ExxonMobil announces sale of interests in Montney and Duvernay Canadian assets
Published by Emily Thomas,
Deputy Editor
Oilfield Technology,
ExxonMobil has announced 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 US$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 9000 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.
Read the latest issue of Oilfield Technology in full for free: Summer 2022
Oilfield Technology’s Summer 2022 issue starts with a report from Rystad Energy focusing on the upstream industry in Southeast Asia. The rest of the issue is dedicated to features covering advances in drilling, rig design, software and AI, corrosion and maintenance, artificial lift, flow control, and more.
Exclusive contributions come from Vink Chemicals, Archer, Taurex Drill Bits, Vysus, EM&I, SparkCognition, TÜV Rheinland Group, TGT Diagnostics, ChampionX, and Baker Hughes, as well as a guest comment from Patrick Long, Opportune.
Read the article online at: https://www.oilfieldtechnology.com/exploration/29062022/exxonmobil-announces-sale-of-interests-in-montney-and-duvernay-canadian-assets/
You might also like
Global recoverable oil reserves hold steady at around 1500 billion bbl
Rystad Energy’s latest research shows global recoverable oil reserves held largely steady at around 1500 billion bbl, down some 52 billion bbl from the company’s 2023 analysis.