2023-05-24 07:50:00 ET
Given ExxonMobil's (NYSE: XOM) enormous cash war chest, there has been a lot of focus recently on its next acquisition. However, instead of shopping, Exxon recently agreed to sell an asset and add to its cash position.
That deal will provide a boost to the buyer, Chord Energy (NASDAQ: CHRD) , potentially giving it more fuel to pay dividends. Here's a closer look at the deal and how it will benefit both oil stocks .
Chord Energy has agreed to acquire 62,000 acres in the Williston Basin of North Dakota from Exxon. It's paying $375 million in cash for largely undeveloped land (77% undeveloped with 123 future drilling locations). The strategically located acreage fits like a glove within the company's existing acreage position in the oil-rich basin:
For further details see:
This Ultra-High-Yield Stock's Deal With ExxonMobil Could Drive Its Dividend Higher