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    ExxonMobil Divests Barnett Assets to BKV

Summary

Sale of the operated and non-operated assets are part of ExxonMobil's plans to pay down debt and focus on lower cost operations.

by: NGW

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Complimentary, Natural Gas & LNG News, Americas, Corporate, Mergers & Acquisitions, United States

ExxonMobil Divests Barnett Assets to BKV

US major ExxonMobil said May 19 it had signed an agreement with subsidiaries of BKV Corporation for the sale of Barnett shale gas assets in North Texas for $750mn, with additional payments contingent on future natural gas prices.

The sale of the operated and non-operated assets are part of ExxonMobil’s plans to pay down debt and focus on lower cost operations.

“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.

Denver-based BKV is majority owned by Thai energy firm Banpu PCL.