Another major oil company is making a substantial bet on natural gas prices today. Royal Dutch Shell (RDS.A) has agreed to buy East Resources for about $4.7 billion in cash. East Resources is a privately held company with shale gas properties in North America. The deal is expected to boost Royal Dutch Shell's natural gas production in North America by 7.5% with much of the new production coming from the Marcellus Shale region. This move follows Exxon Mobil's (NYSE:XOM) acquisition of XTO Energy (XTO) earlier in the year, with both companies adding to their natural gas resources while prices are depressed.
In morning trading, shares of Royal Dutch Shell were modestly higher, up a few pennies so far.
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