Chevron sells 70% stake in East Texas assets to another Houston-based company
Houston-based Chevron Corp. (NYSE: CVX) has sold a 70% stake in its East Texas gas assets for half a billion dollars. TG Natural Resources LLC, also based in Houston, bought the majority stake for $525 million. The company paid $75 million in cash and $450 million as a capital carry to fund development in the Haynesville Shale.
Chevron Announces Sale of Majority Interest in its East Texas Gas Assets
Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (“Chevron”) (NYSE: CVX), announced that it has closed on a transaction to sell a 70% interest in its East Texas gas assets to an affiliate of TG Natural Resources LLC (“TGNR”),
TG Natural Resources Acquires Majority Stake in Chevron's East Texas Gas Assets, Strengthening Leadership in the Haynesville Play
TG Natural Resources LLC ("TGNR"), a company indirectly owned by Tokyo Gas Co., Ltd. ("Tokyo Gas") and Castleton Commodities International LLC ("CCI"), announced that it has closed on a transaction to acquire a 70% interest in the East Texas gas assets of Chevron U.
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