ExxonMobil divests US shale assets for $750 mln
IRVING, May 23, 2022 – ExxonMobil has signed an agreement with US shale player BKV Corporation for the sale of its Barnett Shale assets in Texas for USD 750 million, the US super-major announced on Thursday.
The sale will see the buying company add 737 square kilometres and 2,700 producing wells on the Fort Worth Basin to its portfolio.
The agreement includes additional payments contingent on future gas prices and is expected to close in Q2 2022.
The Barnett Shale assets were removed from ExxonMobil’s development plans in 2020.
The move follows BKV Corporation’s acquisition of Devon Energy’s assets on the play in 2020, which made the company the largest natural gas producer on the Barnett Shale geological formation.
Employees with ExxonMobil subsidiaries on the divested facilities will receive full employment offers by BKV Corporation.