Chevron to Buy Atlas Energy in Deal Worth $4.3 Billion
Chevron (CVX) will buy Atlas Energy (ATN) for $3.2 billion cash and $1.1 billion of assumed net debt. Acquiring Atlas will give Chevron a greater presence in the Pennsylvania's Marcellus Shale natural-gas deposits.
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"This acquisition is the right opportunity for Chevron," said George L. Kirkland, Chevron vice chairman. "We are acquiring a company that has one of the premier acreage positions in the prolific Marcellus."
Chevron will acquire Atlas Energy's estimated 9 trillion cubic feet of natural-gas resources. This includes about 850 billion cubic feet of proved natural-gas reserves and 80 million cubic feet of daily natural-gas production.
It is unclear when the deal, which is still subject to approval from Atlas Energy shareholders and regulators, will close.
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