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Investing.com – Exxon Mobil stock (NYSE:XOM) rose 2% Tuesday on a report that the company is seeking buyers for its shale gas properties in the U.S.
A Reuters report said the oil major is ramping up a long-stalled program that aims to raise billions of dollars to shed unwanted assets and reduce debt taken on last year.
The company has been working on reducing its debt, paying off $2.7 billion in the June quarter to bring it to $60.6 billion.
Exxon’s XTO Energy shale unit is seeking buyers for 844 operated and 4,104 non-operated natural gas wells in the Fayetteville Shale in Arkansas, the Reuters report said.
The properties cover some 416,000 net acres and are some of the North American natural gas resources cut last year from Exxon’s development plan.
Exxon acquired the Fayetteville assets in 2010 for $650 million amid a shale boom that led to an oversupply of gas and record-low prices. Last year Exxon marked down the value of its U.S. oil and gas holdings by $17.1 billion.
