ExxonMobil has reportedly launched the sale of its oil and gas properties in Texas as it reorganises its portfolio to focus on more profitable assets.
Reuters reported that the sale of producing properties, which include 2,700 wells that cover an area of about 182,000 acres in north Texas, has been confirmed by Exxon spokesperson Sarah Nordin.
The Barnett Shale assets considered for sale could be valued at between $400m and $500m, reported the news agency citing a person familiar with the matter.
Nordin said that Exxon plans to continue to normally operate the assets during the marketing process. There is no agreement on a sale by the firm.
Exxon is due to receive bids for the oil and gas assets in December. It plans to close a potential sale transaction in January 2022.
Production from the shale gas properties stood at around 227 million cubic feet per day (mcfd) in the first half of this year, a 50% reduction since 2016, reported Reuters citing a marketing document.
The divestment forms part of the US oil producer’s strategy to raise $15bn by offloading assets to reduce debt.
Exxon is also looking to sell assets in Africa, Asia, and Europe and shift focus to production ventures in Guyana, offshore Brazil, and the Permian Basin in the US.
In August 2021, ExxonMobil, through its subsidiary XTO Energy, launched the sale of almost 844 operated and 4,104 non-operated wells in the Fayetteville Shale in Arkansas, US.
These assets are among the gas projects that reported decreased production capacity and have reduced market value.