France’s Total sold its 25 percent stake in Dallas-based midstream company Cardinal Gas Services Wednesday to a South Korean consortium for $400 million plus an estimated price adjustment of $50 million.
The stake was purchased by E1 Corporation and a group led by Samchully, an energy company focusing on liquefied natural gas wholesale and gas field development.
Cardinal gathers and transports natural gas within the Utica shale region.
The company will still provide Total with services after the sale closes.
The sale is expected to close in October 2014.
Total said it will keep other assets in the Utica region through its upstream joint venture with Houston-based EnerVest and Oklahoma-based Chesapeake Energy. That business holds 619,000 net acres in the Utica region.
Chesapeake operates the acreage and holds a 50 percent stake. Total and EnerVest each hold 25 percent stakes.
The joint venture plans to drill 25 wells within the next three years and has agreed to develop transportation facilities at the acreage, the Oil and Gas Journal said.
The Cardinal sale is part of a $10 billion asset divestment plan Total announced Monday.
In 2013, Total produced about 60,000 barrels of oil equivalent per day in the United States.