ExxonMobil to Sell Non-Core Permian Basin Assets to Hilcorp Energy [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: Yahoo! Finance
The company has not disclosed the buyer of the assets or the deal's valuation. However, according to sources, the assets have been sold to a privately held energy company, Hilcorp Energy, for approximately $1 billion. Per Reuters, ExxonMobil had previously auctioned these assets to shift its focus on shale drilling properties which offer higher growth and better returns. Hilcorp Energy emerged as the winner of the auction, buying these assets for approximately $1 billion. ExxonMobil stated that the transaction will likely be closed in the March quarter of 2025. XOM's divestment involves conventional oil drilling assets in the Permian Basin. The company mentioned that these assets include conventional vertical wells, not horizontal ones. Vertical wells are typically less advanced than horizontal wells used in shale production. The company stated that the divestment aligns with its strategy to focus on investments that improve its portfolio by adding advantaged assets. ExxonMobil
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XOM
Earnings
- 11/1/24 - Beat
XOM
Sec Filings
- 11/12/24 - Form 8-K
- 11/4/24 - Form 10-Q
- 11/1/24 - Form 8-K
- XOM's page on the SEC website