Market Chatter: Total Halting U.S. Dry Shale Gas Investment; Shares Up 1%
Total ( TOT ) will halt making new investment in dry shale gas in the United States while gas prices remain low, chief executive Christophe de Margerie has said, according to a report in upstreamonline, citing Le Monde.
According to the report, the French oil major has joint ventures with Chesapeake Energy ( CHK ) in the Utica shale area of eastern Ohio and the Barnett gas shale area in Texas. Total shelled out $2.25 billion for a 25% slice of Chesapeake Energy's Barnett Shale assets in January 2010.
TOT shares are up 1.2% at $52.19.
CHK shares are down 3.5% at $16.49.