Exxon Mobil Corp has reached an agreement with Flywheel Energy to sell to the closely held U.S. oil and gas producer natural gas properties in Arkansas, an Exxon spokesperson confirmed on Friday.
Deal comes as global gas prices and demand are soaringhas reached an agreement with Flywheel Energy to sell to the closely held U.S. oil and gas producer natural gas properties in Arkansas, an Exxon spokesperson confirmed on Friday.
U.S. gas prices and properties have grown in demand this year with global demand for the fuel soaring over the conflict in Ukraine. U.S. gas futures on Friday settled at about $9.30 a million British thermal units, up 160% year to date."The sale advances Exxon Mobil’s strategy to focus investments on advantaged assets," Exxon spokesperson Julie King told Reuters.
The assets under agreement include approximately 5,000 natural gas wells - 850 operated and approximately 4,100 non-operated - and related pipeline and processing properties across approximately 381,000 acres. The sale is subject to regulatory and other approvals. It is expected to close before the end of October, King said.
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