ExxonMobil to Sell Non-Core Permian Basin Assets to Hilcorp Energy

Zacks11-14

Exxon Mobil Corporation XOM, the U.S.-based oil and gas giant, has entered into an agreement to sell its older assets located in the Permian Basin of Texas and New Mexico. The company has not ...

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The company has not ...</p>\n\n<a href=\"https://finance.yahoo.com/news/exxonmobil-sell-non-core-permian-161900912.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0795875086.SGD","symbol_name":"JPMorgan Investment Funds - Global Income A (div) SGD","start_time":0,"source_url":"https://finance.yahoo.com/news/exxonmobil-sell-non-core-permian-161900912.html","article_id":"2483858402","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/xZ9wY7_RPTPrYPVqTYHW9g--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/b81ac34444d94825c1ca7ea33d2f8831"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483858402","pubTimestamp":1731514740,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Exxon Mobil CorporationXOM, the U.S.-based oil and gas giant, has entered into an agreement to sell its older assets located in the Permian Basin of Texas and New Mexico. 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The company has not disclosed the buyer of the assets or the deal’s valuation. However, according to sources, the assets have been sold to a privately held energy company, Hilcorp Energy, for approximately $1 billion.\nXOM Sells Permian Basin Assets to Hilcorp Energy\nPer Reuters, ExxonMobil had previously auctioned these assets to shift its focus on shale drilling properties which offer higher growth and better returns. Hilcorp Energy emerged as the winner of the auction, buying these assets for approximately $1 billion. ExxonMobil stated that the transaction will likely be closed in the March quarter of 2025.\nXOM's divestment involves conventional oil drilling assets in the Permian Basin. The company mentioned that these assets include conventional vertical wells, not horizontal ones. Vertical wells are typically less advanced than horizontal wells used in shale production.\nXOM Maintains Focus on High-Growth Shale Properties\nThe company stated that the divestment aligns with its strategy to focus on investments that improve its portfolio by adding advantaged assets. ExxonMobil also mentioned that it has been continuously optimizing its portfolio to focus on its most profitable assets. The company follows a strategy of divesting its non-core assets and using the proceeds to strengthen its balance sheet.\nHilcorp Energy Expands Portfolio\nThe company specializes in buying older, mature assets from rival companies in the industry and is one of the most active buyers of such assets. Previously, the private firm acquired Eni’s assets offshore Alaska in a deal worth $1 billion. The U.S. oil and gas sector has recently witnessed a consolidation trend within the industry. Taking advantage of the favorable commodity price environment, many oil and gas majors have pursued large mergers, such as the $60 billion acquisition of Pioneer Natural Resources by ExxonMobil and the pending $53 billion all-stock merger between Hess and Chevron Corporation.\nXOM’s Zacks Rank and Key Picks\nCurrently, XOM carries a Zacks Rank #3 (Hold).\nSome better-ranked stocks in the energy sector are Archrock Inc. AROC, Smart Sand, Inc. SND and FuelCell Energy FCEL. Archrock presently sports a Zacks Rank #1 (Strong Buy), while Smart Sand and FuelCell Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.\nArchrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.\nSmart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained demand in the oil and gas market, SND is expected to see growing demand for its services, reflecting a positive outlook.\nFuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nExxon Mobil Corporation (XOM) : Free Stock Analysis Report\nFuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report\nArchrock, Inc. (AROC) : Free Stock Analysis Report\nSmart Sand (SND) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483858402"}