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To Be or Not To Be: Bakken Assets Could Fetch $5 Billion for Exxon Mobil
04/05/2022
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 of the invasion of Ukraine by Putin's regime, 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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$690 Million Deal Moves Ahead: Crescent Energy to Complete Purchase of EP Energy's Uinta Assets
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Crescent Energy closed the acquisition of Uinta Basin assets in Utah that were previously owned by EP Energy for $690 million, a few hundred million dollars below the original price. The accretive deal increases Crescent's Rockies position and adds significant cash flow and a portfolio of high-quality oil-weighted undeveloped sites. In addition to its acquired Uinta assets, Crescent's pro forma year-end 2021 provided reserves totaled 598 million boe, of which 83% was developed, 55% was liquid, and its provided PV-10 was $6.2 billion.
As Countries Shun Russian Crude, Canada Plans to Boost Its Oil Exports
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Canada is looking at ways to increase pipeline utilization to boost crude exports as Europe seeks to reduce its reliance on Russian oil At the moment, oil exports from Canada to the U.S. are approximately 4 million barrels of oil per day, with a portion reexported to other countries. At the end of 2021 Canadian oil companies exported a record amount of crude from the U.S. Gulf Coast, mostly to big importers India, China, and South Korea. And this will only increase in the future.
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Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/187Blog_ONEOK Completes Acquisition of Magellan Midstream.png)
The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/186Blog_Viper Energy Secures $1 Billion in Permian.png)
Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.