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ES - Shell exits Appalachia E&P with $541MM sale to National Fuel - May 12, 2020
In the largest new US upstream transaction of 2020, National Fuel Gas subsidiary Seneca Resources has agreed to buy Shell’s Appalachian upstream and midstream assets for $541 million, plus two contingent payments in 2021 and 2022 if Henry Hub is greater than or equal to $2.75/MMbtu. The dry gas Marcellus and Utica assets cover 450,000 net acres (86.5% NRI), of which 200,000 net acres lie in Tioga County, Pennsylvania. The rest is spread across......
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