NorthAmOil: Exxon to sell Permian non-core assets for $1bn, says report

ExxonMobil is mulling selling assets in the Permian Basin for an estimated $1bn, Bloomberg reported.

Exxon wants to sell non-core conventional oil and gas assets in the Permian, in west Texas and eastern New Mexico. It is seeking to focus on higher-growth shale assets.

The company, the US’s largest oil firm, closed a purchase of Pioneer Natural resources for $60bn in May.

Exxon asset groups number 14, eight of which it operates and six of which it does not. Some are older wells in the central Permian Basin, said Bloomberg’s anonymous sources.

“This decision is consistent with our strategy to continually evaluate our portfolio,” said Exxon in a statement to the news service.