Source: Financial Times, 9th November 2010
The US gas market was too glutted for Atlas to shrug when Chevron came calling. The supermajor's $4.3bn offer for Atlas Energy, including debt, appears pricey on some conventional measures, though this is misleading. For example, Chevron is paying about $5.00 per thousand cubic feet of proved reserves, above the actual spot market value of gas, and it is not cheap on cash flow multiples either.
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