Exxon Puts Texas Barnett Shale Gas Properties Up For Sale

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  • #29309
    TradersCom
    Keymaster

    Exxon Mobil on Monday put it’s Barnett Shale holdings that include 2,700 wells across about 182,000 acres in North Texas up for sale. The producing pr
    [See the full post at: Exxon Puts Texas Barnett Shale Gas Properties Up For Sale]

    #29325
    Nick
    Keymaster

    this is… bullish?

    #37053
    TradersCom
    Keymaster

    Exxon To Sell Barnett Shale Assets for $750 Million

    Exxon Mobil Corp. said it agreed to sell its Barnett Shale gas assets in Texas to BKV Corp. for $750 million.

    The energy and petrochemical giant said additional payments would be contingent on future natural gas prices.

    Exxon 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 Exxon subsidiaries in the Barnett Shale will receive full employment offers with BKV, the company said.

    Exxon said it expects the deal to close in the second quarter of 2022.

    “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,” said Liam Mallon, president of ExxonMobil Upstream Co.

    Exxon shares were up 1% to $91.51 in afternoon trading.

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