Tokyo Gas sells US natural gas unit for $255m

Tokyo Gas Co., Ltd. announced the transfer of all membership interests in its subsidiary, TGNR TVL LLC ("TVL"), to Grayrock Energy IV, LLC for $255 million. The transaction, signed on November 14, 2025, is tentatively scheduled for conclusion on December 31, 2025. TVL, a subsidiary of TG Natural Resources LLC, holds natural gas development and production assets in the Haynesville and Cotton Valley formations in Texas and Louisiana.

TVL's assets, acquired in August 2020, have contributed to Tokyo Gas's overseas business growth over the past five years. This divestiture aligns with Tokyo Gas's Compass 2030 vision to optimize its asset portfolio and enhance overall capital efficiency within its LNG value chain transformation strategy.

The financial impact of this transaction on Tokyo Gas's consolidated earnings for the current fiscal year is expected to be immaterial. TVL's financial performance showed revenues of $139 million, $101 million, and $88 million for FY2022, FY2023, and FY2024 respectively, with operating incomes of $60 million, $30 million, and $18 million for the same periods.