After Selling 208K Marcellus Acres, Shell “Buys” 155K More Acres!
In a seemingly strange twist, Shell has just picked up more Marcellus and Utica Shale acreage. Say what? Yesterday MDN told you that Rex Energy just bought 208,000 Marcellus acres from Shell in southwest Pennsylvania’s wet gas area (see Rex Energy Takes Shell to the Cleaners – Picks up 208K Acres). We pointed out that many majors like Shell seem to have a hard time turning a buck in American shale plays, and that Shell CEO Ben van van Beurden had warned of scaling back their shale operations. So what happened a day later? Shell further divested itself of both conventional and unconventional holdings–this time in Wyoming and Louisiana. As part of the same deal, the picked up new Marcellus acreage (155,000 acres) in Pennsylvania’s dry gas area. Let’s try to sort through these Shell gyrations…
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Perhaps this is a bit tongue-in-cheek, but not by much. Next week I will have the awesome responsibility of giving away my daughter’s hand in marriage. And I credit the Marcellus Shale, in part, for providing the money (lots of money!) it takes to host a wedding these days.