ExxonMobil’s Canadian affiliates, Imperial and ExxonMobil Canada, have teamed up to secure and finalize the sale of XTO Energy Canada, a joint venture between both parties.
“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,” a recent press release states.
The agreement, valued at a total cash consideration of $1.47 billion, is projected to close before the end of the third quarter, and will be subject to regulatory approvals. RBC Capital Markets oversaw the transaction as exclusive financial advisor to Imperial and ExxonMobil Canada.
The slate of assets 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.
According to a recent press release, “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.”