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Tokyo Gas Affiliate Expanding Haynesville Natural Gas Footprint as Chevron Pares Portfolio

Natural Gas Intelligence · last updated

TG Natural Resources LLC (TGNR), majority owned by Tokyo Gas Co. Ltd., is snapping up most of Chevron Corp.’s natural gas-heavy portfolio in East Texas, a deal likely to increase its production, now estimated at 1 Bcfe/d.

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The $525 million transaction provides a 70% stake in the Chevron U.S.A. asset, including 71,000 net acres in Panola County. Chevron agreed to receive $75 million cash upfront with another $450 million paid as a capital carry to fund more Haynesville Shale development.

Chevron, which has been marketing the asset for about a year, is retaining a 30% nonoperated working interest in a joint venture with TGNR. It also would hold an overriding royalty stake in the assets.

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