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Tokyo Gas Expands Into US Market with $2.7 Billion Acquisition of Rockcliff Energy
01/16/2024
Quantum Capital Group sold Rockcliff Energy II LLC, a Quantum Energy Partners' company, to TG Natural Resources LLC for $2.7 billion on December 29. TG Natural Resources is a part of Tokyo Gas, a Japanese company aiming to triple its overseas profits in North America and other regions.
Following the acquisition, TGNR will have an area of about 594.6 square miles (1,540 square kilometers), roughly 70% the size of Tokyo. This makes it one of the largest operations in Texas and Louisiana, as stated in a Tokyo Gas news release. With an anticipated rise in natural gas demand, including new LNG export terminals in the USA, Tokyo Gas plans to expand its shale gas business in North America as part of its medium-term management strategy, aiming to strengthen its revenue base internationally.
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TGNR, known for its consistent investments across different commodity cycles, is well-positioned for long-term success with this acquisition. Rockcliff has significantly invested in reducing methane emissions, enhancing the cleanliness of their operations. TGNR plans to further advance these efforts, aiming to reduce methane intensity in their joint operations.
“With this acquisition, TG Natural Resources is committed to leadership in the Haynesville Play, one of the world’s most important sources of clean natural gas. We will have nearly a century in rig-years of gross operated and non-operated drilling inventory in the Haynesville, not counting the important plays in the Bossier and Cotton Valley”
- Craig Jarchow, CEO of TGNR
Rockcliff, over the past eight years, has grown into one of the top private natural gas companies in the U.S. The company's production increased significantly, from about 100 million cubic feet per day in 2017 to over 1.3 billion cubic feet per day, reflecting its dedication and success.
Who is TGNR?
TGNR, a major producer in the Ark-La-Tex area of East Texas and Northern Louisiana, is jointly owned by TG East Texas Resources LLC (a subsidiary of Tokyo Gas America) and CCI U.S. Asset Holdings LLC (a subsidiary of Castleton Commodities International LLC).
Who is Rockcliff?
Rockcliff is a natural gas company specializing in the development of the East Texas Haynesville Shale. Based in Longview, Texas, it operates in five counties across Texas, managing over 200,000 net acres. The company produces more than 1.3 billion cubic feet of natural gas per day.
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