- ExxonMobil (NYSE: XOM) announced it is selling its Barnett Shale gas assets in Texas for $750 million. These are the details.
ExxonMobil (NYSE: XOM) announced it signed an agreement with subsidiaries of BKV Corporation for the sale of operated and non-operated Barnett Shale gas assets in Texas for $750 million with additional payments contingent on future natural gas prices.
ExxonMobil had removed the Barnett Shale gas assets operated by its subsidiaries XTO Energy Inc. and Barnett Gathering LLC from its development plan in 2020.
As part of the agreement, all employees with ExxonMobil subsidiaries in the Barnett Shale are going to receive full employment offers with BKV. The sale is expected to close in the second quarter of 2022.
KEY QUOTES:
“We are focused on delivering the most competitive returns to our shareholders by developing opportunities with the lowest cost of supply and further strengthening our industry-leading upstream position.”
“Our subsidiaries have operated in the Barnett Shale safely and responsibly for nearly two decades, and we are encouraged by BKV’s plans to develop the resource in line with its stated pathway to net zero greenhouse gas emissions by 2025.”
— Liam Mallon, president of ExxonMobil Upstream Company
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