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Chevron has agreed to sell 70% interest in its East Texas gas assets for $525 million, as part of the U.S. energy company's strategy to optimize its portfolio.

TG Natural Resources LLC (TGNR), co-owned by Tokyo Gas and Castleton Commodities International, has bought a 70% stake in the east Texas gas assets from Chevron for $525 million, the company said on Tuesday, as it expands its U.S. gas business.

HOUSTON--(BUSINESS WIRE)--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.S.A. Inc., a subsidiary of Chevron Corporation (“Chevron”), for $525 million, with $75 million paid in cash and $450 million as a capital carry to fund Haynesville development, prior to customary adjustments.

HOUSTON--(BUSINESS WIRE)--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”), a company indirectly owned by Tokyo Gas Co., Ltd. (“Tokyo Gas”) and Castleton Commodities International LLC (“CCI”), for $525 million, with $75 million paid in cash and $450 million as a capital carry to fund Haynesville development. Chevr.

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With crude oil prices rising to over $70 a barrel again, the energy sector has been the best-performing subsector of the S&P 500 this year.

Japan's biggest city gas provider Tokyo Gas will buy a stake in a shale gas development in Texas from U.S. energy giant Chevron in a deal estimated to be worth tens of billions of yen, the Nikkei reported on Tuesday.

Chevron Corporation is targeting 6% annual production growth, focusing on Gulf of America and international projects, with a significant push towards growth in natural gas. The company plans to expand gas power production, partnering with hyperscalers to support the growing data center footprint, aiming for 1GW of power capacity by 2027-2028. Chevron's acquisition of Hess is under arbitration, with potential impacts on its stake in Stabroek assets; management remains optimistic about closing by Q3 2025.

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Famed investor Warren Buffett boasts a massive stake in Dow Jones energy giant Chevron, which is above a recent buy point. The post Warren Buffett Boasts Massive Stake In This Dow Jones Energy Giant appeared first on Investor's Business Daily.