By Sabrina Valle and Liz Hampton
HOUSTON (Reuters) – Exxon Mobil Corporation has launched a long-term plan to raise billions of dollars in unwanted assets and reduce last year’s debt by launching Shale gas assets in the United States.
Three years ago, the top US oil producer set a target of $ 15 billion in sales in December. He recently promised to speed up delayed sales by reducing $ 70 billion in debt.
Julie King, spokesman for the company’s XTO Energy Leill Unit, said it was looking for buyers for about 5,000 natural gas wells in Arkansas Fitville. According to people familiar with the matter, Excon is introducing the property itself and intends to accept bids this month.
“We are providing information to third parties who may be interested in the property,” King said. The identity of the buyers was not disclosed in the August bid call or the company’s pricing of the wells.
At the time of the outbreak, Exxon had lost its three-year target of $ 15 billion in activity and assets. As of June, it had sales of $ 557 million and had more than $ 2.15 billion in reserves.
Excon gained $ 650 million in 2010 in the midst of a sham boom that changed the face of American energy. Acceleration pushed up low prices, and last year Exxon reduced U.S. oil and gas prices by $ 17.1 billion.
Arkansas’ assets cover about 416,000 acres (1,680 square miles) and are among some of North America’s natural resources that were cut off from Exxon’s growth plan last year. The sale includes 844 boreholes and 4,104 boreholes, King said.
Exxon, It has a historic loss of $ 22.4 billion by 2020, and the conversion program covers dozens of properties in Asia, Africa, the United States and Europe.
Officials said last month that the company was prioritizing debt reduction and shareholder profits. Exxant has paid more than $ 7 billion this year and reduced its debt to $ 60.6 billion after doubling its total debt to $ 70 billion since 2018.
This year he held talks with British Savana Energy on assets in Chad and Cameroon and sold shares in two deep-seated oil fields to Ossical Petroleum and others.
Exxon senior vice president Jack Williams said July 30 that Exxon is seeing new demand for its assets as oil and gas prices return this year.
“All of the transformation that we’ve had before will continue,” Williams said.
(Additional report by Sharq Khan in Rilgaru, Correction by Gary McWillim and Margurita Choi)