Privately

With its eye on the longterm, Chevron Corp. last week added 228,000 net acres to its Marcellus Shale portfolio under an agreement with privately held Chief Oil & Gas LLC and Tug Hill Inc.

Chevron Corp. is buying another 228,000 net acres in the Marcellus Shale from privately held Chief Oil & Gas LLC and Tug Hill Inc. for an undisclosed amount, which when completed would give the oil major an estimated 5 Tcf of additional natural gas resources in the hot shale play.

Chevron Corp. on Wednesday added 228,000 net leasehold acres to its Marcellus Shale holdings under an agreement with privately held Chief Oil & Gas LLC and Tug Hill Inc.

Costar Midstream LLC and Energy Spectrum Partners VI (ESP VI) have partnered to acquire gas processing assets in the Granite Wash area of the Texas and Oklahoma Panhandle. Costar said it plans to build a “sizable” midstream business focusing on gathering and processing assets that can be acquired and developed. This is the first portfolio investment for ESP VI, which is a $998.7 million private equity fund focused on midstream infrastructure. Energy Spectrum has more than $2.3 billion of capital under management. ESP VI, the firm’s most recent fund, closed recently with commitments of $998.7 million. Recently privately held Crestwood Midstream Partners LP completed an acquisition of midstream assets in the Granite Wash (see Shale Daily, April 5).

Privately held Crestwood Midstream Partners LP has completed its acquisition of midstream assets in the Fayetteville Shale in northwest Arkansas and the Granite Wash play in the Texas Panhandle, the Houston-based company said. The deal was announced in February.

Privately held Crestwood Midstream Partners LP has completed its acquisition of midstream assets in the Fayetteville Shale in northwest Arkansas and the Granite Wash play in the Texas Panhandle, the Houston-based company said. The deal was announced in February.

A New York City-based law firm specializing in mass tort litigation is suing Anschutz Exploration Corp. and its contractors on behalf of nine families that claim their drinking water was contaminated by the company’s gas exploration and drilling activities in Horseheads, NY.

Privately held Kinder Morgan Inc. will go public Friday (Feb. 11), raising as much as $2.3 billion by selling 80 million shares of common stock, the company said Thursday. In connection with the initial public offering (IPO), parent Kinder Morgan Holdco LLC will be renamed Kinder Morgan Inc. and converted from a Delaware limited liability company to a Delaware corporation.

The strength of U.S. shale plays was a key driver for increased merger and acquisition (M&A) activity in 2010, and will continue to fuel the industry’s movement toward upstream assets, according to a report issued by PricewaterhouseCoopers USA (PwC).