ExxonMobil: sells Canadian assets for 1.5 billion dollars

(CercleFinance.com) - ExxonMobil said late on Tuesday that it had entered into an agreement with smaller oil producer Whitecap Resources for the sale of XTO Energy Canada.


The scope of the asset, which is jointly owned by two of its units, Imperial and ExxonMobil Canada, includes 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 the three projects 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.

The sale, for a total cash of 1.47 billion dollars, is expected to close before the end of the third quarter, ExxonMobil said.

The move is in line with ExxonMobil's strategy to focus its upstream resources on key assets to deliver long-term value to shareholders.

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