M&A Deal Summary

Chevron Acquires Marcellus Shale Acreage

On May 4, 2011, Chevron acquired oil/gas exploration company Marcellus Shale Acreage from Chief Oil & Gas and Tug Hill

Acquisition Highlights
  • This is Chevron’s 5th transaction in the Oil/Gas Exploration sector.
  • This is Chevron’s 7th transaction in the United States.
  • This is Chevron’s 2nd transaction in New York.

M&A Deal Summary
Date 2011-05-04
Target Marcellus Shale Acreage
Sector Oil/Gas Exploration
Buyer(s) Chevron
Sellers(s) Chief Oil & Gas
Tug Hill
Deal Type Divestiture

Target

Marcellus Shale Acreage

New York, United States
Marcellus Shale comprises oil and gas reserves spread over 228,000 acres.

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Buyer(S) 1

Buyer

Chevron

San Ramon, California, United States
Category Company
Founded 1879
Sector Oil/Gas Exploration
Employees45,600
Revenue 196.9B USD (2023)
DESCRIPTION
Chevron office in downtown Houston, Texas.
Chevron office in downtown Houston, Texas.

Chevron is a fully integrated energy company. Its business includes petroleum operations, chemicals, mining operations, power generation and energy services. Chevron's exploration and production operations consists of exploration, development and production of crude oil and natural gas. Chevron was incorporated in 1879 and is based in San Ramon, California.

DEAL STATS #
Overall 8 of 19
Sector (Oil/Gas Exploration) 5 of 13
Type (Divestiture) 2 of 4
State (New York) 2 of 4
Country (United States) 7 of 16
Year (2011) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-18 Chevron - Caribbean and Central America Marketing and Aviation Businesses

United States

Chevron Caribbean and Central America Marketing and Aviation Businesses, include 174 service stations operating under the Texaco brand, an equity interest in an associated refinery operation, proprietary and joint-venture terminals and aviation facilities, and commercial and industrial fuels business.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-19 Rovi and Sarta Blocks in Kurdistan

Iraq

Rovi and Sarta Blocks in Kurdistan comprises two oil and gas blocks, Rovi and Sarta spread over an area of 490 square miles.

Buy -

Seller(S) 2

SELLER

Chief Oil & Gas

Dallas,, Texas, United States
Category Company
Founded 1994
Sector Oil/Gas Exploration
DESCRIPTION

Chief Oil & Gas LLC, an oil and gas exploration and production company, engages in the exploration, development, and production of oil and natural gas.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (2011) 1 of 1
SELLER

Tug Hill

Fort Worth, Texas, United States
Category Company
Founded 2007
Sector Oil/Gas Exploration
DESCRIPTION

Tug Hill is an oil and gas operating company focused on the acquisition, development and exploitation of unconventional gas and liquids-rich assets in the Appalachian Basin, with an emphasis on the Marcellus and Utica/Point Pleasant formations in West Virginia and Southwest Pennsylvania. Tug Hill was founded in 2007 and is based in Fort Worth, Texas with offices in Canonsburg, PA and Boulder, CO.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (2011) 1 of 1
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