Pound for pound, ExxonMobil has borne the weight of a large primate on its back this year to speed up its ESG goals and slash an estimated $60.6 billion in debt. Now, in the waning twilight of a take-no-prisoners debt reduction campaign launched in 2018, the mega major looks to raise $15 billion by the end of this month. And the clock, as they say, is ticking. Reese Energy Consulting today is following the latest news and murmurs coming out of Exxon, which wrapped up bids yesterday on a swath of gas assets in the Barnett Shale valued as high as $500 million. After announcing in August plans to shed its Fayetteville gas position, Exxon may have found a buyer in Fort Worth-based startup Presidio Petroleum. Should the stars align, Presidio would gain up to 5,000 wells for workovers and recompletions across 416,000 net acres in Ark., and 217+ MMCFD in production. A potential deal also would expand Presidio’s presence outside the Anadarko Basin where it operates 743,00 net acres.
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Exxon Mobil Corporation, stylized as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller’s Standard Oil, and was formed on November 30, 1999, by the merger of Exxon and Mobil.