Imperial, Exxon completes $1.9B sale of XTO Energy Canada to Whitecap Resources

The Imperial Oil logo is seen at the company’s annual meeting in Calgary, on April 28, 2017. Imperial Oil Ltd. says it and ExxonMobil Canada have closed the $1.9-billion sale of their oil and gas-producing assets in the Montney and Duvernay areas to Whitecap Resources Inc. THE CANADIAN PRESS/Jeff McIntosh
Jeff McIntosh

Imperial Oil Ltd. says it and ExxonMobil Canada have closed the $1.9-billion sale of their oil and gas-producing assets in the Montney and Duvernay areas to Whitecap Resources Inc.

The two companies each owned 50 per cent of XTO Energy Canada, which held the assets, while Imperial itself is majority owned by ExxonMobil.

Imperial says the assets sold include almost 230,000 net hectares in the Montney shale and about 29,000 net hectares in the Duvernay shale, plus additional holdings in other areas of Alberta.

Whitecap says the acquisition will add the equivalent of about 32,000 barrels per day of production (including condensate and natural gas liquids) and over 2,000 drilling locations in the two fossil fuel plays.

Calgary-based Whitecap says the deal also includes a gas processing facility, and that integration of the acquired assets is already well underway.

Imperial said in January it would look to sell XTO Energy Canada as part of its strategy to focus on key oilsands assets.

This report by The Canadian Press was first published Aug. 31, 2022

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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