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Exxon Mobil Corporation (NYSE:XOM) is reportedly planning to sell conventional oil assets in the Permian Basin, which could be valued at $1 billion.
The company is planning to shift its focus to expanding shale production following the completion of $60 billion acquisition of Pioneer Natural Resources Co. in May, reported Bloomberg.
Read: Exxon Mobil Reduces Staff After Pioneer Merger: Report
The assets include older wells in the Permian’s Central Basin that produce small but steady oil volumes, the report noted, citing sources familiar with the matter.
The company said in a statement responding to questions from Bloomberg News, that is “exploring market interest for select conventional assets in West Texas and South East New Mexico.”
“This decision is consistent with our strategy to continually evaluate our portfolio.”
This week, Exxon Mobil predicted crude demand to stay above 100 million barrels per day through 2050, with demand leveling off post-2030. The company added that without new investments, oil supply could drop to under 30 million barrels per day by 2030, risking a major shortfall.
Exxon stated that it plans to produce 4.3 million barrels of oil and gas daily this year.
In July, the energy giant finalized a deal to sell its Malaysian oil and gas assets to state energy firm Petronas, marking its exit from the country’s upstream sector, where it once held a dominant position.
Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund (NYSE:XLE) and IShares U.S. Energy ETF (NYSE:IYE).
Price Action: XOM shares are down 0.23% at $117.41 premarket at the last check Wednesday.
Photo: Del Henderson Jr. via Shutterstock
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