ExxonMobil and Imperial Oil to Sell Alberta Assets to Whitecap Resources

ExxonMobil Canada and Imperial Oil have agreed to sell for $1.9 billion their Montney and Duvernay oil and gas-producing areas in Alberta to Whitecap Resources Inc.

Both companies own half of XTO Energy Canada each, including assets in the liquid-rich Montney and Duvernay resource plays.

“The sale completes the marketing effort announced in January 2022, and is consistent with Imperial’s strategy to focus upstream resources on key oil sands assets and its commitment to deliver long-term value to shareholders,” said Imperial Oil in a statement.

A closure is likely expected before the third quarter’s end, subject to regulatory approvals.

More than 200,000 acres in the Montney shale, 34,000 acres in the Duvernay shale, and additional holdings in other parts of Alberta will be purchased in this deal.

Combined, these assets produce roughly 9,000 bpd of crude, condensate, and natural gas liquids, with a daily output of 140 million cubic feet of natural gas.

Original source material for this article taken from here