ExxonMobil to Sell Romanian Affiliate for More Than $1 Billion
May 03 2022 - 9:45AM
Business Wire
- Sale supports strategy to focus investments on advantaged
assets
- Includes ‘Neptun Deep’ block in the Black Sea
- Transaction expected to close in second quarter
ExxonMobil has reached an agreement to sell its Romanian
upstream affiliate, ExxonMobil Exploration and Production Romania,
to Romgaz for more than $1 billion, subject to Romanian government
approvals.
“ExxonMobil continues to evaluate our portfolio of
opportunities, focusing our investments in advantaged assets with a
low cost of supply,” said Liam Mallon, president of ExxonMobil
Upstream Company. “Our investments to date have positioned the
Neptun Deep project for future success with potential to help
increase resource production within Romania and the European
Union.”
The agreement includes all shares in ExxonMobil Exploration and
Production Romania along with interest in the XIX Neptun Block
offshore Romania. Operatorship on the block will transfer to its
other titleholder, OMV Petrom. Employees of the Romanian affiliate
will transfer as part of the sale.
ExxonMobil has been present in Romania’s upstream sector since
November 2008, when it acquired an interest in the deepwater Neptun
Deep block in the Black Sea.
The transaction is expected to close in the second quarter of
2022.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product
Solutions and Low Carbon Solutions - provide products that enable
modern life, including energy, chemicals, lubricants, and
lower-emissions technologies. ExxonMobil holds an industry-leading
portfolio of resources, and is one of the largest integrated fuels,
lubricants and chemical companies in the world. To learn more,
visit exxonmobil.com and the Energy Factor.
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Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
closing of agreed divestments and realization of payments;
performance of and results from other investments; and other
business plans, could vary significantly depending on a number of
factors including the supply and demand for oil, gas, and petroleum
products and other market factors affecting the oil, gas, and
petrochemical industries; the severity, length and ultimate impact
of COVID-19 on people and economies and actions of governments in
response to the pandemic; obtaining necessary approvals and
consents and satisfaction of other conditions precedent contained
in the applicable agreements; the development and competitiveness
of alternative technologies; actions of competitors and commercial
counterparties; political and regulatory developments including
environmental regulations; and other factors discussed in this
release and under Item 1A Risk Factors in ExxonMobil’s most recent
annual report on Form 10-K and under the heading “Factors Affecting
Future Results” on the Investors page of our website at
exxonmobil.com. The term “project” can refer to a variety of
different activities and does not necessarily have the same meaning
as in any government payment transparency reports.
Exxon Mobil Corporation has numerous affiliates, many with names
that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For
convenience and simplicity, those terms and terms such as
Corporation, company, our, we, and its are sometimes used as
abbreviated references to specific affiliates or affiliate groups.
Nothing contained herein is intended to override the corporate
separateness of affiliated companies.
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