Exxon Says, ‘Let’s Make a Deal’

Exxon Says, ‘Let’s Make a Deal’

When you’re looking at a mind-boggling $60.6 billion in debt even a $4.7 billion profit in the second quarter falls like a lone raindrop in the Mohave. Coming off an historic $22.4 billion loss in 2020, ExxonMobil is into the last year of a stalled, three-year debt reduction campaign with a goal of raising $15 billion by December. It’s achieved about a third of that so far with potential deals on the table valued at $2.15 billion and a ticking clock. Reese Energy Consulting today is following the latest news from Exxon and its take-no-prisoners divestment challenge that includes For Sale signs on assets in Asia, Africa, Europe, and the U.S. If you’re in the market for natural gas properties here at home, the world’s largest energy producer just might have you covered for the right price. Sales efforts now are underway to offload Exxon XTO’s 662,000 acres and 5,000 wells in the Arkansas-Fayetteville producing more than 271 MMCFD. That should make a dent. In addition to Ark., XTO also operates natural gas assets in the Marcellus/Utica, Haynesville, Barnett, Permian, Hugoton, DJ, and Bakken, as well as in Western Canada.

What do you think? Learn more about REC and our natural gas marketing expertise at www.ReeseEnergyConsulting.com.

ExxonMobil

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.

exxonmobil.com

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Full Speed Ahead in the Bakken

Full Speed Ahead in the Bakken

Denver-based Whiting Petroleum last April earned the dubious distinction as the first major U.S. oil producer to file for bankruptcy after crude prices fell into an abyss. But with new leadership at the wheel, Whiting has re-emerged, crafting strategic moves to reclaim its place as N.D.’s biggest producer. Reese Energy Consulting today is following the latest news from Whiting, which is waving goodbye to its sizeable assets in Colo.’s DJ Basin and going full throttle in the Bakken. The E&P has just announced duo deals totaling $458 million, putting the Rocky Mountains in the rearview and revving up in the Williston Basin. Whiting has sold its entire position in the DJ for $187 million to an undisclosed buyer with assets that include 67,278 net acres and 7,100 BOEPD in production. In a second transaction, the company has acquired 8,752 net acres in the Williston with production of 4,200 BOEPD for $271 million, this also from an undisclosed buyer. The acquisition adds to Whiting’s current portfolio of 478,000 net acres in the Bakken and Three Forks shale plays, making it the third-largest producer.

What do you think? Learn more about REC and our range of oil and natural gas marketing expertise at www.ReeseEnergyConsulting.com.

Whiting Petroleum

Whiting Petroleum Corporation is an independent exploration and production company with an oil focused asset base. We are a top crude oil producer in North Dakota and operate substantial assets in northern Colorado. Headquartered in Denver, Colorado, we lead the industry with our competitive assets, commitment to safety, dedication to technology and record-setting results. Whiting is a competitive company, with a strong, responsible plan to create long-term value.

whiting.com

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