https://marcellusdrilling.com/
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id–tic article. Exxon is not selling XTO. There is a difference between write-downs and selling.
Permian is all about oil. Gas is a nuisance product that has to be get rid of - and no, we can't just flare it we sell it or shut in the production.
XTO cuts have been mostly above field level and contractors. They are merging the cbu and bbu by Jan 1 and I expect a lot of cuts as a result.
Also FYI XTO is not all dry gas. The only dry gas fields they operate are the Fayetteville and the Marcellus.
Any one have details on XTO cuts? which groups, disciplines, management layers, combos of groups are in the works?
Last week ExxonMobil issued its third-quarter 2020 update, with some relatively big news (for us). The company announced it is currently reviewing and making a decision about whether or not to sell its North American dry gas assets–i.e. XTO Energy. If it sells XTO, it will take a huge write-down in value (assets currently on the books at a value of $25-$30 billion).