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Exxon explores selling U.S. Gulf of Mexico assets

Key Points
  • Exxon Mobil is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher oil prices prompt the world's largest publicly listed oil company to review its portfolio, people familiar with the matter said on Tuesday.
  • As part of the evaluation process, Exxon has asked a small number of parties to gauge their potential interest in the company's Gulf assets, ahead of making a decision on how to proceed, according to two of the sources, adding that any sale would likely happen next year.
A car loaded with belongings drives past an Exxon Mobil Corp. refinery in Baton Rouge, Louisiana.
F. Carter Smith | Bloomberg | Getty Images

Exxon Mobil is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher oil prices prompt the world's largest publicly listed oil company to review its portfolio, people familiar with the matter said on Tuesday.

Major oil companies such as Exxon have been looking to concentrate development operations in a few key areas. Irving, Texas-based Exxon company is focusing on promising oil-rich acreage in areas such as Guyana, Brazil and the Permian basin of Texas.

As part of the evaluation process, Exxon has asked a small number of parties to gauge their potential interest in the company's Gulf assets, ahead of making a decision on how to proceed, according to two of the sources, adding that any sale would likely happen next year.

The sources asked not to be identified because the matter is confidential. Exxon did not immediately respond to a request for comment.

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Key Points
  • Exxon Mobil, Chevron and Occidental Petroleum will become the first U.S. energy companies to join the Oil and Gas Climate Initiative.
  • Members pledge to cut emissions and boost energy efficiency and contribute to a $1 billion fund to support clean tech and business models.
  • The initiative was launched in 2014 and currently has 10 members.