Exxon Mobile, Royal Dutch Shell, and Chevron– three of the biggest six oil companies in the world– now have significant holdings in the Marcellus Shale field.
Investors are moving in while land prices are down: Exxon paid only $5000 per acre in it’s most recent purchase of Phillips Resources and TWP–less than a third of what Chesapeake was paying for shale gas real estate in early 2010. Lower land values, along with the proximity to the New York market and the promise of increasing demand, are making the Marcellus more appealing, suggesting that the gas and money will soon be flowing.
Photo from the New York Times.
Point Your RSS Reader to FrackCheckWV.net/feed/
