01:07 PM EDT, 08/27/2024 (MT Newswires) -- Exxon Mobil ( XOM ) is looking to sell a host of traditional oil assets in the Permian Basin for about $1 billion as it focuses on shale production, Bloomberg reported Tuesday, citing people familiar with the matter.

The package includes older wells in the region's Central Basin that produce small, yet stable, amounts of oil, sources told Bloomberg. The $1 billion price tag is highly dependent on oil prices.

Exxon Mobil ( XOM ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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