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Unique-Exxon Mobil launches sale of U.S. shale fuel properties -marketing doc By Reuters

© Reuters. FILE PHOTO: A emblem of the Exxon Mobil Corp is seen on the Rio Oil and Fuel Expo and Convention in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File Picture/File Picture

By Shariq Khan

(Reuters) -Exxon Mobil on Tuesday launched the sale of shale fuel properties stretching throughout 27,000 acres within the Appalachian basin of Ohio, the corporate confirmed, a part of an ongoing divestiture of U.S. belongings.

The highest U.S. oil producer is advertising 61 wells that final 12 months produced round 81 million cubic toes per day equal (mmcfd) of pure fuel, in accordance with a advertising doc seen by Reuters. The sale contains one other 274 wells operated by different corporations.

A sale may worth the belongings at round $200 million based mostly on present pure fuel costs and present manufacturing from the wells, an individual acquainted with the matter stated.

“ExxonMobil (NYSE:) is offering data to 3rd events that will have an curiosity within the belongings, however no settlement has been reached and no purchaser has been recognized,” stated spokeswoman Sarah Nordin. Operations are persevering with, she added.

The corporate in 2020 took a few $20 billion writedown on properties, primarily bought with subsidiary XTO Power a decade earlier. It eliminated fuel belongings in Appalachia, the Rocky Mountains, Oklahoma, Texas and elsewhere from its growth plan after the writedown.

The Ohio properties produced round 250 mmcfd of fuel in 2017 and are amongst belongings that Exxon put in the marketplace because it focuses growth in Guyana, offshore Brazil and Texas’s Permian Basin shale subject.

U.S. settled at $2.249 on Tuesday, up greater than 80% for the reason that finish of 2020.

The corporate three years in the past set a objective of elevating $15 billion from asset gross sales, and final 12 months accelerated its advertising efforts as power costs recovered from the pandemic.

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