Southwestern closes deal for gas-producing land

Southwestern Energy closes $93M purchase of properties in key gas-producing field

Associated Press

HOUSTON (AP) -- Southwestern Energy has closed on the purchase of about 162,000 acres of land in Pennsylvania.

The company bought the Marcellus Shale properties from Chesapeake Energy Corp. for $93 million. The deal boosts Southwestern's Marcellus holdings to more than 337,000 acres.

The Marcellus Shale, a massive underground gas reserve stretching from New York across Pennsylvania and West Virginia to Ohio.

Energy companies are getting a slight boost from an uptick in prices following months of record lows.

Southwestern Energy Co., based in Houston, financed the deal with existing debt.

Rates

View Comments (0)