ExxonMobil Announces Sale of Interests in Montney and Duvernay Canadian Assets
29 June 2022 - 9:25AM
Business Wire
ExxonMobil said today that its Canadian affiliates, Imperial and
ExxonMobil Canada, have entered into an agreement with Whitecap
Resources Inc. for the sale of XTO Energy Canada, which is jointly
owned by Imperial and ExxonMobil Canada.
The sale, for a total cash consideration of about U.S. $1.47
billion, is expected to close before the end of the third quarter,
subject to regulatory approvals.
The sale completes the marketing effort announced in January,
and is consistent with ExxonMobil’s strategy to focus upstream
resources on key assets to deliver long-term value to
shareholders.
The assets include 567,000 net acres in the Montney shale,
72,000 net acres in the Duvernay shale and additional acreage in
other areas of Alberta. Net production from these assets is about
140 million cubic feet of natural gas per day and about 9,000
barrels per day of crude, condensate and natural gas liquids.
RBC Capital Markets acted as exclusive financial advisor to
Imperial and ExxonMobil Canada in connection with the
transaction.
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energy and petrochemical companies, creates solutions that improve
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Solutions and Low Carbon Solutions - provide products that enable
modern life, including energy, chemicals, lubricants, and
lower-emissions technologies. ExxonMobil holds an industry-leading
portfolio of resources, and is one of the largest integrated fuels,
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Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
closing of agreed divestments and realization of payments;
performance of and results from other investments; and other
business plans, could vary significantly depending on a number of
factors including the supply and demand for oil, gas, and petroleum
products and other market factors affecting the oil, gas, and
petrochemical industries; the severity, length and ultimate impact
of COVID-19 on people and economies and actions of governments in
response to the pandemic; obtaining necessary approvals and
consents and satisfaction of other conditions precedent contained
in the applicable agreements; the development and competitiveness
of alternative technologies; actions of competitors and commercial
counterparties; political and regulatory developments including
environmental regulations; and other factors discussed in this
release and under Item 1A Risk Factors in ExxonMobil’s most recent
annual report on Form 10-K and under the heading “Factors Affecting
Future Results” on the Investors page of our website at
exxonmobil.com.
Exxon Mobil Corporation has numerous affiliates, many with names
that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For
convenience and simplicity, those terms and terms such as
Corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups.
Nothing contained herein is intended to override the corporate
separateness of affiliated companies.
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