Sinochem plans to sell its 40% stake in Wolfcamp US shale JV with Exxon Mobil for over $2bn.
Sinochem plans to sell its 40% stake in the Wolfcamp US shale joint venture with Exxon Mobil, valued at over $2bn. The company is re-evaluating its oil exploration and production business and has hired Barclays to advise on the potential sale. Exxon, as majority owner and operator of the JV, has the right of first refusal. The sale could mark the end of Sinochem's involvement in the Permian Basin, a key player in the US shale revolution.
August 30, 2024
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