ExxonMobil Eyes $500M Sale of Bakken Shale Assets in North Dakota

Exxon Mobil Corporation (NYSE: XOM), the largest oil producer in the United States, is reportedly looking to sell some of its assets in North Dakota's Bakken shale formation. According to a Reuters report, the company aims for a deal that could fetch at least $500 million.

ExxonMobil is exploring market interest for a portion of its Bakken shale holdings, which include approximately 137 operated and 676 non-operated and royalty wells across 49,000 net acres in North Dakota. The planned sale could fetch more than $500 million, according to the report. This move is part of XOM's strategy to realign its portfolio after the $60 billion acquisition of Pioneer Natural Resources in May.

The sale is in sync with XOM's efforts to streamline its assets and focus on regions with higher growth potential. Despite the planned divestiture, ExxonMobil has emphasized its commitment to continued investment in North Dakota's shale production as part of its long-term strategy. According to energy data provider Rextag, the company's total production ...