Noble Energy To Pay $3.4 Billion To Develop Marcellus Shale With Consolidated
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Noble (NYSE:NBL)
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Today : Thursday 18 August 2011
DOW JONES NEWSWIRES
Noble Energy Inc. (NBL) and Consol Energy Inc. (CNX) agreed to jointly develop Consol's interest in the Marcellus Shale under a deal that will see Noble pay about $3.4 billion for a 50% stake in Consol's interest.
Energy companies have made a big bet in recent years on developing shale-gas assets in the U.S., particularly within the massive Marcellus Shale in Pennsylvania and West Virginia. Consol acquired its 663,350 acreage in the area 15 months ago as part of its deal for Dominion Resources Inc.'s (D) Appalachian exploration and production business.
Consol shares surged 6.7% to $45.25 premarket, while Noble was inactive and closed Wednesday at $87.94.
Consol has increasingly been focusing on natural gas production, announcing in June it would close one of its idled Western Pennsylvania coal mines to focus on more profitable coal and Marcellus shale gas operations. Meanwhile, oil-and-gas producer Noble has said it will ramp up spending in the second half of the year
Great News Recognizer and Curt what do you think??
