Exxon Mobil Sells $1 Billion in Permian Basin Assets to Focus on Shale: Report

In a bid to focus on evolving shale production, Exxon Mobil Corporation (NYSE:XOM) reportedly disclosed a $1 billion major asset sale deal.

According to Reuters, the oil and gas giant plans to divest its conventional oil drilling assets located in the Permian Basin of Texas and New Mexico.

As per the report, the assets are estimated to produce around 26,000 barrels of oil equivalent per day.

The company told Reuters that the asset sale to Hilcorp Energy "aligns with their strategy to concentrate investments on high-value assets within the industry-leading portfolio."

Notably, earlier in August, Exxon had disclosed the intention to sell older wells in the Permian's Central Basin that produce small but steady oil volumes.

At that time, the company said in a statement ...