Guess & Co. has completed a $3 billion acquisition of natural resource assets in West Virginia, adding oil and gas wells, mineral interests and coal reserves as the company expands its long-term energy and industrial development platform.
The acquisition includes approximately 7,300 aggregate acres of coal, oil, natural gas and other mineral interests across Clay, Kanawha and Wetzel counties, along with nearly 164 acres of surface estate, an estimated 500 million tons of recoverable coal reserves and 40 oil and gas wells.
Guess & Co. said the acquisition establishes a significant resource position in Appalachia that it intends to evaluate for future energy, power and industrial development opportunities.
"This transaction represents a transformational investment for Guess & Co. and establishes a significant long-term resource position in one of America's most important energy-producing regions," said Jerry D. Guess, chairman and president of Guess & Co.
The company said the acquired assets have the potential to support up to 5 GW of power generation over the long term as part of its broader development strategy. Guess & Co. recently received market-based rate authority from the Federal Energy Regulatory Commission through its power subsidiary, Guess & Co. Power Inc., allowing it to participate in U.S. wholesale electricity markets.
Company officials said they are engaging with PJM and other stakeholders as they evaluate future development opportunities associated with the acquired asset base. The company also plans to work with state and federal agencies, local communities and utilities as it advances potential projects.
Guess & Co. said the acquisition supports its long-term strategy to invest in domestic energy production, infrastructure and industrial development while addressing growing demand for reliable electricity across the Appalachian region.