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ExxonMobil’s Canadian affiliates to market shale assets

ExxonMobil’s Canadian affiliates to market shale assets
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ExxonMobil’s Canadian affiliates to market shale assets

ExxonMobil’s Canadian affiliates, Imperial and ExxonMobil Canada, said January 12 they would jointly market their interests in XTO Energy Canada.

Owned equally by the two affiliates of the US supermajor, XTO Energy Canada’s assets include about 237,000 ha (586,000 acres) in the liquids-rich natural gas Montney shale fairway, 34,000 ha (85,000 acres) in the largely oil-prospective Duvernay shale fairway and additional lands elsewhere in Alberta.

Production from the assets averages about 140mn ft3/day of natural gas and 9,000 b/d of crude oil, condensate and natural gas liquids.

Imperial said the decision to sell the assets was part of its ongoing evaluation of its unconventional portfolio and is consistent with its strategy to focus its upstream resources on key oil sands assets.

Imperial is nearly 70% owned by ExxonMobil and is its main Canadian affiliate, with conventional and unconventional oil and gas production and refining, petrochemical and retail fuel marketing operations. ExxonMobil Canada is wholly-owned by ExxonMobil and while it has some assets in western and northern Canada apart from XTO Energy Canada, its primary assets are in the Hibernia and Hebron oilfields offshore Newfoundland and Labrador, on Canada’s east coast.

RBC Capital Markets has been retained by Imperial and ExxonMobil Canada as their exclusive financial advisor in connection with the planned sale.

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