Natural gas production from the Barnett Shale formation in Texas, the second-largest U.S. gas resource, peaked in 2012 and will fall by more than half in the next 17 years, according to a University of Texas study.
In recent years, U.S. business and political leaders have giddily talked of a “Saudi America” gurgling with domestic oil and gas. It’s true that the U.S. now has access to abundant supplies of cheap domestic gas capable of transforming the U.S. economy. Too bad these same leaders are about to give away a vast chunk of North America’s hydrocarbon production -- and all the strategic advantages that go with it.
Range Resources Corp. , the natural- gas producer that is one of the biggest landholders in the Marcellus Shale field in Pennsylvania, said it will sell 52,000 acres in the Barnett Shale in Texas for $900 million.
Simpson Thacher & Bartlett LLP is advising Hellman & Friedman LLC, the buyout firm co-founded by Warren Hellman, which agreed to buy Hub International Inc. in a transaction that values the insurance broker at about $4.4 billion. Kirkland & Ellis LLP represents Apax Partners and Hub in the sale.