Exxon Mobil Corp. is considering selling legacy conventional assets in the Permian Basin, the company said in a statement. (Source: Shutterstock.com)
Exxon Mobil Corp. is exploring a sale of select conventional assets in the Permian Basin.
Exxon Mobil’s shale subsidiary XTO Energy, “is exploring market interest for select conventional assets in West Texas and Southeast New Mexico,” the Texas-based supermajor said in a statement.
Operations are expected to continue as normal through the marketing process, Exxon said.
XTO is reportedly marketing packages of assets in the Permian’s Central Basin Platform that could fetch approximately $1 billion in a sale, depending on oil prices. The Central Basin platform is a legacy part of the Permian Basin focused on conventional production.
“This decision is consistent with our strategy to continually evaluate our portfolio,” the company said.
XTO and Exxon are also both active in the Midland and Delaware unconventional reservoirs, where horizontal shale development has transformed the Permian Basin into the nation’s top oil-producing region.
Exxon added Midland Basin depth through a $60 billion acquisition of Pioneer Natural Resources, which closed in May.
APA Corp., parent company of Apache, is also reportedly considering asset sales in the Central Basin Platform and the Permian’s Northwest Shelf.
APA closed its own $4.5 billion acquisition of Callon Petroleum in April, adding depth in the Midland and Delaware basins.
RELATED
Exxon Pairs Record Pioneer Output with Record Legacy Permian Volumes
Recommended Reading
BP Cuts Over 5% of Workforce to Reduce Costs
2025-01-16 - BP will cut over 5% of its global workforce as part of efforts to reduce costs and rebuild investor confidence.
Devon CEO Muncrief to Retire, COO Gaspar to Take Top Job in March
2024-12-09 - Devon Energy President and CEO Rick Muncrief, who has led Devon during past four years, will retire March 1. The board named COO Clay Gaspar as his successor.
Shell Adds Two Members to Executive Committee
2025-01-23 - Shell has named Andrew Smith and Machteld de Haan as members of its executive committee, effective April. 1.
Origis Secures $1B in New Investments from Brookfield, Antin
2025-01-15 - Brookfield Asset Management is joining Origis Energy’s investor group alongside existing investor and majority owner Antin Infrastructure Partners.
Devon Energy Announces Changes to Executive Leadership Team
2025-01-13 - Among personnel moves, Devon Energy announced John Raines and Trey Lowe have been promoted to senior vice president roles.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.