Published on 13 Jan 2022 on Zacks via Yahoo Finance

ExxonMobil (XOM) to Divest Shale Gas Assets in Appalachian Basin

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Exxon Mobil Corporation XOM launched the divestment of shale gas properties in the Appalachian Basin as part of its ongoing divestment plan, per a report by Reuters.

The assets considered for sale cover 27,000 acres in the Appalachian Basin of Ohio. In 2017, the properties produced about 250 million cubic feet per day equivalent (mmcfd) of natural gas. The asset divestment could attract an estimated $200 million based on current natural gas prices and the wells’ production.

Per Reuters, ExxonMobil is selling 61 wells, which produced 81 mmcfd of natural gas in 2021. The sale also involves 274 wells that are operated by other companies. The divestitures will enable ExxonMobil to focus more on developing its assets in Guyana and the Permian Basin shale field in Texas. Notably, the company is yet to reach an agreement on a sale.

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