Exxon Mobil Corp. is exploring the sale of conventional oil assets in the Permian Basin’s Central Basin, which includes older wells that produce small but stable amounts of oil. The potential sale, which could fetch around $1 billion depending on oil prices, aligns with Exxon’s strategy to shift focus toward expanding its shale production. This move follows Exxon’s significant $60 billion acquisition of Pioneer Natural Resources Co. earlier this year. Despite the sale, Exxon plans to continue operations as usual during the marketing process, with global production expected to reach 4.3 million barrels per day this year, marking the highest level in over a decade.
Sales Summary
- Exxon Mobil Corp. is exploring the sale of conventional oil assets in the Permian Basin’s Central Basin.
- The assets include older wells that produce small but stable amounts of oil.
- The potential sale could generate around $1 billion, depending on oil prices.
- This move aligns with Exxon’s strategy to focus on shale production after its $60 billion acquisition of Pioneer Natural Resources Co.
- Operations will continue as normal during the marketing process.
- Exxon’s global production is expected to reach 4.3 million barrels per day in 2024, the highest in over a decade.
Exxon Mobil’s decision to potentially sell its conventional assets in the Permian Basin underscores the company’s strategic shift towards enhancing its shale production capabilities. By divesting older, lower-producing wells, Exxon aims to streamline its portfolio and capitalize on the growth opportunities presented by its recent acquisition of Pioneer Natural Resources. This move not only positions Exxon to maximize its output and efficiency but also reflects its broader commitment to optimizing its asset base in line with market dynamics.
