After Closing a $60 Billion Acquisition, ExxonMobil Is Doing a Little Housekeeping
ExxonMobil (NYSE: XOM) closed its roughly $60 billion megadeal for Pioneer Natural Resources in May. The transformational transaction will double its footprint in the resource-rich Permian Basin. It will also give it the fuel to grow its production to 2 million barrels of oil equivalent per day (BOE/d) by 2027, up from 1.3 million BOE/d after closing the deal.
The Pioneer transaction will also enable ExxonMobil to high-grade its portfolio by selling noncore assets. It recently put about $1 billion of oil and gas properties in the Permian Basin on the market. Here's a look at why the company is selling assets in an area that it recently spent billions of dollars to enhance.
ExxonMobil is currently marketing 14 asset groups in the Permian Basin. It operates eight of those properties and owns non-operated interests in six others. Exxon is hoping to fetch $1 billion by selling these oil and gas properties.
Source Fool.com
