ExxonMobil looking to sell $500 million of Bakken assets: report

WILLISTON, October 16, 2024 – ExxonMobil is looking to sell assets worth around USD 500 million in the USA’s Bakken shale oil play, Reuters reported on Wednesday.

“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,” a company spokesperson told the agency.

Two sources close to the matter said the sales could garner more than USD 500 million, but the company did not comment on the value.

Citing the same sources, the report said ExxonMobil was pursuing a strategy of focusing on its highest-growth-potential assets after its May 2024 purchase of US shale major Pioneer Natural Resources, a deal valued at USD 60 billion. The company spokesperson confirmed that the oil giant was continually evaluating its portfolio.

Recent years have seen a trend of consolidation in the US shale market, with the Pioneer deal making ExxonMobil the largest operator in the Permian Basin, and Chevron‘s 2023 acquisition of Hess, a deal that included significant assets in the Bakken.

Photo courtesy of ExxonMobil.

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