Deals
Sumitomo to Pay $140 Million for U.S. Shale Gas Venture Stake
This article is for subscribers only.
Sumitomo Corp., Japan’s third-largest trading company, agreed to pay Rex Energy Corp. about $140 million for a 30 percent stake in a gas venture in the Marcellus Shale region in the U.S.
Sumitomo plans to invest about $1.2 billion in the project during the next ten years, it said today in a statement on the company’s website. Sumitomo’s Summit Discovery Resources II LLC unit will pay about $88.4 million in cash for the stake and a further $52 million toward drilling costs, Rex Energy said in a statement yesterday.