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.
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