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Exxon to auction operated and non-operated wells in Bakken

shale

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Assets on sale spread across 49,000 net acres in North

Dakota

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Assets sale could fetch over $500 million, says sources

By Shariq Khan

NEW YORK, Oct 15 (Reuters) - Top U.S. oil producer Exxon

Mobil Corp ( XOM ) plans to sell a portion of its assets in

North Dakota's Bakken shale formation, the company told Reuters

on Tuesday.

Following a wave of megamergers in U.S. shale patches, oil

producers are reviewing their portfolios to decide which assets

remain core to their strategy and which to divest.

"ExxonMobil ( XOM ) 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 said

in response to Reuters questions.

The planned sale could fetch upwards of $500 million,

two sources briefed on it told Reuters. They said it was part of

Exxon's efforts to 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.

The decision aligns with a company strategy to continually

evaluate its portfolio, Exxon said. The company declined to

comment on the valuation, noting it is a corporate practice not

to share such information.

A large portion of the land on sale is undeveloped, the

sources said, which could make it attractive to potential

buyers, both as it bolsters their land banks at a time when

increased scale is important, but also as they may be able to

boost output through future drilling.

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 boepd,

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.

This year, Exxon launched an auction to sell conventional

drilling assets in the Permian basin, Reuters reported in June.