Denver-based BKV is majority-owned by Thai energy firm Banpu PCL (BANPU.BK) and is the largest natural gas producer in the Barnett Shale, an area of north Texas where the first shale wells were successfully drilled.
Exxon Mobil Corp (XOM.N) announced on Thursday that it had reached an agreement to sell North Texas natural gas holdings to producer BKV Corp for $750 million as part of a broader effort to divest undesired assets.
Exxon Mobil, the top U.S. oil producer, has agreed to sell its North Texas assets for $1.8 billion to BKV Energy, majority-owned by Thai energy firm Banpu PCL (BANPU.BK).
Last year, it took in $2.6 billion from asset sales, up from $1 billion in 2020.
The company set a goal three years ago to sell $15 billion in assets to pay down debt and focus on lower-cost oil production. It has achieved about half its goal as sales stalled during the pandemic.
This report’s information was first seen on Reuters; to read more, click this link.
You must be logged in to post a comment.