ExxonMobil says it is selling its Barnett Shale gas assets in north Texas in a $750 million deal with Denver-based BKV Corporation.
BKV is a company with ownership in Thailand and was founded in 2015 by Kalnin Ventures, the fund manager of BKV Oil and Gas Partners, owned by Banpu PCL, a diversified energy company based in Thailand.
In announcing the sale, ExxonMobil said the transaction is expected to close in the second quarter this year.
“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 Company.
ExxonMobil 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 will receive full employment offers with BKV. The sale is expected to close in the second quarter of 2022.
The Barnett Shale formation is in the Bend Arch-Fort Worth Basin and at least 17 counties around Fort Worth and northward to the state line.
