TG Natural Resources, about 93% owned by Tokyo Gas and 7% by Castleton Commodities International, acquired a 70% stake in Chevron's East Texas gas assets in the Haynesville shale. The $525 million headline value consists of $75 million in cash and a $450 million carry of Chevron's development costs; Chevron keeps a 30% non-operated working interest and an overriding royalty. TGNR, already the fourth-largest Haynesville producer, adds more than 250 drilling locations and expects over $170 million in synergies with its adjacent acreage. The deal The $450 million carry means TGNR will fund Chevron's share of Haynesville development costs up to that amount, and both parts of the price were subject to customary adjustments. TGNR said the more than 250 gross locations assume four wells per section and could extend its drilling inventory to more than 20 years at the current pace. For Chevron, the sale supports its plan to divest $10 billion to $15 billion of assets by 2028. NS Energy reported the deal was expected to bring Chevron more than $1.2 billion at prevailing Henry Hub prices. Strategy Tokyo Gas executive Yoshihisa Yamada told reporters the asset was expected to produce 1.4 billion cubic feet of gas a day in 2030. He said Tokyo Gas was considering investment in U.S. liquefaction capacity for LNG but had made no specific decision. Portfolio reshaping Later in 2025 Tokyo Gas trimmed elsewhere in the U.S. On November 14 it signed an agreement to sell TGNR TVL, a Houston-based TGNR subsidiary producing gas from the Haynesville and Cotton Valley formations and other fields in Louisiana, to Grayrock Energy IV for $255 million. TVL's assets had been bought from Range Resources in August 2020. Tokyo Gas expected that sale to close by December 31, 2025, with no material effect on its earnings for the year. It said it would focus its U.S. upstream business on east Texas and north Louisiana, in line with its Compass 2030 vision of optimizing its asset portfolio and capital efficiency.
