Is Bakken really for sale. If so, whole would buy us at the current prices?
6 replies (most recent on top)
Exxon Weighs Bakken Asset Sale After Getting Interest
Source: Bloomberg
By Kiel Porter and Rachel Bu-t
March 10, 2022, 11:16 AM CST Updated on March 10, 2022, 12:10 PM CST
Exxon Mobil Corp. is considering a sale of assets in North Dakota’s Bakken shale after being approached by interested parties, according to people with knowledge of the matter.
The oil giant could get about $5 billion for the Bakken assets, said the people, who asked not to be identified because they weren’t authorized to speak. Exxon is in the final round of interviewing bankers to help launch a sale process, one of the people said.
Exxon hasn’t made a final decision on pursuing a sale and its plans could still change, the people said.
A representative at Exxon, based in Irving, Texas, declined to comment.
Exxon is aggressively cutting costs in a bid to boost shareholder returns amid higher oil prices. The company also has been focused on improving the quality of its barrels and generated $3 billion of cash proceeds from divesting assets during 2021, according to its fourth-quarter results.
Bakken mergers and acquisitions activity is starting to heat up as crude prices have surged to the highest since 2008. Oasis Petroleum Inc. and Whiting Petroleum Corp. on Monday announced what they called a “merger of equals,” creating a new Bakken-focused oil producer with an enterprise value of about $6 billion.
In contrast to the much larger Permian Basin, where oil production recently surpassed its pre-pandemic high, output remains muted in the more mature Bakken oil field. Shale companies produced 1.16 million oil barrels per day from the Bakken through February, compared with 1.53 million barrels per day in November 2019 before the pandemic-related downturn, according to Rystad data.
— With assistance by Kevin Crowley, and Paul Takahashi
I believe that XOM will try to sale all of their assets in the US other than the refineries and chemical plants. They like to operate in third world countries where it is cheaper to operate.
Everything is for sale at the right price. Hess / Continental
@nbp+1g1WkMjJ And also a flare maker. They need to build some pipelines up there.
Yes it is for sale and everyone supporting it including engineers in Houston will be sold with it.
I’m sure you meant “who would buy us”? It’s not for sale. It’s a money maker.