CALGARY — Imperial Oil Ltd. says it and ExxonMobil Canada have entered into an agreement to sell the Montney and Duvernay oil and gas-producing areas of central Alberta to Whitecap Resources Inc. for $1.9 billion.
Imperial and ExxonMobil Canada each own 50 per cent of XTO Energy Canada, which includes assets in the liquids-rich Montney and Duvernay resource plays. Imperial’s share of the proceeds is $940 million.
The sale is expected to close before the end of the third quarter, subject to regulatory approvals.
The Calgary-based company announced in January that it would market its interests in XTO Energy Canada jointly with ExxonMobil Canada as part of its strategy to focus on key oilsands assets.
The assets to be sold include 227,200 net hectares in the Montney shale, 34,000 net hectares in the Duvernay shale and additional holdings 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 of crude, condensate and natural gas liquids per day.
This report by The Canadian Press was first published June 28, 2022.
Companies in this story: (TSX:IMO, TSX:WCP)
The Canadian Press
News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- 0045 WBPC 2023 Bright Colors P0045 WBPC 2023 Bright Colors P
- 0044 PTRC CCUS Aquistore0044 PTRC CCUS Aquistore
- 0043 ALX ten sizes0043 ALX ten sizes
- 0042 Sask Oilfield Services0042 Sask Oilfield Services
- 0039 Summit ESP Saskatchewan lower third0039 Summit ESP Saskatchewan lower third
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0040 Southeast College safety tickets0040 Southeast College safety tickets
- 0033 Buffalo Potash Jared Small Footprint
- 0032 IWS Summer hiring rock trailer music
- 0029 Latus Viro updated Latus phone
- 0025 Kendalls
- 0026 Buffalo Potash Quinton Salt
- 0023 LC Trucking tractor picker hiring mix
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0019 Jerry Mainil Ltd hiring dugout
- 0018 IWS Hiring Royal Summer
- 0014 Buffalo Potash What if PO
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior
- 0004 Royal Helium PO Ad 02