XTO Energy, a subsidiary of oil giant Exxon Mobil, is seeking a buyer for some of its assets in South Texas’ Eagle Ford Shale Basin, an Exxon spokesperson confirmed to Reuters in a statement.
U.S. oil giant Exxon has opened a virtual data room in recent days to begin marketing its assets, two people familiar with the matter earlier told Reuters. The property, which spans approximately 168,000 net acres, is valued at more than $1 billion, officials said.
The assets XTO is selling include more than 1,000 wells, some of which are operated by Exxon and others in which the company holds passive, or “non-operating,” interests and from which it earns royalties, the people said.
Exxon markets the assets in-house and does not hire an investment bank, the people added.
The officials requested anonymity because the talks are confidential.
An Exxon spokesperson said XTO Energy is investigating market interest in some Eagle Ford assets in south Texas.
“This marketing decision is consistent with our strategy to continually evaluate and optimize our portfolio,” the spokesperson said. Details were not disclosed.
U.S. oil producers are selling assets and shedding non-core assets to focus on the most profitable parts of their businesses following a record surge in deals in recent years.
Along with LNG investments, Exxon is focusing on its holdings in the Permian Basin in Texas and New Mexico, the largest oil fields in the United States, and its assets in Guyana, considered one of the most prolific oil discoveries in recent decades, as two of its three priorities.
Exxon acquired rival Pioneer Natural Resources in a $60 billion deal in 2024, but has sold many assets in recent years. Last year, Exxon sold its majority-owned French subsidiary, Esso, and also sold its stakes in North Dakota, Montana and Canada’s Williston Basin.
The company also announced plans to lay off approximately 2,000 employees worldwide.
Asset sales by producers are also likely to accelerate as growing global concerns about oversupply push oil prices to levels that make many shale producers unprofitable, hurting stock prices and prompting producers to cut costs and shore up cash.
U.S. benchmark West Texas Intermediate crude oil futures settled at $61.07 a barrel on Friday, down 18% from a year ago. 29dk2902l
(Reporting by Shariq Khan in New York and Sheila Dunn in Houston; Editing by Alathy Somasekhar and David Gregorio)
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