By Colin Kellaher

Exxon Mobil Corp. on Tuesday said it agreed to sell its Romanian upstream affiliate to state-owned gas producer Romgaz SA for more than $1 billion, as the energy giant focuses its portfolio on assets with a low cost of supply.

The Irving, Texas, company said the sale, slated to close during the second quarter, includes its ExxonMobil Exploration & Production Romania affiliate and its stake in the XIX Neptun block offshore in the Black Sea.

OMV Petrom, controlled by Austria's OMV AG, will assume operatorship on the block, which has been present in Romania's upstream sector since November 2008, Exxon said.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 03, 2022 10:24 ET (14:24 GMT)

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