Ascent Resources completed the acquisition of the Utica Shale assets of ExxonMobil-backed XTO Energy for $270m.

Ascent Resources, a producer of natural gas, completed the acquisition of the Utica Shale assets of ExxonMobil-backed XTO Energy, an energy company, for $270m. “We are excited to announce these strategic transactions as they highlight both our operational and financial execution. Through the acquisition we have added high quality acreage and production in the core of the Utica Shale at an attractive valuation, while also picking up prospective locations in the Marcellus. This transaction is immediately accretive to our financial metrics and returns while adding high-quality undeveloped inventory to our portfolio. The extension and increase of our credit facility provides the business with additional access to capital to execute on our long-term returns based strategy,” Jeff Fisher, Ascent Chairman and CEO.