Tokyo Gas Sells Haynesville-Area Subsidiary to Grayrock Energy for $255 Million

Tokyo Gas will sell its U.S. upstream subsidiary TGNR TVL LLC to Grayrock Energy for $255 million, exiting the Haynesville-area asset as part of a broader portfolio realignment. The deal is expected to close by year-end 2025.

(P&GJ) — Tokyo Gas Co. Ltd. has agreed to sell its U.S. upstream subsidiary TGNR TVL LLC (TVL) to Grayrock Energy IV LLC for $255 million, according to an official company filing.

TVL, based in Houston, conducts natural gas development and production in the Haynesville and Cotton Valley formations and other fields in Louisiana. It was acquired in 2020 from Range Resources and has contributed to the company’s overseas growth for the past five years, Tokyo Gas said.

The divestiture is part of Tokyo Gas’ broader strategy to optimize its asset portfolio and improve capital efficiency, aligned with its Compass 2030 management vision. “Tokyo Gas has decided to transfer all of its interests in TVL to Grayrock for a total consideration of USD 255 million,” the company stated.

Tokyo Gas noted it will continue to advance its U.S. shale gas operations through TG Natural Resources (TGNR), which holds natural gas assets in Texas and Louisiana, and will focus on strengthening its broader natural gas and LNG value chain, including expanded LNG trading.

The sale agreement, signed Nov. 14, 2025, is expected to close by Dec. 31, 2025, pending customary conditions. Tokyo Gas said the impact on its current-year consolidated earnings is expected to be immaterial.