ExxonMobil has announced it is selling its operated and non-operated shale gas assets in Texas for $750 million (£596m).
It has signed an agreement with subsidiaries of BKV Corporation for the sale of the Barnett Shale gas assets, with additional payments contingent to future natural gas prices.
They are part of ExxonMobil’s gas resources in North America that were removed from the company’s development plans in 2020.
Liam Mallon, President of ExxonMobil Upstream Company said: “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.
“Our subsidiaries have operated in the Barnett Shale safely and responsibly for nearly two decades and we are encouraged by BKV’s plans to develop the resource in line with its stated pathway to net zero greenhouse gas emissions by 2025.”
The sale is expected to close in the second quarter of 2022.