ExxonMobil on Thursday said goodbye to the Barnett Shale in North Texas after securing $750 million from Denver-based BKV Corp. for the natural gas-rich portfolio in North Texas.

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The transaction, set to be completed by the end of June, would require additional payments to ExxonMobil contingent on future natural gas prices.

The deal includes 160,000 total net acres, primarily in Tarrant, Johnson and Parker counties, and additional positions in Jack, Wise, Denton, Erath, Hood and Ellis counties. Average working interests are 93% in more than 2,100 wells with operatorship positions. The transaction also includes 750 miles of gathering pipelines, compression and processing midstream infrastructure.

“Our focus as a company is to drive value through continued expansion in the...