August 28, 2024 [Reuters]- Top U.S. oil company Exxon Mobil is looking to sell oil assets in the U.S. Permian Basin that could fetch $1 billion, Bloomberg Law reported on Tuesday.

Exxon, which purchased Pioneer Natural Resources for $60 billion in May, wants to sell a collection of conventional oil and gas properties in the Permian across west Texas and New Mexico to focus on higher-growth assets.

Reuters first reported on the planned sale in June.

The company is offering 14 asset groups, eight operated by Exxon and stakes in six non-operated groups, according to a company prospectus.

Exxon said the sale is consistent with its strategy to continually evaluate its portfolio.