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Thu Oct 11, 2012, 10:03 PM

PA. Republican Congressman Mike Kelly Has Made Tens of Millions from Fracking


"Kelly in 2010 listed ... income from various energy partnerships. He did extremely well investing in energy, particularly in the Marcellus Shale. As a result, Kelly has been listed as one of the 50 wealthiest members of Congress, according to Roll Call. His maximum net worth was estimated at $61.3 million, according to 2010 records, the latest available on OpenSecrets.org. That made him the 12th-wealthiest member of the House in 2010.

The reason? Exxon Mobil Corp. bought privately held natural-gas company Phillips Resources Inc. and a related company, TWP Inc., for $1.69 billion in June 2011. The acquisitions included about 317,000 acres for exploration in the Marcellus region. Kelly's latest disclosure lists him as a major shareholder in both Phillips and in a series of PC Exploration Limited partnerships,

In his latest 2011 filing, Kelly's ownership in Phillips Resources Inc. ($5,100,002 to $25,250,000 worth) meant dividend income alone of $100,000-$1,000,000 annually. In 2009, his Phillips and TWP holdings were worth $1 million and $5 million, respectively, so the purchase by Exxon was enormously lucrative for Kelly."

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Reply PA. Republican Congressman Mike Kelly Has Made Tens of Millions from Fracking (Original post)
JPZenger Oct 2012 OP
Freedomofspeech Oct 2012 #1

Response to JPZenger (Original post)

Thu Oct 11, 2012, 10:07 PM

1. Aw, good old PA...

I can only imagine how much Gov. Corbett has made.

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