US energy giant ExxonMobil is considering divesting a portion of its assets in the Bakken shale formation in North Dakota, reported Reuters.
The move is part of the company’s strategic efforts to concentrate on resources with the highest potential for growth.
The sale, which could potentially bring in upwards of $500m, comes after Exxon’s acquisition of Pioneer Natural Resources for $60bn in May 2024.
As a result, ExxonMobil also notified 59 employees of impending layoffs as it restructures its workforce following the Pioneer acquisition.
The latest move forms part of Exxon’s broader strategy of regular portfolio assessment.
A company spokesperson was quoted by the news agency as saying: “ExxonMobil is exploring market interest for select assets in the Bakken Shale Play, which includes approximately 137 operated wells and 676 non-operated and royalty wells across 49,000 net acres in North Dakota.”
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By GlobalDataAccording to sources, a large portion of the land considered for sale is undeveloped. This could be appealing to potential buyers.
The assets offer an opportunity for companies to expand their land holdings and potentially increase production through future drilling activities.
Despite the planned divestment, Exxon has reaffirmed its commitment to shale production in North Dakota as part of its long-term strategy.
In August 2024, Bloomberg reported that ExxonMobil is looking to divest a package of conventional oil assets in the Permian Basin. The potential transaction could be worth approximately $1bn. Exxon’s assets on offer include mature wells in the central basin of the Permian, known for their consistent, albeit modest, oil output.
