XTO Energy Canada, which is jointly owned by Imperial and ExxonMobil Canada, is being sold by ExxonMobil’s Canadian affiliates, Imperial and ExxonMobil Canada, to Whitecap Resources Inc.
Assuming regulatory approvals are received, the sale is expected to close before the end of the third quarter, for a total cash consideration of $1.47 billion.
As part of ExxonMobil’s strategy to deliver long-term value to shareholders, the sale concludes the marketing effort announced in January.
In addition to the Montney shale, the Duvernay shale and additional Alberta acreage are also included in the assets. These assets produce about 140 million cubic feet of natural gas per day and about 9,000 barrels of crude oil, condensate, and natural gas liquids each day.
Imperial and ExxonMobil Canada were advised by RBC Capital Markets exclusively in connection with the transaction.