A better buy post Midterm 2010


With Gov-elect Corbett, Sen-elect Toomey and House delegation and PA state legislature that is dominated by the GOP, any company tapping into Marcellus Shale deposits has probably seen it’s value increase which makes this a smart buy for Chevron and bad news for people who want to find out how much damage fracking actually does to water supplies before they poison even more water tables.

Atlas owns a 60% stake in a joint venture with India’s Reliance Industries to exploit the Marcellus shale gas deposit in Pennsylvania

It means Chevron has chosen to follow ExxonMobil and Shell, by entering the burgeoning US industry for shale – a rock deposit that produces natural gas.

Chevron will pay $3.2bn in cash and its own stock, and will also take over $1.1bn of Atlas’ debts.

via BBC News – Chevron buys Marcellus shale deposit owner Atlas Energy.