By Michael Dabaie

 

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.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

May 19, 2022 15:48 ET (19:48 GMT)

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