Exxon Mobil to Sell Romanian Affiliate for More Than $1 Billion
May 03 2022 - 10:39AM
Dow Jones News
By Colin Kellaher
Exxon Mobil Corp. on Tuesday said it agreed to sell its Romanian
upstream affiliate to state-owned gas producer Romgaz SA for more
than $1 billion, as the energy giant focuses its portfolio on
assets with a low cost of supply.
The Irving, Texas, company said the sale, slated to close during
the second quarter, includes its ExxonMobil Exploration &
Production Romania affiliate and its stake in the XIX Neptun block
offshore in the Black Sea.
OMV Petrom, controlled by Austria's OMV AG, will assume
operatorship on the block, which has been present in Romania's
upstream sector since November 2008, Exxon said.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 03, 2022 10:24 ET (14:24 GMT)
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