Commodities & Energy

Reuters reveals Exxon aims to sell $25 billion of assets to focus on mega-projects; market reacts

Reuters reveals Exxon aims to sell $25 billion of assets to focus on mega-projects; market reacts

Reuters exclusively reported that Exxon Mobil plans to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking to free up cash to focus on a handful of mega-projects. The sell-off would be a marked acceleration of the U.S. oil major’s previous divestment plans and represent an ambitious attempt by Chief Executive Darren Woods to catch up with competitors who carried out sweeping portfolio reviews and sold swathes of assets following the 2014 market crash. Shares of Exxon rose as much as 1.73% after Reuters broke the news on a day when the S&P 500 fell.