Is XOM starting to high grade and dispose challenged operating assets? 1000 wells struggling to produce 12000 bopd on a good day. Subsurface expecting substantial declines in production and limited appetite for further exploration and development
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That isn’t enough volume to keep Exxon interested. Divest for sure is coming.
@gq reserves and assets. Plus this purchase was made before Guyana development. Its was and is a sound gas gas/condensate play. Plus XTO had excellent people that have complemented the XOM team. My 2 cents
We buy CTO then we slowly sell it off? Genius!
All upstream assets are on a cost curve from lowest cost to produce oil & gas to highest cost to produce oil & gas.
The highest cost to produce assets are always on the sales block. If the price is right, we will sell everything. Our goal is to drive to less than $30 USD per barrel to produce globally. At some point over the next decade, the price of Brent crude will be under $40 per barrel.
Nothing new here. We want to sell everything it seems. Need cash to design build buy India!
Starting to? That's been happening seriously since 2020, especially in XTO.