ExxonMobil divests Canadian shale projects

Canada

EDMONTON, June 30, 2022 – ExxonMobil has signed an agreement to sell its Montney and Duvernay unconventional plays in Canada to local E&P player Whitecap Resources for USD 1.47 billion, the American super-major announced on Tuesday.

The sale will see full ownership of subsidiary XTO Energy transferred to the buyer.

The company’s assets include 230 square kilometres on the Montney shale play, 291 square kilometres on the Duvernay shale play and additional acreage in other areas of Alberta.

The subsidiary’s current production sits at around 3.97 mcm (140 mcf) of gas per day and 9,000 barrels of oil, condensate and NGLs per day.

The sale is expected to close in Q3 2022 and is subject to regulatory approvals.

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