EXCLUSIVE Exxon Mobil Launches Sale of U.S. Shale Gas Properties – Marketing Document

An Exxon Mobil Corp logo is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil, September 24, 2018. REUTERS / Sergio Moraes / File Photo / File Photo

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Jan.11 (Reuters) – Exxon Mobil (XOM.N) on Tuesday launched the sale of shale gas properties spanning 27,000 acres in the Appalachian Basin of Ohio, the company confirmed, as part of a pending sale of US assets.

America’s largest oil producer markets 61 wells that last year produced about 81 million cubic feet of equivalent per day (mmcfd) of natural gas, according to a marketing document viewed by Reuters. The sale includes 274 other wells operated by other companies.

A sale could value the assets at around $ 200 million based on current natural gas prices and existing production from wells, a person familiar with the matter said.

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“ExxonMobil provides information to third parties who may have an interest in the assets, but no deal has been reached and no buyer has been identified,” said spokesperson Sarah Nordin. Operations are continuing, she added.

In 2020, the company suffered approximately $ 20 billion in depreciation on properties, mostly purchased with subsidiary XTO Energy a decade earlier. It pulled gas assets in the Appalachians, Rocky Mountains, Oklahoma, Texas and elsewhere from its development plan after the depreciation.

The Ohio properties produced around 250 mmcfd of gas in 2017 and are among the assets that Exxon has brought to market as it focuses on development in Guyana, off Brazil and in the shale field. from the Permian Basin of Texas. Read more

U.S. natural gas futures were at $ 4.219 on Tuesday, up more than 80% since late 2020.

Three years ago, the company set a goal of raising $ 15 billion through asset sales and last year ramped up its marketing efforts as energy prices recovered from the pandemic.

(This story corrects the natural gas settlement price to $ 4.219 from $ 2.249 in paragraph 7)

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Reporting by Shariq Khan; Editing by Cynthia Osterman

Our Standards: Thomson Reuters Trust Principles.

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