Exxon Mobil to Sell U.K. Upstream Central, Northern North Sea Assets
February 24 2021 - 07:54AM
Dow Jones News
By Colin Kellaher
Exxon Mobil Corp. Wednesday said it agreed to sell its
non-operated upstream assets in the U.K. central and northern North
Sea to NEO Energy, a portfolio company of Norwegian private-equity
fund HitecVision, for more than $1 billion.
The Irving, Texas, energy giant said the deal also includes an
additional $300 million in contingent payments based on the
potential for increases in commodity prices.
Exxon said the sale includes its interests in 14 producing
fields in the North Sea, adding that it is keeping its non-operated
share in upstream assets in the southern North Sea, as well as its
stake in the Shell Esso gas and liquids infrastructure that
supplies ethane to its Fife ethylene plant.
The company said its share of production from the fields it is
shedding was about 38,000 oil-equivalent barrels a day in 2019.
Exxon said it expects to complete the transaction by the middle
of the year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 24, 2021 07:39 ET (12:39 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Feb 2024 to Mar 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Mar 2023 to Mar 2024