions in the prolific Marcellus."

Chevron will acquire Atlas Energy's estimated 9 trillion cubic feet of natural-gas resources. This includes about 850 billion cubic feet of proved natural-gas reserves and 80 million cubic feet of daily natural-gas production.

It is unclear when the deal, which is still subject to approval from Atlas Energy shareholders and regulators, will close.


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tmlbtb

Oh, they aren't making a profit? Damn, I must be reading the wrong Wall Street Journal.

November 09 2010 at 11:25 AM Report abuse rate up rate down Reply
gaylene44

The oil companies need higher (natural) gas prices so that they can drill wells and make a profit. Keep on believing that he big bad oil companies are screwing everyone and supporting terrorism. Corporations and small businesses are in business to make a profit. A very nice consequence is more jobs for people and taxes paid to our government. Quit biting the hands that feed us all just because you believe in tired old conspiracy theories.

November 09 2010 at 10:48 AM Report abuse +1 rate up rate down Reply
tmlbtb

Oil companies need to raise gas prices, why? If they can afford to purchase companies in the billions, give us a little break. Maybe all of these new Republikans can do something about it. Even though they are getting paid off to look the other way, by the same people who paid off the Demokrats. But what is really amazing, the general public still fights against wind turbines construction, they would much rather pay the Oil companies and support terrorism.

November 09 2010 at 9:44 AM Report abuse rate up rate down Reply