Exxon Mobil Launches Sale of Texas Shale Gas Properties

Exxon Mobil, which suffered a historic $22.4 billion loss in 2020, is selling assets in Asia, Africa and Europe as it as focuses on production ventures in Guyana, offshore Brazil and the Permian Basin.

Shariq Khan and Sabrina Valle, Reuters

Exxon Mobil Corp. on Nov. 15 launched a sale of its oil and gas properties in the first major U.S. shale field, a spokesperson confirmed, as part of a portfolio reshuffling to focus on more lucrative assets.

The top U.S. oil producer set a goal three years ago of raising $15 billion from asset sales, and put several U.S. and international assets on the market as energy prices have recovered from the pandemic-induced slump.

It will open a data room on Nov. 18 for its Barnett Shale holdings that include 2,700 wells across about 182,000 acres in North Texas, home of the first horizontally drilled shale wells. Exxon Mobil spokesperson Sarah Nordin confirmed the sale process.

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