Mitsui & Co (8031.T) is in talks to acquire additional oil and natural gas liquid assets in North America, the top executive at the company's U.S. operation said on Thursday. Mitsui has partnered with Anadarko Petroleum Corp (APC.N) to explore for natural gas in the Marcellus shale in Pennsylvania, but that fuel is "dry gas" that does not have liquids that can be stripped out and sold at a premium. Most exploration and production companies are in a feverish hunt for crude and liquids-rich properties in North America as oil prices hover around $100 per barrel while natural gas prices remain depressed. "We're looking for oil-producing assets," Masamutsu Shinozaki, chief executive of Mitsui E&P USA, said at the Mayer Brown energy conference in Houston.
Anadarko Petroleum Corporation (Anadarko) is an independent oil and natural gas exploration and production company. Shares of APC fell by 1.03% or $-0.75/share to $72.21. In the past year, the shares have traded as low as $34.54 and as high as $85.50. On average, 3616130 shares of APC exchange hands on a given day and today's volume is recorded at 1940625.
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