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To Be or Not To Be: Bakken Assets Could Fetch $5 Billion for Exxon Mobil

Exxon Mobil Corp. is weighing prospects of selling its assets in North Dakota’s Bakken, after gauging interest from potential buyers — 5 billion is the issue price, at least according to rumors. The price point came about after the news that the oil giant is in the final round of hiring bankers to help launch the sale.

An Exxon Mobil spokesperson declined to comment regarding the situation.

It's important to note, that Exxon, one of the top U.S. oil companies, has been trying to raise $15 billion through asset sales as a part of its three years-long plan, which includes not only several U.S. assets but international ones as well.

In a move to pay down debt taken on during the pandemic and double earnings by 2027, Exxon Mobil expects to cut annual costs by $9 billion by 2023, a $3 billion increase over previous targets.

The oil giant has been cutting costs heavily since suffering a historic loss in 2020. A sweeping restructuring of the company's global operations was announced in January. After which Exxon marketed 61 wells that produced approximately 81 million cubic feet of natural gas equivalent per day (MMcfd) from shale gas properties spread across 27,000 acres in Ohio’s Appalachian Basin. Based on current natural gas prices and existing production from the well, this sale alone could value the assets at around $200 million.

To boost profitability, Exxon Mobil further confirmed at the beginning of March that it would continue to reduce expenses and its oil and gas production portfolio. And backing up its statements with actions, Exxon’s Russian projects were one of the first to be axed following the geopolitical crisis, which caused oil prices to rise to their highest level in eight years.

And while the news of possible Bakken's assets sale has yet to be confirmed, it started spreading like wildfire against a backdrop of rising shares. An afternoon trade right after they broke showed that Exxon Mobil bonds had gained as much as 2.31% at $84.71.

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