Exxon Expands U.S. Gas Reserves With $1.7 Billion Purchase

Exxon Mobil Corp., the largest U.S. natural-gas producer, paid $1.69 billion for two closely held energy explorers to gain shale-gas reserves in Pennsylvania and neighboring states.

Exxon completed the purchases of Phillips Resources Inc., based in Warrendale, Pennsylvania, and TWP Inc. of Butler, Pennsylvania, on June 2, Alan Jeffers, an Irving, Texas-based spokesman at Exxon, said in a phone interview yesterday. The 200 employees at the two companies may be retained, he said.