Exxon, Imperial to sell Canada shale assets to Whitecap for $1.9 billion

Exxon and Imperial, which jointly own the assets, began marketing them at the start of this year, hoping to capitalize on a rebound in oil and gas prices.A strong run-up in commodity prices since then, with Russia’s invasion of Ukraine stoking global supply concerns, has pushed up the value of oil and gas properties across North America.

U.S. crude oil futures settled at US$111.76 a barrel on Tuesday, up about 49 per cent so far this year.The assets being sold include 567,000 net acres in the Montney shale play, 72,000 net acres in the Duvernay basin and additional acreage in other areas of Alberta.Article content Net production from the 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, according to the companies.

The shale assets were related to a multi-billion dollar impairment charge that Imperial and Exxon took in late 2020. The companies also own petrochemical plants and Exxon operates offshore production in Eastern Canada. The asset sale is part of Exxon’s plans to divest smaller oil and gas operations as it looks to pay down debt and reward shareholders. For Imperial, it is part of its “strategy to focus upstream resources on key oil sands assets,” the company said.Share this article in your social network

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Solar-powered umbrella sold at Costco recalled due to fire hazard risksHealth Canada has issued a recall for SunVilla Corporation's Solar LED Market Umbrellas sold at Costco Canada due to the potential fire hazard risks caused by its batteries overheating. Umbrellas getting recalled but not toxic experimental drugs aka Covid jabs Made in China..what to expect? China ClimateAction
Source: CTVNews - 🏆 1. / 99 Read more »

Parks Canada needs to get on board for Calgary-to-Banff train to happen: Investors | Globalnews.caThe backers of a proposed $1.5-billion Calgary to Banff passenger train say they need Parks Canada to enact policies that encourage public transit. Will kill banff cars have made trains outdated for public transportation for the type of people who go to banff Because banff needs more people…
Source: GlobalNational - 🏆 81. / 51 Read more »

Canada can now seize, sell off Russian assets. What's next? | CBC NewsRedistributing Russian-owned assets to fund Ukraine's reconstruction may sound like a logical approach to restitution, but as the Canadian government gains new powers to begin this process, questions remain about how it will work, and whether some issues are headed to court. So r we doing this with Chinese properties? Perhaps sending the Ambassador packing would say something a) steal stuff from the un-personed b) sell it c) set up slush-fund for Libs
Source: CBCNews - 🏆 2. / 99 Read more »

Date set for TFC-Whitecaps Voyageurs Cup finalToronto FC will make the voyage out west in an attempt to win the club’s record eighth Voyageurs Cup. Sorry, but no one cares. Signed, Canada
Source: nationalpost - 🏆 10. / 80 Read more »