The given statement is True.
In a highly refined form, liquid methane is used as a rocket fuel.
Also, liquid methane is recently used for variety of bipropellant rocket engines.

Bakelite, a trademark of phenol-formaldehyde resin, trademarked synthetic resin invented in 1907 by Belgian-born American chemist Leo Hendrik Baekeland. 

A hard, infusible, and chemically resistant plastic, Bakelite was based on a chemical combination of phenol and formaldehyde (phenol-formaldehyde resin).

The given statement is True.
At room temperature and standard pressure, methane is a colorless, odorless gas.
First four members are colourless, odourless gases, pentane to heptadecane are colourless, odourless liquids, while higher alkanes are colourless solids.

Marsh gas is also called as methane. It is produced by the anaerobic bacterial decomposition of vegetable matter and the rumen of herbivorous animals.

$CH _4+2O _2 \longrightarrow CO _2+2H _2O$             $\Delta H _f$

The main component of natural gas is methane. 

Statement I: methane is defined as a compound
statement II: Methane can be broken down chemically
Statement 1 and Statement 2 are correct and Statement 2 is the correct explanation of Statement 1.
Note: Compounds are defined as substances of definite compositions which can be decomposed into two or more substances by a simple chemical process.

Water gas is produced from synthesis gas, which is composed of carbon monoxide and hydrogen. Syngas is a useful product, but requires careful handling due to its flammability and the risk of carbon monoxide poisoning. 

Methane reacts with halogens given appropriate conditions as follows:

${X} _{2} + UV \rightarrow  2 X \cdot$

$X \cdot + C{H} _{4} \rightarrow HX + C{H} _{3} \cdot$

$C{H} _{3} \cdot + {X} _{2} \rightarrow C{H} _{3}X + X \cdot$

where $X$ is a halogen: fluorine $\left(F\right)$, chlorine $\left(Cl\right)$, bromine $\left(Br\right)$, or iodine $\left(I\right)$. This mechanism for this process is called free radical halogenation.