HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Places » U.S. » Pennsylvania (Group) » PA. Republican Congressma...
Introducing Discussionist: A new forum by the creators of DU

Thu Oct 11, 2012, 10:03 PM

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

http://articles.philly.com/2012-10-10/business/34343948_1_pat-toomey-investments-congressional-knowledge/3

"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."

1 replies, 1112 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 1 replies Author Time Post
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.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread