Referenced Stocks

Market Chatter: Shell Sees Big Output Boost From Chesapeake Acreage Buy

By MT Newswires,  November 29, 2012, 02:24:35 PM EDT

Royal Dutch Shell (RDS.A) expects "years and years" of production from oil and natural gas acreage it recently bought from Chesapeake Energy Corp ( CHK ) and plans to add more drilling rigs, the head of Shell's Americas operations said on Thursday, Reuters reported.

Shell paid $1.94 billion last September for 618,000 acres in the Permian Basin, a vast oil and natural gas source in western Texas.

Shell and other global energy companies, including Exxon Mobil Corp ( XOM ) and Chevron Corp ( CVX ), are buying more oil and gas assets in North America to boost production in a sector where most resources are located and tightly controlled by countries like Brazil and Russia, Reuters said.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: CHK, CVX, XOM



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