Exxon plans to sell percentage of shale assets in Bakken formation

(WO) – Exxon Mobil Corp has announced plans to sell a portion of its assets in North Dakota's Bakken shale formation, according to Reuters.

Top oil producers are strategically reevaluating their asset portfolios in the wake of several big mergers in U.S. shale patches.

"ExxonMobil is exploring market interest for select assets in the Bakken Shale Play, which includes approximately 137 operated wells and 676 non-operated and royalty wells across 49,000 net acres in North Dakota," a company spokesperson told Reuters.

Once finalized, the sale could reach up to $500 million, two sources said. They added that the planned sale is part of Exxon's strategic focus on assets with the highest growth potential after a $60 billion takeover of rival Pioneer Natural Resources in May.

The sources requested anonymity as they are not authorized to speak publicly.

Exxon declined to comment on the valuation, noting it is a corporate practice not to share such information.

Much of the land for sale is undeveloped, the sources said. This could attract potential buyers with future goals of increasing drilling output and strengthening land banks during a time of increased shale importance.

Exxon is one of the top producers in the Bakken, the third largest oil-producing region in the U.S., with the company's total production from the region at over 100,000 bopd, according to energy data provider Rextag.

Exxon said it will continue to invest in shale production in North Dakota as part of its long-term strategy.

As previously reported in June, Exxon launched an auction this year to sell conventional drilling assets in the Permian basin.