East Resources

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East Resources
Private
IndustryOil and natural gas
Founded1983
FounderTerrence Pegula
Headquarters7777 NW Beacon Square Blvd, ,
ProductsNatural gas, natural gas liquids and oil
Websitewww.eastresourcesinc.com

East Resources, Inc., was an oil and gas exploration and production company with a focus on unconventional shale oil and gas resources in the United States.

History[edit]

The company was founded in 1983 by Terrence Pegula.[1] Based in Cattaraugus County, New York through much of the late 20th century the company specialized in oil. In 2008, the company began focusing on natural gas through hydraulic fracturing. It profited heavily upon discovery of deep layers of natural gas in the Marcellus Formation and development of the hydraulic fracturing ("fracking") recovery process.[2] At the height of the company it was based in Parkersburg, West Virginia with additional offices in Warrendale, Pennsylvania, Allegany, New York, and Denver, Colorado, with natural gas processing facilities in Northern Pennsylvania.[3]

East Resources sold most of its assets to Royal Dutch Shell in 2010 for $4.7 billion[4] and the rest to American Energy Partners, LP in 2014 for $1.75 billion as Pegula shifted his focus to sports and entertainment properties (Pegula used most of the money from the American Energy sale to purchase the Buffalo Bills).[5]

Today[edit]

Pegula continues to own some natural gas assets through other companies, including Greater Rocky Mountain Regional Oil & Gas in Colorado and Wyoming, and JKLM Energy (named after the initials of Pegula's children) in Pennsylvania.[6][7][8] The remains of the company are based in Boca Raton, Florida.

See also[edit]

References[edit]

  1. ^ "Royal Dutch Shell Scoops Up East Resources for $4.7 Billion". DailyFinance. 2010-05-28. Retrieved 2015-07-26.
  2. ^ "Pegula Made His Fortune by Tapping into the Fracking Frenzy". David Robinson. Buffalo News. September 9, 2014. Retrieved March 28, 2018.
  3. ^ "East Resources, Inc.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-02.
  4. ^ Berkowitz, Ben (May 28, 2010). "Shell pays $4.7 billion for shale gas company". Reuters. Retrieved August 5, 2014.
  5. ^ Wawrow, John (August 5, 2014). Bills bidder Pegula closes $1.75 billion deal. Associated Press. Retrieved August 5, 2014.
  6. ^ "At Number 4 Pegulas are among the wealthiest in NFL". Tom Precious. Buffalo News. October 5, 2014. Retrieved October 5, 2014.
  7. ^ "Deep in the Hills of Pennsylvania, Terry Pegula's Other World". Tom Precious. Buffalo News. September 24, 2017. Retrieved March 28, 2018.
  8. ^ Graham, Tim (2014-08-05). "Pegula closes on $1.75 billion land deal, drops hint he has more if he needs it - BN Blitz - The Buffalo News". Bills.buffalonews.com. Retrieved 2015-07-26.