ExxonMobil Announces Plan to Divest “Certain” N.A. Dry Gas Assets

Yesterday ExxonMobil released the outlines of its development plan for the next five years. We previously alerted you that Exxon was looking to write down (impair) up to $30 billion of its assets, including (potentially) its assets in the Marcellus/Utica (see ExxonMobil Deciding Fate of XTO Asset Value in 4Q). Indeed it has happened, albeit not quite as bad as expected. Exxon says the impairments, which include assets in the M-U, will be on the order of $17-$20 billion. Exxon is also considering a sale of those impaired assets.

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