Pioneer Natural Resources considers purchasing Range Resources Corp.
Wednesday, March 1, 2023
According to Bloomberg sources, Pioneer Natural Resources is considering acquiring Range Resources Corp., which would bring it into the Marcellus Shale in the Appalachian Basin.
Pioneer is weighing the deal and deliberations are ongoing with no certainty the companies will reach an agreement, according to Bloomberg sources.
Pioneer shares fell as much as 7%, while Range shares rose as much as 18% on the news.
Acquiring Range would bring Pioneer into the Marcellus Shale where the key resource is natural gas. The company already produces natural gas, however, only as a byproduct of its oil wells in the Permian Basin.
Learn more: World Oil > Pioneer Natural Resources considers buying smaller shale rival in Marcellus Basin
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.