Friday, June 10 2022

IRVING, Texas–(BUSINESS WIRE)–ExxonMobil today announced that it has signed an agreement with subsidiaries of BKV Corporation to sell operated and unoperated shale gas assets of Barnett in Texas for $750 million, with additional payments dependent on prices future of natural gas.

“We are focused on delivering the most competitive returns to our shareholders by developing opportunities with the lowest cost to supply and further strengthening our position as a leader in the upstream industry,” said Liam Mallon, president of ExxonMobil. Upstream Company.

“Our subsidiaries have operated in the Barnett Shale in a safe and responsible manner for nearly two decades, and we are encouraged by BKV’s plans to develop the resource in line with its stated trajectory to net zero greenhouse gas emissions by 2025.”

ExxonMobil has removed the Barnett Shale gas assets operated by its subsidiaries XTO Energy Inc. and Barnett Gathering LLC from its 2020 development plan.

As part of the agreement, all employees of ExxonMobil subsidiaries in Barnett Shale will receive full-time job offers with BKV. The sale is expected to be finalized in the second quarter of 2022.

About ExxonMobil

ExxonMobil, one of the world’s largest publicly traded energy and petrochemical companies, creates solutions that improve the quality of life and meet the changing needs of society.

The company’s core businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern living, including energy, chemicals, lubricants and low-emission technologies. ExxonMobil has an industry-leading portfolio of resources and is one of the world’s largest integrated fuels, lubricants and chemicals companies. To learn more, visit and the Energy factor.

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Statements of future events or conditions in this release are forward-looking statements. Actual future results, including the closing of agreed divestments and the making of payments; the performance and results of other investments; and other business plans, could vary significantly depending on a number of factors, including supply and demand for oil, gas and petroleum products and other market factors affecting petroleum industries , gas and petrochemicals; the severity, duration and ultimate impact of COVID-19 on people and economies and the actions of governments in response to the pandemic; obtain necessary approvals and consents and satisfy other conditions precedent contained in the applicable agreements; fulfillment of conditions related to conditional payments; the development and competitiveness of alternative technologies; the actions of competitors and business counterparties; political and regulatory developments, including environmental regulations; and other factors discussed in this release and under Item 1A Risk Factors in ExxonMobil’s most recent Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of our website. at

Exxon Mobil Corporation has many subsidiaries, many with names such as ExxonMobil, Exxon, Mobil, Esso and XTO. For convenience and simplicity, these terms and terms such as ExxonMobil, the company, the company, our, we and its are sometimes used as shorthand references to specific affiliates or groups of affiliates. Nothing herein is intended to replace the separation of affiliates.


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