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 U.S. $1.47 billion, is expected to close before the end of the third quarter.
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 9,000 barrels per day of crude, condensate and natural gas liquids.
The sale is consistent with ExxonMobil’s strategy to focus upstream resources on key assets to deliver long-term value to shareholders.