Exxon Mobil Corp., the largest U.S. oil producer, has struck a significant deal to sell its conventional oil assets in the Permian Basin to privately held Hilcorp Energy for around $1 billion.
In its third-quarter 2024 earnings report, ExxonMobil delivered impressive results, reflecting the company’s strong focus on operational excellence, cost efficiency, and optimized resource allocation. The quarter was marked by record production volumes, particularly in the Permian Basin, as well as extensive cost-reduction achievements in upstream operations. Here’s a look at some of the highlights and key strategies driving ExxonMobil’s success this quarter.
As the oil and gas industry continues to adapt to changing market conditions and technological advancements, XTO Energy’s recent well permits and drilling activity data provides a fascinating glimpse into current operational trends. Since January 1, 2023, XTO has been actively shaping its drilling strategy, with specific geographic blocks emerging as focal points. This blog explores the insights gleaned from the latest data, highlighting key trends and operational strategies that could impact the future of XTO Energy.
ExxonMobil’s decision to explore divestment of some of its Bakken shale assets marks another step in the company’s strategy to optimize its portfolio and focus on high-growth opportunities. Here are the key takeaways:
ExxonMobil’s recent actions illustrate a strategic balance between expansion and refinement. By acquiring Pioneer Natural Resources, the company has bolstered its position in the Permian Basin, setting ambitious production targets for the future. Simultaneously, ExxonMobil’s decision to divest non-core assets highlights its commitment to maintaining a lean, high-performing portfolio that prioritizes returns over sheer size. This approach, mirrored by industry peers like Occidental and Chevron, positions ExxonMobil to navigate market fluctuations effectively, ensuring it remains a leading force in the global energy landscape while delivering sustained value to its shareholders.
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.
Exxon Mobil Corporation today announced robust financial results for the second quarter of 2024, with earnings reaching $9.2 billion, or $2.14 per share assuming dilution. ExxonMobil highlighted the successful and swift integration of Pioneer Natural Resources, which closed five months faster than similar transactions. This merger fundamentally transformed ExxonMobil’s Upstream portfolio and contributed $0.5 billion to earnings in the first two months post-closing.
Block 36 T2N in the Midland Basin, owned by XTO Energy and Pioneer Natural Resources, employs full stack development to optimize drilling costs and operations.
Pioneer Resources/XTO use of full stack development reduces drilling and completion costs by integrating and optimizing all stages of oil and gas production, achieving economies of scale, and streamlining operations through standardized processes and advanced technology.
The North Dakota Industrial Commission approved a pilot project from XTO Energy to start enhanced oil recovery (EOR).
