Reed Smith, K&L Gates Lead on Exxon Mobil's Marcellus Shale Buy
10 Jun, 2011
Exxon Mobil has announced it would pay almost $1.7 billion for the acquisition of two privately-held Pennsylvania energy companies, which would add to its natural gas reserves in the Marcellus Shale, according to Bloomberg.
The acquisitions of Warrendale, Pa-based Phillips resources and its affiliate, Butler, Pa-based TWP Inc., will help Exxon Mobil almost double its Marcellus Shale holdings to 707,000 net acres, according to the Oil & Gas Financial Journal.
K&L Gates corporate partners Ronald West and David Grubman and tax partner Ronald Aulbach are leading a team advising Phillips Resources and TWP, and David Grecco, an in-house lawyer with Phillips resources in Pittsburgh, is also working on the deal.
Reed Smith M&A partner Ronald Frank and senior associate Matthew Mohn are heading the team advising Exxon Mobil. The firm previously handled some litigation work for Exxon Mobil, the world’s largest integrated oil company. Exxon Mobil’s general counsel is S. Jack Balagia, Jr., who became the Irving, Texas-based company’s new legal chief in March 2010.
In December 2009, Exxon Mobil’s Marcellus Shale acquired Fort Woth-based XTO Energy for $41 billion, including $10 billion in debt.