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Exclusive-U.S. driller Presidio in advanced talks to buy Exxon shale gas wells

by Mike Robinson

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© Reuters. FILEPHOTO: The logo of Exxon Mobil Corp was seen at Rio Oil and Gas Expo and Conference (Rio de Janeiro Brazil, September 24, 2018). REUTERS/Sergio Moraes

By Shariq Khan

(Reuters) – Presidio Petroleum LLC has entered advanced discussions to purchase approximately 5,000 shale-gas wells from the U.S. oil producers Exxon Mobil Two sources familiar with the situation told Reuters Monday that Corp (NYSE:) was among them.

Exxon’s XTO Energy unit is looking to buy its Arkansas holdings in Fayetteville. It’s part of Exxon’s effort to increase cash flow by selling off unwanted assets. Presidio is a producer owned by Exxon. Morgan Stanley Energy Partners is a company that buys old oil and gas fields, and works to improve output.

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