02:11 PM EDT, 08/27/2024 (MT Newswires) -- (Updates with Exxon Mobil's ( XOM ) response to a request for comment in the third paragraph.)

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.

"XTO Energy, a subsidiary of Exxon Mobile Corporation, is exploring market interest for select conventional assets in West Texas and Southeast New Mexico," a company spokesperson told MT Newswires via email. "This decision is consistent with our strategy to continually evaluate our portfolio. Operations will continue as normal throughout the marketing process."

(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.)

Price: 117.70, Change: -1.11, Percent Change: -0.93