Exxon to Sell $1 Billion in Non-Core Permian Basin Oil Assets
8/27/2024
(Reuters) — Top U.S. oil company ExxonMobil is looking to sell oil assets in the U.S. Permian Basin that could fetch $1 billion, Bloomberg Law reported on Tuesday.
Exxon, which purchased Pioneer Natural Resources for $60 billion in May, wants to sell a collection of conventional oil and gas properties in the Permian across west Texas and New Mexico to focus on higher-growth assets.
Reuters first reported on the planned sale in June.
The company is offering 14 asset groups, eight operated by Exxon and stakes in six non-operated groups, according to a company prospectus.
Exxon said the sale is consistent with its strategy to continually evaluate its portfolio.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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