Exxon Mobil Corp. has agreed to sell conventional oil drilling assets located in the Permian Basin of Texas and New Mexico to privately-owned Hilcorp Energy. The deal is valued at approximately $1 billion.
This divestment aligns with ExxonMobil's strategy to high-grade its portfolio by divesting less competitive assets. The company aims to concentrate operations on advantaged assets with low costs of supply and high returns.
The sale allows ExxonMobil to optimize its Permian footprint, particularly following its acquisition of Pioneer Natural Resources, and reallocate capital to more strategic, high-return projects.
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