National Post

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Alberta: Exxon expands into Canadian shale with bid for Celtic
National Post

Exxon Mobil Corp., the world’s largest energy company, agreed to buy Celtic Exploration Ltd. for $2.86 billion in cash and stock, adding production in Canada’s Montney and Duvernay shale.

Celtic’s shareholders will receive $24.50 a share and half a share of a new company that will hold assets not included in the agreement, Calgary-based Celtic said Wednesday in a statement. The cash value per-share represents a 35% premium to Celtic’s closing price Tuesday.

The purchase is the largest by Exxon Mobil since the $34.8 billion takeover of XTO Energy in June 2010. It includes 545,000 net acres in the Montney shale and 104,000 acres in the Duvernay, fields where oil and gas are extracted by horizontal drilling and hydraulic fracturing, so-called unconventional operations that were XTO’s specialty.

Exxon Chairman and Chief Executive Officer Rex Tillerson spent almost $40 billion during the past 28 months acquiring shale fields and the expertise to harvest them, including last month’s $2 billion agreement to buy drilling rights in North Dakota and Montana from Denbury Resources Inc.

Les milliards d’Exxon ne se retrouveront jamais dans une compagnie installée au Québec… M’enfin, il y a probablement une masse critique d’idiots au Québec qui croient que c’est une bonne chose…