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Exxon Mobil (NYSE:XOM) has agreed to sell its natural gas properties in Arkansas‘ Fayetteville shale to closely-held Flywheel Energy for an undisclosed sum, Reuters reported late Friday.
The assets under agreement include ~5K natural gas wells – 850 operated and 4,100 non-operated – and related pipeline and processing properties across 381K acres, according to the report.
Exxon’s (XOM) XTO Energy unit had acquired the Fayetteville shale assets in 2010 for $650M.
Exxon Mobil (XOM) shares are trading for ~11x free cash flow, where anything less than 15x is considered cheap, David Alton Clark writes in a bullish analysis posted recently on Seeking Alpha.
Image and article originally from seekingalpha.com. Read the original article here.