U.S. energy major Exxon Mobil is considering bids for its Argentine shale assets, valued at about $1 billion, Bloomberg News reported on Friday, citing people familiar with the matter. The company had received several offers for holdings in Argentina's Vaca Muerta formation in Patagonia earlier this month, the report said. Argentina is betting on Vaca Muerta – the world's second-largest shale gas reserve and fourth-largest shale oil reserve – to turn the South American country into an energy powerhouse and curb dependence on costly imports.
BP and Shell two of Europe’s biggest oil-and-gas companies, have a valuation problem that they haven’t been able to solve for decades. Exxon trades at 12 times forward earnings, as does Chevron Shell, by contrast, is at eight times, while BP is at seven. This is a conundrum that Shell CEO Wael Sawan and BP CEO Murray Auchincloss would like to crack.
Improving Permian production amid healthy oil prices raises the incentive to keep an eye on companies like ExxonMobil (XOM), Matador Resources (MTDR) and Diamondback Energy (FANG),