Exxon Acquires Phillips Resources and TWP for $1.69bn

Exxon Mobil has acquired Phillips Resources and TWP for $1.69bn, gaining access to 317,000 acres in the Marcellus Shale that stretches to New York, Pennsylvania and West Virginia states of the US.

Exxon acquired XTO Energy last year for $34.9bn making it the biggest US gas producer, the company said.

Exxon’s XTO unit will manage Phillips Resources and TWP which held combined reserves of 228 billion cubic feet of gas by the end of last year, Exxon spokesman Alan Jeffers told Bloomberg.

The US has an estimated 827 trillion cubic feet of shale gas, accounting for 47% of the nation’s fuel production by 2035, according to the US Energy Information Agency.