Royal Dutch Shell on Thursday announced the sale of two onshore U.S. shale gas assets in exchange for $2.1 billion and acreage in different gas-rich areas as the energy company restructures its North America business and reins in costs.Shell agreed to sell to Ultra Petroleum its relatively mature natural gas-producing properties in Wyoming's Pinedale field, a total of 155,000 acres, in a step which will mark its complete exit from one of its first U.S. shale investments in 2001.Ultra will pay Shell $925 million in cash and give it acreage in the oil and gas-rich Marcellus and Utica fields in Pennsylvania and Ohio, respectively.The Anglo-Dutch company will also sell its 107,000 acre Haynesville field in north Louisiana for about $1.2 billion in cash to Dallas, Texas-based explorer Vine Oil & Gas LP and its partner, investment fund Blackstone Group LP.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX remained unchanged at $33.42. In the past year, the shares have traded as low as $21.30 and as high as $36.08. On average, 4555890 shares of BX exchange hands on a given day and today's volume is recorded at 573680.
Ultra Petroleum Corp. (Ultra) is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. Shares of UPL traded higher by 2.09% or $0.47/share to $22.93. In the past year, the shares have traded as low as $18.22 and as high as $31.43. On average, 2938050 shares of UPL exchange hands on a given day and today's volume is recorded at 5067076.
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