ExxonMobil sells $1 billion of conventional assets in the Permian Basin

ExxonMobil has agreed to sell conventional oil assets in the Permian Basin for around $1 billion.
This transaction is part of a strategy to refocus on shale deposits, which are more profitable and aligned with the company’s priorities following the acquisition of Pioneer Natural Resources.
The fields concerned, mainly based on conventional technologies, are less profitable than the company’s new strategic priorities in the region.
The recent acquisition of Pioneer Natural Resources almost doubles ExxonMobil’s production in the Permian Basin, necessitating a reorganization of its asset portfolio.
By divesting these older oil fields, the company is strengthening its ability to invest in the Permian Basin’s unconventional resources, which are deemed more lucrative.