Atlas deal brings cheap shale gas to Chevron

Chevron agreed to buy Marcellus Shale natural gas producer Atlas Energy because it was inexpensive and Chevron would still benefit from a $1.4 billion drilling carry supplied by Atlas' Indian joint venture partner, Reliance Industries, CEO John Watson told investors in Miami Thursday.
Chevron's first deal in a US gas shale play dovetails nicely with the company's plans to increase its proportion of gas production from 31% of total output currently to 41% in the next seven years, Watson told Bank of America
Merrill Lynch's Global Energy Conference.
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Source: Platts